ACCOUNTS - Final Accounts preparation

JAPAN P&I CLUB (UK) SERVICES LIMITED - Company Information

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Registered number: 06787123

JAPAN P&I CLUB (UK) SERVICES LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2020

JAPAN P&I CLUB (UK) SERVICES LIMITED

REGISTERED NUMBER: 06787123

BALANCE SHEET

AS AT 31 MARCH 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	13,102		18,143
Cash at bank and in hand	5	225,139		206,704
		238,241		224,847
Creditors: amounts falling due within one year	6	(6,331)		(10,113)
Net current assets			231,910		214,734
Total assets less current liabilities			231,910		214,734

Net assets			231,910		214,734

Capital and reserves
Called up share capital	10,000	10,000
Profit and loss account	221,910	204,734
	231,910	214,734

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2020.

R Deitch

Director

The notes on pages 2 to 4 form part of these financial statements.

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JAPAN P&I CLUB (UK) SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.	General information

Japan P & I Club UK Services Limited is a private company limited by shares. It is incorporated in United Kingdom and registered in England. The address of the registered office is 38 Lombard Street, London, EC3V 9BS.
The principal activity of the company is the provision of claims handling services to members of the parent organisation.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.4

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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JAPAN P&I CLUB (UK) SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

	The Company has no employees other than the directors, who did not receive any remuneration (2019 - £NIL).

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JAPAN P&I CLUB (UK) SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Debtors

					2020	2019
					£	£


Other debtors	4,158	3,970
Prepayments and accrued income	8,944	14,173
	13,102	18,143

5.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	225,139	206,704
	225,139	206,704

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	405	138
Corporation tax	4,176	8,225
Accruals and deferred income	1,750	1,750
	6,331	10,113

7.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2020 was unqualified.

The audit report was signed on 29 April 2020 by Jonathan Richard Fisher (Senior statutory auditor) on behalf of Greenback Alan LLP.

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