ACCOUNTS - Final Accounts

ODFJELL CAPITAL LIMITED - Company Information

Registered number: 08516716

ODFJELL CAPITAL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020


ODFJELL CAPITAL LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 6


ODFJELL CAPITAL LIMITED REGISTERED NUMBER:08516716

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		2,288		2,670
Current assets
Debtors: amounts falling due within one year	5	6,324		9,661
Bank and cash balances		211,051		216,899
		217,375		226,560
Current liabilities
Creditors: amounts falling due within one year	6	(11,256)		(4,973)
Net current assets			206,119		221,587

Net assets			208,407		224,257

Capital and reserves
Called up share capital	7	100,200	100,200
Profit and loss account		108,207	124,057
		208,407	224,257

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 17 August 2020.

L Titland

Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1


ODFJELL CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

1.	General information

Odfjell Capital Limited is a private limited liability company incorporated in England and Wales. Its principal place of business and registered office address is at 39 - 40 St James's Place, London, SW1A 1NS.
The principal activity of the company continued to be that of the provision of consultancy and investment management services.

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

Turnover

Turnover comprises revenue recognised by the company in respect of consultancy and investment management services provided during the year, exclusive of Value Added Tax.
Revenue from fixed consultancy and investment management contracts are recognised over the term of the contract.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Page 2


ODFJELL CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.4

Basic financial instruments

The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities.
Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2.5

Foreign currency translation

The company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

Page 3


ODFJELL CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.6

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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
a) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

Page 4


ODFJELL CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

4.	Tangible fixed assets

		Office equipment
		£
	Cost
	At 1 June 2019	9,254
	Additions	793
	At 31 May 2020	10,047
	Depreciation
	At 1 June 2019	6,585
	Charge for the year on owned assets	1,174
	At 31 May 2020	7,759
	Net book value
	At 31 May 2020	2,288
	At 31 May 2019	2,670

Debtors

					2020	2019
					£	£


Other debtors	1,332	1,270
Prepayments and accrued income	4,992	8,391
	6,324	9,661

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

Trade creditors	6,563	322
Accruals and deferred income	4,693	4,651
	11,256	4,973

Page 5


ODFJELL CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

7.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100,190 A Ordinary shares of £1 each	100,190	100,190
10 B Ordinary shares of £1 each	10	10

	100,200	100,200

A Ordinary shares carry one vote per share whereas B Ordinary shares do not carry any votes. The shares rank pari passu in all other respects.

8.	Controlling party

The immediate parent undertaking is Larine Securities Limited, a company registered in Bermuda. The ultimate parent undertaking is Larine Trust, a trust set up in Bermuda.

Page 6