OHI_MANAGEMENT_SERVICES_L - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

OHI Management Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sixth Floor, Capital Tower, 91 Waterloo Road, London, United Kingdom, SE1 8RT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the both the functional and presentational currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The Company meets its day to day working capital requirements through loans provided by fellow group companies.

The nature of the Companies business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have considered projected cash flow information for the period ending 13 months from the date of their approval of these financial statements. On the basis of this cash flow information the directors consider that the company will continue to operate as a going concern.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial assets are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets, which include amounts owed from undertakings, other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, less any impairment.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the Company during the year was: 1 (2019: 1)

Their aggregate remuneration comprised:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

During the year, the Company was a wholly owned subsidiary of OMNI Helicopters International, S.A. a company whose registered office is Av. D. João II, 9 I, Edif. Adamastor, Torre B - 9º andar, 1990-077 Lisboa, Portugal. This entity is also the parent of the smallest and largest group for which consolidated financial statements are prepared, of which the Company is a member.

During the year to 31 December 2020 the Company received funding of £326,713 (2019: £407,388) from its ultimate parent undertaking, OMNI Helicopters International, S.A. to support the operating expenditure of the Company. At 31 December 2020 £2,159,080 (2019: £1,832,367) was outstanding and due to OMNI Helicopters International, S.A.