Ship Security International Limited - Period Ending 2021-06-30

Ship Security International Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 10

Ship Security International Limited

Company Information

Directors

D Higham I J Onstad J Rawles

Registered office

Room 144 Regus International House George Curl Way Southampton SO18 2RZ

Auditors

PKF Francis Clark Senior Statutory Auditor Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Ship Security International Limited

Balance Sheet

30 June 2021

	Note	30 June 2021 £	(Unaudited) 31 December 2019 £
Fixed assets
Tangible assets	4	-	53,462
Current assets
Debtors	6	1,011,191	581,543
Cash at bank and in hand		11,579	126,546
		1,022,770	708,089
Creditors: Amounts falling due within one year	7	(100,449)	(95,175)
Net current assets		922,321	612,914
Total assets less current liabilities		922,321	666,376
Provisions for liabilities		-	(10,157)
Net assets		922,321	656,219
Capital and reserves
Called up share capital	8	1,050	1,050
Share premium reserve		545,750	545,750
Profit and loss account		375,521	109,419
Shareholders' funds		922,321	656,219

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 November 2022 and signed on its behalf by:
 

......................................... D Higham Director

Company Registration Number: 08133812

Ship Security International Limited

Notes to the Financial Statements

Period from 1 January 2020 to 30 June 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Room 144
Regus International House
George Curl Way
Southampton
SO18 2RZ

These financial statements were authorised for issue by the Board on 24 November 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Group accounts not prepared

The company has taken advantage of the exemption available in section 401 of the Companies Act 2006 and has not prepared group accounts. These financial statements contain information about the company only. The results of the company are included within the consolidated accounts of Remote Medicine Inc. The registed office of Remote Medicine Inc is provided in Note 10.

Going concern

Following the transfer of the company's activities to Remote Medical International UK Limited, a fellow subsidiary of Remote Medicine Inc, it is the intention of the directors that the company will enter voluntary liquidation during 2022/23.

Given this decision, it is the opinion of the directors that the company is no longer a going concern and the financial statements have therefore not been prepared on a going concern basis. The carrying value of assets and liabilities has not been modified as, in the opinion of the directors, all known liabilities are already reflected in the balance sheet and all known assets are shown at their recoverable value.

Ship Security International Limited

Notes to the Financial Statements

Period from 1 January 2020 to 30 June 2021

Key judgements and sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement that has a significant impact on the financial statements is in respect of going concern, as described above.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are as follows:

Amounts due from group undertakings. Amounts due from group undertakings are recognised net of provisions for doubtful debts, which requires an estimation of the amounts recoverable from other group companies. The carrying amount is £973,343 (2019 - £Nil).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue on provision of the related service.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Ship Security International Limited

Notes to the Financial Statements

Period from 1 January 2020 to 30 June 2021

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	at variable rates on reducing balance
Fixture and fittings	25% straight line

Investments

Investments in subsidiary undertakings are measured at cost less impairment.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions to defined contribution plans are recognised as employee benefit expense in the profit and loss when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Ship Security International Limited

Notes to the Financial Statements

Period from 1 January 2020 to 30 June 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Intercompany debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1 (2019 - 3).

The directors are employed by other group companies and received no emoluments for their services to the company.

Ship Security International Limited

Notes to the Financial Statements

Period from 1 January 2020 to 30 June 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2020	12,415	211,494	223,909
Disposals	(12,415)	(202,109)	(214,524)
At 30 June 2021	-	9,385	9,385
Depreciation
At 1 January 2020	6,618	163,829	170,447
Charge for the period	3,059	5,912	8,971
Eliminated on disposal	(9,677)	(160,356)	(170,033)
At 30 June 2021	-	9,385	9,385
Carrying amount
At 30 June 2021	-	-	-
At 31 December 2019	5,797	47,665	53,462

5	Investments

Subsidiaries	£
Cost or valuation
At 1 January 2020	21,963
At 30 June 2021	21,963
Provision
At 1 January 2020	21,963
At 30 June 2021	21,963
Carrying amount
At 30 June 2021	-
At 31 December 2019	-

Ship Security International Limited

Notes to the Financial Statements

Period from 1 January 2020 to 30 June 2021

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2021	2019
Subsidiary undertakings
Transafe Maritime (UK) Limited	Room 144, Regus International House, George Curl Way, Southampton, Hampshire, SO18 2RZ	Ordinary	100%	100%

Transafe Maritime (UK) Limited is dormant.

6

Debtors

	30 June 2021  £	31 December 2019  £
Trade debtors	-	371,396
Amounts due from group undertakings	973,343	-
Other debtors	21,402	210,147
Prepayments	16,446	-
	1,011,191	581,543

Ship Security International Limited

Notes to the Financial Statements

Period from 1 January 2020 to 30 June 2021

7

Creditors

Creditors: amounts falling due within one year

	30 June 2021  £	31 December 2019  £
Trade creditors	11,810	55,850
Corporation tax	75,629	-
Social security and other taxes	-	20,648
Accrued expenses	13,010	18,677
	100,449	95,175

8	Share capital

Allotted, called up and fully paid shares

	30 June 2021		31 December 2019
	No.	£	No.	£
Ordinary shares of £1 each	1,050	1,050	1,050	1,050

9	Financial commitments

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2019 - £40,784).

10	Parent and ultimate parent undertaking

The company's immediate and ultimate parent, and the parent of the smallest and largest group in which these financial statements are consolidated, is Remote Medicine Inc, incorporated in the USA.

 The most senior parent entity producing publicly available financial statements is Remote Medicine Inc. These financial statements are available upon request from 4259 23rd Avenue West, Suite 200, Seattle, Washington 98199, USA

 

Ship Security International Limited

Notes to the Financial Statements

Period from 1 January 2020 to 30 June 2021

11	Audit report

The Independent Auditors' Report was unqualified. We draw attention to Note 2 to the financial statements which explains that the directors intend that the company will enter voluntary liquidation during 2022/23 and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in this respect. The name of the Senior Statutory Auditor who signed the audit report was Nicholas Farrant BA MSc FCA, who signed for and on behalf of PKF Francis Clark on 24 November 2022.