OMAN_MARINE_SERVICES_LIMI - 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.

Oman Marine Services Limited is a private company limited by shares incorporated in England and Wales. The registered office address can be found on the Company Information page,

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 US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The directors have considered the potential emerging impact of the COVID-19 virus and uncertainty in relation to the UK withdrawal from the European Union on the future viability of the company. Having reviewed the funding facilities available to the company, the directors have a reasonable expectation that the company will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future and therefore have prepared the financial statements on a going concern basis.

Cash and cash equivalents in the balance sheet comprise cash at bank an in hand and short term deposits with an original maturity date of three months or less.

Current tax represents the company's share of tax payable or receivable in respect of the taxable profit (or loss) of its joint venture investment for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the local tax rates and laws that have been enacted by the balance sheet date.

Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Trade and other debtors

Trade and other debtors are measured at transaction price, less any impairment.

Trade and other creditors

Trade and other creditors are measured at their transaction price.

Fixed asset investments

Investments in joint ventures are accounted for using the gross equity method.

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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The value of trade debtors is sensitive to the recoverability in full of any invoices issued to each customer. Once the debt becomes overdue it is chased and periodically reviewed to ensure it is recoverable in full. If a provision is deemed necessary this is included on an annual basis.

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

No liability to UK corporation tax arose on ordinary activities for either the current or the prior year.

The company's share of the tax payable by its joint venture investment was $264,670 (2019: $196,399).

The company's investments in the share capital of companies consisted of the following:

Joint venture

Arabian Maritime and Navigation Aids Services LLC

Registered office: PO Box 369, PC 122, Muscat, Sultanate of Oman.

Nature of business: The provision of marine services in Omani waters.

%

Class of shares:                    holding

Ordinary                         50.00

On 25 December 2020 this joint venture was formally terminated and income from the joint venture has been disclosed as a discontinued activity in these financial statements.

All debtors are due within one year.

Other reserves represent historical foreign exchange movements on the values of balance sheet items whose functional currency is not US Dollars.

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.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date the company's immediate and ultimate parent undertaking was International Foundation for Aids to Navigation, a charitable company limited by guarantee and incorporated in the United Kingdom. International Foundation for Aids to Navigation produces group accounts. Copies of these accounts can be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff.

There is no one ultimate controlling party of International Foundation for Aids to Navigation and therefore of Oman Marine Services Limited.