OSI Maritime Systems (UK) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08842586 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

FOR

OSI MARITIME SYSTEMS (UK) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J P Girard

K Kirkpatrick

REGISTERED OFFICE:

9 Dragoon House

Hussar Court

Waterlooville

Hampshire

PO7 7SF

REGISTERED NUMBER:

08842586 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

4

4,383

3,670

CURRENT ASSETS

Debtors

5

50,261

21,570

CREDITORS

Amounts falling due within one year

6

66,819

36,785

NET CURRENT LIABILITIES

(16,558

)

(15,215

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(12,175

)

(11,545

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Foreign exchange reserve

9

(8,005

)

(11,571

)

Retained earnings

9

(4,171

)

25

SHAREHOLDERS' FUNDS

(12,175

)

(11,545

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2021 and were signed on its behalf by:

J P Girard - Director

1.	STATUTORY INFORMATION

OSI Maritime Systems (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional currency is Canadian Dollars, however the company has decided to present its financial statements in Pound Sterling.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The parent company, OSI Maritime Systems (Canada) Ltd, will continue to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due for a period in excess of 12 months from the date of signing of the audit report. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

Related party exemption

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.

Turnover

Turnover represents amounts charged to the company's parent company under an advertising and marketing agreement, excluding value added tax. Turnover is recognised when chargeable costs are incurred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the asset over its useful economic life.

Improvements to property: Over the life of the lease.

Plant and machinery etc.: 3-5 years straight line.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities at the balance sheet date are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions during the year are translated into Canadian Dollars at the rate of exchange ruling at the date of transaction. At the year end all income and expenses are converted to sterling at the average rate for the year.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2019

20,459

Additions

3,539

Disposals

(5,121

)

At 30 November 2020

18,877

DEPRECIATION

At 1 December 2019

16,789

Charge for year

2,826

Eliminated on disposal

(5,121

)

At 30 November 2020

14,494

NET BOOK VALUE

At 30 November 2020

4,383

At 30 November 2019

3,670

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Amounts owed by group undertakings

26,917

3,342

Other debtors

23,344

18,228

50,261

21,570

All amounts are due for repayment within one year. Amounts owed by group undertakings are repayable on demand.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Amounts owed to group undertakings

17,626

17,384

Taxation and social security

11,986

9,777

Other creditors & accruals

37,207

9,624

66,819

36,785

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.11.20

30.11.19

£

£

Within one year

28,333

20,048

Between one and five years

11,333

39,667

39,666

59,715

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.20

30.11.19

value:

£

£

1

Ordinary

£1

1

1

9.

RESERVES

Foreign

Retained

exchange

earnings

reserve

Totals

£

£

£

At 1 December 2019

25

(11,571

)

(11,546

)

Deficit for the year

(4,196

)

(4,196

)

Foreign exchange reserve

-

3,566

3,566

At 30 November 2020

(4,171

)

(8,005

)

(12,176

)

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

11.	PARENT COMPANY

The parent company of the smallest group within which OSI Maritime Systems (UK) Ltd belongs and for which group financial statements are prepared is OSI Maritime Systems (Canada) Limited, a company incorporated in Canada. These group accounts can be found at 400-4585 Canada Way, Burnaby, BC, V5G 4L6, Canada.