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MARINE AND REMOTE SENSING SOLUTIONS LIMITED
REGISTERED NUMBER: 04773266
ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2015
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CREDITORS: amounts falling due within one year
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NET CURRENT (LIABILITIES)/ASSETS
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TOTAL ASSETS LESS CURRENT LIABILITIES
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SHAREHOLDERS' (DEFICIT)/FUNDS
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its loss for the period in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 30 November 2016.
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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MARINE AND REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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At the balance sheet date the company had net liabilities of £48,198 and is dependent on funding from Marine and Remote Sensing Solutions SAM, a fellow subsidiary company. Marine and Remote Sensing Solutions SAM has confirmed that they will continue to provide finance to the company and on this basis the director considers it appropriate to prepare the financial statements on the going concern basis.
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Turnover comprises of grant income received from the European Union in respect of product development.
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Following the change of ownership on 11 June 2015 the company's reporting currency was changed to sterling from Euros. The comparatives have been transalated at the exchange rate prevailing on 31 March 2015 with the exeption of items whose base currency was sterling such as share capital. Any transaction differences have been recorded in the profit and loss reserves.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the profit and loss account.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period.
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The comparative figures are for the period from 1 April 2014 to 31 March 2015.
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2.SHARE CAPITAL
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Allotted, called up and fully paid
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28,334 Ordinary shares of £1 each
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Page 2
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MARINE AND REMOTE SENSING SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2015
3.ULTIMATE CONTROLLING PARTY
For the period 1 April 2015 to 10 June 2015 the company's immediate parent undertaking was FLIR Systems Limited. From 11 June 2015 the company's immediate parent undertaking was Blueburg Overseas SA, a company incoporated in Panama, and the ultimate controlling party is J Pinl.
Page 3
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