Offshore and Marine Insurance Services L - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03469979 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 March 2017

for

Offshore and Marine Insurance Services

Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

R S L Allen

M N Allen

REGISTERED OFFICE:

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

REGISTERED NUMBER:

03469979 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Offshore and Marine Insurance Services Limited for the year ended

31 March 2017 which comprise the Income Statement, Balance Sheet and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Offshore and Marine Insurance Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Offshore and Marine Insurance Services Limited and state those matters that we have agreed to state to the Board of Directors of Offshore and Marine Insurance Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Offshore and Marine Insurance Services Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Offshore and Marine Insurance Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Offshore and Marine Insurance Services Limited. You consider that Offshore and Marine Insurance Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Offshore and Marine Insurance Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

8 August 2017

FIXED ASSETS

Intangible assets

4

7,528

9,410

Tangible assets

5

132

273

7,660

9,683

CURRENT ASSETS

Debtors

6

42,729

44,589

Cash at bank and in hand

111,186

167,086

153,915

211,675

CREDITORS

Amounts falling due within one year

7

15,053

66,339

NET CURRENT ASSETS

138,862

145,336

TOTAL ASSETS LESS CURRENT LIABILITIES

146,522

155,019

PROVISIONS FOR LIABILITIES

25

55

NET ASSETS

146,497

154,964

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

145,497

153,964

SHAREHOLDERS' FUNDS

146,497

154,964

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 8 August 2017 and were signed on its behalf by:

R S L Allen - Director

1.	STATUTORY INFORMATION

Offshore and Marine Insurance Services Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Commissions are credited to the profit and loss account at the commencement of the policy.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

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 in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate

of exchange ruling at the date of transaction. Exchange differences are taken into account in

arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

26,895

AMORTISATION

At 1 April 2016

17,485

Charge for year

1,882

At 31 March 2017

19,367

NET BOOK VALUE

At 31 March 2017

7,528

At 31 March 2016

9,410

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2016

8,952

15,967

24,919

Disposals

(1,997

)

(987

)

(2,984

)

At 31 March 2017

6,955

14,980

21,935

DEPRECIATION

At 1 April 2016

8,946

15,700

24,646

Charge for year

2

139

141

Eliminated on disposal

(1,997

)

(987

)

(2,984

)

At 31 March 2017

6,951

14,852

21,803

NET BOOK VALUE

At 31 March 2017

4

128

132

At 31 March 2016

6

267

273

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

-

37,808

Other debtors

35,669

2,868

Prepayments and accrued income

7,060

3,913

42,729

44,589

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

3,933

53,017

Corporation tax

1,537

1,829

Social security and other taxes

3,845

6,567

Directors' current accounts

942

428

Accrued expenses

4,796

4,498

15,053

66,339

8.	RELATED PARTY DISCLOSURES

Included within creditors due within one year is an amount of £942 (2016 - £428) due to R S L Allen,

a director of the company.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is R S L Allen.

10.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102. The last financial

statement under UK GAAP were for the year ended 31 March 2016. The date of transition to FRS 102

was 1 April 2016. There are no changes to the Company profits or equity as a result of its transition

from UK GAAP as previously reported to FRS 102.