OHI_MANAGEMENT_SERVICES_L - Accounts

The directors present their report and financial statements of OHI Management Services Limited (the "Company") for the period ended 31 December 2017.

The Company was incorporated on 28 May 2014. The principal activity of the Company during the period was that of providing sales and administrative support to affiliated companies.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

For the financial period ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

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 sterling, which is the both the functional and presentational currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The Company meets its day to day working capital requirements through loans provided by fellow group companies.

The nature of the Companies business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have considered projected cash flow information for the period ending 13 months from the date of their approval of these financial statements. On the basis of this cash flow information the directors consider that the Company will continue to operate as a going concern.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial assets are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets, which include amounts owed from undertakings, other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, less any impairment.

Basic financial liabilities, including amounts owed to affiliated undertakings and other creditors, are initially measured at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method, except for short-term payables when the recognition of interest would be immaterial.

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

The average monthly number of persons (including directors) employed by the Company during the period was: 3 (2016: 3).

Their aggregate remuneration comprised:

During the period, the Company was a wholly owned subsidiary of OMNI Helicopters International, S.A. a company incorporated in Portugal.

During the period to 31 December 2017 the Company received funding of £183,273 (31 May 2017: £190,887) from its ultimate parent undertaking, OMNI Helicopters International, S.A. to support the operating expenditure of the Company. At 31 December 2017 £1,056,320 (31 May 2017: £873,047) was outstanding.