Howe Robinson Partners Marine Evaluations Ltd
Annual Report and Financial Statements
For the year ended 31 March 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 9522628 (England and Wales)
Howe Robinson Partners Marine Evaluations Ltd
Company Information
Directors
G. R. Hulse
G.C. Hindley
P. Dowell
D. Hall
H. Liddell
D. Anderson
(Appointed 1 October 2016)
Company number
9522628
Registered office
3rd Floor
40 Gracechurch Street
London
EC3V 0BT
Auditors
Kingston Smith LLP
Devonshire House
60 Goswell Road
London
United Kingdom
EC1M 7AD
Howe Robinson Partners Marine Evaluations Ltd
Contents
Page
Directors' report (Not filed)
Independent auditors' report (Not filed)
Statement of total comprehensive income
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 7
Howe Robinson Partners Marine Evaluations Ltd
Balance Sheet
As at 31 March 2017
Page 1
2017
2016
Notes
$
$
$
$
Current assets
Debtors
4
776,127
534,864
Creditors: amounts falling due within one year
5
(439,888)
(366,969)
Net current assets
336,239
167,895
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
336,238
167,894
Total equity
336,239
167,895
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.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2017 and are signed on its behalf by:
D. Anderson
Director
Company Registration No. 9522628
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements
For the year ended 31 March 2017
Page 2
1
Accounting policies
Company information
Howe Robinson Partners Marine Evaluations Ltd is
a
company
limited by shares,
incorporated in England and Wales.
The registered office is
3rd Floor, 40 Gracechurch Street, London, EC3V 0BT.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
US Dollars
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest dollar.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is measured at the fair value of the consideration received or receivable and represents amounts receivable
for carrying out ship and fleet valuations, providing market reports and expert witness services net of VAT.
1.3
Cash and cash equivalents
Cash and cash equivalents 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.
1.4
Financial assets
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Loans and receivables
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
1
Accounting policies
(Continued)
Page 3
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
1.5
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
payments
discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. Accounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
1
Accounting policies
(Continued)
Page 4
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Foreign exchange
The financial statements are stated in US Dollars and are translated at a rate of 1.32751 dollars to the pound for tax purposes.
Transactions in currencies other than
dollars
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.
2
Employees
There were no employees in the company, other than the directors, in 2017 or 2016.
3
Taxation
2017
2016
$
$
Current tax
UK corporation tax on profits for the current period
42,086
41,973
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
3
Taxation
(Continued)
Page 5
The charge for the year can be reconciled to the profit per the profit and loss account as follows:
2017
2016
$
$
Profit before taxation
210,430
209,867
Expected tax charge based on a corporation tax rate of 20.00.00% (2016 - 20.00.00%)
42,086
41,973
Tax charge for the year
42,086
41,973
The UK current year tax payable is £31,703 when translated at the yearly average rate of 1.32751.
4
Debtors
2017
2016
Amounts falling due within one year:
$
$
Trade debtors
153,326
203,342
Amounts due from group undertakings
566,837
312,638
Other debtors
55,964
18,884
776,127
534,864
5
Creditors: amounts falling due within one year
2017
2016
$
$
Amounts due to group undertakings
390,125
324,169
Corporation tax
48,936
41,973
Other creditors
827
827
439,888
366,969
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
Page 6
6
Share capital
2017
2016
$
$
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
On incorporation the company issued 1 Ordinary share of £1 at par.
7
Audit report information
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 senior statutory auditor was Heather Powell.
The auditor was Kingston Smith LLP.
8
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption available in section 33 of FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
The following amounts were outstanding at the reporting end date:
Amounts owed by related parties
Amounts owed by related parties
2017
2016
Balance
Net
Balance
Net
$
$
$
$
Other related parties
1,025
1,025
137,256
137,256
1,025
1,025
137,256
137,256
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
Page 7
9
Control
The immediate parent company is Howe Robinson Partners (UK) Limited, a company incorporated in England and Wales. The ultimate parent company is Howe Robinson Group Pte. Limited, a company incorporated in Singapore.
The smallest and largest group preparing consolidated accounts incorporating Howe Robinson Partners Marine Evaluations Limited is Howe Robinson Group Pte. Ltd, registered in Singapore. The consolidated accounts are publically available from 8 Shenton Way #13-01, Singapore 068811.
There is no one ultimate controlling party.