OB International Search Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Cannon Street, London, EC4M 6XD.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
On February 12, 2019 the board resolved to terminate the licences of all Odgers Berndtson licensees. The termination of this license occurred on September 30, 2019 with new licenses being put in by a different entity within the group. In the absence of a license arrangements have been made for the orderly winding up of the Company’s affairs and as such the financial statements have been prepared on a basis other than that of a going concern.
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
In determining the level of provision required against the receivables balances, the Directors are required to make a judgement regarding the overall recoverability of the balance. In exercising this judgement, consideration is given to both the overall economic environment in which the debtor company operates as well as specific indicators that the recovery of the balance may be in doubt.
Upon completion of this the directors have decided to provide for £169,824 (2018: £24,980) of the receivables balances at the year end.
The average monthly number of persons (including directors) employed by the company during the year was:
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.
Emphasis of matter - financial statements prepared on basis other than going concern
The company received £1,642,588 (2018: £1,821,208) in annual global assessment charges, recharged expenses and referral fees from the members. These transactions were conducted on an arm's length basis and any amounts outstanding at the year end are cleared in the normal course of business. At the year end £971,678 (2018: £165,586) was due from members and is included in trade debtors due within 1 year.
At the year end £46,428 (2018: £38,577) was due to members and is included in trade creditors due within one year. This balance is in respect of expenses borne by members and recharged to the company.
The immediate parent company is International Resources Group Limited, the ultimate parent company is Odgers Group Limited. In the opinion of the directors there is no ultimate controlling party.
The consolidated financial statements of Odgers Group Limited are publicly available at Companies House.