Company Registration No. 08943561 (England and Wales)
OB International Search Limited
Unaudited financial statements
for the year ended 31 December 2020
Pages for filing with the Registrar
OB International Search Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
OB International Search Limited
Balance sheet
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
550,748
1,030,324
Cash at bank and in hand
195,034
17,133
745,782
1,047,457
Creditors: amounts falling due within one year
5
(31,058)
(469,772)
Net current assets
714,724
577,685
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
714,723
577,684
Total equity
714,724
577,685
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 28 September 2021 and are signed on its behalf by:
Christopher Scrope
Director
Company Registration No. 08943561
OB International Search Limited
Notes to the financial statements
For the year ended 31 December 2020
Page 2
1
Accounting policies
Company information
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.
1.1
Accounting convention
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 functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
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.
1.3
Turnover
Turnover
represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Cash and cash equivalents
Cash and cash equivalents
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.
1.5
Financial instruments
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 balance sheet 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.
OB International Search Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 3
Basic financial assets
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.
Classification of financial liabilities
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
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.
1.6
Equity instruments
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
OB International Search Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 4
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.9
Foreign exchange
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
in the period
are included in profit or loss.
OB International Search Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 5
2
Critical accounting judgements and key sources of estimation uncertainty
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Recoverability of receivables
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 £nil (2019: £169,824) of the receivables balances at the year end.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
-
OB International Search Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 6
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
511,684
991,260
Corporation tax recoverable
39,064
39,064
550,748
1,030,324
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
31,058
77,750
Taxation and social security
-
83,292
Other creditors
-
308,730
31,058
469,772
6
Related party transactions
The company received £nil (2019: £1,642,588) 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 £424,844 (2019: £971,678) was due from members and is included in trade debtors due within 1 year.
At the year end £nil (2019: £46,428) 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.
7
Control
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.