Directors |
|
|
|
|
|
Secretary |
|
Company Number |
|
Registered Office | 124 City Road |
London | |
EC1V 2NX | |
Accountants | Ash & Associates |
Chartered Accountants | |
First Floor | |
1A Leadenhall Market | |
London | |
EC3V 1LR | |
Auditors |
|
843 Finchley Road | |
London | |
NW11 8NA | |
2023
|
2022
|
||
Net Profit % before tax
|
22%
|
17%
|
|
Assets : Liabilities
|
2.40
|
2.10
|
Director
|
29th October 2024
|
|
|
|
Director
|
|
for and on behalf of
|
|
843 Finchley Road
London
NW11 8NA
|
2023 | 2022 | |||
---|---|---|---|---|
Notes | £ | £ | ||
TURNOVER | 3 |
|
|
|
GROSS PROFIT |
|
|
||
Administrative expenses |
( |
( |
||
Other operating income |
|
|
||
OPERATING PROFIT | 5 |
|
|
|
Other interest receivable and similar income | 11 |
|
|
|
Interest payable and similar charges | 12 |
( |
|
|
PROFIT BEFORE TAXATION |
|
|
||
Tax on Profit | 13 |
( |
( |
|
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |
|
|
||
OTHER COMPREHENSIVE INCOME FOR THE YEAR | - | - | ||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |
|
|
||
2023 | 2022 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 15 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Debtors | 17 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 18 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 19 |
( |
( |
||
NET ASSETS |
|
|
|||
CAPITAL AND RESERVES | |||||
Called up share capital | 20 |
|
|
||
Capital redemption reserve |
|
|
|||
Profit and Loss Account |
|
|
|||
SHAREHOLDERS' FUNDS | 5,295,153 | 3,943,185 | |||
Director
|
|
2023 | 2022 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Investments | 16 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Debtors | 17 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 18 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
NET ASSETS |
|
|
|||
CAPITAL AND RESERVES | |||||
Called up share capital | 20 |
|
|
||
Capital redemption reserve |
|
|
|||
Profit and Loss Account |
|
|
|||
SHAREHOLDERS' FUNDS | 278,499 | 263,236 | |||
Director
|
|
Share Capital | Capital Redemption | Profit and Loss Account | Total | |
---|---|---|---|---|
£ | £ | £ | £ | |
As at 1 January 2022 |
|
|
|
3,079,332 |
Profit for the year and total comprehensive income | - | - |
|
1,182,166 |
Dividends paid | - | - | (318,313) | (318,313) |
As at 31 December 2022 and 1 January 2023 |
|
|
|
3,943,185 |
Profit for the year and total comprehensive income | - | - |
|
1,670,281 |
Dividends paid | - | - | (318,313) | (318,313) |
As at 31 December 2023 |
|
|
|
5,295,153 |
Share Capital | Capital Redemption | Profit and Loss Account | Total | |
---|---|---|---|---|
£ | £ | £ | £ | |
As at 1 January 2022 |
|
|
|
221,159 |
Profit for the year and total comprehensive income | - | - |
|
360,390 |
Dividends paid | - | - | (318,313) | (318,313) |
As at 31 December 2022 and 1 January 2023 |
|
|
|
263,236 |
Profit for the year and total comprehensive income | - | - |
|
333,576 |
Dividends paid | - | - | (318,313) | (318,313) |
As at 31 December 2023 |
|
|
|
278,499 |
2023 | 2022 | |||
---|---|---|---|---|
Notes | £ | £ | ||
Cash flows from operating activities | ||||
Net cash generated from operations | 1 |
|
|
|
Interest paid |
( |
|
||
Tax paid |
( |
( |
||
Net cash generated from operating activities |
|
|
||
Cash flows from investing activities | ||||
Purchase of tangible assets |
( |
( |
||
Proceeds from disposal of tangible assets |
|
|
||
Interest received |
|
|
||
Net cash generated from investing activities |
|
|
||
Cash flows from financing activities | ||||
Equity dividends paid |
( |
( |
||
Balancing adjustments | (728) | - | ||
Net cash used in financing activities |
( |
( |
||
Increase in cash and cash equivalents |
|
|
||
Cash and cash equivalents at beginning of year | 2 |
|
|
|
Cash and cash equivalents at end of year | 2 |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Profit for the financial year |
|
|
|
Adjustments for: | |||
Tax on profit |
|
|
|
Interest expense |
|
|
|
Interest income |
( |
( |
|
Depreciation of tangible assets |
|
|
|
Movements in working capital: | |||
Decrease/(increase) in trade and other debtors |
|
( |
|
Increase in trade and other creditors |
|
|
|
Net cash generated from operations |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Cash at bank and in hand |
|
|
|
As at 1 January 2023 | Cash flows | As at 31 December 2023 | |
---|---|---|---|
£ | £ | £ | |
Cash at bank and in hand |
|
1,740,506 |
|
2023 | 2022 | |||
---|---|---|---|---|
Notes | £ | £ | ||
Cash flows from operating activities | ||||
Net cash generated from operations | 1 |
|
|
|
Tax paid |
( |
( |
||
Net cash generated from operating activities |
|
|
||
Cash flows from investing activities | ||||
Proceeds from disposal of other fixed asset investments |
|
|
||
Interest received |
|
|
||
Dividends received |
|
|
||
Net cash generated from investing activities |
|
|
||
Cash flows from financing activities | ||||
Equity dividends paid |
( |
( |
||
Increase in cash and cash equivalents |
|
|
||
Cash and cash equivalents at beginning of year | 2 |
|
|
|
Cash and cash equivalents at end of year | 2 |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Profit for the financial year |
|
|
|
Adjustments for: | |||
Tax on profit |
|
|
|
Interest income |
( |
( |
|
Income from shares in group undertakings | (100,000) | (147,548) | |
Foreign exchange losses/(gains) | 23,683 | (8,582) | |
Movements in working capital: | |||
(Increase)/decrease in trade and other debtors |
( |
|
|
Increase in trade and other creditors |
|
|
|
Net cash generated from operations |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Cash at bank and in hand |
|
|
|
As at 1 January 2023 | Cash flows | As at 31 December 2023 | |
---|---|---|---|
£ | £ | £ | |
Cash at bank and in hand |
|
2,310,545 |
|
Leasehold |
|
Fixtures & Fittings |
|
Computer Equipment |
|
2023
|
2022
|
||
£
|
£
|
||
Advisory
|
4,408,549
|
4,128,629
|
|
Research Products
|
5,042,441
|
4,294,129
|
|
Rental Income
|
56,845
|
46,478
|
|
|
|
||
9,507,835
|
8,469,236
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
United Kingdom |
|
|
|
Europe |
|
|
|
North America |
|
|
|
Asia |
|
|
|
Rest of the world |
|
|
|
9,507,835 | 8,469,236 | ||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Other operating income |
|
|
|
60,930 | 5,143 | ||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Bad debts | 13,554 | 80,005 | |
Exchange differences |
|
( |
|
Depreciation of tangible fixed assets |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Audit Services | |||
Audit of the group and company's financial statements |
|
|
|
Other Services | |||
Auditing accounts of associates |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
|
|
||
2023 | 2022 | ||
---|---|---|---|
Office and administration |
|
|
|
|
|
||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Emoluments |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
|
|
||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Emoluments |
|
|
|
Company contributions to defined benefit pension schemes |
|
|
|
|
|
||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Bank interest receivable |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Other finance charges |
|
|
|
The tax charge on the profit for the year was as follows:
|
|||||
Tax Rate | 2023 | 2022 | |||
---|---|---|---|---|---|
2023 | 2022 | £ | £ | ||
Current tax | |||||
UK Corporation Tax | 25.0% | 19.0% |
|
|
|
Foreign tax |
|
|
|||
|
|
||||
Deferred Tax | |||||
Deferred taxation |
( |
|
|||
Total tax charge for the period |
|
|
|||
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
2023 | 2022 | ||||
---|---|---|---|---|---|
£ | £ | ||||
Profit before tax | 2,114,311 | 1,398,838 | |||
Tax on profit at 25% (UK standard rate) |
|
|
|||
Short term timing differences |
( |
|
|||
Difference in tax rates |
( |
( |
|||
Total tax charge for the period | 444,030 | 216,672 | |||
2023
|
2022
|
||
£
|
£
|
||
Charge to profit or loss in respect of defined contribution schemes
|
48,649
|
234,244
|
|
Investment Properties | Fixtures & Fittings | Computer Equipment | Total | |
---|---|---|---|---|
£ | £ | £ | £ | |
Cost | ||||
As at 1 January 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
( |
As at 31 December 2023 |
|
|
|
|
Depreciation | ||||
As at 1 January 2023 |
|
|
|
|
Provided during the period |
|
|
|
|
Disposals |
( |
( |
( |
( |
As at 31 December 2023 |
|
|
|
|
Net Book Value | ||||
As at 31 December 2023 |
|
|
|
|
As at 1 January 2023 |
|
|
|
|
Unlisted | |
---|---|
£ | |
Cost | |
As at 1 January 2023 |
|
As at 31 December 2023 |
|
Provision | |
As at 1 January 2023 |
|
As at 31 December 2023 |
|
Net Book Value | |
As at 31 December 2023 |
|
As at 1 January 2023 |
|
Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
---|---|---|---|---|
|
England |
|
|
- |
|
England |
|
|
- |
|
Singapore |
|
|
- |
|
India |
|
|
- |
|
China |
|
|
100.00% |
Capital and Reserves | Profit/(loss) | |
---|---|---|
£ | £ | |
Drewry Shipping Consultants Limited |
|
|
Drewry Financial Research Services Ltd |
|
|
Drewry Maritime Services (Asia) Pte. Ltd. |
|
|
Drewry Maritime Services Private Limited |
|
|
Drewry Maritime Services (Shanghai) Co. Ltd. |
|
( |
Group | Company | ||||||
---|---|---|---|---|---|---|---|
2023 | 2022 | 2023 | 2022 | ||||
£ | £ | £ | £ | ||||
Due within one year | |||||||
Trade debtors |
|
|
|
|
|||
Prepayments and accrued income |
|
|
|
|
|||
Other debtors |
|
|
|
|
|||
Deferred tax current asset | 29,145 | 34,018 | - | - | |||
VAT |
|
|
|
- | |||
|
|
|
|
||||
Group | Company | ||||||
---|---|---|---|---|---|---|---|
2023 | 2022 | 2023 | 2022 | ||||
£ | £ | £ | £ | ||||
Trade creditors |
|
|
|
|
|||
Corporation tax |
|
|
|
|
|||
Other taxes and social security |
|
|
- | - | |||
Net wages | - | 5,949 | - | - | |||
Other creditors |
|
|
|
|
|||
Accruals and deferred income |
|
|
|
|
|||
Amounts owed to subsidiaries | - | - |
|
|
|||
|
|
|
|
||||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Other timing differences | 1,491 | 5,789 | |
Key Assumptions
|
2023
% |
2022
% |
2021
% |
Discount rate
|
4.5
|
4.8
|
1.95
|
Expected rate of increase of pensions in payment
|
3.3
|
3.4
|
3.35
|
2023
£ |
2022
£
|
2021
£
|
|
Present value of defined benefit obligations
|
(1,452,000)
|
(2,200,000)
|
(3,473,000)
|
Fair value of plan assets
|
3,659,000
|
3,671,000
|
3,681,000
|
Net defined benefit in scheme
|
2,207,000
|
1,471,000
|
208,000
|
Movements in the present value of defined benefit obligations
|
2023
£ |
2022
£ |
2021
£ |
Liabilities at 1 January 2023
|
(2,200,000)
|
(3,473,000)
|
(3,615,000)
|
Net interest expense
|
(103,000)
|
(66,000)
|
(51,000)
|
Benefits paid
|
108,000
|
170,000
|
193,000
|
Actuarial gain/(loss)
|
743,000
|
1,169,000
|
0
|
At 31 December 2023
|
(1,452,000)
|
(2,200,000)
|
(3,473,000)
|
Movements in the fair value of plan assets
|
2023
£
|
2022
£
|
2021
£
|
Fair value of assets at 1 January 2023
|
3,671,000
|
3,681,000
|
3,637,000
|
Administration expenses
|
(4,000)
|
(3,000)
|
(3,000)
|
Interest income
|
174,000
|
70,000
|
51,000
|
Return on plan assets (excluding amounts
included in net interest)
|
(74,000)
|
93,000
|
189,000
|
Benefits paid
|
(108,000)
|
(170,000)
|
(193,000)
|
At 31 December 2023
|
3,659,000
|
3,671,000
|
3,681,000
|
Life Expectancy
|
||||
Male
|
Female
|
|||
Age 65
|
Age 65 in
20 years
|
Age 65
|
Age 65 in
20 years
|
|
103% S3PM/FA with CMI_2022 improvements
subject to a 1.25% p.a. long-term rate
|
86.2
|
87.4
|
88.6
|
90.1
|
103% S3PM/FA with CMI_2020 improvements
subject to a 1.25% p.a. long-term rate
|
86.8
|
88.1
|
89.2
|
90.6
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
On equity shares: | |||
Final dividend paid |
|
|
|