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Registered number: 06013598
Drewry Shipping Consultants Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Ash & Associates
Chartered Accountants
First Floor
1A Leadenhall Market
London
EC3V 1LR
Contents
Page
Company Information 1
Strategic Report 2—3
Directors' Report 4—5
Independent Auditor's Report 6—9
Consolidated Statement of Comprehensive Income 10
Consolidated Balance Sheet 11
Company Balance Sheet 12
Consolidated Statement of Changes in Equity 13
Company Statement of Changes in Equity 14
Consolidated Statement of Cash Flows 15
Notes to the Consolidated Statement of Cash Flows 16
Company Statement of Cash Flows 17
Notes to the Company Statement of Cash Flows 18
Notes to the Financial Statements 19—30
Page 1
Company Information
Directors Mr Arjun Batra
Mr Timothy Power
Mr Emmanuel Damas
Secretary Mr Perry Innerarity
Company Number 06013598
Registered Office 124 City Road
London
EC1V 2NX
Accountants Ash & Associates
Chartered Accountants
First Floor
1A Leadenhall Market
London
EC3V 1LR
Auditors Glazers Chartered Accountants
843 Finchley Road
London
NW11 8NA
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Principal Activity
The Drewry Shipping Consultants Group (Drewry Group) comprises of:
  • Drewry Shipping Consultants Holdings Limited - UK
  • Drewry Shipping Consultants Limited - UK
  • Drewry Financial Research Services Ltd - UK
  • Drewry Maritime Services (Asia) Pte. Ltd - Singapore
  • Drewry Maritime Services Private Limited - India
  • Drewry Maritime Services (Shanghai) Co. Ltd - China
The Drewry Group is a specialist maritime sector research and advisory company that was founded in 1970. It provides regular reports and forecasts covering the key global shipping and ports markets and advice to a wide range of industry stakeholders including cargo owners, shipowners, financial investors, lenders, government and regulatory authorities.
The Drewry Group has four business units: Drewry Maritime Research; Drewry Maritime Advisors; Drewry Supply Chain Advisors; and Drewry Maritime Financial Research. The four business units enable Drewry to offer a comprehensive service to its research and advisory customers and provide high levels of synergy among the various areas of activity.
Drewry serves the global market, operating from four offices: London, Delhi, Singapore and Shanghai.
Review of the Business
The Drewry Group achieved a strong performance in 2023 achieving turnover of £9.5 million, 12% above budget for the year, and an increase of 14% for the year.  In 2022 turnover was  £8.47 million. 
2023
2022
Net Profit % before tax
22%
17%
Assets : Liabilities
2.40
2.10
All business units apart from Drewry Maritime Financial Research exceeded their revenue and profit budgets in 2023.
Drewry Group aims to achieve market leadership in all the areas in which it operates, to continuously improve its products, services and processes and to increase revenue and profit. This effort includes the use of new technology to support market analysis and to create new and efficient ways of delivering services to customers.
Drewry Group recognizes the importance of the Energy Transition in shipping and port markets and has a created a small team dedicated to understanding and interpreting the effects of new regulations and technology, including new ship fuels, on the maritime sector. This understanding will play an increasingly important role in Drewry’s research and advisory work.
Principal Risks and Uncertainties
Drewry Group serves stakeholders involved in global shipping and ports markets. These markets are cyclical and subject to disruption due to the effects of a variety of economic and geopolitical factors creating market risk and also market opportunities; the pandemic, for example, catalysed rapid growth in demand for the services provided by Drewry Supply Chain Advisors. Market risk also arises from the actions of competitors that may seek to take market share from Drewry.
Drewry Group seeks to manage these risks by serving a range of different shipping markets and operating globally. The variety of markets served by the four business units creates a portfolio effect that assists in managing market risk. Drewry’s policy of continuous improvement aims to maintain and enhance its competitiveness.
Commercial risk
Drewry Group has professional indemnity insurance designed to cover any claims arising from disputes with customers. There have been no claims in the past.
Currency risk
Drewry Group operates in global markets and is therefore exposed to currency risk due to fluctuations in foreign exchange rates. This is managed by Drewry’s Finance Team by mainting resreves in various currencies.
Credit risk
Drewry Group faces credit risk attributable to its trade debtors. Debtor levels are monitored monthly and action is taken to pursue doubtful debts. Bad debts are very rare.
Liquidity risk
Drewry Group has no debt and significant cash reserves. Liquidity risk is therefore low.
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Future Developments
Drewry Group will continue to develop new services and research products and invest in new technology to improve the quality and productivity of its analysis and to create new ways to serve its customers. It will continue to aim to be the market leader in all its areas of activity and to achieve growth in revenue and profit. 
Management succession planning is a key part of Drewry Group's future development. Responsibility is delegated where possible and the next generation of management is given the required experience through participation in the Management Board.
Key performance indicators
The group does not yet have specific KPI's set in place, however senior management reviews the group's performance by reviewing cash projections, gross profit, and revenue. The reviews in the period concluded that the positive trend in revenue income and budgeted future growth was consistent with directors' expectations.
On behalf of the board
Mr Timothy Power
Director
29th October 2024
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £318,313. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year were as follows:
Mr Arjun Batra
Mr Timothy Power
Mr Emmanuel Damas
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
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Independent Auditors
The auditor, Glazers, were appointed under section 487(1) of the Companies Act 2006.
On behalf of the board
Mr Timothy Power
Director
29th October 2024
Page 5
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Independent Auditor's Report
Opinion
We have audited the financial statements of Drewry Shipping Consultants Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
1) Enquiries of management concerning the group and the parent company's policies and procedures relating to:
  • identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
  • detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
  • the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
2) The group and the parent company's remuneration policies, key drivers for remuneration and bonus levels; and
3) Discussions among the engagement team regarding how and when fraud might occur in the financial statements and any potential indicators of fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.  The key laws and regulations we considered in this context included the UK Companies Act and United Kingdom Generally Accepted Accounting Practice.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or avoid a material penalty.  
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.
In addition to the above, our procedures to respond to risks identified included the following:
  • Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
  • Enquiring of management concerning actual and potential litigation and claims;
  • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
  • Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax authorities; and
  • In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
The prior year comparative figures were not audited due to the group and the parent company being below the audit threshold. 
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Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philippe Herszaft ACA (Senior Statutory Auditor)
for and on behalf of Glazers Chartered Accountants , Statutory Auditor
30th October 2024
Glazers Chartered Accountants
843 Finchley Road
London
NW11 8NA
Page 9
Page 10
Consolidated Statement of Comprehensive Income
2023 2022
Notes £ £
TURNOVER 3 9,507,835 8,469,236
GROSS PROFIT 9,507,835 8,469,236
Administrative expenses (7,622,335 ) (7,082,778 )
Other operating income 60,930 5,143
OPERATING PROFIT 5 1,946,430 1,391,601
Other interest receivable and similar income 11 168,015 7,237
Interest payable and similar charges 12 (134 ) -
PROFIT BEFORE TAXATION 2,114,311 1,398,838
Tax on Profit 13 (444,030 ) (216,672 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,670,281 1,182,166
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,670,281 1,182,166
The notes on pages 16 to 30 form part of these financial statements.
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Consolidated Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 15 54,695 44,129
54,695 44,129
CURRENT ASSETS
Debtors 17 838,820 1,068,523
Cash at bank and in hand 8,172,031 6,431,525
9,010,851 7,500,048
Creditors: Amounts Falling Due Within One Year 18 (3,768,902 ) (3,595,203 )
NET CURRENT ASSETS (LIABILITIES) 5,241,949 3,904,845
TOTAL ASSETS LESS CURRENT LIABILITIES 5,296,644 3,948,974
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (1,491 ) (5,789 )
NET ASSETS 5,295,153 3,943,185
CAPITAL AND RESERVES
Called up share capital 20 8,819 8,819
Capital redemption reserve 881 881
Profit and Loss Account 5,285,453 3,933,485
SHAREHOLDERS' FUNDS 5,295,153 3,943,185
On behalf of the board
Mr Timothy Power
Director
29th October 2024
The notes on pages 16 to 30 form part of these financial statements.
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Company Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 16 6,588 6,588
6,588 6,588
CURRENT ASSETS
Debtors 17 39,490 6,193
Cash at bank and in hand 4,652,719 2,342,174
4,692,209 2,348,367
Creditors: Amounts Falling Due Within One Year 18 (4,420,298 ) (2,091,719 )
NET CURRENT ASSETS (LIABILITIES) 271,911 256,648
TOTAL ASSETS LESS CURRENT LIABILITIES 278,499 263,236
NET ASSETS 278,499 263,236
CAPITAL AND RESERVES
Called up share capital 20 8,819 8,819
Capital redemption reserve 881 881
Profit and Loss Account 268,799 253,536
SHAREHOLDERS' FUNDS 278,499 263,236
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 333,576 (2022: £ 360,390 profit).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Timothy Power
Director
29th October 2024
The notes on pages 16 to 30 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 January 2022 8,819 881 3,069,632 3,079,332
Profit for the year and total comprehensive income - - 1,182,166 1,182,166
Dividends paid - - (318,313) (318,313)
As at 31 December 2022 and 1 January 2023 8,819 881 3,933,485 3,943,185
Profit for the year and total comprehensive income - - 1,670,281 1,670,281
Dividends paid - - (318,313) (318,313)
As at 31 December 2023 8,819 881 5,285,453 5,295,153
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Company Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 January 2022 8,819 881 211,459 221,159
Profit for the year and total comprehensive income - - 360,390 360,390
Dividends paid - - (318,313) (318,313)
As at 31 December 2022 and 1 January 2023 8,819 881 253,536 263,236
Profit for the year and total comprehensive income - - 333,576 333,576
Dividends paid - - (318,313) (318,313)
As at 31 December 2023 8,819 881 268,799 278,499
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Consolidated Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,295,333 2,608,786
Interest paid (134 ) -
Tax paid (385,625 ) (212,380 )
Net cash generated from operating activities 1,909,574 2,396,406
Cash flows from investing activities
Purchase of tangible assets (19,131 ) (1,217 )
Proceeds from disposal of tangible assets 1,089 -
Interest received 168,015 7,237
Net cash generated from investing activities 149,973 6,020
Cash flows from financing activities
Equity dividends paid (318,313 ) (318,313 )
Balancing adjustments (728) -
Net cash used in financing activities (319,041 ) (318,313 )
Increase in cash and cash equivalents 1,740,506 2,084,113
Cash and cash equivalents at beginning of year 2 6,431,525 4,347,412
Cash and cash equivalents at end of year 2 8,172,031 6,431,525
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 1,670,281 1,182,166
Adjustments for:
Tax on profit 444,030 216,672
Interest expense 134 -
Interest income (168,015 ) (7,237 )
Depreciation of tangible assets 21,128 21,882
Movements in working capital:
Decrease/(increase) in trade and other debtors 229,437 (774,516 )
Increase in trade and other creditors 98,338 1,969,819
Net cash generated from operations 2,295,333 2,608,786
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 8,172,031 6,431,525
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 6,431,525 1,740,506 8,172,031
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Company Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,540,992 2,540,179
Tax paid (93,051 ) (44,895 )
Net cash generated from operating activities 2,447,941 2,495,284
Cash flows from investing activities
Proceeds from disposal of other fixed asset investments - 5,767
Interest received 80,917 6,189
Dividends received 100,000 147,548
Net cash generated from investing activities 180,917 159,504
Cash flows from financing activities
Equity dividends paid (318,313 ) (318,313 )
Increase in cash and cash equivalents 2,310,545 2,336,475
Cash and cash equivalents at beginning of year 2 2,342,174 5,699
Cash and cash equivalents at end of year 2 4,652,719 2,342,174
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Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 333,576 360,390
Adjustments for:
Tax on profit 71,834 49,926
Interest income (80,917 ) (6,189 )
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 (33,297 ) 243,807
Increase in trade and other creditors 2,326,113 2,048,375
Net cash generated from operations 2,540,992 2,540,179
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 4,652,719 2,342,174
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 2,342,174 2,310,545 4,652,719
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Notes to the Financial Statements
1. General Information
Drewry Shipping Consultants Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06013598 . The registered office is 124 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Basis Of Consolidation
The consolidated group financial statements consist of the financial statements of the parent company Drewry Shipping Consultants Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
2.3. Business Combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled.  The deferred tax recognised is adjusted against goodwill or negative goodwill.
2.4. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.5. Significant judgements and estimations
In the application of the group’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.
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2.6. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the lease term
Fixtures & Fittings 10% - 33% straight line
Computer Equipment 10% - 33% straight line
Impairment of Fixed Assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.  Any goodwill included in the carrying amount of the investment is not tested separately for impairment. 
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.8. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.9. Investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.11. Financial Instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Basic financial assets
Basic financial assets, which include debtors 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 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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 group 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.
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 group after deducting all of its liabilities.
...CONTINUED
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2.11. Financial Instruments - continued
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 payments 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. Amounts 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.
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 subsequently 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.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the group 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 group.
2.12. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.13. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.14. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.15. Pensions
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Defined benefits schemes – cost
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice. 
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
Defined benefits schemes – Interest and gains 
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost. 
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods. 
Defined benefits schemes – Assets 
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
3. Turnover
Analysis of turnover by class of business is as follows:
2023
2022
£
£
Advisory
4,408,549
4,128,629
Research Products
5,042,441
4,294,129
Rental Income
56,845
46,478
image
image
9,507,835
image
8,469,236
image
Analysis of turnover by geographical market is as follows:
2023 2022
£ £
United Kingdom 1,275,884 1,179,186
Europe 1,275,883 1,179,185
North America 2,079,218 1,684,552
Asia 2,892,142 2,741,761
Rest of the world 1,984,708 1,684,552
9,507,835 8,469,236
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4. Other Operating Income
2023 2022
£ £
Other operating income 60,930 5,143
60,930 5,143
5. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Bad debts 13,554 80,005
Exchange differences 70,719 (263,609 )
Depreciation of tangible fixed assets 21,128 21,882
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the group and company's financial statements 4,000 -
Other Services
Auditing accounts of associates 19,000 -
Auditor’s remuneration includes the audit fees for the parent and consolidated accounts.
Audit fees of subsidiaries included in ‘other services’. Remuneration of non-associated subsidiary audits is not disclosed.
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 4,257,443 3,615,939
Social security costs 276,451 268,706
Other pension costs 48,649 234,244
4,582,543 4,118,889
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 86 82
86 82
Company
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
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9. Directors' remuneration
2023 2022
£ £
Emoluments 1,065,106 816,380
Company contributions to money purchase pension schemes 3,806 96,245
1,068,912 912,625
Information regarding the highest paid director was as follows:
2023 2022
£ £
Emoluments 178,453 167,491
Company contributions to defined benefit pension schemes 1,320 1,320
179,773 168,811
10. Share-Based Payments
In November 2013 Drewry Shipping Consultants Holdings Limited introduced a Phantom Share Option Scheme over notional B ordinary shares of £0.01 for eligible employees based on merit and length of service. As at 31st December 2023, 150,400 merit phantom options over notional B ordinary shares of 1p and 19,800 1p length of service merit phantom options over notional B ordinary shares 1p were in issue i.e. a total of 170,200 phantom options over notional B ordinary shares of 1p were in issue and remain valid. Subsequently, on 1st January 2024 a further 13,000 1p merit phantom options over notional B ordinary shares of 1p were issued.
11. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable 168,015 7,237
12. Interest Payable and Similar Charges
2023 2022
£ £
Other finance charges 134 -
13. Tax on Profit
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% 361,038 174,781
Foreign tax 87,290 41,891
448,328 216,672
Deferred Tax
Deferred taxation (4,298 ) -
Total tax charge for the period 444,030 216,672
...CONTINUED
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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) 528,578 265,348
Short term timing differences (4,298 ) -
Difference in tax rates (80,250 ) (48,676 )
Total tax charge for the period 444,030 216,672
14. Retirement benefit schemes
Group - Defined contribution pension schemes
2023
2022
£
£
Charge to profit or loss in respect of defined contribution schemes          
48,649
image
234,244
image
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
15. Tangible Assets
Group
Investment Properties Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 76,565 164,799 202,294 443,658
Additions - 771 41,411 42,182
Disposals (76,565 ) (8,984 ) (50,076 ) (135,625 )
As at 31 December 2023 - 156,586 193,629 350,215
Depreciation
As at 1 January 2023 76,565 151,432 171,532 399,529
Provided during the period - 1,422 29,105 30,527
Disposals (76,565 ) (7,895 ) (50,076 ) (134,536 )
As at 31 December 2023 - 144,959 150,561 295,520
Net Book Value
As at 31 December 2023 - 11,627 43,068 54,695
As at 1 January 2023 - 13,367 30,762 44,129
Company
The company had no tangible fixed assets as at 31 December 2023 or 31 December 2022.
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16. Investments
Company
Unlisted
£
Cost
As at 1 January 2023 6,588
As at 31 December 2023 6,588
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 6,588
As at 1 January 2023 6,588
Investments represents the 100% holding in the subsidiary companies Drewry Shipping Consultants Limited, Drewry Financial Research Services Limited, Drewry Maritime Services (Asia) Pte. Limited (Singapore), and Drewry Maritime Services Private Limited (India).
Subsidiaries
Details of the company's subsidiaries as at 31 December 2023 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Drewry Shipping Consultants Limited England 100.00% -
Drewry Financial Research Services Ltd England 100.00% -
Drewry Maritime Services (Asia) Pte. Ltd. Singapore 100.00% -
Drewry Maritime Services Private Limited India 100.00% -
Drewry Maritime Services (Shanghai) Co. Ltd. China - 100.00%
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Drewry Shipping Consultants Limited 1,671,207 922,691
Drewry Financial Research Services Ltd 70,824 34,858
Drewry Maritime Services (Asia) Pte. Ltd. 2,542,651 536,732
Drewry Maritime Services Private Limited 322,850 84,116
Drewry Maritime Services (Shanghai) Co. Ltd. 464,519 (137,472 )
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17. Debtors
Group Company
2023 2022 2023 2022
£ £ £ £
Due within one year
Trade debtors 612,031 878,924 9,517 426
Prepayments and accrued income 180,033 108,817 29,970 -
Other debtors 536 16,190 - 5,767
Deferred tax current asset 29,145 34,018 - -
VAT 17,075 30,574 3 -
838,820 1,068,523 39,490 6,193
18. Creditors: Amounts Falling Due Within One Year
Group Company
2023 2022 2023 2022
£ £ £ £
Trade creditors 141,165 383,949 34,071 3,218
Corporation tax 288,661 213,300 28,709 49,926
Other taxes and social security 73,944 62,755 - -
Net wages - 5,949 - -
Other creditors 7,569 27,824 - -
Accruals and deferred income 3,257,563 2,901,426 47,500 20,000
Amounts owed to subsidiaries - - 4,310,018 2,018,575
3,768,902 3,595,203 4,420,298 2,091,719
19. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 1,491 5,789
20. Share Capital
2023 2022
Allotted, called up and fully paid £ £
761,904 Ordinary A shares of £ 0.01 each 7,619 7,619
120,000 Ordinary B shares of £ 0.01 each 1,200 1,200
8,819 8,819
21. Pension Commitments
The company operates a defined benefits pension scheme, the Drewry Shipping Consultants Pension & Life  Assurance  Scheme.  The  Scheme  was  discontinued  for  future  benefit  accrual  with  effect  from  31 December 2001.
The assets of the Scheme are held separately from those of the Company, being invested with The Prudential Assurance Company Limited
The contributions are determined by a qualified actuary on the basis of triennial valuations.  The most recent valuation was undertaken as at 31 December 2020 which has been updated to reflect conditions as at the balance sheet date.  The  assumptions that have the most significant effect on the results of the valuation are those relating to the interest rate at which future pension payments are discounted and the rate of assumed future price inflation.
...CONTINUED
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21. Pension Commitments - continued
The scheme is now fully funded, however the company pays the expenses associated with the Scheme, including any levies due.
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

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:
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
image
3,671,000
image
3,681,000
image
Net defined benefit in scheme
2,207,000
image
1,471,000
image
208,000
image
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
image
1,169,000
image
0
image
At 31 December 2023
(1,452,000)
image
(2,200,000)
image
(3,473,000)
image
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)
image
(170,000)
image
(193,000)
image
At 31 December 2023
3,659,000
image
3,671,000
image
3,681,000
image
Mortality Assumption:
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
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22. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 318,313 318,313
23. Controlling Parties
The company's immediate parent undertaking is North South Maritime PTE. LTD. .
The ultimate parent undertaking is North South Maritime PTE. LTD (incorporated in Singapore). Its registered office is 3 Anson Road, #17-01 Springleaf Tower, Singapore, 079909 .
Copies of the group accounts may be obtained from the company's registered office.
The company's controlling party is North South Maritime PTE. LTD by virtue of their interest in the share capital of the company.
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