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Company Registration number: 03020703

Regency Shipping Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Regency Shipping Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 31

 

Regency Shipping Limited

Company Information

Directors

M J Hawkins

L P Lambert

D Singh

R W Maybey

S A Grief

Company secretary

London Law Secretarial Limited

Registered office

Collingham House
6-12 Gladstone Road
Wimbledon
SW19 1QT

Auditors

Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

 

Regency Shipping Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

Regency Shipping Limited continues to specialise in the logistics of fine art, antiques, and the secure storage of high-value and luxury commodities. Our commitment to delivering outstanding service, coupled with our adaptability in a rapidly evolving global environment, has allowed us to sustain strong performance over the past financial year.

Fair review of the business

The year ended 31 March 2024 was one of progress, resilience, and operational efficiency for Regency Shipping Limited. Despite challenging global economic conditions, including high inflation and geopolitical instability, the company remained focused on achieving sustainable growth and maintaining profitability.

Financial Performance
• Turnover: The company achieved a turnover of £10.46 million. While slightly lower than the prior year’s £11.08 million. Reduction in turnover partially due to streamlining of client offerings, and repositioning of workflows into affiliate company.
• Profitability: Operating profit increased by 16% to £1.42 million, up from £1.22 million in 2023. The net profit for the financial year stood at £996,111, a 10.7% increase from the previous year’s £899,546, reflecting effective cost management and operational efficiencies.

Operational Efficiency and Cash Management
Administrative Expense Management: The company successfully reduced overall administrative expenses from £6.98 million in 2023 to £5.99 million in 2024. This was achieved through strategic staffing reviews and the transfer of staff to an affiliate company under TUPE regulations, optimising operational efficiency.

Risk Management
While external risks such as inflation, labour shortages, and geopolitical tensions present challenges, the company is well-prepared to manage these uncertainties. We have taken proactive steps to mitigate risks through effective cost control, operational agility, and continuous monitoring of economic trends.
 

 

Regency Shipping Limited

Strategic Report for the Year Ended 31 March 2024

Principal risks and uncertainties

The primary risks facing Regency Shipping Limited include inflationary pressures, labour market challenges, and global economic volatility. However, our financial strength and strong liquidity position provide a robust foundation to manage these risks. We continue to explore new opportunities, particularly in the luxury goods and art services sectors, where demand remains strong.

Future Outlook
Regency Shipping is well-positioned for growth, with plans to invest in technology and infrastructure to improve efficiency, expand services, and meet client needs. We will focus on maximising storage facility use, offering climate-controlled options, enhancing transportation services, and investing in revolutionary sustainable packaging for the art sector.

Our expansion in high-value and luxury commodity storage and transportation presents strong revenue potential. With sound financial management, strategic investments, and a commitment to exceptional service, Regency Shipping is ready to seize new opportunities and navigate future challenges.

Conclusion
Despite a challenging economic backdrop, Regency Shipping Limited has delivered another year of solid financial performance, driven by operational efficiency, strategic investments, and a commitment to innovation. We remain optimistic about the future and are confident in our ability to deliver sustained growth and profitability in the years to come.
 

Approved by the Board on 23 October 2024 and signed on its behalf by:


D Singh
Director

   
 

Regency Shipping Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

M J Hawkins

L P Lambert

D Singh

R W Maybey

S A Grief

A P Puffet (ceased 28 March 2024)

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Albert Goodman LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the company, there is no exposure to price risk. Liquidity risk is managed by the use of short term bank borrowings and longer term loans from the company's bankers.

Future Developments

The future developments of the business are included within the strategic report.

Approved by the Board on 23 October 2024 and signed on its behalf by:


D Singh
Director

   
 

Regency Shipping Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Regency Shipping Limited

Independent Auditor's Report to the Members of Regency Shipping Limited

Opinion

We have audited the financial statements of Regency Shipping Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 company's affairs as at 31 March 2024 and of its 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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

 

Regency Shipping Limited

Independent Auditor's Report to the Members of Regency Shipping Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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.

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and 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 Statement of Directors' Responsibilities set out on page 5, 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 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 company or to cease operations, or have no realistic alternative but to do so.

 

Regency Shipping Limited

Independent Auditor's Report to the Members of Regency Shipping Limited

Auditor 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and employment legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting applicable correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

Regency Shipping Limited

Independent Auditor's Report to the Members of Regency Shipping Limited

agreeing financial statement disclosures to underlying supporting documentation;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC and relevant regulators where applicable.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.





Alison Kerr FCA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

31 October 2024

 

Regency Shipping Limited

Profit and Loss Account
for the Year Ended 31 March 2024

Note

2024
 £

(As restated)
2023
 £

Turnover

3

10,465,785

11,080,437

Cost of sales

 

(2,503,692)

(2,401,149)

Gross profit

 

7,962,093

8,679,288

Distribution costs

 

(764,238)

(720,999)

Administrative expenses

 

(5,996,533)

(6,983,544)

Other operating income

4

218,601

249,466

Operating profit

6

1,419,923

1,224,211

Other interest receivable and similar income

8,963

7,672

Interest payable and similar charges

7

(162,302)

(136,191)

Profit before tax

 

1,266,584

1,095,692

Taxation

11

(303,211)

(196,146)

Profit for the financial year

 

963,373

899,546

The above results were derived from continuing operations.

 

Regency Shipping Limited

Statement of Comprehensive Income
for the Year Ended 31 March 2024

2024
£

(As restated)

2023
£

Profit for the year

963,373

899,546

Total comprehensive income for the year

963,373

899,546

 

Regency Shipping Limited

(Registration number: 03020703)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

12

4,144,524

4,287,648

Investments

13

50

50

 

4,144,574

4,287,698

Current assets

 

Debtors

14

3,233,750

2,905,044

Cash at bank and in hand

 

3,284,110

2,287,066

 

6,517,860

5,192,110

Creditors: Amounts falling due within one year

16

(3,901,952)

(3,449,646)

Net current assets

 

2,615,908

1,742,464

Total assets less current liabilities

 

6,760,482

6,030,162

Creditors: Amounts falling due after more than one year

16

(1,533,558)

(1,867,784)

Provisions for liabilities

17

(480,891)

(379,718)

Net assets

 

4,746,033

3,782,660

Capital and reserves

 

Called up share capital

39,881

39,881

Capital redemption reserve

60,119

60,119

Retained earnings

4,646,033

3,682,660

Shareholders' funds

 

4,746,033

3,782,660

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 


D Singh
Director

   
 

Regency Shipping Limited

Statement of Changes in Equity
for the Year Ended 31 March 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2023

39,881

60,119

3,682,660

3,782,660

Profit for the year

-

-

963,373

963,373

At 31 March 2024

39,881

60,119

4,646,033

4,746,033

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2022

39,881

60,119

2,783,114

2,883,114

Profit for the year

-

-

899,546

899,546

At 31 March 2023

39,881

60,119

3,682,660

3,782,660

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2022

39,881

60,119

2,783,114

2,883,114

Profit for the year

-

-

899,546

899,546

At 31 March 2023

39,881

60,119

3,682,660

3,782,660

 

Regency Shipping Limited

Statement of Cash Flows
for the Year Ended 31 March 2024

Note

2024
 £

(As restated)
2023
 £

Cash flows from operating activities

Profit for the year

 

963,373

899,546

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

741,261

701,580

Profit on disposal of tangible assets

5

(32,250)

(10,000)

Finance income

(8,963)

(7,672)

Finance costs

7

162,302

136,191

Income tax expense

11

303,211

196,146

 

2,128,934

1,915,791

Working capital adjustments

 

(Increase)/decrease in trade and other debtors

14

(328,706)

39,750

Increase in trade and other creditors

16

112,444

457,102

Increase in provisions

17

120,000

-

Cash generated from operations

 

2,032,672

2,412,643

Income taxes received/(paid)

11

104,941

(97,922)

Net cash flow from operating activities

 

2,137,613

2,314,721

Cash flows from investing activities

 

Interest received

8,963

7,672

Acquisitions of tangible assets

(598,637)

(636,922)

Proceeds from sale of tangible assets

 

32,750

10,000

Net cash flows from investing activities

 

(556,924)

(619,250)

Cash flows from financing activities

 

Interest paid

7

(162,302)

(136,191)

Repayment of bank borrowing

 

(207,443)

(789,941)

Receipts from finance lease debtors

 

63,945

284,225

Payments to finance lease creditors

 

(277,845)

(338,859)

Net cash flows from financing activities

 

(583,645)

(980,766)

Net increase in cash and cash equivalents

 

997,044

714,705

Cash and cash equivalents at 1 April 2023

 

2,287,066

1,572,361

Cash and cash equivalents at 31 March 2024

15

3,284,110

2,287,066

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Collingham House
6-12 Gladstone Road
Wimbledon
SW19 1QT
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Changes in accounting policy

The directors have reviewed the accounting policy in respect of the import VAT and duty which the company pays to HMRC on behalf of its customers, collecting the same amount from its customers. Previously, these amounts have been included in turnover and cost of sales. However, the directors have reviewed standard industry practice and the factors to take into account when assessing whether the company is acting as principal or agent in transactions and have concluded that to exclude these amounts from turnover and cost of sales is more appropriate. Both the 2024 and 2023 years have been re-stated on this new basis. This has seen a reduction in turnover in 2024 of £17,185,593 and in 2023 of £18,328,617.

Turnover recognition

Turnover is represented by invoiced services net of any discount and input VAT and exclusive of duty and VAT received in respect of goods forwarded.

Government grants

Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as other income in the profit and loss and timing differences presented as other debtors.

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

3 years straight line for leasehold & 50 years straight line for freehold

Furniture, fittings and equipment

4 years straight line

Motor vehicles

4 years straight line

Computer equipment

3 years straight line

Plant and machinery

4 years straight line

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Capital redemption reserve records the nominal value of shares repurchased by the company.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities and their measurement basis are as follows:

Financial assets – trade debtors and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, loans and borrowings, accrued expenses and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security and corporation tax creditors are not included in the financial instrument disclosure definition.

 

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

(As restated)

2023
£

Rendering of services

10,465,785

11,080,437

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Rent receivable

218,601

249,466

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

32,250

10,000

Loss from changes in provisions

(120,000)

-

(87,750)

10,000

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

741,261

701,580

Foreign exchange losses/(gains)

9,429

(6,293)

Profit on disposal of tangible fixed assets

(32,250)

(10,000)

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

132,908

111,305

Interest expense on other finance liabilities

29,394

24,886

162,302

136,191

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,919,950

4,076,020

Social security costs

286,118

427,262

Pension costs, defined contribution scheme

95,622

92,747

Other employee expense

108,239

101,263

3,409,929

4,697,292

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

75

116

75

116

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

328,953

428,246

Contributions paid to money purchase schemes

36,234

19,176

365,187

447,422

In respect of the highest paid director:

2024
£

2023
£

Remuneration

133,259

154,086

Company contributions to money purchase pension schemes

19,000

6,000

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

24,000

21,200


 

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

327,783

177,104

UK corporation tax adjustment to prior periods

(5,745)

(87,395)

322,038

89,709

Deferred taxation

Arising from origination and reversal of timing differences

(18,827)

106,437

Tax expense in the income statement

303,211

196,146

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

(As restated)

2023
£

Profit before tax

1,266,584

1,095,692

Corporation tax at standard rate

316,646

208,181

Tax decrease from effect of capital allowances and depreciation

-

(30,943)

Tax increase/(decrease) from other short-term timing differences

646

(2,325)

Effect of expense not deductible in determining taxable profit (tax loss)

3,681

3,117

Decrease in UK and foreign current tax from unrecognised tax loss or credit

(5,745)

(87,395)

Deferred tax (credit)/expense from unrecognised temporary difference from a prior period

(12,017)

103,855

Deferred tax expense relating to changes in tax rates or laws

-

1,656

Total tax charge

303,211

196,146

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

12

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 April 2023

3,330,275

585,275

3,121,482

35,919

300,120

7,373,071

Additions

-

8,484

553,105

-

37,048

598,637

Disposals

-

-

(703,421)

-

-

(703,421)

At 31 March 2024

3,330,275

593,759

2,971,166

35,919

337,168

7,268,287

Depreciation

At 1 April 2023

229,129

371,970

2,210,681

17,960

255,683

3,085,423

Charge for the year

12,648

116,067

558,932

8,980

44,634

741,261

Eliminated on disposal

-

-

(702,921)

-

-

(702,921)

At 31 March 2024

241,777

488,037

2,066,692

26,940

300,317

3,123,763

Carrying amount

At 31 March 2024

3,088,498

105,722

904,474

8,979

36,851

4,144,524

At 31 March 2023

3,101,146

213,305

910,801

17,959

44,437

4,287,648

Included within the net book value of land and buildings above is £3,088,498 (2023 - £3,101,142) in respect of freehold land and buildings and £Nil (2023 - £4) in respect of short leasehold land and buildings.
 

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Restriction on title and pledged as security

Plant and machinery with a carrying amount of £255,621 (2023 - £510,083) has been pledged as security for hire purchase agreements.

13

Investments

2024
£

2023
£

Investments in joint ventures

50

50

Joint ventures

£

Cost

At 1 April 2023

50

At 31 March 2024

50

Carrying amount

At 31 March 2024

50

At 31 March 2023

50

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Joint ventures

Fairlea Online Limited

Collingham House, 6-12 Gladstone Road, Wimbledon, London, England, SW19 1QT

Ordinary

50%

50%

 

     

Joint ventures

Fairlea Online Limited

The principal activity of Fairlea Online Limited is IT support.

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

14

Debtors

2024
£

2023
£

Trade debtors

2,393,392

2,325,746

Other debtors

262,420

274,937

Prepayments

577,938

304,361

 

3,233,750

2,905,044

15

Cash and cash equivalents

2024
£

2023
£

Cash on hand

5,757

5,757

Cash at bank

3,278,353

2,281,309

3,284,110

2,287,066

16

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

18

320,554

407,671

Trade creditors

 

2,316,449

2,115,460

Social security and other taxes

 

184,030

290,157

Outstanding defined contribution pension costs

 

9,652

17,284

Other creditors

 

505,048

505,048

Accrued expenses

 

57,621

32,407

Corporation tax

11

508,598

81,619

 

3,901,952

3,449,646

Due after one year

 

Loans and borrowings

18

1,533,558

1,867,784

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

17

Provisions for liabilities

Deferred tax
£

Dilapidation provision
£

Total
£

At 1 April 2023

379,718

-

379,718

Additional provisions

-

120,000

120,000

Increase (decrease) in existing provisions

(18,827)

-

(18,827)

At 31 March 2024

360,891

120,000

480,891

Deferred tax

Deferred tax assets and liabilities:

2024

Asset
£

Liability
£

Accelerated capital allowances

-

358,939

Other timing differences

2,413

-

2,413

358,939

2023

Asset
£

Liability
£

Accelerated capital allowances

-

384,038

Other

4,320

-

4,320

384,038

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

18

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

131,353

129,734

Hire purchase contracts

189,201

277,937

320,554

407,671

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,393,570

1,602,628

Hire purchase contracts

139,988

265,156

1,533,558

1,867,784

Finance lease liabilities
Finance lease liabilities have a carrying amount of £329,189 (2023: £543,093) with a nominal interest of rate of 3% - 4%.

Finance lease liabilities are secured on the motor vehicles they are financing and are repayable in monthly instalments over 3 years from the date they are advanced.

Loans and borrowings due in greater than five years

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

379,531

1,140,120

-

-

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

297,276

316,359

Later than one year and not later than five years

687,436

174,387

Later than five years

58,975

-

1,043,687

490,746

The amount of non-cancellable operating lease payments recognised as an expense during the year was £251,159 (2023 - £231,785).

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

20

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £528,401 (2023 - £Nil).

21

Analysis of changes in net debt

At 1 April 2023
£

Financing cash flows
£

At 31 March 2024
£

Cash and cash equivalents

Cash

2,287,066

997,044

3,284,110

Borrowings

Bank borrowing

(1,732,362)

207,439

(1,524,923)

Short term borrowings

(543,093)

213,904

(329,189)

(2,275,455)

421,343

(1,854,112)

 

11,611

1,418,387

1,429,998

22

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £95,622 (2023 - £92,747).

Contributions totalling £9,652 (2023 - £17,284) were payable to the scheme at the end of the year and are included in creditors.

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

23

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

At 31 March 2024
£

R W Maybey

Directors loan account

5,000

5,000

2023

At 1 April 2022
£

At 31 March 2023
£

R W Maybey

Directors loan account

5,000

5,000

 

Regency Shipping Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Summary of transaction with joint ventures and other related parties

Income and receivables from related parties

2024

Joint ventures
£

Other related parties
£

Receipt of services

4,680

16,325,862

Amounts receivable from related parties

719

864,761

2023

Joint ventures
£

Other related parties
£

Receipt of services

-

18,496,491

Amounts receivable from related parties

6,517

1,177,285

Expenditure with and payables to related parties

2024

Joint ventures
£

Other related parties
£

Rendering of services

284,963

636,722

Amounts payable to related parties

7,926

541,128

2023

Joint ventures
£

Other related parties
£

Rendering of services

376,527

178,829

Amounts payable to related parties

2,709

15,873

Loans to related parties

2024

Other related parties
£

At start of period

135,816

Advanced

3,061

Repaid

(27,500)

At end of period

111,377

2023

Other related parties
£

At start of period

156,898

Advanced

2,918

Repaid

(24,000)

At end of period

135,816

Terms of loans to related parties

Interest is charged at 2.25% and the loan is repayable on demand.