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REGISTERED NUMBER: 02063183 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

N.S.A. U.K. LIMITED

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


N.S.A. U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: K Takikawa
T Ekhaugen
K Nagata
G Wardhaugh





REGISTERED OFFICE: 4th Floor
Charles House
108-110 Finchley Road
London
NW3 5JJ





REGISTERED NUMBER: 02063183 (England and Wales)





AUDITORS: Norton Lewis & Co.
4th Floor
Charles House
108-110 Finchley Road
London
NW3 5JJ

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

BUSINESS REVIEW
In January 2024 the Company expected an end to the supply chain disruptions which had been affecting export production volumes. The outlook for 2024 was expected to be broadly in line with the volumes handled in 2023 with subdued demand for EV's and a public which seemed hesitant to buy new vehicles across Europe.

The Budget was agreed at 292,623 units compared to 2023's figure of 282,408 units, which reflected the expectation of a flat European car buying market due to the public having uncertainty about not only what to buy but whether to buy at all.
High & Heavy imports and Privately Owned Vehicles (POV) imports were expected to remain steady with a strong contribution to the company's income.

Volume space on RORO vessels remained in high demand during 2024 although there was a slight easing as more new build ships entered the market which allowed for an increase in space availability for High & Heavy and Private Owned Vehicles to utilise.

Although forecasted to handle 292,623 car units the actual volume handled was lower at 246,295 units.

Export volume from Nissan Motor Manufacturing (UK) Ltd (NMUK) was 190,548 units against a planned volume of 239,724 units. Transhipment cargoes budgeted at 25,957 units came in just under budget with actual units handled being 23,758. Import budget was 26,049 units but actual result was 31,032 units driven mainly by Nissan imports.

The importation via NSA UK of High & Heavy and used POV vehicles from Japan (grey market) was markedly improved from the previous year as space availability opened on the RORO vessels.

The NSA General Overseas Market (GOM) department, which supports and coordinates Nissan exports to non-EU countries, continues to function well and in line with budget expectations. That said, we were notified that the tasks carried out by this department would be migrated abroad to save costs.

The NSA Labour Resource Control Department continues to develop and is now supplying labour not only for vessels but also to Nissan for their compound (terminal) activities.

PRINCIPAL RISKS AND UNCERTAINTIES
The business continues to be heavily reliant on the volume which NMUK generates, with forecasted EV production still planned to go ahead. Giga battery plants are being built near to Nissan and other suppliers to Nissan are investing in production facilities near to the NMUK factory.

The Hoegh Northern Terminal handled 7,194 units during 2024 which was lower than the 11,163 units handled the previous year.

Non group vessels continue to call at the Port of Tyne to discharge/load Nissan cargoes. We have in place agreements with all of these non-group carriers for funding and settlement of ships expenses.

FINANCIAL KEY PERFORMANCE INDICATORS
The results in 2024 shows a reduced performance compared to 2023 with a depleting car market. The net loss before taxation was £96k, compared to a profit of £447k in 2023. The gross profit margin reduced in 2024 to 21.6%, compared to 23.6% in the previous year.

The current ratio has increased in 2024 to 7.9 from 5.6 in 2023. This is clearly above the minimum level of 4.0 that the company attempts to maintain.

The defined benefit obligation has remained in a surplus position in both 2024 and 2023.


N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

FUTURE TRADING ACTIVITY AND OTHER MATTERS
Automotive volumes to be handled in 2025 are projected to be about 280,000 units in comparison to 2024 volume of 246,295 car units.

The Hoegh Northern Terminal transhipment and export volumes are predicted to be higher than 2024 due to more space being available on the RORO vessels for non-OEM cargoes. We are budgeting for approximately 10,000 units during 2025.

The Terminal size remains at 6 acres, and we will be continually assessing our needs for space against the expected transhipment volumes handled.

The contract with Nissan for General Overseas Market activities which started on 1st April 2022, officially ends on 31st March 2025 although this has been extended until end of July 2025 to allow time for the job migration abroad to happen. This is in response to general cost savings measures across our group.

The structure of NSA will be changed from April 2025 with a Global Documentation Services Department being created (GDS) and a Scheduling, Agency and Planning department (SAP) being created. The intention of the re-structure is to streamline our functionality as a business and better serve our customers through more focus on business retention and to create additional opportunities which will diversify our business.

2025 volumes are anticipated to be higher than 2024 and this expected recovery in volume combined with our restructuring of the business allows the Directors to expect cash flow to be in positive territory and to remain confident that the company has sufficient liquidity to cover all its operations during 2025.

The workforce levels have increased with the introduction additional demand from Nissan to supply temporary drivers for their compounds. Within the office the level of staff will reduce once the General Overseas Market (GOM) Dept completes its coordination role towards the end of July, but throughout 2025 these are considered adequate to meet the business requirements.

Provision for disaster recovery and IT operating activities are in place and NSA continues to be ISO certified.

The administration and operation activities of the company are all fully covered by insurance for 2025.

The next Generation Electric SUV's are being prepared for manufacture, in the first instance, the Leaf will be manufactured during 2025 and released later in 2025 for general sale across Europe. Qashqai and Juke will follow over the next few years.

Adjacent to the Nissan factory, Giga battery plants are being built to support Nissans build of only EVs going forward.

The increase in space on vessels for High & Heavy & Privately Owned vehicles is expected to give an increase in units handled during 2025.

The directors remain confident that we can improve on the Company's position through a range of activities including restructuring and diversification and enjoy a successful future.

ON BEHALF OF THE BOARD:





K Takikawa - Director


1 May 2025

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing stevedore services.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS
Future developments are reported in the future trading activity and other matters section of the Strategic Report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

K Takikawa
T Ekhaugen
K Nagata

Other changes in directors holding office are as follows:

G Wardhaugh - appointed 1 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Norton Lewis & Co., will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





K Takikawa - Director


1 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
N.S.A. U.K. LIMITED

Opinion
We have audited the financial statements of N.S.A. U.K. Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 December 2024 and of its loss 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 Auditors' 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
N.S.A. U.K. LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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 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.

Auditors' 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 a Report of the Auditors 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:

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.

We consider that our procedures are highly capable of detecting irregularities, including fraud. The engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

During the planning of the audit, discussions were held with key entity staff to ensure;
- an understanding of the legal and regulatory framework,
- the entity's policies and procedures on compliance with laws and regulations,
- the entity's policies and procedures on fraud risk including knowledge of any actual, suspected or alleged fraud.

Audit procedures to detect material misstatements in respect of irregularities are outlined below:
- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims.
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- auditing the risk of management override of controls, including sample testing on the posting of journals and reviewing accounting estimates for bias.

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.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
N.S.A. U.K. LIMITED


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 a Report of the Auditors 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.




Giles Cohen (Senior Statutory Auditor)
for and on behalf of Norton Lewis & Co.
4th Floor
Charles House
108-110 Finchley Road
London
NW3 5JJ

29 May 2025

Note:
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Restated
Notes £    £    £   

TURNOVER 3 4,382,578 4,839,388

Cost of sales 3,437,455 3,698,861
GROSS PROFIT 945,123 1,140,527

Administrative expenses 1,228,305 1,125,015
(283,182 ) 15,512

Other operating income 1,200 174,614
OPERATING (LOSS)/PROFIT 5 (281,982 ) 190,126

Interest receivable and similar income 237,414 206,268
Other finance income 16 - 51,000
237,414 257,268
(44,568 ) 447,394

Other finance costs 16 51,450 -
(LOSS)/PROFIT BEFORE TAXATION (96,018 ) 447,394

Tax on (loss)/profit 7 18,740 44,000
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(114,758

)

403,394

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Restated
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (114,758 ) 403,394


OTHER COMPREHENSIVE INCOME
Remeasurement defined benefit pension (129,000 ) (125,000 )
Income tax relating to other comprehensive
income

32,250

31,250
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(96,750

)

(93,750

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(211,508

)

309,644

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 93,336 89,353
Investments 9 32,175 32,175
125,511 121,528

CURRENT ASSETS
Debtors 10 1,039,191 2,288,798
Cash at bank 6,314,157 5,726,700
7,353,348 8,015,498
CREDITORS
Amounts falling due within one year 11 933,997 1,423,356
NET CURRENT ASSETS 6,419,351 6,592,142
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,544,862

6,713,670

PROVISIONS FOR LIABILITIES 13 - (12,750 )

PENSION ASSET 16 - 55,450
NET ASSETS 6,544,862 6,756,370

CAPITAL AND RESERVES
Called up share capital 14 60,000 60,000
Retained earnings 15 6,484,862 6,696,370
SHAREHOLDERS' FUNDS 6,544,862 6,756,370

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:




K Takikawa - Director



T Ekhaugen - Director


N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 60,000 6,386,726 6,446,726

Changes in equity
Profit for the year - 403,394 403,394
Other comprehensive income - (93,750 ) (93,750 )
Total comprehensive income - 309,644 309,644
Balance at 31 December 2023 60,000 6,696,370 6,756,370

Changes in equity
Deficit for the year - (114,758 ) (114,758 )
Other comprehensive income - (96,750 ) (96,750 )
Total comprehensive income - (211,508 ) (211,508 )
Balance at 31 December 2024 60,000 6,484,862 6,544,862

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 436,464 (630,296 )
Tax paid - 83,394
Taxation refund 83,394 -
Net cash from operating activities 519,858 (546,902 )

Cash flows from investing activities
Purchase of tangible fixed assets (44,815 ) (29,748 )
Sale of tangible fixed assets - 7,000
Interest received 237,414 206,268
Net cash from investing activities 192,599 183,520

Cash flows from financing activities
Pension contributions (125,000 ) (125,000 )
Net cash from financing activities (125,000 ) (125,000 )

Increase/(decrease) in cash and cash equivalents 587,457 (488,382 )
Cash and cash equivalents at beginning of year 2 5,726,700 6,215,082

Cash and cash equivalents at end of year 2 6,314,157 5,726,700

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24 31.12.23
Restated
£    £   
(Loss)/profit before taxation (96,018 ) 447,394
Depreciation charges 40,831 25,266
Profit on disposal of fixed assets - (7,000 )
Decrease in amounts from group companies 952,034 (735,697 )
Increase in amounts to group associates (113,069 ) (33,704 )
Finance costs 51,450 -
Finance income (237,414 ) (257,268 )
597,814 (561,009 )
Decrease/(increase) in trade and other debtors 304,130 (447,828 )
(Decrease)/increase in trade and other creditors (465,480 ) 378,541
Cash generated from operations 436,464 (630,296 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 6,314,157 5,726,700
Year ended 31 December 2023
31.12.23 1.1.23
Restated
£    £   
Cash and cash equivalents 5,726,700 6,215,082


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 5,726,700 587,457 6,314,157
5,726,700 587,457 6,314,157
Total 5,726,700 587,457 6,314,157

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

N.S.A. U.K. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) and rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared 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 have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

Changes in accounting policies
At the start of the year management made a decision to change their depreciation policy for Fixtures and Fittings from 10% on cost to 20% on cost. After careful consideration management decided to increase the depreciation policy to reflect a more consistent economic life of the assets. The change in policy results in £4.2k of additional depreciation in the current year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes. Turnover is recognised only after the completion of an operation when it is probable that the economic benefits will flow to the company and when turnover can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful economic life.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Investments
Investments held as fixed assets are shown at cost less provision for impairment.

Pension costs and other post retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period to maturity.

The company operates a defined benefit plan which is closed to new members. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy. This includes the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts are disclosed as 'Remeasurement defined benefit pension'.

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of section 11 'basic financial instruments' and section 12 'other financial instruments issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to contractual provisions of the instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial instruments, 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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 method.

Trade creditors are obligations to pay for goods and 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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Going concern
The director has considered the company's performance as well as forecasts and projections for the next 12 months from the date of this report and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to prepare its financial statements on a going concern basis.

3. TURNOVER

The whole of the turnover is attributable to the principal business activities and arises in the UK from the rendering of services.

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
Restated
£    £   
Wages and salaries 2,954,265 3,221,906
Social security costs 275,251 304,657
Other pension costs 340,171 314,375
3,569,687 3,840,938

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.24 31.12.23
Restated

Administration/Shipping/Cargo Handling 34 32
Labour Resource Control 77 73
111 105

31.12.24 31.12.23
Restated
£    £   
Directors' remuneration 59,311 -
Directors' pension contributions to money purchase schemes 7,555 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 -

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

31.12.24 31.12.23
Restated
£    £   
Hire of plant and machinery 41,918 43,089
Other operating leases 232,730 232,730
Depreciation - owned assets 40,832 25,266
Profit on disposal of fixed assets - (7,000 )
Foreign exchange differences 580 2,965

6. AUDITORS' REMUNERATION
31.12.24 31.12.23
Restated
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

20,500

19,200
Auditors' remuneration for non audit work 14,527 6,500

Included within Auditors' remuneration for non audit work is an amount of £5,000 (2023: £5,000) in respect of services supplied to an associated pension scheme.

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.12.24 31.12.23
Restated
£    £   
Deferred tax 18,740 44,000
Tax on (loss)/profit 18,740 44,000

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
Restated
£    £   
(Loss)/profit before tax (96,018 ) 447,394
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

(24,005

)

111,849

Effects of:
Expenses not deductible for tax purposes 12,863 -
Income not taxable for tax purposes - (14,500 )
Capital allowances in excess of depreciation (1,036 ) -
Depreciation in excess of capital allowances - 587
Utilisation of tax losses - (66,686 )
Other deductions (31,250 ) (31,250 )
Tax losses carried forward 43,428 -
Deferred Tax 18,740 44,000
Total tax charge 18,740 44,000

Tax effects relating to effects of other comprehensive income

31.12.24
Gross Tax Net
£    £    £   
Remeasurement defined benefit pension (129,000 ) 32,250 (96,750 )

31.12.23
Gross Tax Net
£    £    £   
Remeasurement defined benefit liability (125,000 ) 31,250 (93,750 )

8. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2024 485,584 151,884 129,418
Additions - - -
Disposals - - (53,839 )
At 31 December 2024 485,584 151,884 75,579
DEPRECIATION
At 1 January 2024 485,583 113,562 105,037
Charge for year - 12,774 11,765
Eliminated on disposal - - (53,839 )
At 31 December 2024 485,583 126,336 62,963
NET BOOK VALUE
At 31 December 2024 1 25,548 12,616
At 31 December 2023 1 38,322 24,381

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 226,668 - 993,554
Additions - 44,815 44,815
Disposals - - (53,839 )
At 31 December 2024 226,668 44,815 984,530
DEPRECIATION
At 1 January 2024 200,019 - 904,201
Charge for year 7,437 8,856 40,832
Eliminated on disposal - - (53,839 )
At 31 December 2024 207,456 8,856 891,194
NET BOOK VALUE
At 31 December 2024 19,212 35,959 93,336
At 31 December 2023 26,649 - 89,353

9. FIXED ASSET INVESTMENTS

31.12.24 31.12.23
Restated
£    £   
Loans to undertakings in which the company has a
participating interest

32,175

32,175

Additional information is as follows:
Investment
in Joint
Venture
Co
£   
COST
At 1 January 2024
and 31 December 2024 850,000
PROVISIONS
At 1 January 2024
and 31 December 2024 850,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Hoegh Northern Terminal Limited
Registered office: 4th Floor, Charles House, 108-110 Finchley Road, London, NWT 5JJ
Nature of business: Transportation support activities
%
Class of shares: holding
Ordinary £1 50.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves (50,634 ) (44,765 )
Loss for the year (5,869 ) (6,170 )
Loans to
joint
ventures
£   
At 1 January 2024
and 31 December 2024 32,175

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
Restated
£    £   
Trade debtors 58,307 18,391
Amounts owed by group undertakings 143,491 1,095,525
Amounts owed by associates 89,729 1,193
Tax - 83,394
VAT 1,262 -
Disbursement & accrued income 619,322 959,888
Prepayments 127,080 130,407
1,039,191 2,288,798

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
Restated
£    £   
Trade creditors 318,469 572,658
Amounts owed to associates 119,073 143,606
Social security and other taxes 162,961 208,712
VAT - 7,084
Other creditors 42,970 134,711
Accrued expenses 290,524 356,585
933,997 1,423,356

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
Restated
£    £   
Within one year 13,683 11,466
Between one and five years 54,267 39,882
In more than five years 29,911 49,852
97,861 101,200

13. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
Restated
£    £   
Deferred tax - 12,750

Deferred
tax
£   
Balance at 1 January 2024 12,750
Provided during year (12,750 )
Balance at 31 December 2024 -

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
60,000 Ordinary £1 60,000 60,000

15. RESERVES
Retained
earnings
£   

At 1 January 2024 6,696,370
Deficit for the year (114,758 )
Remeasurement defined benefit pension (96,750 )
At 31 December 2024 6,484,862

Retained earnings account
The retained earnings account represents cumulative profits and losses net of dividends and other adjustments.

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

16. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefits pension scheme. The scheme is now closed to any future service benefits. The assets of this scheme are held separately from those of the company in an independently administered fund.

An FRS102 actuarial report has been prepared as at 31 December 2024 confirming that the scheme has a surplus of assets over liabilities of £1,600,000 (2023: £1,201,000).

As the scheme is closed to any future benefit accrual and NSA does not have an unconditional right to any surplus, the surplus is not recognisable under FRS102.

The most recent full actuarial valuation had an effective date of 1 January 2023. The FRS102 actuarial report updates the full actuarial valuation to 31 December 2024.

An additional payment was made during the year of £125,000 (2023: £125,000).

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
31.12.24 31.12.23
Restated
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

51,450

(51,000

)
Past service cost - -
51,450 (51,000 )

Actual return on plan assets 118,550 183,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.12.24 31.12.23
Restated
£    £   
Opening defined benefit obligation 2,540,000 2,490,000
Interest cost 118,000 121,000
Actuarial losses/(gains) (162,000 ) (25,000 )
Benefits paid (48,000 ) (46,000 )
2,448,000 2,540,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.12.24 31.12.23
Restated
£    £   
Opening fair value of scheme assets 2,595,000 2,494,000
Change in effect of asset ceiling (343,000 ) (161,000 )
Contributions by employer 125,450 125,450
Interest income 66,550 172,000
Actuarial gains/(losses) 52,000 11,000
Benefits paid (48,000 ) (46,000 )
2,448,000 2,595,450

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

16. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.12.24 31.12.23
Restated
£    £   
Actuarial gains/(losses) (129,000 ) (125,000 )
(129,000 ) (125,000 )

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
31.12.24 31.12.23
Restated
Equities 29% 31%
Property 5% 6%
Cash 20% 16%
Other 15% 14%
Global Fixed Interest 31% 33%
100% 100%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.24 31.12.23
Restated
Discount rate 5.60% 4.70%
Pension in excess of GMP - Pre 1/1/95 3.10% 3.00%
Pension in excess of GMP - Pre 6/4/09 2.60% 2.40%
Pension in excess of GMP - On or after 6/4/09 2.50% 2.40%
Pension increase in payment - Pre 6/4/97 3.00% 3.00%
Pension increase in payment - On or after 6/4/97 3.10% 3.00%
Retail Price Inflation 3.10% 3.00%
Consumer Price Inflation 2.60% 2.40%

Defined contribution scheme

The company also operates a defined contribution pension scheme for all existing employees, which is also available to any new member to join the scheme.

The contributions made to the fund in respect of the scheme, amount to £340,171 (2023: £314,375).

17. CONTINGENT LIABILITIES

The directors are not aware of any contingent liabilities.

18. RELATED PARTY DISCLOSURES

Included within debtors due within one year is an amount of £143,491 (2023: £1,095,525) owed by group undertakings and £89,729 (2023: £1,193) owed by associates.

Included within creditors due within one year is an amount of £119,073 (2023: £143,606) owed to associates.

Amounts outstanding by group companies and associates arise by virtue of day to day trade. These amounts are unsecured, interest free and due within one year.

N.S.A. U.K. LIMITED (REGISTERED NUMBER: 02063183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

19. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The immediate parent Nissan Motor Carrier Co, a company registered in Japan owns 85% of the company. The ultimate parent company is Mitsui O.S.K. Lines Ltd, a company registered in Japan, and whose accounts are available for inspection at 1-1 Toranomon 2-Chome, Minato-ku, Tokyo 105-8688, Japan. The remaining 15% is owned by Hoegh Autoliners AS, a company registered in Norway.

20. SHAREHOLDERS' FUNDS

Included in retained earnings are amounts which are distributable and non-distributable to the shareholders. These are £6,484,862 (2023: £6,696,370) and £Nil (2023: £Nil) respectively.

21. RESTATEMENT OF COMPARATIVES

In prior periods disbursements and accrued income was recognised within trade debtors. It is now recognised separately as disbursements and accrued income. This change has been applied retrospectively and the comparatives have been restated, resulting in a £959,888 adjustment in 2023.

In prior periods the recharge control account was recognised within trade debtors. It is now recognised as other creditors. This change has been applied retrospectively and the comparatives have been restated, resulting in a £134,711 adjustment in 2023.

In prior periods stevedore salaries and social security costs were included within stevedoring costs in cost of sales. They are now recognised within wages and social security in cost of sales. This change has been applied retrospectively and the comparatives have been restated, resulting in a £1,521,107 adjustment to wages and a £109,342 adjustment to social security in 2023.

There is no impact on profit due to these changes.