1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts
in these financial statements are rounded to the nearest £.
1.2.
Basis Of Consolidation
The consolidated group financial statements consist of the financial statements of the parent company Drewry Shipping Consultants Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3.
Business Combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.4.
Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5.
Significant judgements and estimations
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
1.6.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.7.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
| Computer Equipment |
|
Impairment of Fixed Assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8.
Investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
1.9.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
1.10.
Financial Instruments
1.10.
Financial Instruments - continued
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
...CONTINUED
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.11.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.12.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
1.13.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
1.14.
Pensions
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Defined benefits schemes – cost
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
Defined benefits schemes – Interest and gains
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
Defined benefits schemes – Assets
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
2.
Turnover by Principal Activities
Analysis of turnover by principal activities is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Advisory | 4,373,394 | 4,408,549 | |
| Rental income | 52,258 | 56,845 | |
| Research Products | 4,969,503 | 5,042,441 | |
| 9,395,155 | 9,507,835 | ||
3.
Turnover by Geographic Analysis
Analysis of turnover by geographical market is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| Europe |
|
|
|
| North America |
|
|
|
| Asia |
|
|
|
| Rest of the world |
|
|
|
| 9,395,155 | 9,507,835 | ||
4.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 60,829 | 60,930 | ||
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
5.
Operating Profit
The operating profit is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 10,210 | 13,554 | |
| Exchange differences |
( |
|
|
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the group and company's financial statements |
|
|
|
Other services
|
Auditing accounts of subsidaries
|
15,750
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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<line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
19,000
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Office and administration |
|
|
|
|
|
|
||
Company
Average number of employees, including directors, during the year was: 4 (2023: 4)
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Directors' remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
Information regarding the highest paid director was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to defined benefit pension schemes | - |
|
|
|
|
|
||
11.
Interest Receivable and Similar Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
| 256,346 | 168,015 | ||
12.
Interest Payable
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other finance charges |
|
|
|
|
|
|
||
13.
Tax on Profit
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Foreign tax |
|
|
|||
| Total Current Tax Charge |
|
|
|||
| Deferred taxation RT |
|
( |
|||
| Total tax charge for the period |
|
|
|||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 1,687,143 | 2,114,311 | |||
...CONTINUED
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| Breakdown of tax charge is: | |||||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Short term timing differences |
|
( |
|||
| Difference in tax rates |
( |
( |
|||
| Total tax charge for the period | 328,629 | 444,030 | |||
14.
Retirement benefit schemes
Group - Defined contribution pension schemes
|
2024
|
2023
|
||
|
£
|
£
|
||
|
The charge to profit or loss in respect of defined contribution schemes
|
45,899
|
48,649
|
|
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
15.
Tangible Assets
Group
Company
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 January 2024 |
|
|
|
| Additions |
|
|
|
| Disposals |
( |
( |
( |
| As at 31 December 2024 |
|
|
|
| Depreciation | |||
| As at 1 January 2024 |
|
|
|
| Provided during the period |
|
|
|
| Disposals |
( |
( |
( |
| As at 31 December 2024 |
|
|
|
| Net Book Value | |||
| As at 31 December 2024 |
|
|
|
| As at 1 January 2024 |
|
|
|
The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
16.
Fixed Asset Investments
Company
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
Investments represents the 100% holding in the subsidiary companies Drewry Shipping Consultants Limited, Drewry Financial Research Services Limited, Drewry Maritime Services (Asia) Pte. Limited (Singapore), and Drewry Maritime Services Private Limited (India).
Subsidiaries
Details of the group's subsidiaries as at 31 December 2024 are as follows:
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
England |
|
|
- |
|
|
England |
|
|
- |
|
|
Singapore |
|
|
- |
|
|
India |
|
|
- |
|
|
China |
|
|
100.00% |
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
| Capital and Reserves | Profit/(loss) | |
|---|---|---|
| £ | £ | |
| Drewry Shipping Consultants Limited |
|
|
| Drewry Financial Research Services Ltd |
|
|
| Drewry Maritime Services (Asia) Pte. Ltd. |
|
|
| Drewry Maritime Services Private Limited |
|
|
| Drewry Maritime Services (Shanghai) Co. Ltd. |
|
|
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
17.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Prepayments and accrued income |
|
|
|
|
|||
| Other debtors | - |
|
|
|
|||
| Deferred tax current asset | 24,304 | 29,145 | - | - | |||
| VAT |
|
|
|
|
|||
|
|
|
|
|
||||
18.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors |
|
|
|
|
|||
| Corporation tax |
|
|
|
|
|||
| Other taxes and social security |
|
|
- | - | |||
| Other creditors |
|
|
|
|
|||
| Accruals and deferred income |
|
|
|
|
|||
| Amounts owed to subsidiaries | - | - |
|
|
|||
|
|
|
|
|
||||
19.
Deferred Taxation
The provision for other timing difference is made up as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences |
|
|
|
21.
Pension Commitments
21.
Pension Commitments - continued
The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:
The company operates a defined benefits pension scheme, the Drewry Shipping Consultants Pension & Life Assurance Scheme. The Scheme was discontinued for future benefit accrual with effect from 31 December 2001.
The assets of the Scheme are held separately from those of the Company, being invested with The Prudential Assurance Company Limited
The contributions are determined by a qualified actuary on the basis of triennial valuations. The most recent valuation was undertaken as at 31 December 2023 which has been updated to reflect conditions as at the balance sheet date. The assumptions that have the most significant effect on the results of the valuation are those relating to the interest rate at which future pension payments are discounted and the rate of assumed future price inflation.
The scheme is now fully funded, however the company pays the expenses associated with the Scheme, including any levies due.
...CONTINUED
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
|
Key Assumptions
|
2024
% |
2023
% |
2022
% |
|
Discount rate
|
5.30
|
4.5
|
4.8
|
|
Expected rate of increase of pensions in payment
|
3.40
|
3.3
|
3.4
|
The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:
|
2024
£ |
2023
£ |
2022
£
|
|
|
Present value of defined benefit obligations
|
(1,418,000)
|
(1,452,000)
|
(2,200,000)
|
|
Fair value of plan assets
|
3,856,000
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|
3,659,000
|
3,671,000
|
|
Net defined benefit in scheme
|
2,438,000
|
2,207,000
|
1,471,000
|
|
Movements in the present value of defined benefit obligations
|
2024
£ |
2023
£ |
2022
£ |
|
Liabilities at 1 January 2024
|
(1,452,000)
|
(2,200,000)
|
(3,473,000)
|
|
Net interest expense
|
(63,000)
|
(103,000)
|
(66,000)
|
|
Benefits paid
|
126,000
|
108,000
|
170,000
|
|
Actuarial gain/(loss)
|
(29,000)
|
743,000
|
1,169,000
|
|
At 31 December 2024
|
(1,418,000)
|
(1,452,000)
|
(2,200,000)
|
|
Movements in the fair value of plan assets
|
2024
£
|
2023
£
|
2022
£
|
|
Fair value of assets at 1 January 2024
|
3,659,000
|
3,671,000
|
3,681,000
|
|
Administration expenses
|
(4,000)
|
(4,000)
|
(3,000)
|
|
Interest income
|
162,000
|
174,000
|
70,000
|
|
Return on plan assets (excluding amounts
included in net interest)
|
165,000
|
(74,000)
|
93,000
|
|
Benefits paid
|
(126,000)
|
(108,000)
|
(170,000)
|
|
At 31 December 2024
|
3,856,000
|
3,659,000
|
3,671,000
|
Mortality Assumption:
|
Life Expectancy
|
||||
|
Male
|
Female
|
|||
|
Age 65
|
Age 65 in
20 years
|
Age 65
|
Age 65 in
20 years
|
|
|
103% S3PM/FA with CMI_2023 improvements
subject to a 1.25% p.a. long-term rate
|
86.1
|
87.4
|
88.7
|
90.1
|
|
103% S3PM/FA with CMI_2022 improvements
subject to a 1.25% p.a. long-term rate
|
86.2
|
87.5
|
88.7
|
90.1
|
Drewry Shipping Consultants Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
22.
Dividends
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
| 347,250 | 318,313 | ||
23.
Controlling Parties
The company's immediate parent undertaking is
North South Maritime PTE. LTD.
.
The ultimate parent undertaking is
North South Maritime PTE. LTD
(incorporated in Singapore). Its registered office is
3 Anson Road, #17-01 Springleaf Tower, Singapore, 079909
.
Copies of the group accounts may be obtained from the company's registered office.
The company's controlling party is
North South Maritime PTE. LTD
by virtue of their interest in the share capital of the company.
24.
General Information
Drewry Shipping Consultants Holdings Limited
("the company") is a private company, limited by shares, incorporated in England & Wales, registered number
06013598
. The registered office is 124 City Road, London, EC1V 2NX.
The group consists of Drewry Shipping Consultants Holdings Limited and all of its subsidiaries.