South Coast Port Services Limited

Registered number

03847838

Report and Financial Statements

31 December 2024

South Coast Port Services Limited
Report and accounts
Contents




Page

Company information	1
Directors' report	2
Statement of directors' responsibilities	3
Strategic report	4
Independent auditors' report	5
Income statement	7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Statement of cash flows	11
Notes to the financial statements	12

South Coast Port Services Limited

Company Information

Directors

M Eardley

S Pearce

Secretary

S Pearce

Auditors

Cochrane & Co Accountants Limited

38 Kings Road

Lee-on-the-Solent

Hampshire

PO13 9NU

Bankers

National Westminster Bank PLC

129 High Street

Southampton

Hampshire

SO17 1AX

Registered office

Canute Chambers

Ocean Way

Ocean Village

Southampton

SO14 3TU

Registered number

03847838

South Coast Port Services Limited
Registered number:		03847838
Directors' Report

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

Principal activities
The company's principal activity during the year continued to be that of the provision of labour and supply of appropriate resources for contract stevedoring, vessel mooring services and shipwright cargo securing.

Future developments
The company will continue to market its services within the ports of Southampton and London Gateway, also to other UK Ports and their customers.

Employee involvement
It is the company's policy to consult and discuss with employees, through unions, staff councils and meetings, on matters likely to affect employees' interests. Managers and HR staff regularly meet with employee representatives and will continue offering support to all employees.

Financial instrument risk
The company makes little use of financial instruments other than an operational bank account and so it's exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of assets, liabilities, financial position and profit or loss of the company.

Gender pay reporting
Gender Pay Gap Reporting is up to date and published on the Company website.

Directors
The following persons served as directors during the year:

	M Eardley
	S Pearce

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he 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 auditor is aware of that information.


Third party indemnity provisions
The company buys directors and officers insurance.

Employment of disabled persons
The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses are given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

This report was approved by the board on 29 September 2025 and signed on its behalf.


S Pearce
Director

South Coast Port Services Limited
Statement of Directors' Responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company'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.

South Coast Port Services Limited
Strategic Report
This strategic report has been prepared in accordance with the requirements of Section 414 of the Companies Act 2006. It's purpose is to inform members of the company and help them assess how the directors have performed their duties to promote the success of the company in accordance with Section 172 of the Companies Act 2006.

Review of business
2024 has continued to be a period of consolidation and recovery in all divisions. Moving forward into 2025 we have anticipated growth in all divisions. Replacing our vehicle fleet with an EV alternative has been postponed for review in 2026.

Financial results
Profit before tax was £444,371 which compares to a prior year of £398,824. Share capital and reserves at 31.12.24 were £1,230,643 (2023 £1,096,507).

Dividends
Profit/reserves during 2024 were sufficient enough to consider paying dividends. Dividends were paid to the holding company Canute Management Services Limited at a rate of £13,333 per month.

Principal risks and uncertainties
The Russian invasion of Ukraine remains as a concern to us all. The Final Salary Pension is still closed to new members. The Fund remains in surplus. Anticipated changes to employment legislation with the newly elected government are of concern but the proposed changes are yet to be passed by parliament.

Key performance indicators
The Company has inceased it's gross profit over the prior year. Operating profit has increased from £393,823 in 2023 to £438,270 in 2024.

This report was approved by the board on 29 September 2025 and signed on its behalf.

S Pearce
Director

South Coast Port Services Limited
Independent auditor's report
to the member of South Coast Port Services Limited

Opinion
We have audited the financial statements of South Coast Port Services Limited for the year ended 31 December 2024 which comprise the Income Statement, the Statement of Comprehensive Income, The Statement of Financial Position, The Statement of Changes in Equity, the 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Replublic 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 at 31 December 2024 and of it's profit for the year then ended:
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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.

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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report 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 directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, 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 directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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: Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. this risk increases the more that compliance with law or regulation is removed from the events and transactions relected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misreprentation. Audit procedures performed included; discussions with management, review of journal entries and sample testing of transactions and balances.
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.

Joanne Cochrane BSc FCA
(Senior Statutory Auditor)		38 Kings Road
for and on behalf of Cochrane & Co Accountants Limited		Lee-on-the-Solent
Accountants and Statutory Auditors		Hampshire
29 September 2025		PO13 9NU

South Coast Port Services Limited
Income Statement
for the year ended 31 December 2024


Notes		2024		2023
£			£

Turnover	3	33,753,421		31,235,231

Cost of sales		(32,821,902)		(30,389,126)

Gross profit		931,519		846,105

Administrative expenses		(493,249)		(452,282)

Operating profit	4	438,270		393,823

Interest receivable		1,101		1
Interest receivable pension scheme assets	7	5,000		5,000

Profit on ordinary activities before taxation		444,371		398,824

Tax on profit on ordinary activities	8	(100,239)		(111,152)

Profit for the financial year		344,132		287,672

South Coast Port Services Limited
Statement of comprehensive income
for the year ended 31 December 2024


Notes		2024		2023
£			£

Profit for the financial year		344,132		287,672

Other comprehensive income
Actuarial gain/loss recognised in the pension scheme	19	(52,000)		(36,000)
Deferred taxation arising on the gain/loss	14,19	13,000		9,000

Total comprehensive income for the year		305,132		260,672

South Coast Port Services Limited
Statement of Financial Position
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	9		1,550			2,198

Current assets
Stocks	10	4,686			3,111
Debtors	11	1,102,744			883,547
Cash at bank and in hand		1,983,606			1,997,259
		3,091,036			2,883,917

Creditors: amounts falling due within one year	12	(1,900,555)			(1,844,558)

Net current assets			1,190,481			1,039,359

Total assets less current liabilities			1,192,031			1,041,557


Provisions for liabilities
Deferred taxation	13		(13,388)			(19,050)
Pension scheme assets	14		52,000			74,000
			38,612			54,950

Net assets			1,230,643			1,096,507

Capital and reserves
Called up share capital	15		1			1
Other reserves	17		200,000			200,000
Profit and loss account	18		1,030,642			896,506

Total equity			1,230,643			1,096,507




S Pearce
Director
Approved by the board on 29 September 2025

South Coast Port Services Limited
Statement of Changes in Equity
for the year ended 31 December 2024

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 January 2023	1		-		200,000		875,834		1,075,835

Profit for the financial year							287,672		287,672

Dividends							(240,000)		(240,000)
Total comprehensive income	-		-				(27,000)		(27,000)

At 31 December 2023	1		-		200,000		896,506		1,096,507



At 1 January 2024	1		-		200,000		896,506		1,096,507

Profit for the financial year							344,132		344,132

Dividends							(170,996)		(170,996)
Total comprehensive income	-		-				(39,000)		(39,000)

At 31 December 2024	1		-		200,000		1,030,642		1,230,643

South Coast Port Services Limited
Statement of Cash Flows
for the year ended 31 December 2024

Notes	2024		2023
£		£
Operating activities
Profit for the financial year	444,371		398,824

Adjustments for:
Interest receivable	(1,101)		(1)
Depreciation	648		4,138
(Increase)/decrease in stocks	(1,575)		3,689
(Increase)/decrease in debtors	(219,197)		145,363
Increase in creditors	67,261		19,769
Difference between pension charge and cash contribution	(30,000)		(29,000)
	(183,964)		143,958

Interest received	1,101		1
Corporation tax paid	(104,165)		(39,997)

Cash generated by operating activities	157,343		502,786

Investing activities
Payments to acquire tangible fixed assets	-		(2,676)

Cash used in investing activities	-		(2,676)

Financing activities
Equity dividends paid	(170,996)		(240,000)

Cash used in financing activities	(170,996)		(240,000)

Net cash (used)/generated
Cash generated by operating activities	157,343		502,786
Cash used in investing activities	-		(2,676)
Cash used in financing activities	(170,996)		(240,000)

Net cash (used)/generated	(13,653)		260,110

Cash and cash equivalents at 1 January	1,997,259		1,737,149
Cash and cash equivalents at 31 December	1,983,606		1,997,259

Cash and cash equivalents comprise:
Cash at bank	1,983,606		1,997,259

South Coast Port Services Limited
Notes to the Accounts
for the year ended 31 December 2024

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised when services have been performed.

	Going concern
	The company meets it's day to day working capital requirements through it's cash holdings. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors feel that the company's resources will allow them to adapt to changes readily. Accordingly, the financial statements have been prepared on a going concern basis.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Motor vehicles			25% straight line
	Fixtures and fittings			20% straight line
	Plant and machinery			20% - 25% straight line
	Launches (included in Plant and machinery)			20% straight line


	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	The company operates defined contribution pension schemes. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the schemes. The company also operates a defined benefit pension scheme for employees. A full actuarial valuation by a professionally qualified actuary is carried out every 3 years. The surplus/deficit in the scheme is recognised as an asset/liability on the balance sheet. Changes in the asset/liability are written off in the profit and loss account or statement of total recognised gains and losses as appropriate.The assets of the scheme are held separately from those of the company. The contributions to the scheme are charged to the profit and loss account so as to spread the cost of the pensions over the service lives of the employees. Variations from the regular costs are spread over the average expected remaining working lives of the current members of the scheme. The increase in the present value of the liabilities of the defined benefit scheme expected to arise from employee service in the period is charged to the operating profit. The expected return on the scheme's assets and the increase during the period in the present value of the scheme's liabilities arising from the passage of time are included in the other finance income. Actuarial gains and losses are recognised in the statement of comprehensive income.
2	Critical accounting estimates and judgements

	In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. These estimates and underlying assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates. The directors do not believe that there are any significant estimates or judgements that need to be disclosed.


3	Analysis of turnover					2024		2023
£							£
	Services rendered					33,753,421		31,235,231

	By geographical market:

	UK					33,753,421		31,235,231


4	Operating profit					2024		2023
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					648		4,138
	Operating lease rentals - land and buildings					62,630		62,630
	Auditors' remuneration for audit services					8,445		7,780
	Carrying amount of stock sold					22,263		27,639


5	Directors' emoluments					2024		2023
£							£
	Emoluments					22,190		22,190


	Number of directors to whom retirement benefits accrued:					2024		2023
Number							Number

	Defined contribution plans					2		2
	Defined benefit plans					2		2


6	Staff costs					2024		2023
£							£
	Wages and salaries					28,630,396		26,481,871
	Social security costs					2,797,816		2,515,302
	Other pension costs					578,661		538,819
						32,006,873		29,535,992


	Average number of employees during the year					Number	Number

	Administration					27		27
	Distribution					836		840
						863		867


7	Other financial income					2024		2023
£							£
	Expected return on pension scheme assets					(140,000)		(135,000)
	Interest on pension scheme liabilities					135,000		130,000
						(5,000)		(5,000)


8	Taxation					2024		2023
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					92,901		104,165

	Deferred tax:
	Origination and reversal of timing differences					7,338		6,987


	Tax on profit on ordinary activities					100,239		111,152

	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2024		2023
£							£
	Profit on ordinary activities before tax					444,371		398,824

	Standard rate of corporation tax in the UK					25%	19%/25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					111,093		93,816

	Effects of:
	Expenses not deductible for tax purposes					(18,354)		10,102
	Capital allowances for period in excess of depreciation					162		247

	Current tax charge for period					92,901		104,165

9	Tangible fixed assets
								Plant and machinery
								At cost
£
	Cost or valuation
	At 1 January 2024							434,538
	At 31 December 2024							434,538

	Depreciation
	At 1 January 2024							432,340
	Charge for the year							648
	At 31 December 2024							432,988

	Carrying amount
	At 31 December 2024							1,550
	At 31 December 2023							2,198




10	Stocks					2024		2023
£							£
	Finished goods and goods for resale					4,686		3,111


11	Debtors					2024		2023
£							£
	Trade debtors					866,400		698,209
	Prepayments and accrued income					236,344		185,338
						1,102,744		883,547


12	Creditors: amounts falling due within one year					2024		2023
£							£
	Trade creditors					17,735		31,270
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					417		417
	Corporation tax					92,901		104,165
	Other taxes and social security costs					711,687		820,674
	Other creditors					1,005,191		847,352
	Accruals and deferred income					72,624		40,680
						1,900,555		1,844,558


13	Deferred taxation					2024		2023
£							£
	Accelerated capital allowances					13,388		19,050


						2024		2023
£							£
	At 1 January					19,050		21,063
	Charged to the profit and loss account					7,338		6,987
	Credited to other comprehensive income					(13,000)		(9,000)

	At 31 December					13,388		19,050



14	Pension scheme (assets)/liabiilites
								Pension scheme (assets)/liabiilites
£
	At 1 January 2024							(74,000)
	Defined benefit cost							59,000
	Employer contributions							(37,000)

	At 31 December 2024							(52,000)



15	Share capital	Nominal		2024		2024		2023
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		1		1		1


16	Pension reserve					2024		2023
£							£
	At 1 January					74,000		81,000
	Movement on pension reserve					(22,000)		(7,000)

	At 31 December					52,000		74,000

	The note reflects the actuarial valuation of the pension scheme at each year end, it excludes deferred tax. The pension reserve is incorporated within the profit and loss account reserve in accordance with FRS 102. The impact of FRS 102 is to show the provision gross, whereas it previously was shown net of deferred tax. Related deferred tax is now included in the deferred tax provision.

17	Other reserves					2024		2023
	Revaluation reserve					£	£

	At 1 January					200,000		200,000

	At 31 December					200,000		200,000


18	Profit and loss account					2024		2023
£							£
	At 1 January					896,506		875,834
	Profit for the financial year					344,132		287,672
	Dividends					(170,996)		(240,000)
	Other gains and recognised losses					(39,000)		(27,000)
	At 31 December					1,030,642		896,506


19	Dividends					2024		2023
£							£
	Dividends on ordinary shares (note 18)					170,996		240,000

	Dividends proposed after the reporting date					130,997		119,997



20	Defined benefit pension plans

	The company operates several schemes including defined contribution schemes and a defined benefit scheme. The assets in the defined contribution schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. The defined benefit pension scheme provides benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company, being invested with an insurance company. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of the pensions over the employees working lives with the company. Contributions are accounted for on an accruals basis. Contributions are credited to a capital account. The capital account is credited annually at 31 March with additional cash amounts, which reflect the investment experience and investment charges over the year. At the beginning of each year a minimum rate of growth is guaranteed for the capital account for the forthcoming calender year. Investments purchased by the scheme are allocated to provide benefits to the individuals on whose behalf the corresponding contributions are paid. Accordingly the assets identified as designated to members in the net asset statement do not form a common pool of assets available for members generally. Members each receive an annual statement confirming the contributions paid on their behalf and the value of the money purchase rights. The pension scheme invests in wholly insured managed funds with an insurance company to achieve maximum return compatible with security of capital. The pension charge for the year for all pension schemes was £578,661 (2023 £538,819). The contributions that were included in other creditors at the year end were £69,950 (2023 £122,006). All costs of the scheme are met by the scheme excluding the costs of auditing the scheme and the pension levy which are met by the company. The costs are not offset by the surplus above. FRS 102 requires that at each year end the pension scheme actuary should review their most recent actuarial valuation and update it to reflect current conditions.

	FRS 102 further requires that certain disclosures are given in the financial statements based on results of that year end review. These include details of actuarial assumptions, expected returns on scheme assets, components of the defined benefit cost, fair value of the schemes assets and present value of the schemes liabilities. The latest full actuarial report used for the FRS 102 report is dated 1 April 2024. This valuation has been updated to 31 December 2024 on an approximate valuation basis, as permitted by FRS 102 and all relevant disclosures are included. Contributions are paid into the scheme by both the employer and employee members. The contribution rate of the employees is 5%. The employer paid at a rate of 25%. Lump sum payments are no longer being made.


	The main financial assumptions used in valuing the liabilities of the scheme were as follows;

31 Dec 24					31 Dec 23		31 Dec 22
% a year					% a year		% a year
	Discount rate			5.6		4.7		4.9
	Retail Price Inflation			3.1		3.1		3.2
	Salary Growth			3.1		3.1		3.2

	The valuations of the scheme were as follows;
31 Dec 24					31 Dec 23		31 Dec 22
£					£		£
	Value of scheme liabilities			1,423,000		1,499,000		1,585,000
	Value of scheme assets			3,269,000		2,964,000		2,756,000
	Surplus/(deficit) in scheme			1,846,000		1,465,000		1,171,000
	Effect of asset ceiling			1,794,000		1,391,000		1,090,000
	Net asset/(liability)			52,000		74,000		81,000

	Change in defined benefit obligation
	Defined benefit obligation at start of the period			1,499,000		1,585,000
	Current and past service cost			12,000		11,000
	Interest expense			70,000		77,000
	Remeasurement arising from changes in assumptions			-139,000		-9,000
	Remeasurement arising from experience			18,000		-129,000
	Actual employee contributions			7,000		7,000
	Benefits paid			-44,000		-43,000
	Defined benefit obligation at end of period			1,423,000		1,499,000

	Change in plan assets
	Assets at start of period			2,964,000		2,756,000
	Interest income			140,000		135,000
	Actual return on plan assets, excluding interest income			165,000		74,000
	Employer contributions			37,000		35,000
	Employee contributions			7,000		7,000
	Benefits paid			-44,000		-43,000
	Assets at end of period			3,269,000		2,964,000

	Asset class split at year end
	Equities			65%		69%
	Property			9%		10%
	Corporate bonds			14%		13%
	Gilts			9%		7%
	Cash			3%		1%
				100%		100%


	Mortality assumption			Life expectancy (in years) of member retiring at 65 now
				Male		Female
	2023			20.5		22.7
	2024			20.3		23.2

				Life expectancy (in years) of a member retiring at age 65 in 20 years time
				Male		Female
	2023			21.8		24.2
	2024			21.6		24.6

	Prior year history of valuations	31 Dec 21			31 Dec 20		31 Dec 19
£					£		£
	Value of scheme liabilities			2,210,000		2,490,000		2,156,000
	Value of scheme assets			2,978,000		2,639,000		2,647,000
	Surplus/(deficit) in scheme			768,000		149,000		491,000
	Effect asset ceiling			593,000		0		-305,000
	Net asset			175,000		149,000		186,000

	Pension expense
	Analysis of the amount charged to operating profit		31 Dec 24		31 Dec23
				£		£
	Current and past service cost			12,000		11,000
	Total operating charge			12,000		11,000

	Analysis of the amount credited to other financial income
				31 Dec 24		31 Dec23
				£		£
	Expected return on pension scheme assets			140,000		135,000
	Interest on pension scheme liabilities			-135,000		-130,000
	Net interest on the net defined benefit liability/(asset)			5,000		5,000

	Defined benefit cost

31 Dec 24					31 Dec23
				£		£
	Current and past service cost			12,000		11,000
	Net interest on the net defined benefit liability/(asset)			-5,000		-5,000
	Total recognised in profit or loss			7,000		6,000
	Remeasurements recognised in Other Comprehensive Income			52,000		36,000
	Defined benefit cost			59,000		42,000


	Remeasurements recognised in Other Comprehensive Income			31 Dec 24		31 Dec 23
				£		£
	Remeasurement of defined benefit obligation			-121,000		-138,000
	Return on plan assets, excluding amounts included in net interest on the net defined benefit asset			-165,000		-74,000
	Change in effect of asset ceiling, excluding amounts included in net interest on the recognised defined benefit asset			338,000		248,000
	Total recognised in other Comprehensive Income			52,000		36,000

	Analysis of the change in the effect of the asset ceiling			31 Dec 24		31 Dec 23
	Effect of asset ceiling at the beginning of the period			1,391,000		1,090,000
	Interest on the effect of asset ceiling			65,000		53,000
	Change in effect of asset ceiling, excluding interest			338,000		248,000
	Effect of asset ceiling at end of period			1,794,000		1,391,000

	Change in net defined benefit asset
31 Dec 24					31 Dec 23
				£		£
	Net defined benefit (asset) at start of period			-74,000		-81,000
	Defined benefit cost			59,000		42,000
	Employer contributions			-37,000		-35,000
	Net defined benefit (asset) at end of period			-52,000		-74,000

	Estimated employer contributions Based on the current schedule of contributions the employer is due to pay contributions, on a monthly basis, at the rate of 12.5% pa of the pensionable salary. Contributions circa £20,000 are expected in the year to 31 December 2024.

21	Other financial commitments

	Total future minimum lease payments under non-cancellable operating leases:

		Land and buildings		Land and buildings	Other		Other
		2024		2023		2024		2023
£			£		£		£
	Falling due:
	in over five years	507,045		563,095		-		-


22	Contingent liabilities

	The directors have been advised of the trustees of South Coast Port Services Retirement Benefit Scheme’s responsibilities as regards GMP equalisation. Although initial discussions concluded that it was felt by the trustees that there was no loss to members, the actuary has advised the trustees that a potential liability could exist and that legal advice should be sought. There are only estimates of any potential liability at this stage and these will not be able to be quantified until legal advice has been obtained. The directors wish to comment that the trustees’ review is ongoing.

23	Post balance sheet event

	Further to the year end, July 2025, the company's holding company 'Canute Management Services Limited' entered into a contract to purchase the building the company operate from, for the agreed price of £1.25M, financial assistance was provided by South Coast Port Services Limited.

24	Virgin Media case

	Further to the High Court judgement in the Virgin Media case on 16 June 2023, scheme sponsors are required to comment in their accounts as to the work they have done to assess the impact of the case on the company and the outcome. A recent litigation change is likely to make this no longer an issue.



25	Related party transactions
31 Dec 24					31 Dec 23

	Amount due from (to) related parties			(12,869)		(47,871)

				(12,869)		(47,871)

	The above amounts are interest free and are repayable on demand.

26	Controlling party

	The ultimate and immediate parent company is Canute Management Services Limited, a company registered in England and Wales. The ultimate contolling parties of Canute Management Services Limited are M Eardley and S Pearce. Copies of Canute Management Services Limited financial statements can be obtained from the registered office Canute Chambers, Ocean Way, Ocean Village, Southampton, Hampshire, SO14 3TU.


27	Presentation currency

	The financial statements are presented in Sterling.


28	Legal form of entity and country of incorporation

	South Coast Port Services Limited is a private company limited by shares and incorporated in England.


29	Principal place of business

	The address of the company's principal place of business and registered office is:

	Canute Chambers
	Ocean Way
	Ocean Village
	Southampton
	SO14 3TU