Company Registration number:
Regency Shipping Limited
for the Year Ended 31 March 2025
Regency Shipping Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Regency Shipping Limited
Company Information
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Directors |
Z Warboys R W Maybey S A Grief A M Grief |
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Company secretary |
London Law Secretarial Limited |
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Registered office |
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Auditors |
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Regency Shipping Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
Regency Shipping Limited continues to specialise in the logistics of fine art, antiques, and the secure storage of high-value and luxury commodities. During the year, the company has strengthened its positioning as a premium fine art shipper, enhancing its brand presence in this niche market. In addition, Regency has expanded into the provision of safety deposit box storage, offering clients secure facilities for gold bullion and luxury items, further diversifying its service offering.
Fair review of the business
For the year ended 31 March 2025, Regency Shipping Limited achieved a turnover of £10.47 million, broadly consistent with the prior year’s £10.46 million. Operating profit decreased to £415,439 (2024: £1.42 million), while net profit stood at £220,698 (2024: £996,111).
This year marked a significant operational transition, with the transfer of the company’s motor fleet and employees to its sister company, Ferrari Express Limited ('FEL'). While this reduced direct motor expenses within Regency, FEL now bills Regency for certain client services, contributing to an increase in cost of sales and a reduced operating profit. This restructuring is expected to deliver longer-term efficiency and agility across the group.
Operational Efficiency and Cash Management
In March 2025, Regency appointed a new Managing Director, following the resignation of the former Managing Director and two subsequent directors.
A new KPI-based framework has been introduced for every employee, manager, and department, driving accountability, productivity, and alignment with business objectives.
Seven key value drivers now underpin operations:
1. Risk compliance and health & safety
2. Accountability and performance culture
3. Customer trust, experience & retention
4. Operational efficiency
5. Sales and revenue generation
6. Cost efficiency
7. Employee wellbeing
Regency is also preparing to implement a new Warehouse Management System (WMS). This system will provide real-time inventory visibility, reduce errors, optimise storage, and improve service reliability, reinforcing operational efficiency across the business.
Regency Shipping Limited
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
The company continues to face several risks:
• Inflationary pressures and rising fleet costs remain a challenge.
• Labour shortages persist across the logistics sector.
• Art market volatility has increased, with auction houses hosting fewer sales,some moving online, and buyer caution affecting demand for premium services.
To mitigate these, Regency has:
• Formed strategic partnerships, reducing transport overheads while maintaining service quality.
• Actively working on its low-value courier offering, capitalising on growth in the lower-end art market.
• Continued to focus on efficiency and cost control to protect margins.
Business Environment
The external environment remains challenging. Inflation and rising operating costs, particularly rent increases at the Heathrow facility, have increased pressure on margins. Management is proactively seeking efficiencies to offset these.
Client expectations around sustainability are also rising. Regency has developed a carbon emissions calculator to provide clients with detailed environmental reporting and is evaluating systems to automate reporting and enhance transparency. This positions the business well to meet growing ESG expectations.
Environmental, Social and Governance (ESG) and Sustainability
Regency Shipping Limited remains committed to continuous sustainability improvements under its ISO 14001 accreditation. The company is actively researching sustainable crate alternatives to further reduce its carbon footprint.
The company will also launch an Employee Wellbeing Plan in 2025, designed to support the physical and mental health of staff, improve engagement, and foster a positive workplace culture. This is expected to strengthen employee retention and productivity, while enhancing Regency’s reputation as a responsible employer.
Future Outlook
Regency Shipping Limited’s strategic priority is to position itself firmly as a premium fine art shipper, delivering services that emphasise communication, trust, and meticulous attention to detail. To achieve this, the company will continue embedding its cultural and operational transformation, focusing on the seven value drivers.
The business will maintain a commitment to lean operations, minimising costs while enhancing service quality. Looking ahead, Regency plans to advance its EU trucking network, with the ambition of becoming the leading UK art trucking partner for European agents in the art sector. Central to this strategy is the planned development of a new facility in Kent, which will serve as a hub for EU logistics, strengthening Regency’s international offering.
These initiatives will underpin sustainable growth and reinforce the company’s reputation in the fine art logistics sector.
Conclusion
Despite a year of transition and restructuring, Regency Shipping Limited remains well-positioned for the future. Through operational improvements, cultural transformation, and strategic investment, the company is confident in its ability to deliver long-term growth and to consolidate its reputation as a trusted premium fine art & luxury goods logistics provider.
Regency Shipping Limited
Strategic Report for the Year Ended 31 March 2025
Approved by the Board on
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Regency Shipping Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Albert Goodman LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company, there is no exposure to price risk. Liquidity risk is managed by the use of short term bank borrowings and longer term loans from the company's bankers.
Future Developments
The future developments of the business are included within the strategic report.
Approved by the Board on
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Regency Shipping Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Regency Shipping Limited
Independent Auditor's Report to the Members of Regency Shipping Limited
Opinion
We have audited the financial statements of Regency Shipping Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Regency Shipping Limited
Independent Auditor's Report to the Members of Regency Shipping Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Regency Shipping Limited
Independent Auditor's Report to the Members of Regency Shipping Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and employment legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting applicable correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
Regency Shipping Limited
Independent Auditor's Report to the Members of Regency Shipping Limited
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agreeing financial statement disclosures to underlying supporting documentation; |
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enquiring of management as to actual and potential litigation and claims; and |
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reviewing correspondence with HMRC and relevant regulators where applicable. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Goodwood House
Blackbrook Park Avenue
Somerset
TA1 2PX
Regency Shipping Limited
Profit and Loss Account
for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
Regency Shipping Limited
Statement of Comprehensive Income
for the Year Ended 31 March 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Regency Shipping Limited
(Registration number: 03020703)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Regency Shipping Limited
Statement of Changes in Equity
for the Year Ended 31 March 2025
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 April 2024 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 March 2025 |
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
- |
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At 31 March 2024 |
39,881 |
60,119 |
4,646,033 |
4,746,033 |
Regency Shipping Limited
Statement of Cash Flows
for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
- |
( |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Decrease/(increase) in trade and other debtors |
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( |
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(Decrease)/increase in trade and other creditors |
( |
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Increase in provisions |
- |
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Cash generated from operations |
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Income taxes (paid)/received |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
- |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Repayment of bank borrowing |
(298,312) |
(207,443) |
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Payments to finance lease creditors |
( |
( |
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Dividends paid |
( |
- |
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Net cash flows from financing activities |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 April 2024 |
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Cash and cash equivalents at 31 March 2025 |
2,157,773 |
3,284,110 |
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Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Turnover recognition
Turnover comprises the fair value of freight forwarding services provided net of any discount and VAT. Turnover excludes any duty and VAT received in respect of goods forwarded. Turnover is recognised upon delivery of goods.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings |
3 years straight line for leasehold & 50 years straight line for freehold |
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Furniture, fittings and equipment |
4 years straight line |
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Motor vehicles |
4 years straight line |
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Computer equipment |
3 years straight line |
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Plant and machinery |
4 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period profits and losses.
Capital redemption reserve records the nominal value of shares repurchased by the company.
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
Financial instruments
Financial assets – trade debtors and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Financial liabilities - trade creditors, loans and borrowings, accrued expenses and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security and corporation tax creditors are not included in the financial instrument disclosure definition.
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Rent receivable |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Loss from changes in provisions |
- |
( |
|
(Profit)/loss on disposal of tangible fixed assets |
- |
32,250 |
|
- |
(87,750) |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Profit on disposal of tangible fixed assets |
- |
( |
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
398,866 |
365,187 |
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
27,368 |
322,038 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from other short-term timing differences |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase/(decrease) in UK and foreign current tax from unrecognised tax loss or credit |
|
( |
|
Deferred tax credit from unrecognised temporary difference from a prior period |
- |
( |
|
Total tax charge |
|
|
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Computer equipment |
Total |
|
|
Cost or valuation |
||||||
|
At 1 April 2024 (as restated) |
|
|
|
|
|
|
|
Additions |
|
|
|
- |
|
|
|
Disposals |
- |
- |
( |
- |
- |
( |
|
Transfers |
- |
|
( |
- |
- |
- |
|
At 31 March 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 April 2024 (as restated) |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
- |
( |
|
Transfers |
- |
|
( |
- |
- |
- |
|
At 31 March 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 March 2025 |
|
|
|
- |
|
|
|
At 31 March 2024 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £3,227,098 (2024 - £3,088,498) in respect of freehold land and buildings.
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
Restriction on title and pledged as security
|
Investments |
|
2025 |
2024 |
|
|
Investments in joint ventures |
|
|
|
Joint ventures |
£ |
|
Cost |
|
|
At 1 April 2024 |
|
|
At 31 March 2025 |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
|
At 31 March 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Joint ventures |
||||
|
|
Collingham House, 6-12 Gladstone Road, Wimbledon, London, England, SW19 1QT |
Ordinary |
|
|
|
Joint ventures |
|
Fairlea Online Limited The principal activity of Fairlea Online Limited is |
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
- |
|
|
Corporation tax |
|
- |
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax |
- |
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
|
Provisions for liabilities |
|
Deferred tax |
Dilapidation provision |
Total |
|
|
At 1 April 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
|
- |
|
|
At 31 March 2025 |
|
|
|
|
|
|||
Deferred tax
Deferred tax assets and liabilities:
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Other timing differences |
|
- |
|
2,625 |
428,660 |
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Other |
|
- |
|
2,413 |
363,304 |
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Bank borrowings
|
|
Finance lease liabilities
Finance lease liabilities have a carrying amount of £163,025 (2024: £329,189) with a nominal interest of rate of 6% - 8%.
Finance lease liabilities are secured on the motor vehicles they are financing and are repayable in monthly instalments over 3 years from the date they are advanced.
Loans and borrowings due in greater than five years
Included in the loans and borrowings are the following amounts due after more than five years:
|
2025 |
2024 |
|
|
After more than five years by instalments |
|
|
|
- |
- |
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2024 - £
|
Analysis of changes in net debt |
|
At 1 April 2024 |
Financing cash flows |
At 31 March 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
3,284,110 |
(1,126,337) |
2,157,773 |
|
Borrowings |
|||
|
Bank borrowing |
(1,524,923) |
298,312 |
(1,226,611) |
|
Short term borrowings |
(329,189) |
166,164 |
(163,025) |
|
(1,854,112) |
464,476 |
(1,389,636) |
|
|
|
( |
|
|
|
|
|||
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Related party transactions |
Key management personnel
Key management are the directors of the company.
|
Transactions with directors |
|
2025 |
At 1 April 2024 |
Written off |
At 31 March 2025 |
|
R W Maybey |
|||
|
Directors loan account |
|
(5,000) |
- |
|
2024 |
At 1 April 2023 |
At 31 March 2024 |
|
R W Maybey |
||
|
Directors loan account |
|
|
Income and receivables from related parties
|
2025 |
Joint ventures |
Other related parties |
|
Receipt of services |
|
|
|
Rent |
- |
|
|
Amounts receivable from related parties |
|
|
|
|
||
Regency Shipping Limited
Notes to the Financial Statements
for the Year Ended 31 March 2025
|
2024 |
Joint ventures |
Other related parties |
|
Receipt of services |
|
|
|
Rent |
- |
|
|
Amounts receivable from related parties |
|
|
|
|
||
Expenditure with and payables to related parties
|
2025 |
Joint ventures |
Other related parties |
|
Rendering of services |
|
|
|
Amounts payable to related parties |
|
|
|
|
||
|
2024 |
Joint ventures |
Other related parties |
|
Rendering of services |
|
|
|
Amounts payable to related parties |
|
|
|
|
||
Loans to related parties
|
2025 |
Other related parties |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|
|
2024 |
Other related parties |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|
Summary of transactions with other related parties
The company has made loans to other related parties on which interest is charged at 2.25%. Repayment is expected by March 2028.
The loans are unsecured.