Registered number: SC131956
STREAMLINE SHIPPING GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are satisfied with the 2025 results, which present an increase of £889k in Turnover and an increase in the Gross Profit %. An improved Net Asset and Net Current Asset position was generated as at 31 December 2025.
The principal activities of the group continue to be the provision of haulage, distribution, forwarding, vessel agency services, stevedoring and chemical manufacturing in urea blending systems.
Strong relationships are maintained with our Asset Finance and Banking providers, with facilities renewed in June 2026. This support has allowed us to continue to acquire modern fleet and equipment to facilitate our growing customer base. A prudent approach to investment was maintained throughout 2025, given the current landscape and economic climate.
The directors continue to scrutinise performance of all divisions carefully, with a strong focus on cost reduction and efficiency. The business continues to invest in new equipment and technology, taking a long-term view, to stay at the forefront of the industry, driving digitalisation and integrating with our partners.
The key financial indicators for the business are set out below;
The principal activities of the group continue to be the provision of haulage, distribution, forwarding, vessel agency services, stevedoring and chemical manufacturing in urea blending systems.
Strong relationships are maintained with our Asset Finance and Banking providers, with facilities renewed in June 2026. This support has allowed us to continue to acquire modern fleet and equipment to facilitate our growing customer base. A prudent approach to investment was maintained throughout 2025, given the current landscape and economic climate.
The directors continue to scrutinise performance of all divisions carefully, with a strong focus on cost reduction and efficiency. The business continues to invest in new equipment and technology, taking a long-term view, to stay at the forefront of the industry, driving digitalisation and integrating with our partners.
The key financial indicators for the business are set out below;
The directors are confident of a positive result in 2026. The current economic climate continues to cause upward pressure on many costs, but we continue to diligently review all business costs to stay efficient and keep rate increases to a minimum, in line with market conditions.
Page 1
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Credit Risk
All customers are credit checked before credit is made available. A strict credit control process is maintained, and the business is notified of any changes affecting the credit worthiness of a customer.
Liquidity Risk
The company continues to manage its cash position, in order to minimise the risk of unforeseen circumstances, and at the same time, provide options to fund its working capital requirements
Interest Rate Risk
The company utilises a mixture of generated profits and borrowings to fund its working capital requirements and investment. Although a significant increase in interest rates would have an adverse effect on the business, we’re confident that our long-standing relationship with our finance providers would help minimise these impacts.
Foreign Exchange Risk
Although only a small percentage of transactions are conducted in a foreign currency, large changes in exchange rates could affect the profitability of this work. We monitor exchange rates daily, and take action where required to reduce the impact of large fluctuations.
Inflation Risk
Due to the current economic climate, we’ve seen the most volatile period of inflation in a generation. This can result in significant increases to various costs and there is a risk of rapidly diminishing margins. We have implemented a more dynamic rate structure to minimise this risk, through mechanisms such as fuel surcharges and more regular rate reviews.
Environment
The company recognises its responsibilities in relation to its impact on the environment. An environmental strategy was brought into action in 2020, and we will look to continue our transition to green-energy transport, by replacing diesel vehicles with fully electric options.
All customers are credit checked before credit is made available. A strict credit control process is maintained, and the business is notified of any changes affecting the credit worthiness of a customer.
Liquidity Risk
The company continues to manage its cash position, in order to minimise the risk of unforeseen circumstances, and at the same time, provide options to fund its working capital requirements
Interest Rate Risk
The company utilises a mixture of generated profits and borrowings to fund its working capital requirements and investment. Although a significant increase in interest rates would have an adverse effect on the business, we’re confident that our long-standing relationship with our finance providers would help minimise these impacts.
Foreign Exchange Risk
Although only a small percentage of transactions are conducted in a foreign currency, large changes in exchange rates could affect the profitability of this work. We monitor exchange rates daily, and take action where required to reduce the impact of large fluctuations.
Inflation Risk
Due to the current economic climate, we’ve seen the most volatile period of inflation in a generation. This can result in significant increases to various costs and there is a risk of rapidly diminishing margins. We have implemented a more dynamic rate structure to minimise this risk, through mechanisms such as fuel surcharges and more regular rate reviews.
Environment
The company recognises its responsibilities in relation to its impact on the environment. An environmental strategy was brought into action in 2020, and we will look to continue our transition to green-energy transport, by replacing diesel vehicles with fully electric options.
The directors continually seek to improve HSEQ awareness, employee engagement and wellbeing, and customer service levels and relationships, through the implementation of management systems that meet the standards set out in ISO 9001, ISO 14001 and OHSAS 18001.
This report was approved by the board and signed on its behalf.
Page 2
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation and minority interests, amounted to £628,495 (2024 - £773,481 ).
Ordinary dividends were paid amounting to £400,000 (2024 - £400,000). The directors do not recommend payment of a final dividend.
The directors who served during the year were:
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 3
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED
We have audited the financial statements of Streamline Shipping Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 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 Group's or the Parent 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.
Page 5
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED (CONTINUED)
We have nothing to report in this regard.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
Page 6
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED (CONTINUED)
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 Auditors' 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 Group 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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006 and UK Taxation
legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to
be:
∙Management override of controls to manipulate the company’s key performance indicators to meet targets;
∙Timing and completeness of revenue recognition
∙Management judgement applied in calculating provisions; and
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness;
∙Evaluating the business rationale of significant transactions outside the normal course of business;
∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
∙Enquiries of management about litigation and claims and inspection of relevant correspondence; and
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected 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 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
Page 7
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED (CONTINUED)
This report is made solely to the Company's directors, 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 directors those matters we are required to state to them in an Auditors' 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
Page 8
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 9
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
Page 10
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
Page 11
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 12
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 13
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 14
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 15
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Streamline Shipping Group Limited (“the company”) is a private limited company limited by shares, domiciled and incorporated in Scotland. The registered office and principal place of business is Streamline Terminal, Blaikies Quay, Aberdeen AB11 5PU.
The group consists of Streamline Shipping Group Limited and all of its subsidiaries.
The group consists of Streamline Shipping Group Limited and all of its subsidiaries.
2.Accounting policies
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The group continues to be profitable and cash-generative throughout 2026 to the date of signing the financial statements. Financial forecasts for 12 months from the date of sign-off, despite factoring in increasing upward pressure on various costs such as fuel, wages and subcontract haulage, continue to show profitable and cash positive results.
At the balance sheet date, the group has reported net assets of £7.2m (2024: £7m) and net current assets of £3.3m (2024: £2.5m). The company has reported net assets of £3.1m (2024: £3.5m).
Full banking facilities were renewed in June 2026. Working capital continues to be increasingly funded from profits, with a decreasing reliance on external finance.
Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the group and company have 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.
At the balance sheet date, the group has reported net assets of £7.2m (2024: £7m) and net current assets of £3.3m (2024: £2.5m). The company has reported net assets of £3.1m (2024: £3.5m).
Full banking facilities were renewed in June 2026. Working capital continues to be increasingly funded from profits, with a decreasing reliance on external finance.
Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the group and company have 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.
Functional and presentation currency
Transactions and balances
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £Nil (2024 - £3,350,278).
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Subsidiary undertakings (continued)
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
||
|
|
Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
The company's bankers hold cross corporate guarantees between Streamline Shipping Group Limited,
Streamline Shipping Agencies Limited, Northern Isles Freightways Limited, and Prasinus Holdings Limited, together with a bond and floating charge over all of the assets of the group.
The bankers also hold a letter of offset on account of the aforementioned companies for all sums. The letter is secured against all sums which are now or which may at any time hereafter be at the credit of the group.
The bank also holds security over the group's property.
At the year end, a total of £190,000 (2024: £190,000) was secured across the group.
Streamline Shipping Agencies Limited, Northern Isles Freightways Limited, and Prasinus Holdings Limited, together with a bond and floating charge over all of the assets of the group.
The bankers also hold a letter of offset on account of the aforementioned companies for all sums. The letter is secured against all sums which are now or which may at any time hereafter be at the credit of the group.
The bank also holds security over the group's property.
At the year end, a total of £190,000 (2024: £190,000) was secured across the group.
The Group pays contributions to employees' personal pension plans. The pension costs charge represents contributions payable by the Group and amounted to £555,558 (2024 - £474,147).
Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Mr E S T Roberts controls Streamline Shipping Group Limited.
Page 35