1.
General Information
Drewry Shipping Consultants Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03289135
. The registered office is 124 City Road, London, EC1V 2NX.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts
in these financial statements are rounded to the nearest £.
2.2.
Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3.
Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.4.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
|
2.6.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.7.
Financial Instruments
2.7.
Financial Instruments - continued
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to 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
...CONTINUED
Drewry Shipping Consultants Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.8.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.10.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Drewry Shipping Consultants Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.11.
Pensions
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Defined benefits schemes – cost
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
Defined benefits schemes – Interest and gains
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
Defined benefits schemes – Assets
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2024: 18)
4.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2025 |
|
| Additions |
|
| Disposals |
( |
| As at 31 December 2025 |
|
| Depreciation | |
| As at 1 January 2025 |
|
| Provided during the period |
|
| Disposals |
( |
| As at 31 December 2025 |
|
| Net Book Value | |
| As at 31 December 2025 |
|
| As at 1 January 2025 |
|
Drewry Shipping Consultants Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Amounts owed by group undertakings | 3,582,324 | 3,539,654 | |
| Other debtors | 274,436 | 211,873 | |
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other creditors | 2,781,465 | 2,907,089 | |
| Taxation and social security |
|
|
|
|
|
|
||
8.
Pension Commitments
The company operates a defined benefits pension scheme, the Drewry Shipping Consultants Pension & Life Assurance Scheme. The Scheme was discontinued for future benefit accrual with effect from 31 December 2001.
The assets of the Scheme are held separately from those of the Company, being invested with The Prudential Assurance Company Limited
The contributions are determined by a qualified actuary on the basis of triennial valuations. The most recent valuation was undertaken as at 31 December 2023 which has been updated to reflect conditions as at the balance sheet date. The assumptions that have the most significant effect on the results of the valuation are those relating to the interest rate at which future pension payments are discounted and the rate of assumed future price inflation.
The scheme is now fully funded, however the company pays the expenses associated with the Scheme, including any levies due.
|
Key assumptions
|
2025
%
|
2024
%
|
2023
%
|
|
Discount rate
|
5.30
|
5.30
|
4.50
|
|
Expected rate of increase of pensions in payment
|
2.90
|
3.40
|
3.30
|
The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:
Drewry Shipping Consultants Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
|
2025
£
|
2024
£
|
2023
£
|
|
|
Present value of defined benefit obligations
|
(1,296,000)
|
(1,418,000)
|
(1,452,000)
|
|
Fair value of plan assets
|
3,810,000
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
3,856,000
|
3,659,000
|
|
Net defined benefit in scheme
|
2,514,000
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
2,438,000
|
2,207,000
|
|
Movements in the present value of defined benefit obligations
|
2025
£
|
2024
£
|
2023
£
|
|
Liabilities at 1 January 2025
|
(1,418,000)
|
(1,452,000)
|
(2,200,000)
|
|
Net interest expense
|
(71,000)
|
(63,000)
|
(103,000)
|
|
Benefits paid
|
166,000
|
126,000
|
108,000
|
|
Actuarial gain/(loss)
|
27,000
|
(29,000)
|
743,000
|
|
At 31 December 2025
|
(1,296,000)
|
(1,418,000)
|
(1,452,000)
|
|
Movements in the fair value of plan assets
|
2025
£
|
2024
£
|
2023
£
|
|
Fair value of assets at 1 January 2025
|
3,856,000
|
3,659,000
|
3,671,000
|
|
Administration expenses
|
(63,000)
|
(4,000)
|
(4,000)
|
|
Interest income
|
198,000
|
162,000
|
174,000
|
|
Return on plan assets (excluding amounts included in net interest)
|
(15,000)
|
165,000
|
(74,000)
|
|
Benefits paid
|
(166,000)
|
(126,000)
|
(108,000)
|
|
At 31 December 2025
|
3,810,000
|
3,856,000
|
3,659,000
|
Mortality Assumption:
|
Life Expectancy
|
||||
|
Male
|
Female
|
|||
|
Age 65
|
Age 65 in 20 years
|
Age 65
|
Age 65 in 20 years
|
|
|
103% S3PM/FA with CMI_2024 improvements
subject to a 1.25% p.a. long-term rate
|
86.5
|
87.7
|
88.8
|
90.2
|
|
103% S3PM/FA with CMI_2023 improvements
subject to a 1.25% p.a. long-term rate
|
86.2
|
87.5
|
88.8
|
90.2
|
9.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
10.
Controlling Parties
The company's immediate parent undertaking is
Drewry Shipping Consultants Holdings Limited
.
The ultimate parent undertaking is
North South Maritime PTE. LTD
(incorporated in Singapore). Its registered office is
3 Anson Road,
#17-01
Springleaf Tower,
Singapore, 079909
.
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is
North South Maritime PTE. LTD
by virtue of their interest in the share capital of the company.
Drewry Shipping Consultants Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
11.
Audit Information
The auditor's report on the accounts of
Drewry Shipping Consultants Limited
for the year ended 31 December 2025 was unqualified and signed on 17 September 2026.
The auditor's report was signed by
Philippe Herszaft ACA
(Senior Statutory Auditor)
for and on behalf of
Glazers Chartered Accountants
, Statutory Auditor.
|
843 Finchley Road
London
NW11 8NA
|