Drewry Financial Research Services Ltd

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Drewry Financial Research Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04684783 . 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.

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.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. 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.

2.6. Financial Instruments

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

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

...CONTINUED

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Drewry Financial Research Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Financial Instruments - continued

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.

2.7. 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.

2.8. 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.

2.9. 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.

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Drewry Financial Research Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.10. Retirement Benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 3)

4. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,485	-
Amounts owed by group undertakings	36,039	-
Other debtors	329	38

	37,853	38

5. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	2,001	-
Other creditors	6,250	9,500
Taxation and social security	10,528	7,927

	18,779	17,427

6. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	5,000	5,000

7. 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.

8. 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.

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Drewry Financial Research Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Audit Information

The auditor's report on the accounts of Drewry Financial Research Services Ltd for the year ended 31 December 2025 was unqualified and signed on 22 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.

Glazers Chartered Accountants

843 Finchley Road

London

NW11 8NA

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		2025		2024
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	37,853		38
Cash at bank and in hand		107,193		112,070

		145,046		112,108
Creditors: Amounts Falling Due Within One Year	5	(18,779 )		(17,427 )

NET CURRENT ASSETS (LIABILITIES)			126,267		94,681

TOTAL ASSETS LESS CURRENT LIABILITIES			126,267		94,681

NET ASSETS			126,267		94,681

CAPITAL AND RESERVES
Called up share capital	6		5,000		5,000
Profit and Loss Account			121,267		89,681

SHAREHOLDERS' FUNDS			126,267		94,681