Period from 6 April 2025 to
Registration number:
Osprey 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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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Osprey Shipping Limited
Company Information
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Directors |
N Fletcher K Kelland D Massey |
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Registered office |
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Auditors |
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Osprey Shipping Limited
Strategic Report for the Period from 6 April 2025 to 31 March 2026
The directors present their strategic report for the period from 6 April 2025 to 31 March 2026.
Principal activity
The principal activity of the company is to be a land and marine logistics provider in the specialist infrastructure construction sector. This involves the provision of transport engineering, a spread of marine services, freight forwarding and acting as a shipping and port agent.
Review of the business
The period ended 31 March 2026 represented another period of strong growth and operational progress for the company. Osprey Shipping Limited continued to strengthen its position as a specialist provider of engineered logistics, heavy transport, marine services and project delivery solutions supporting major infrastructure and energy projects throughout the United Kingdom and internationally.
Revenue increased by 10.7% to £44.9 million (2025 - £40.6 million), reflecting continued demand for specialist logistics services across the infrastructure, energy and construction sectors. Gross profit increased to £16.6 million (2025 - £13.7 million), with gross margin improving to 37.0% (2025 - 33.7%) as a result of strong project execution, disciplined cost management and increasing utilisation of the company's owned asset base. Operating profit increased to £11.1 million (2025 - £8.5 million) and profit before taxation increased to £10.8 million (2025 - £8.3 million). These results demonstrate the continued resilience of the business and the effectiveness of the company's strategy.
The company continues to operate across marine projects, civil infrastructure and power generation markets, where long-term investment programmes continue to support demand for specialist logistics and transportation solutions. The directors remain encouraged by the significant pipeline of activity across nuclear, energy transition and major infrastructure sectors and believe the company is well positioned to capitalise on these opportunities through its established customer relationships, specialist capabilities and track record of successful project delivery.
During the period the company continued to invest in both its people and its assets. Average employee numbers increased to 116 (2025 - 88), reflecting continued investment in operational and management capability. Recruitment, training and retention of skilled personnel remain strategic priorities, ensuring the business maintains the expertise required to deliver increasingly complex projects safely and efficiently.
Significant capital investment continued throughout the period, with £7.2 million (2025 - £8.2 million) invested in tangible fixed assets, including an expansion of the company's fleet of self-propelled modular transport equipment and supporting plant and machinery. These investments were funded through a combination of internally generated cash and asset finance facilities and are expected to enhance operational capability and support future growth.
The company's balance sheet strengthened considerably during the period. Net assets increased to £27.7 million (2025 - £18.1 million), whilst net current assets improved to £8.3 million (2025 - £1.2 million). The directors believe this strong financial position provides a solid platform from which to pursue future growth opportunities whilst maintaining appropriate financial resilience. Cash balances remained strong at £7.6 million at the period end despite significant levels of capital expenditure undertaken during the period.
The directors consider turnover, gross profit and EBITDA (earnings before interest, tax, depreciation, amortisation and before any exceptional items) to be the key measures of the company’s performance.
Osprey Shipping Limited
Strategic Report for the Period from 6 April 2025 to 31 March 2026
The company's key financial and other performance indicators during the period were as follows:
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Financial KPIs |
Unit |
2026 |
2025 |
|
Turnover |
£m |
44.90 |
40.60 |
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Gross profit |
% |
36.98 |
33.69 |
|
EBITDA |
£m |
13.30 |
10.20 |
These measures continue to demonstrate growth in revenue, profitability, financial strength and operational capacity.
We continue to focus on the multi-mode transportation and installation of critical items in construction projects based on our engineering, equipment and project management core activities.
Principal risks and uncertainties
The directors regularly review the principal risks facing the company and implement mitigation measures designed to protect the long-term interests of stakeholders.
Health, Safety, Environmental and Quality Compliance
The company operates in a highly regulated environment where safety, environmental stewardship and quality performance are fundamental to operational success. The company maintains accredited management systems to ISO 9001, ISO 14001 and ISO 45001 standards and continues to invest in training, auditing and compliance monitoring.
Infrastructure and Energy Market Dependency
A significant proportion of current and future activity is linked to major UK infrastructure and energy projects. Delays, cancellations or changes in government policy could impact future revenues. The directors mitigate this risk through market diversification and by maintaining capabilities across multiple sectors and geographical markets.
People and Skills
Competition for skilled engineering, marine and logistics personnel remains significant. Failure to attract and retain qualified employees could impact operational performance and growth. The company continues to invest in professional development, apprenticeships, succession planning and employee engagement initiatives.
Technology and Cyber Security
The business increasingly relies on digital systems, operational technology and data connectivity. Cyber threats remain a significant risk across all sectors. The group maintains Cyber Essentials Plus accreditation, undertakes regular security reviews and provides ongoing employee awareness training to strengthen cyber resilience.
Foreign Exchange Risk
The company undertakes transactions in multiple currencies and is exposed to changes in foreign exchange rates. Currency exposures are managed through natural hedging arrangements and, where appropriate, the use of forward foreign exchange contracts.
Osprey Shipping Limited
Strategic Report for the Period from 6 April 2025 to 31 March 2026
Sustainability and responsible business
The directors recognise the increasing importance of environmental sustainability and responsible business practices. Many of the projects supported by the company contribute directly to the UK's energy transition and infrastructure modernisation objectives. The company continues to invest in efficient equipment, reduce environmental impacts where practicable, monitor energy consumption and embed sustainability considerations into operational decision-making.
The company is also committed to supporting employee wellbeing, maintaining high standards of governance and fostering positive relationships with customers, suppliers and the communities in which it operates.
Approved by the
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Osprey Shipping Limited
Directors' Report for the Period from 6 April 2025 to 31 March 2026
The directors present their report and the financial statements for the period from 6 April 2025 to 31 March 2026.
Directors of the company
The director who held office during the period was as follows:
The following directors were appointed after the period end:
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.
Approved by the
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Osprey 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.
Osprey Shipping Limited
Independent Auditor's Report to the Members of Osprey Shipping Limited
Opinion
We have audited the financial statements of Osprey Shipping Limited (the 'company') for the period from 6 April 2025 to 31 March 2026, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 2026 and of its profit for the period 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the 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.
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.
Osprey Shipping Limited
Independent Auditor's Report to the Members of Osprey Shipping Limited
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 period 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. |
Matters on which we are required to report by exception
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.
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.
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:
Osprey Shipping Limited
Independent Auditor's Report to the Members of Osprey Shipping Limited
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we discussed with management the laws and regulations applicable to the company, reviewed certification identified on the company website and other communications and considered findings from previous audits.
The key laws and regulations we identified were Health & Safety regulations, Employment legislation, ISO certifications Quality and Health, Safety and Environment (QHSE).
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies Act 2006 and Corporation Taxes Acts 2009 & 2010, including the Tonnage Tax Regulations 2019.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deal with reporting any issues if they arise.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the financial statements.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
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Making enquiries of management; |
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Review of legal and professional costs; |
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Review of Board minutes and risk register; and |
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Review of ISO certification correspondence/reports. |
As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which management confirmed there had been none during or after the period. We also evaluated the risk of fraud through management override of controls. The key risk we identified was manipulation of financial data to improve balance sheet position for commerical purposes, and we determined that the principal risks were related to the overstatement of assets, either through falsified existence or management bias in accounting estimates.
In response to the identified risk, as part of our audit work we:
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Used data analytics to test journal entries throughout the year, for appropriateness; |
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Reviewed estimates and judgements made in the financial statements for any indication of bias and challenged assumptions used by management in making the estimates; |
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Tested the cut-off and application of contract accounting; and |
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Tested the recoverability of debtor and accrued income balances |
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
Osprey Shipping Limited
Independent Auditor's Report to the Members of Osprey Shipping Limited
A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's opinion.
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.
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Blackbrook Gate 1
Blackbrook Business Park
Somerset
TA1 2PX
Osprey Shipping Limited
Profit and Loss Account
Period from 6 April 2025 to 31 March 2026
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Note |
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
11,068,541 |
8,469,305 |
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Gain on financial assets at fair value through profit and loss |
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- |
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Income from other Fixed assets investments |
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Other interest receivable and similar income |
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|
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Interest payable and similar expenses |
( |
( |
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(316,028) |
(205,636) |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial period |
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Osprey Shipping Limited
Balance Sheet
31 March 2026
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Note |
31 March |
5 April |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
41,695 |
36,189 |
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Current assets |
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Stocks |
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- |
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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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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
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Company Registration Number: 01440983
Osprey Shipping Limited
Statement of Changes in Equity
Period from 6 April 2025 to 31 March 2026
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Share capital |
Profit and loss account |
Total |
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At 6 April 2025 |
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Profit for the period |
- |
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At 31 March 2026 |
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Share capital |
Profit and loss account |
Total |
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At 1 April 2024 |
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Profit for the period |
- |
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At 5 April 2025 |
100 |
18,081,766 |
18,081,866 |
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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 UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.
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.
The functional currency of the company is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates, and the financial statements are presented to the nearest round pound.
Summary of disclosure exemptions
The company has taken advantage of the disclosure exemptions available in FRS 102 in respect of key management personnel compensation, financial instruments and the presentation of a cashflow statement.
Going concern
The financial statements have been prepared on a going concern basis.
In assessing the appropriateness of this basis, the directors have considered the company's financial position, cash resources, funding arrangements, forecast trading performance and principal business risks for a period of at least twelve months from the date of approval of these financial statements. The directors have also considered the economic environment, project delivery risks and market conditions within the infrastructure, energy and logistics sectors.
The company reported profit before taxation of £10.8 million (2025 - £8.3 million) and held cash balances of £7.6 million at 31 March 2026 (2025 - £8.4 million). Net assets increased to £27.7 million (2025 - £18.1 million) and net current assets increased to £8.3 million (2025 - £1.2 million), reflecting the continued profitability and cash-generating capability of the business.
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
The directors have reviewed detailed cash flow forecasts and profit projections covering the going concern assessment period. These forecasts include contracted and anticipated project revenues, expected expenditure commitments, financing obligations and planned capital investment. The forecasts demonstrate that the company is expected to maintain adequate liquidity and meet its liabilities as they fall due throughout the assessment period.
Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months from the date of approval of these financial statements. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgements and estimates that have a significant effect on the amounts recognised in the financial statements are as follows:
Recognition of accrued income
The company applies its policy on contract accounting when recognising revenue and profit on partially completed contracts. The application of this policy requires judgements to be made in respect of the stage of completion of each element of the company's contracts. The carrying amount of accrued income is £4,784,703 (2025 - £5,191,527).
Contingent asset - As described in note 23, the directors have applied significant judgement in determining the accounting treatment, in accordance with FRS 102, of additional costs incurred, invoiced to customers, subject to commercial negotiation - the outcome of which was uncertain at both year end and the date of approval of the financial statements. The directors have concluded that the amounts should be disclosed as contingent assets and have, therefore, also estimated the recoverable amount based upon the expected outcome of those negotiations. As at the period end, the contingent asset disclosed is USD$5,080,000 (2025 - USD $5,080,000).
Trade debtor recoverability - Trade debtors are held on the balance sheet at their recoverable value. The directors utilise all information readily available in order to estimate the recoverable value of trade and group debtors as at the balance sheet date and make provisions where necessary. The carrying amount is £3,219,684 (2025 - £3,596,805).
Goodwill - Goodwill arising on the acquisition of trade and assets from fellow subsidiary, Osprey Heavy Lift Limited, on 31 March 2022 is held on the balance sheet at cost less accumulated amortisation and accumulated impairment losses. This requires estimation in the amortisation rates used as well as the director's assessment of ongoing economic contribution of the assets to the company. The carrying amount is £3,561,661 (2025 - £4,417,026).
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Revenue recognition
Turnover represents invoiced sales of services, excluding value added tax. Revenue is recognised when the service is provided.
In respect of contracts, turnover represents the value of work carried out in the year and is recognised by reference to the stage of completion on a contract by contract basis. Management assess stage of completion by way of review of schedules of works and 'phases' completed in respect of the work contracted.
Foreign currency transactions and balances
Tax
Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 temporary 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.
Goodwill
Goodwill has been capitalised on the acquisition of trade and assets from a fellow group company. Goodwill is amortised over its useful economic life as determined by the directors, who also review potential impairment on an annual basis.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets, except those under construction, so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
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Goodwill |
Straight line over 10 years |
|
Website costs |
Straight line over 5 years |
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Software |
Straight line over 5 years |
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Motor vehicles |
Straight line over 5 years |
|
Furniture, fittings and equipment |
Straight line over 3-8 years |
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Plant and machinery |
Straight line over 5-15 years |
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Leasehold improvements |
Straight line over 10 years |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquistion date of assets given, liabilities incurred or assumed, and any equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination.
Stocks
Stocks are stated at the lower of cost and recoverable value. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
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 contributes to defined contribution pension scheme and personal pension plans for eligible staff. Contributions are charged in the profit and loss account as they became payable in accordance with the rules of the scheme.
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Short term intra-group debtors and creditors;
• Bank loans;
• Hire purchase contracts;
• Cash and bank balances; and
• Fixed asset investments.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for the financial instruments noted below, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are intially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective rate of interest.
Fixed asset investments are measured at fair value through the profit and loss account, based on quoted market price.
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
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Revenue |
The analysis of the company's Turnover for the period from continuing operations is as follows:
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6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
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Rendering of services |
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The analysis of the company's turnover for the period by class of business is as follows:
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6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
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Agency fees and related income |
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Project income |
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The analysis of the company's Turnover for the period by market is as follows:
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6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
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UK |
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Europe |
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Rest of world |
|
- |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Loss on disposal of property, plant and equipment |
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Operations |
|
|
|
Office and management |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
149,690 |
264,838 |
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
During the period the number of directors who were receiving benefits and share incentives was as follows:
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditor's remuneration |
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Audit of the financial statements |
|
|
|
Other interest receivable and similar income |
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Interest on bank borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
160 |
653 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Deferred tax adjustment to prior periods |
(8,500) |
- |
|
Total deferred taxation |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of revenues exempt from corporation tax |
( |
( |
|
Effect of expense not deductible for tax purposes |
|
|
|
Deferred tax credit movement in unrecognised losses |
- |
( |
|
Decrease in current tax from adjustment for prior periods |
( |
( |
|
Further item of tax increase |
|
|
|
Total tax charge |
|
|
The company's effective tax rate differs from the standard rate of UK corporation tax principally due to profits arising from qualifying shipping activities being taxed under the UK tonnage tax regime.
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Deferred tax
Deferred tax assets and liabilities
|
2026 |
Asset |
Liability |
|
Losses and other deductions |
|
- |
|
Fixed asset timing differences |
- |
|
|
Other short term timing differences |
|
- |
|
|
|
|
2025 |
Asset |
Liability |
|
Losses and other deductions |
|
- |
|
Fixed asset timing differences |
- |
|
|
Other short term timing differences |
|
- |
|
|
|
|
Intangible assets |
|
Goodwill |
Website costs |
Software costs |
Total |
|
|
Cost or valuation |
||||
|
At 6 April 2025 |
|
|
|
|
|
Additions acquired separately |
- |
- |
|
|
|
At 31 March 2026 |
|
|
|
|
|
Amortisation |
||||
|
At 6 April 2025 |
|
|
|
|
|
Amortisation charge |
|
- |
|
|
|
At 31 March 2026 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2026 |
|
- |
|
|
|
At 5 April 2025 |
|
- |
|
|
Amortisation of intangible assets is included within Administrative expenses in the profit and loss account.
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 6 April 2025 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
( |
( |
( |
( |
|
At 31 March 2026 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 6 April 2025 |
|
|
|
|
|
|
Charge for the period |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
|
At 31 March 2026 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2026 |
|
|
|
|
|
|
At 5 April 2025 |
|
|
|
|
|
Included within the net book value of land and buildings above is £223,347 (2025 - £48,058) in respect of short leasehold land and buildings, being tenant's improvements.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
31 March |
5 April |
|
|
Motor vehicles |
- |
13,539 |
|
Plant and Machinery |
10,317,344 |
7,347,904 |
|
10,317,344 |
7,361,443 |
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Other financial assets |
|
Financial assets at fair value through profit and loss |
|
|
Non-current financial assets |
|
|
Cost or valuation |
|
|
At 6 April 2025 |
36,189 |
|
Fair value adjustments |
5,506 |
|
At 31 March 2026 |
41,695 |
|
Carrying amount |
|
|
At 31 March 2026 |
|
|
Stocks |
|
31 March |
5 April |
|
|
Consumables |
|
- |
|
Debtors |
|
31 March |
5 April |
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
- |
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
Cash and cash equivalents |
|
31 March |
5 April |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Creditors |
|
Note |
31 March |
5 April |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
106 |
214 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
31 March |
5 April |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Current loans and borrowings
|
31 March |
5 April |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Bank borrowings
|
The asset finance loan is secured against the assets to which it relates. |
Other borrowings
The hire purchase contracts are denominated in sterling with nominal interest rates ranging from 5.63% to 7.43%, and the final instalments due between August 2027 and February 2032. The carrying amount at the year end is £6,721,918 (2025 - £4,519,848).
The hire purchase contracts are secured against the asset to which they relate.
Included in the loans and borrowings are the following amounts due after more than five years:
|
31 March |
5 April |
|
|
After more than five years by instalments |
|
|
|
- |
- |
|
Obligations under leases |
Hire purchase contracts
The total of future minimum lease payments is as follows:
|
31 March |
5 April |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
31 March |
5 April |
|
|
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 period was £
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Deferred tax provision |
|
Deferred tax |
|
|
At 6 April 2025 |
|
|
Increase in provisions |
|
|
At 31 March 2026 |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
31 March |
5 April |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Reserves |
Profit and loss account
The profit and loss account represents cumulative profit or losses net of dividends paid and other adjustments.
|
Contingent assets |
|
Financial guarantees and commitments |
Financial guarantees
Osprey Shipping Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Pension schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme and pays into personal pension plans for eligible staff. The pension cost charge for the period represents contributions payable by the company to the scheme, and personal plans, and amounted to £
Contributions totalling £
|
Related party transactions |
Summary of transactions with other related parties
The company has taken advantage of the exemption available in FRS 102 from disclosing transactions with other 100% owned members of the group.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from No 2 Portis Fields, Bristol Road, Portishead, Bristol, BS20 6PN.
The ultimate controlling party is
The parent of the largest and smallest group in which these financial statements are consolidated is