Period from 6 April 2025 to
Registration number:
Osprey Maritime 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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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Osprey Maritime Limited
Company Information
|
Director |
N Fletcher Y Povall-Fletcher |
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Company secretary |
K Kelland |
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Registered office |
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Auditors |
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Osprey Maritime Limited
Strategic Report
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 group is to be an asset-owning 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 year ended 31 March 2026 was another period of strong growth and operational progress for the group. Despite continuing economic uncertainty and ongoing challenges within global infrastructure supply chains, the group delivered record turnover and profitability whilst continuing to invest significantly in its people, technology and specialist asset base.
Revenue increased to £44.9 million from £40.6 million in the previous period, reflecting strong demand across infrastructure, energy and specialist logistics markets. Operating profit increased to £14.1 million (2025 - £10.7 million), whilst profit before taxation increased to £13.6 million (2025 - £10.1 million). These results demonstrate the group's ability to convert its growing market position into sustainable financial performance.
Gross profit increased to £17.4 million (2025 - £14.4 million), with margins remaining strong as a result of disciplined project selection, operational efficiencies and continued investment in owned assets. The directors believe that ownership of specialist marine and heavy transport equipment continues to provide a competitive advantage, enabling the group to control delivery quality and respond flexibly to customer requirements.
The group generated operating cash flows of £18.6 million (2025 - £9.8 million) during the period and continued to maintain a strong liquidity position, holding cash balances of £7.9 million (2025 - £8.8 million) at the year end. This cash generation enabled continued reinvestment in the fleet whilst also supporting shareholder returns and strategic investment opportunities.
Significant investment continued throughout the year, with over £8.2 million (2025 - £8.2 million) invested in tangible fixed assets, primarily relating to specialist transport and marine equipment. The directors remain committed to maintaining a modern asset base that supports operational excellence, improves efficiency and enhances service delivery for customers operating on nationally significant infrastructure projects.
The group's workforce increased further during the year, with average employee numbers rising to 116 people (2025 - 88). Recruitment and retention of skilled personnel remain a strategic priority and the directors continue to invest in training, leadership development and technical capability across the organisation.
During the period, the company purchased and cancelled its own shares for total consideration of £10.8m, which contributed to the reduction in the group’s net assets compared with the prior 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 group’s performance.
Osprey Maritime Limited
Strategic Report
period from 6 April 2025 to 31 March 2026
The group's key financial and other performance indicators during the period were as follows:
|
Financial KPIs |
Unit |
2026 |
2025 |
|
Turnover |
£m |
44.90 |
40.60 |
|
Gross profit |
% |
38.78 |
35.55 |
|
EBITDA |
£m |
17.70 |
14.20 |
Investment and capital management
The group's investment strategy remains focused on expanding specialist capabilities and maintaining a fleet capable of supporting increasingly complex logistics projects.
During the year the group invested significantly in plant, equipment and infrastructure. These investments included additional self-propelled modular transport equipment and enhancements to the marine fleet, supporting long-term strategic growth objectives.
Principal risks and uncertainties
The directors regularly review the principal risks facing the group and implement mitigation measures designed to protect the long-term interests of stakeholders.
Health, Safety, Environmental and Quality Compliance
The group operates in a highly regulated environment where safety, environmental stewardship and quality performance are fundamental to operational success. The group 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 group 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 group 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 Maritime Limited
Strategic Report
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 group contribute directly to the UK's energy transition and infrastructure modernisation objectives. The group continues to invest in efficient equipment, reduce environmental impacts where practicable, monitor energy consumption and embed sustainability considerations into operational decision-making.
The group 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.
Outlook and future developments
The directors remain confident in the group's future prospects.
The market outlook across nuclear, renewable energy, civil infrastructure and major project logistics remains positive, supported by significant long-term investment programmes within the United Kingdom and internationally. The directors believe that increasing demand for specialist heavy lift, marine and engineered logistics solutions will continue to create attractive growth opportunities.
The group enters the new financial year with a strong balance sheet, significant operational capability and a well-established reputation for delivering complex logistics projects safely and effectively. Continued investment in people, assets and innovation will remain central to the group's strategy.
The directors therefore expect the group to continue delivering sustainable growth and generating long-term value for its shareholders whilst supporting critical infrastructure and energy projects across its core markets
Approved by the
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......................................... |
Osprey Maritime Limited
Directors' Report
Period from 6 April 2025 to 31 March 2026
The directors present their report and the for the period from 6 April 2025 to 31 March 2026.
Directors of the group
The director who held office during the period was as follows:
The following director was appointed after the period end:
Disclosure of information to the auditor
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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
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......................................... |
Osprey Maritime 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 group and the company and of the profit or loss of the group 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 UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Osprey Maritime Limited
Independent Auditor's Report to the Members of Osprey Maritime Limited
Opinion
We have audited the financial statements of Osprey Maritime Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 6 April 2025 to 31 March 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2026 and of the group's 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 group 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 group and parent 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.
Osprey Maritime Limited
Independent Auditor's Report to the Members of Osprey Maritime Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Osprey Maritime Limited
Independent Auditor's Report to the Members of Osprey Maritime Limited
Auditor’s 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 instance of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in repsect of irregularities, including fraud. The extent to which our procedures are capable of detetecting irregularities, including fraud is detailed below:
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entities in the group and the sector in which they operate to identify the key laws and regulations affecting the group entities. As part of this assessment process we discussed with management the laws and regulations applicable to the entities, reviewed certification identified on the group website and other communications and considered findings from previous audits.
The key laws and regulations we identified were vessel compliance via American Bureau of Shipping (ABS), Health & Safety regulations, Employment legislation and ISO certifications Quality, 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 entities comply 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; |
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• |
Review of ABS vessel reports; and |
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• |
Review of ISO certification correspondence/reports. |
Osprey Maritime Limited
Independent Auditor's Report to the Members of Osprey Maritime Limited
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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• |
Verified existence of fixed assets; |
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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.
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.
......................................
Blackbrook Gate 1
Blackbrook Business Park
Somerset
TA1 2PX
Osprey Maritime Limited
Consolidated Profit and Loss Account
Period from 6 April 2025 to 31 March 2026
|
Note |
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Profit on disposal of fixed assets |
2,114,803 |
- |
|
|
Other operating income |
- |
|
|
|
Operating profit |
|
|
|
|
Gain on financial assets at fair value through profit and loss |
|
- |
|
|
Income from other Fixed assets investments |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial period |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
|
Osprey Maritime Limited
Consolidated Statement of Comprehensive Income
Period from 6 April 2025 to 31 March 2026
|
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Profit for the period |
|
|
|
Foreign exchange differences |
|
( |
|
Total comprehensive income for the period |
|
|
Osprey Maritime Limited
Consolidated Balance Sheet
31 March 2026
|
Note |
31 March |
5 April |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Other financial assets |
41,695 |
36,189 |
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
- |
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
- |
|
|
Foreign currency translation reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
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Company Registration Number: 03082850
Osprey Maritime Limited
Balance Sheet
31 March 2026
|
Note |
31 March |
5 April |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
- |
|
|
Profit and loss account |
|
|
|
|
Shareholders' funds |
|
|
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial period of £2,532,561 (2025 - profit of £1,689,753).
Approved and authorised by the
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Company Registration Number: 03082850
Osprey Maritime Limited
Consolidated Statement of Changes in Equity
Period from 6 April 2025 to 31 March 2026
|
Share capital |
Capital redemption reserve |
Foreign currency translation reserve |
Profit and loss account |
Total |
|
|
At 6 April 2025 |
|
- |
|
|
|
|
Profit for the period |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
|
- |
|
|
Total comprehensive income |
- |
- |
|
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Purchase of own share capital |
(50) |
50 |
- |
(10,758,094) |
(10,758,094) |
|
At 31 March 2026 |
|
|
|
|
|
|
Share capital |
Foreign currency translation reserve |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
Profit for the period |
- |
- |
|
|
|
Other comprehensive income |
- |
( |
- |
( |
|
Total comprehensive income |
- |
( |
|
|
|
At 5 April 2025 |
|
|
|
|
Osprey Maritime Limited
Statement of Changes in Equity
Period from 6 April 2025 to 31 March 2026
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 6 April 2025 |
|
- |
|
|
|
Profit for the period |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
Purchase of own share capital |
(50) |
50 |
(10,758,094) |
(10,758,094) |
|
At 31 March 2026 |
|
|
|
|
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
|
|
|
Profit for the period |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
At 5 April 2025 |
100 |
20,643,793 |
20,643,893 |
Osprey Maritime Limited
Consolidated Statement of Cash Flows
Period from 6 April 2025 to 31 March 2026
|
Note |
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
Cash flows from operating activities |
|||
|
Profit for the period |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Tax expense |
|
|
|
|
Foreign exchange gains/losses |
70,399 |
(90,602) |
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
- |
|
|
Decrease/(increase) in debtors |
|
( |
|
|
Increase/(decrease) in creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Corporation tax (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets net of hire purchase |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of intangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Payments for purchase of own shares |
( |
- |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Payments to hire purchase creditors |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 6 April |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
|
( |
|
|
Cash and cash equivalents at 31 March |
7,891,719 |
9,054,382 |
|
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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 group is considered to be pounds sterling because this is the currency of the primary economic environment in which the group operates, and the financial statements are presented to the nearest round pound.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 March 2026.
Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cash flow statement and remuneration of key management personnel. Equivalent information is presented in relation to these group accounts.
Going concern
The financial statements have been prepared on a going concern basis.
In making this assessment, the directors have considered the group's financial position, available funding facilities, cash flow forecasts and trading outlook for a period of at least twelve months from the date of approval of these financial statements. The directors have also considered the principal risks facing the business and the current economic environment, including the potential impact of inflationary pressures, labour market challenges and changing market conditions within the infrastructure, energy and marine sectors.
The group reported profit before tax of £13.6 million (2025 - £10.1 million), generated cash from operating activities of £18.7 million (2025 - £9.8 million) and held cash balances of £7.9 million at the period end (2025 - £9.1 million). The group also had net assets of £30.0 million at 31 March 2026 (2025 - £31.5 million). Whilst net current assets reduced to £5.4 million (2025 - £9.7 million), this position remains positive and reflects the continued investment made in equipment expansion together with the timing of working capital movements and financing arrangements.
The directors have reviewed detailed cash flow forecasts and profit projections covering the assessment period, together with longer-term strategic forecasts. These forecasts incorporate contracted revenues, the expected delivery of major infrastructure and energy projects, recurring customer activity, financing commitments and planned capital expenditure. The forecasts demonstrate that the group is expected to maintain adequate liquidity and meet its liabilities as they fall due throughout the forecast period.
Accordingly, the directors have a reasonable expectation that the group and company have 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.
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Key accounting judgements and sources of estimation uncertainty
In the application of the group'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:
Plant and equipment is carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation of the depreciation rates used as well as assessment of the ongoing economic contribution and physical condition of the assets as to whether an indicator of impairment has occurred. The carrying amount is £29,226,852 (2025 - £26,591,792).
Investments in subsidiaries - The company carries investments in subsidiaries at cost less accumulated impairment losses. This requires estimation as to the recoverable value of the investment, taking into account the current and forecast trading performance of the subsidiaries. The carrying amount is £6,000,996 (2025 - £6,000,996).
Recognition of accrued income - The group applies its policy on contract accounting when recognising revenue and profit on partially completed contracts. The application of this policy requires estimates to be made in respect of the stage of completion of each element of the group's contracts. The carrying amount of accrued income is £4,784,703 (2025 - £5,191,526).
Contingent asset - As described in note 27, 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 has, 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).
Goodwill arising on the acquisition of previous joint venture investee A&O Holdings Limited and its subsidiary in the year ended 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 directors assessment of ongoing economic contribution of the assets to the group. The carrying amount is £2,452,766 (2025 - £2,877,362).
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.
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 group operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. 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 |
|
Software |
Straight line over 5 years |
|
Website costs |
Straight line over 5 years |
|
Goodwill |
Straight line over 10 years |
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.
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and assets under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold buildings |
Straight line over 30-50 years |
|
Motor vehicles |
Straight line over 5 years |
|
Furniture, fittings and equipment |
Straight line over 3-8 years |
|
Plant and machinery |
Straight line over 4-20 years |
|
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 acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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 group contributes to defined contribution 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 Maritime 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;
• Long term 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.
|
Revenue |
The analysis of the group's Turnover for the period from continuing operations is as follows:
|
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Rendering of services |
|
|
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
The analysis of the group's turnover for the period by class of business is as follows:
|
6 April 2025 to 31 March |
1 April 2024 to 5 April 2025 |
|
|
Agency fees and related income |
|
|
|
Project income |
|
|
|
|
|
The analysis of the group's turnover for the period by market is as follows:
|
6 April 2025 to 31 March 2026 |
1 April 2024 to 5 April 2025 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
- |
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the period is as follows:
|
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Other income |
- |
|
|
Operating profit |
Arrived at after charging/(crediting)
|
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Profit on disposal of property, plant and equipment |
( |
( |
Osprey Maritime 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 |
1 April 2024 to 5 April |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
|
2025 |
2024 |
|
|
Operations |
|
|
|
Office and management |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
149,690 |
264,838 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
|
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Auditors' remuneration |
|
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Audit of these financial statements |
10,820 |
10,500 |
|
Audit of the financial statements of subsidiaries of the company |
27,810 |
27,000 |
|
|
|
|
Other interest receivable and similar income |
|
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
6 April 2025 to 31 March |
1 April 2024 to 5 April |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Osprey Maritime 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 |
||
|
Corporation tax charge |
|
|
|
UK corporation tax adjustment to prior periods |
|
|
|
579 |
3,245 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
(8,000) |
(101,000) |
|
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:
|
31 March |
5 April |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
|
|
Tax decrease 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 |
- |
( |
|
Deferred tax credit from unrecognised temporary difference from a prior period |
( |
( |
|
Other tax effects for reconciliation betweeen accounting profit and tax expense |
|
|
|
Total tax charge |
|
|
The group'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 Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Deferred tax
Group
Deferred tax assets and liabilities
|
2026 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
Losses and other deductions |
|
- |
|
Other short term timing differences |
|
- |
|
|
|
|
2025 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
Losses and other deductions |
|
- |
|
Other short term timing differences |
|
- |
|
|
|
Company
Deferred tax assets and liabilities
|
2026 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
Losses and other deductions |
|
- |
|
|
|
|
2025 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
Losses and other deductions |
|
- |
|
|
|
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Intangible assets |
Group
|
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 Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and equipment |
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 £1,533,440 (2025 - £479,675) in respect of freehold land and buildings and £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 |
|
|
Plant and equipment |
14,414,513 |
11,848,530 |
|
Motor vehicles |
- |
13,539 |
|
14,414,513 |
11,862,069 |
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Company
|
Freehold land and buildings |
Plant and equipment |
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 £1,533,440 (2025 - £479,675) in respect of freehold land and buildings.
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 |
|
|
Plant and equipment |
4,097,169 |
4,506,307 |
|
Other financial assets |
|
Group |
Company |
|||
|
31 March |
5 April |
31 March |
5 April |
|
|
Fixed asset investments |
||||
|
Financial assets at fair value through profit and loss |
|
|
- |
- |
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Group
|
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 |
|
|
At 5 April 2025 |
|
|
Investments |
Company
|
31 March |
5 April |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 6 April 2025 and 31 March 2026 |
|
|
Carrying amount |
|
|
At 31 March 2026 |
|
|
At 5 April 2025 |
|
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Details of undertakings
Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2026 |
2025 |
|||
|
Subsidiary undertakings |
||||
|
|
as for parent company |
Ordinary shares |
|
|
|
|
as for parent company |
Ordinary shares |
|
|
|
|
as for parent company |
Ordinary shares |
|
|
|
|
Hoogstad 701
|
Ordinary shares |
|
|
|
The Netherlands |
||||
|
|
as for parent company |
Ordinary shares |
|
|
* indicates direct investment of the company
Subsidiary undertakings
|
Osprey Shipping Limited The principal activity of Osprey Shipping Limited is |
|
Osprey Ship 1 Limited The principal activity of Osprey Ship 1 Limited is |
|
Osprey Ship 2 Limited The principal activity of Osprey Ship 2 Limited is |
|
Osprey Marine Services BV The principal activity of Osprey Marine Services BV is |
|
Osprey Heavy Lift Limited The principal activity of Osprey Heavy Lift Limited is |
|
Stocks |
|
Group |
Company |
|||
|
31 March |
5 April |
31 March |
5 April |
|
|
Consumables |
|
- |
- |
- |
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Debtors |
|
Group |
Company |
||||
|
Note |
31 March |
5 April |
31 March |
5 April |
|
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
Corporation tax asset |
|
- |
- |
- |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
31 March |
5 April |
31 March |
5 April |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Analysis of changes in net debt |
|
At 6 April 2025 |
Cash flow |
Other non-cash movements |
Foreign exchange movements |
At 31 March 2026 |
|
|
£ |
£ |
£ |
£ |
£ |
|
|
Cash at bank and on hand |
9,054,382 |
(1,284,646) |
- |
121,983 |
7,891,719 |
|
Cash and cash equivalents |
9,054,382 |
(1,284,646) |
- |
121,983 |
7,891,719 |
|
Bank loans |
(3,153,009) |
1,805,090 |
- |
- |
(1,347,919) |
|
Hire purchase contract obligations |
(7,891,337) |
1,587,412 |
(3,254,406) |
- |
(9,558,331) |
|
Net debt |
(1,989,964) |
2,107,856 |
(3,254,406) |
121,983 |
(3,014,531) |
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Creditors |
|
Group |
Company |
||||
|
Note |
31 March |
5 April |
31 March |
5 April |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Corporation tax |
562 |
836 |
456 |
622 |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other creditors |
|
|
|
- |
|
|
Accruals and deferred income |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
31 March |
5 April |
31 March |
5 April |
|
|
Bank borrowings |
|
|
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
|
|
|
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
31 March |
5 April |
31 March |
5 April |
|
|
Bank borrowings |
|
|
- |
|
|
Hire purchase contracts |
|
|
|
|
|
|
|
|
|
|
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
Group
Bank borrowings
|
The bank loan is secured by way of a multilateral guarantee between certain group companies, as well as a fixed charge over all freehold and leasehold property, a fixed charge and floating charges over all other assets. The bank loan is attributable to the company. |
The asset finance loans are denominated in sterling with nominal interest rates ranging from 3.7% to 7.24%, and the final instalments are due in October 2026 and October 2027. The carrying amount at period end is £877,181 (2025 - £1,747,505). Included within the group period end balance is £420,867 (2025 - £1,053,015) attributable to the company. The asset finance loans are secured on the assets to which they relate.
Hire purchase contracts
The hire purchase contracts are denominated in sterling with nominal interest rates ranging from 5.4% to 7.24%, and the final instalments are due between November 2026 and March 2033. The carrying amount at the period end is £9,558,331 (2025 - £7,891,337). Included within the group period end balance is £2,836,413 (2025 - £3,371,489) attributable to the company. The hire purchase contracts are secured against the assets to which they relate.
|
Obligations under leases |
Group
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 |
|
|
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Later than five years |
|
|
|
|
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Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
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 £
Company
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 |
|
|
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Later than five years |
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|
|
|
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Deferred tax provisions |
Group
|
Deferred tax |
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|
At 6 April 2025 |
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|
Increase in existing provisions |
|
|
At 31 March 2026 |
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|
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|
Company
|
Deferred tax |
|
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At 6 April 2025 |
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|
Increase in existing provisions |
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At 31 March 2026 |
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Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Share capital |
Allotted, called up and fully paid shares
|
31 March 2026 |
5 April 2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
50 |
|
90 |
|
|
- |
- |
|
10 |
|
|
|
|
|
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Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
On 13 November 2025 the company repurchased 45 ordinary shares of £1 each and 5 A ordinary shares of £1 each for total consideration of £10,700,000. Upon repurchase by the company the shares were immediately cancelled.
On 31 March 2026 the remaining 45 ordinary shares of £1 each and 5 A ordinary shares of £1 each were redesignated as 400 £0.125 ordinary shares.
|
Reserves |
Group
Profit and loss account (group and company)
The profit and loss account represents cumulative profit or losses net of dividends paid and other adjustments.
Capital redemption reserve
The capital redemption reserve represents the non distributable amounts following a share repurchase.
Foreign currency translation reserve
The foreign exchange translation reserve represents cumulative exchange differences arising on the translation of the group's foreign operations.
|
Dividends |
|
31 March |
5 April |
|||
|
£ |
£ |
|||
|
Final dividend |
3,000,000 |
- |
||
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Contingent assets |
Group
|
Pension schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme, and personal plans, and amounted to £
Contributions totalling £
|
Financial instruments |
Group
Categorisation of financial instruments
|
31 March |
5 April |
|
|
Financial assets measured at fair value through profit or loss |
|
|
Financial assets measured at fair value
Quoted shares
The group holds shares in a quoted group. The basis for determining the fair value of the shares at the balance sheet date is the quoted market price at that date.
The fair value is £41,695 (2025 - £36,189) and the change in value included in profit or loss is £5,506 (2025 - £Nil).
Osprey Maritime Limited
Notes to the Financial Statements
Period from 6 April 2025 to 31 March 2026
|
Related party transactions |
Group
Key management compensation
|
31 March |
5 April |
|
|
Salaries and other short term employee benefits |
|
|
Summary of transactions with other related parties
Company
|
Dividends paid to directors and their wives |
|
2026 |
2025 |
|||
|
Final dividend |
3,000,000 |
- |
||
|
Transactions with directors |
During the period, the company made advances to a director and his wife of £12,184 (2025 - £nil) which was cleared by way of dividend. The balance due to the director and his wife at the period end was £2,987,816 (2025 - £nil).
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 ultimate controlling party is