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Registered number: 02694261







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2026


PRITCHARD-GORDON TANKERS LIMITED







































 


PRITCHARD-GORDON TANKERS LIMITED
 


 
COMPANY INFORMATION


Directors
R C M Aird 
H O Keane 
A C Wingfield Digby 
D A Abbott 




Registered number
02694261



Registered office
North Lodge
Slaugham Park

Handcross

Haywards Heath

West Sussex

RH17 6BG




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP





 


PRITCHARD-GORDON TANKERS LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 24


 


PRITCHARD-GORDON TANKERS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2026

Principal Activities
 
The principal activity of the Company is that of owning and operating vessels.

Business review
 
Turnover increased to £42.6 million (2025: £40.5 million), reflecting an increase in time charter income during the year. Gross profit decreased to £13.5 million (2025: £15.5 million), with the gross profit margin reducing to 31.7% (2025: 38.2%). The reduction in gross profit reflects, amongst other factors, an increase in depreciation charged on the vessel fleet and an adverse year-on-year movement in foreign exchange. This was partially offset by the impact of profits generated on the disposal of fixed assets.

Operating profit for the year was £2.5 million (2025: £3.2 million). Finance costs increased to £3.1 million (2025: £1.8million), primarily as a result of increased finance lease interest, and the Company consequently reported a loss for the year of £0.2 million (2025: profit of £1.7 million).

Notwithstanding the loss for the year, total capital and reserves increased to £108.9 million at 30 June 2026 (2025: £100.1 million), principally as a result of the revaluation of the vessel fleet recognised through other comprehensive income. At the year end, the Company held £14.7 million of cash (2025: £15.8 million) and had net current assets of £21.4 million (2025: £19.1 million).

Principal decisions by the board during the period
 
We define principal decisions as those which have a long-term strategic impact and are material to the Company, as well as those which are significant to our key stakeholder groups. In making its principal decisions during the year, the Board considered the outcome of its stakeholder engagement, the need to maintain a reputation for high standards of business conduct and the need to act fairly between the members of the Company.

During the year, the Board continued to oversee the Company’s fleet investment and financing strategy, including expenditure on vessels under construction, management of the associated capital commitments and the disposal of fleet assets where considered commercially appropriate. In making these decisions, the Board considered the Company’s long-term operational requirements, available liquidity and financing, relationships with charterers and suppliers, and the importance of maintaining safe and reliable vessel operations.

Future developments

During the year, the Company continued to invest in its vessel fleet. At 30 June 2026, £8.8 million was included within vessels under construction and the Company had capital commitments of £13.2 million relating to the purchase of vessels under construction.

The Board continues to monitor the timing and funding of these commitments alongside the Company's wider fleet and chartering strategy, with the objective of maintaining an appropriately financed and commercially competitive fleet.

Risks and uncertainties
 
The principal risks faced by the Company are as follows: 

Charter rate risk 

Charter rate risk is the risk that the Company's financial performance could be adversely affected by changes in market charter rates. The directors seek to mitigate this risk through an appropriate mix of long and medium-term time charters and shorter-term arrangements, taking into consideration prevailing market conditions.

Credit risk 

Credit risk represents the risk of financial loss arising from the failure of a counterparty to meet its contractual obligations. The Company's principal exposures arise from trade and group receivables and cash held with financial institutions. The directors monitor the creditworthiness and financial position of material counterparties and seek to transact with reputable organisations.

Page 1

 


PRITCHARD-GORDON TANKERS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2026

Liquidity risk 

Liquidity risk is the risk that the Company may be unable to meet its financial obligations as they fall due. The directors manage this risk through regular cash flow forecasting, monitoring available cash resources and financing arrangements, and consideration of the Company's committed capital expenditure.

Foreign exchange risk 

The Company is exposed to foreign exchange risk arising from transactions, assets and liabilities denominated in currencies other than its functional currency, the US Dollar. The Directors monitor foreign currency exposures as part of the Company's ongoing financial forecasting and treasury management.

Interest rate risk

The Company is exposed to movements in interest rates through its variable-rate bank borrowings and finance lease arrangements, which are linked to SOFR. The directors monitor interest rates and the Company's financing requirements as part of their treasury and cash flow management.

Geopolitical and sanctions risk

The Company's international shipping activities expose it to geopolitical developments, changes in international sanctions and restrictions on trade. The directors monitor relevant developments and seek to ensure that customers and counterparties are subject to appropriate compliance and sanctions screening.


This report was approved by the board and signed on its behalf.





A C Wingfield Digby
Director
Date: 5 November 2026

Page 2

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2026

The directors present their report and the financial statements for the year ended 30 June 2026.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £159,710 (2025 - profit £1,705,308).

During the year the company paid a dividend on ordinary shares of £450,000 (2025: £nil).

Directors

The directors who served during the year were:

R C M Aird 
H O Keane 
A C Wingfield Digby 
D A Abbott 

Energy and carbon reporting

The Company consumed 40,000 kWh or less of energy in the United Kingdom during the year and has therefore not made the energy and carbon disclosures otherwise required by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. All vessels operated under time charter arrangements during the year and responsibility for bunker consumption rested with the charterers.

Matters covered in the Strategic Report

The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report the Company's Strategic Report Information required by schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Report Regulations 2008. This includes information that would have been included in the business review, future developments and details of the principal risks and uncertainties.

Page 3

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2026

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

Subsequent to the year end, on 29 September 2026, the Company took delivery of a new-build vessel which was under construction and contracted for at 30 June 2026. Further details are provided in note 22 to the financial statements.

Auditor

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





A C Wingfield Digby
Director

Date: 5 November 2026

Page 4

 


PRITCHARD-GORDON TANKERS LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRITCHARD-GORDON TANKERS LIMITED

Opinion


We have audited the financial statements of Pritchard-Gordon Tankers Limited (the 'Company') for the year ended 30 June 2026, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


∙give a true and fair view of the state of the Company's affairs as at 30 June 2026 and of its loss for the year 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's 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 United Kingdom, including the Financial Reporting Council'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 financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Page 5

 


PRITCHARD-GORDON TANKERS LIMITED


img04b7.png
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRITCHARD-GORDON TANKERS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the 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 the 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 or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 


PRITCHARD-GORDON TANKERS LIMITED


img0151.png
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRITCHARD-GORDON TANKERS LIMITED (CONTINUED)

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 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:

∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, Corporate and VAT legislation, employments taxes, health and safety and the Bribery Act 2010, as well as those related to the shipping activities. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

∙We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.

∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and

°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of unusual journals and complex transactions; 

°Risk of manipulation of the fair value of the Company's assets.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 


PRITCHARD-GORDON TANKERS LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRITCHARD-GORDON TANKERS LIMITED (CONTINUED)

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.





Sophie Said FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Magna House
18-32 London Road
Staines-Upon-Thames
Surrey
TW18 4BP

5 November 2026
Page 8

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2026

2026
2025
Note
£
£

  

Turnover
 4 
42,609,662
40,470,262

Cost of sales
  
(29,109,827)
(25,000,489)

Gross profit
  
13,499,835
15,469,773

Administrative expenses
  
(11,013,438)
(12,260,962)

Operating profit
 5 
2,486,397
3,208,811

Interest receivable and similar income
 8 
457,650
341,543

Interest payable and similar expenses
 9 
(3,103,757)
(1,845,046)

(Loss)/profit before tax
  
(159,710)
1,705,308

(Loss)/profit for the financial year
  
(159,710)
1,705,308

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
9,482,088
5,491,391

Total comprehensive income for the year
  
9,322,378
7,196,699

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 


PRITCHARD-GORDON TANKERS LIMITED
REGISTERED NUMBER:02694261



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2026

2026
2025
Note
£
£

Fixed assets
  

Tangible assets
 11 
122,966,386
120,919,204

  
122,966,386
120,919,204

Current assets
  

Stocks
 12 
-
178,398

Debtors: amounts falling due within one year
 13 
27,818,147
24,225,926

Cash at bank and in hand
  
14,701,684
15,773,253

  
42,519,831
40,177,577

Creditors: amounts falling due within one year
 14 
(21,140,859)
(21,078,108)

Net current assets
  
 
 
21,378,972
 
 
19,099,469

Total assets less current liabilities
  
144,345,358
140,018,673

Creditors: amounts falling due after more than one year
 15 
(35,408,853)
(39,954,546)

  

Net assets
  
108,936,505
100,064,127


Capital and reserves
  

Called up share capital 
 18 
1,000
1,000

Revaluation reserve
 19 
20,398,770
16,995,582

Profit and loss account
 19 
88,536,735
83,067,545

  
108,936,505
100,064,127


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A C Wingfield Digby
Director

Date: 5 November 2026

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 


PRITCHARD-GORDON TANKERS LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2026


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2024
1,000
15,395,186
77,471,242
92,867,428


Comprehensive income for the year

Profit for the year
-
-
1,705,308
1,705,308

Surplus on revaluation of vessel fleet
-
5,491,391
-
5,491,391

Transfer between reserves
-
(3,890,995)
3,890,995
-


Other comprehensive income for the year
-
1,600,396
3,890,995
5,491,391



At 1 July 2025
1,000
16,995,582
83,067,545
100,064,127


Comprehensive income for the year

Loss for the year
-
-
(159,710)
(159,710)

Surplus on revaluation of vessel fleet
-
9,482,088
-
9,482,088

Transfer between reserves
-
(6,078,900)
6,078,900
-


Other comprehensive income for the year
-
3,403,188
6,078,900
9,482,088


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(450,000)
(450,000)


At 30 June 2026
1,000
20,398,770
88,536,735
108,936,505


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

1.


General information

Pritchard-Gordon Tankers Limited is a company limited by shares incorporated in England and Wales. The registered office is North Lodge, Slaugham Park, Handcross, Haywards Heath, West Sussex, RH17 6BG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Giles W. Pritchard-Gordon & Co. Limited as at 30 June 2026 and these financial statements may be obtained from Companies House.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional currency is US Dollar (USD), being the currency of the primary economic environment in which the Company predominantly operates. The financial statements are presented in Pounds Sterling (GBP), consistent with the presentation currency of the Group.

Transactions and balances

Transactions denominated in currencies other than Pounds Sterling are recorded at the exchange rate prevailing at the date of the transaction. At each reporting date, monetary assets and liabilities denominated in foreign currencies are retranslated at the closing exchange rate. Non-monetary assets and liabilities measured at fair value in a foreign currency are translated at the exchange rate prevailing when the fair value was determined. Exchange differences are recognised in profit or loss as they arise.

 
2.4

Revenue

Revenue comprises voyage charter income and time charter income. Voyage charter income is recognised using the percentage of completion method with voyages calculated on a discharge-to-discharge basis. Full provision is made for any losses on voyages in progress at the reporting date. Time charter income is recognised on a straight-line basis.

Page 12

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.

When a sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Tangible fixed assets

Vessels owned by the Company and vessels held under finance leases which include purchase options are carried at fair value at the date of revaluation less subsequent accumulated depreciation and impairment losses. Revaluations are undertaken with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the reporting date. In determining fair value, the Directors consider valuations obtained from independent shipbrokers.

Depreciation is provided so as to write off the valuation of the owned fleet over the estimated useful life of each vessel, being twenty-five years from the date of completion of the build. The depreciation of the vessels held under finance leases, which are stated at valuation, have been depreciated over twenty five years in the same way as the owned vessels.

Amounts capitalised in respect of vessels held on operating lease, are capitalised and amortised over the period to the end of the lease term.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Drydocking
-
Remaining lease term
Motor vehicles
-
25%
Straight line
Office equipment
-
25%
Straight line
Vessels under construction
-
Upon completion

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Drydocking and special surveys

The cost of each drydocking or special survey is capitalised and amortised over the period of the next drydocking or special survey. For the newbuild an estimate of the cost of the next future special survey and drydocking is capitalised as part of the cost of the vessel on construction or acquisition. Amounts capitalised in respect of special survey and drydocking are eliminated from both cost and accumulated amortisation on completion of the subsequent special survey or drydocking. The cost of drydocking or special survey of the vessels hired in on a bareboat basis is capitalised and amortised over the shorter of the period of the next drydocking or special survey and the bareboat lease period.

  
2.12

Revaluation of tangible fixed assets

The vessel fleet is carried at fair value at the date of revaluation less any subsequent accumulated depreciation and impairment losses. Revaluations are undertaken with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value of the vessels at the reporting date.

Fair values are determined by reference to market-based evidence, normally supported by valuations undertaken by independent shipbrokers.

Revaluation gains are recognised in other comprehensive income and accumulated in the revaluation reserve, except to the extent that they reverse a revaluation loss previously recognised in profit or loss in respect of the same asset. Revaluation losses are recognised in other comprehensive income to the extent of any existing revaluation surplus in respect of the same asset, with any excess recognised in profit or loss.

 
2.13

Inventory on board

Stocks in respect of bunkers are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is 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.

No provision has been made for inventory of lubricants, deck, engine and cabin stores and provisions remaining on board the vessel at the reporting date. 

Page 14

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

  
2.15

Revaluation reserve

Revaluation gains are recognised in other comprehensive income and accumulated within the revaluation reserve, except to the extent that they reverse a previous revaluation decrease in respect of the same asset that was recognised in profit or loss, in which case the increase is recognised in profit or loss to the extent of that previous decrease.

Where the carrying amount of a revalued asset decreases, the decrease is recognised in other comprehensive income to the extent of any existing revaluation surplus attributable to that asset and is charged against the revaluation reserve. Any decrease in excess of the accumulated revaluation surplus relating to that asset is recognised in profit or loss.

The difference between depreciation based on the revalued carrying amount of an asset and depreciation based on its historical cost is transferred annually from the revaluation reserve to retained earnings.

On disposal of a revalued asset, any remaining revaluation surplus attributable to that asset is transferred from the revaluation reserve to retained earnings.

  
2.16

Finance leases

Assets held under finance lease agreements are capitalised in the statement of financial position and depreciated over the shorter of their estimated useful economic life and the lease. Where the lease includes an option to purchase the vessel, the vessel is depreciated over the vessel's estimated useful life. The capital element of finance lease repayments outstanding is included in payables. Interest is calculated to produce a constant periodic rate of charge on the outstanding balance.

  
2.17

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgment are inherent in the formation of estimates, together with past experience and expectations of future events that have been believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Significant accounting judgments

In the process of applying the Company's accounting policies, the directors have been made the following accounting judgments which have the most significant effect on the amounts recognised in the financial statements.

Valuation of vessels

Vessels are stated at valuation, with their carrying values reviewed by the Directors at each reporting date. In assessing the fair value of the fleet, management considers independent vessel valuations prepared by Affinity Valuations Limited, independent shipbrokers, together with other relevant vessel-specific and market information.

The valuations are prepared on the basis that the vessels are in seaworthy condition, undamaged and fully equipped. The valuation of vessels therefore requires judgement in assessing the appropriate market value attributable to each vessel, having regard to factors including age, specification, condition, equipment and prevailing market conditions.

The key assumptions concerning the future and other sources of estimation uncertainty at the end of the reporting period are:

Residual values and estimated remaining lives

The carrying value of owned vessels is depreciated over their expected useful life of 25 years from the date of completion of the build to an estimated residual value. Changes in the remaining useful life of the vessels or the residual value, would result in an adjustment to the current value or future rate of depreciation through profit or loss.

Classification of leases

The Company reviews each lease individually to assess whether the lease is classified as a finance or operating lease. The assessment is based on the substance of the transaction and considers whether substantially all risks and rewards of ownership transfer to the company. Where this is the case, the lease is treated as a finance lease and the asset and liability are recognised on the balance sheet. Otherwise, leases are accounted for as operating leases with payments expensed on a straight-line basis over the lease term.


4.


Turnover

An analysis of turnover by class of business is as follows:


2026
2025
£
£

Time charter income
42,609,662
40,470,262

42,609,662
40,470,262


All turnover arose outside of the United Kingdom and Europe. 

Page 16

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

5.


Operating profit

The operating profit is stated after charging:

2026
2025
£
£

Depreciation - office equipment
5,368
4,345

Depreciation on fleet
11,060,538
8,442,334

Depreciation of drydocks costs
2,110,420
2,196,766

Profit on sale of fixed assets
(3,223,977)
(758,095)

Impairment/(reversal of impairment)
-
(97,275)

Operating lease rentals
22,500
22,500

Foreign exchange loss/ (gain)
1,041,136
(1,826,067)


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


As restated
2026
2025
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
39,750
38,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

The prior year comparative has been amended from £40,500 to £38,500 to reflect the audit fee only. The amount previously disclosed included accounts preparation services, which has been excluded from the comparative disclosure.


7.


Employees

2026
2025
£
£



Wages and salaries
3,790,718
3,826,179

Social security costs
150,951
149,489

Pension contributions
102,607
89,683

4,044,276
4,065,351

Page 17

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026



The average monthly number of employees, excluding the directors, during the year was as follows:

2026
2025
No.
No.



Administration
17
18

Seafarers
89
85

106
103




Directors' emoluments for the year amounted to:

2026
2025
£
£



Emoluments (including benefits in kind)
106,695
130,949

Pension contributions
37,821
7,501

144,516
138,450

During the year, 3 (2025: 3) of the directors were remunerated by the parent company as employees of group companies, and these costs are recharged via a management charge. 


8.


Interest receivable

2026
2025
£
£


Bank interest receivable
457,650
341,543

457,650
341,543


9.


Interest payable and similar expenses

2026
2025
£
£


Bank interest payable
1,017,504
1,306,330

Finance leases
2,086,253
538,716

3,103,757
1,845,046

Page 18

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

10.


Taxation

a) Analysis of charge in the year

The Company has entered the U.K. tonnage tax regime under which its shipowning and operating activities are taxed based on the net tonnage of vessels operated. Any income and profits outside the tonnage tax regime are taxed under normal U.K. corporation tax rules. The tonnage tax expense is included in operating expenses.



2026
2025
£
£




Tax on (loss)/profit
-
-

b) Factors affecting tax charge for the year

The tax assessed for the year is lower than (2025 - lower than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:

2026
2025
£
£


(Loss)/profit on ordinary activities before tax
(159,710)
1,705,308


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)
(39,928)
426,327

Effects of:


Loss/(Profit) not taxable under UK corporation tax but under UK tonnage tax regime - See 10a)
39,928
(426,327)

Total tax charge for the year
-
-





Tonnage tax included in operating expenses



Tonnage tax profits at standard rate
13,453
11,998

13,453
11,998


Page 19

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

11.


Tangible fixed assets


Fleet
Drydocking
Motor vehicles
Office equipment
Vessels under Construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2025
175,219,174
5,452,152
-
38,881
2,334,455
183,044,662


Additions
-
1,895,615
29,310
12,343
6,448,252
8,385,520


Disposals
(23,252,898)
(3,904,587)
-
(14,052)
-
(27,171,537)


Revaluations
8,288,412
-
-
-
-
8,288,412



At 30 June 2026

160,254,688
3,443,180
29,310
37,172
8,782,707
172,547,057



Depreciation


At 1 July 2025
59,067,365
3,025,435
-
32,658
-
62,125,458


Charge for the year on owned assets
11,060,538
2,110,420
-
5,368
-
13,176,326


Disposals
(20,609,128)
(3,904,587)
-
(13,722)
-
(24,527,437)


Impairment losses reversed on revaluation
(1,193,676)
-
-
-
-
(1,193,676)



At 30 June 2026

48,325,099
1,231,268
-
24,304
-
49,580,671



Net book value



At 30 June 2026
111,929,589
2,211,912
29,310
12,868
8,782,707
122,966,386



At 30 June 2025
116,151,809
2,426,717
-
6,223
2,334,455
120,919,204

Included within the net book value for the fleet of £111,929,589 is £47,044,118 (2025: £46,780,963) relating to vessels under a finance lease arrangement (see note 17) and vessels with a net book value of £42,222,489 (2025: £41,253,308) have been pledged as security for long term bank loans (see note 16).

The vessels were revalued at 30 June 2026 and 30 June 2025 based on valuations performed by Affinity Valuations
Limited, independent shipbrokers.




If the fleet had not been revalued, the carrying value of vessels would have been stated on an historical cost basis as follows:

2026
2025
£
£



Cost
133,706,652
152,478,404

Accumulated depreciation and impairment
(42,175,843)
(54,353,559)

Net book value
91,530,809
98,124,845

Page 20

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

12.


Stocks

2026
2025
£
£

Bunkers on board
-
178,398

-
178,398



13.


Debtors

2026
2025
£
£


Trade debtors
199,248
9,549

Amounts owed by group undertakings
26,596,582
23,145,025

Other debtors
65,328
69,882

Prepayments and accrued income
956,989
1,001,470

27,818,147
24,225,926


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


14.


Creditors: Amounts falling due within one year

2026
2025
£
£

Bank loans
3,625,142
3,511,128

Trade creditors
1,466,279
2,023,745

Amounts owed to group undertakings
10,322,519
10,096,174

Other taxation and social security
35,383
42,249

Obligations under finance lease
2,217,951
2,125,499

Other creditors
106,114
179,126

Accruals and deferred income
3,367,471
3,100,187

21,140,859
21,078,108


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 21

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

15.


Creditors: Amounts falling due after more than one year

2026
2025
£
£

Bank loans
5,241,941
8,588,208

Obligations under finance lease
30,166,912
31,366,338

35,408,853
39,954,546



16.


Bank loans


Analysis of the maturity of loans is given below:


2026
2025
£
£

Amounts falling due within one year

Bank loans < 1 yr
3,625,142
3,511,128

Amounts falling due 1-2 years

Bank loans 1-2 yrs
2,790,553
3,511,129

Amounts falling due 2-5 years

Bank loans 2-5 yrs
2,451,388
5,077,079


8,867,083
12,099,336


Bank loans amounting to £8,867,083 (2025: £12,099,336) are secured by a first preferred mortgage over three vessels owned by the Company together with the assignment of their earnings and insurances. The loans are denominated in US Dollars and carried interest at SOFR plus an average margin of 3.82%. The loans have total quarterly repayments of £903,281 (2025: £877,973) and are repayable between 28 September 2027 and 30 November 2029.


17.


Finance leases


Minimum lease payments under finance leases fall due as follows:

2026
2025
£
£


Within one year
2,217,951
2,125,499

Between 1-2 years
2,248,628
2,148,195

Between 2-5 years
6,870,510
6,590,116

Over 5 years
21,047,774
22,628,027

32,384,863
33,491,837

Lease liabilities amounting to £32,384,863 (2025: £33,491,837) are secured against the legal rights of the asset. The leases are denominated in US Dollars and carried interest at SOFR plus an average margin of 1.9%.

Page 22

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026

18.


Share capital

2026
2025
£
£
Allotted, called up and fully paid



1,000 (2025 - 1,000) Ordinary shares of £1.00 each
1,000
1,000

During the year the company paid dividends of £450,000 (2025: £nil) on the ordinary share capital of the company which represents £450.00 per share (2025: £nil per share).



19.


Reserves

Revaluation reserve

This reserve records accumulated revaluation gains and losses arising on the Company's vessel fleet, net of any related amounts transferred to retained earnings.

No deferred tax has been recognised in respect of the revaluation of the vessel fleet as the relevant vessels are operated within the UK tonnage tax regime.

Profit and loss account

This reserve records retained earnings and accumulated losses attributable to the shareholders of the Company.


20.


Commitments

At 30 June 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2026
2025
£
£



Not later than 1 year
29,851
16,143

Later than 1 year and not later than 5 years
57,109
9,250

86,960
25,393

Page 23

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026



At 30 June 2026 the Company had future minimum lease receivable due under non-cancellable operating leases for each of the following periods:

2026
2025
£
£



Not later than 1 year
33,479,319
34,633,858

Later than 1 year and not later than 5 years
34,327,710
46,207,777

Later than 5 years
13,488,646
14,163,025

81,295,675
95,004,660

The Company has capital commitments relating to the purchase of vessels under construction amounting to £13,199,729 (2025: £20,881,218).


21.


Related party transactions

In the opinion of the directors, the Company qualifies and has therefore taken advantage of the exemptions available under section 33.1A of the Financial Reporting Standard 102 in respect of related party disclosures.


22.


Post balance sheet events

Subsequent to the year end, on 29 September 2026, the Company took delivery of a new-build vessel which was under construction and contracted for at 30 June 2026. On delivery, the carrying amount previously recognised within vessels under construction was transferred to the vessel fleet. The remaining capital commitment outstanding at 30 June 2026 in respect of the vessel was subsequently paid and recognised as an addition to the cost of the vessel. The vessel commenced operations following delivery.


23.


Controlling party

The immediate parent company is Giles W. Pritchard-Gordon (Shipowning) Limited and the ultimate holding company is Giles W. Pritchard-Gordon & Co. Limited, both companies are incorporated in the United Kingdom. 

The smallest group for which consolidated accounts are drawn up of which the company is a member is Giles W. Pritchard-Gordon & Co. Limited. Their registered office is North Lodge, Slaugham Park, Handcross, Haywards Heath, RH17 6BG.

No individual shareholder owns a controlling interest in the ultimate holding company.
 
Page 24