Period from 1 April 2024 to
Registration number:
Osprey Shipping Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Osprey Shipping Limited
Company Information
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Director |
N 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 Shipping Limited
Strategic Report for the Period from 1 April 2024 to 5 April 2025
The director presents his strategic report for the period from 1 April 2024 to 5 April 2025.
Principal activity
The principal activity of the company is to be a land and marine logistics provider in the specialist infrastructure construction sector. This involves the provision of transport engineering, a spread of marine services, freight forwarding and acting as a shipping and port agent.
Review of the business
Osprey operates across a broad range of markets, with our primary focus being marine projects, civil infrastructure and power generation.
Whilst there is activity in the marine projects market it continues to be at a lower level than anticipated. Osprey operates primarily in the construction phase of projects and companies in these sectors have reduced capacity in their delivery teams hence reducing the number of projects that can be delivered. This capacity is a challenge to re-establish, as in recent years the focus has been on operating margins and the sector has become adept at optimising existing assets and resources before using third parties.
We are however encouraged to see the oil & gas majors and offshore construction companies continuing to diversify their portfolios to include offshore renewables – wind, wave and tidal. There is a significant pipeline of work to be delivered over the next few years as the UK, amongst many others, looks to secure its energy supplies. With trusted relationships and the positive track record we have developed, we are well placed to benefit from growth and transition in these areas.
In both civil infrastructure and power generation we are continuing to see heavy investment by the UK Government and private finance as the nation looks to transition to net zero and secure its energy supplies; with energy security increasingly being stimulated by global events. It is positive that the UK Government support the need for nuclear in the UK’s Net Zero policy.
To further Osprey’s development we have continued to invest in both our people and our assets, ensuring we remain leaders in specialist logistics with a broad and relevant capability delivered by a modern fleet of land and marine assets. Through internal development and recruitment we enhanced the capability of our teams, increasing by a further 15% to 100 people at the year end (2024 – 13% increase to 87 people) at the end of the period. During the period the company invested over £8.1m (2024 - £6.7m) in new assets which included an expansion to its fleet of self-propelled modular trailers.
The purchase of these assets was financed through a mixture of cash reserves and hire purchase/asset loan finance from HSBC. The nature of the finance has led to an increase in long term liabilities. There is a net current assets position as at 5 April 2025 of £1.2m compared to a net current liabilities of £2.7m at 31 March 2024. On a net assets basis, the balance sheet has seen significant growth over the period from £10m at 31 March 2024 to £18.1m at 5 April 2025. This improvement is due to a strong performance for the period resulting in increased cash reserves and allowing the assets that have been purchased to be only part financed.
The company has achieved turnover of £40.6m (2024 - £32m), with the gross margin increasing to £35% (2024 - 24%) as we continue to closely control our costs and processes, as well as develop close relationships with key customers.
The director considers turnover, gross profit and EBITDA (earnings before interest, tax, depreciation, amortisation and before any exceptional items) to be the key measures of the company’s performance.
Osprey Shipping Limited
Strategic Report for the Period from 1 April 2024 to 5 April 2025
The company's key financial and other performance indicators during the period were as follows:
|
Unit |
2025 |
2024 |
|
|
Turnover |
£ |
40,557,827 |
31,649,393 |
|
Gross profit |
% |
35 |
24 |
|
EBITDA |
£ |
10,165,573 |
3,507,138 |
We continue to focus on the multi-mode transportation and installation of critical items in construction projects based on our engineering, equipment and project management core activities.
Our expectation is that we will continue to grow in the year ending 31 March 2026, reinvesting cash generated to increase our asset base and capabilities in both marine and heavy lift sectors. This will allow us to continue to position the business as a leader in construction logistics and capitalise on opportunities as they arise.
Principal risks and uncertainties
The management of the business and the execution of the company’s strategy is subject to a number of risks. The board reviews these risks and puts in place policies to mitigate them.
The key business and financial risks continue to be:
Quality, Environment, Health and Safety Compliance
The company operates appropriate systems to ensure the risk of any quality, environmental, health and safety issues are minimised. The company is accredited by QMS to ISO9001:2015, ISO14001:2015 and ISO45001:2018. The systems, internal and external audits ensure that the company strives for high quality and safely delivered operations.
Foreign exchange rate risk
The company often trades with foreign customers. In order to reduce the risk of any changes in exchange rates, the company has bank accounts in several currencies and holds cash amounts in each of these accounts. From time to time the company enters into foreign exchange forward contracts, in order to hedge against this risk.
Foreign exchange risks are managed by natural hedging activities in the main currencies of GBP, USD & Euro. Volatility, in particular driven by political events, is being actively monitored with the assistance of external advisors.
UK Government Policy
The current success and pipeline of revenue and future growth is centred around long-term UK transport and energy infrastructure projects. Whilst these are long-term government policies, and therefore projects, it is acknowledged that a change in policy on a specific project or overall policy could have a significant impact on the group. The group has developed over its history through the ability to adapt its service offering to both different scales and nature of market conditions.
Osprey Shipping Limited
Strategic Report for the Period from 1 April 2024 to 5 April 2025
Personnel
Sourcing quality personnel for engineering and logistics in the UK is becoming increasingly difficult, specifically attracting and retaining skilled talent in a competitive market. The shortage of experienced professionals, intensified by post-Brexit changes, creates challenges in filling essential roles needed for operational efficiency and growth. Additionally, the high demand for skilled workers in these sectors, coupled with evolving expectations for work-life balance and flexible conditions, makes it harder to meet staffing needs. If not addressed, this talent gap could impact productivity, innovation, and long-term business success. To mitigate this risk, we have focused on strengthening our employer brand, investing in staff development, and partnering with educational institutions to build a strong pipeline of skilled workers.
Technological Advancements and Cybersecurity Risks
We are increasingly reliant on advanced technologies to maintain competitive edge and operational efficiency. Innovations such as automation, artificial intelligence, data analytics, and IoT (Internet of Things) are reshaping the way businesses operate. However, keeping up with these technological changes requires significant investment in infrastructure, training, and continuous system upgrades. If we fail to adopt new technologies, we may find ourselves at a disadvantage, unable to meet customer expectations or optimise processes effectively, which can lead to lost market share and reduced profitability.
As a result we plan to continue to invest in our equipment and also have a number of R & D projects that are currently being worked on to proactively address challenges being faced by our customers.
The growing integration of technology also increases exposure to cybersecurity threats. As engineering and logistics operations become more connected and dependent on digital systems, the risk of data breaches, ransomware attacks, and other forms of cybercrime escalates. A significant data breach or cyber incident could result in severe financial losses, operational downtime, and damage to the company's reputation. This is particularly critical given the sensitive nature of data in logistics, such as shipment details, customer information, and exclusive engineering designs.
To mitigate these risks, we are accredited with Cyber Essentials Plus and undertake regular and rigorous audits of our systems and employees undergo regular training in these areas.
Approved by the
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Osprey Shipping Limited
Director's Report for the Period from 1 April 2024 to 5 April 2025
The director presents his report and the financial statements for the period from 1 April 2024 to 5 April 2025.
Directors of the company
The directors who held office during the period were as follows:
Financial instruments
Objectives and policies
The company's activities expose it to a number of financial risks including credit risk, cashflow risk and liquidity risk. The use, and nature, of financial instruments are determined by the directors, in the context of trading terms made available to the company by the customers and suppliers, with the objective of securing the liquidity and profitability of the company.
Price risk, credit risk, liquidity risk and cash flow risk
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors.
Due to the nature of the financial instruments used by the company, there is exposure to price risk. This lies in the purchase of goods and services from foreign suppliers and is actively managed by undertaking transactions in the relevant currency. From time to time, the company enters into foreign exchange forward contracts in order to hedge this risk.
The company often trades with foreign customers. In order to reduce the foreign exchange risk in respect of changes in exchange rates, the company has bank accounts in several currencies and holds cash amounts in each of these accounts.
The company monitors credit risk and considers that its current policy of strict credit checks meets its objectives of managing its exposure.
The directors regularly monitor the financial information to ensure that any risks in respect of liquidity are considered on a timely basis.
Future developments
The company has taken advantage of Section 414C(11) of the Companies Act 2006 and included details of future developments in the Strategic Report.
Research and development
During the year, the company undertook research and development activities in order to provide solutions for technologically uncertain logistical projects undertaken across the sectors in which it operates.
Osprey Shipping Limited
Director's Report for the Period from 1 April 2024 to 5 April 2025
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved by the
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Osprey Shipping Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Osprey Shipping Limited
Independent Auditor's Report to the Members of Osprey Shipping Limited
Opinion
We have audited the financial statements of Osprey Shipping Limited (the 'company') for the period from 1 April 2024 to 5 April 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 5 April 2025 and of its profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Osprey Shipping Limited
Independent Auditor's Report to the Members of Osprey Shipping Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's 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 Director's 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 Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities (set out on page 7), the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Osprey Shipping Limited
Independent Auditor's Report to the Members of Osprey Shipping Limited
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we discussed with management the laws and regulations applicable to the company, reviewed certification identified on the company website and other communications and considered findings from previous audits.
The key laws and regulations we identified were Health & Safety regulations, Employment legislation, ISO certifications Quality and Health, Safety and Environment (QHSE).
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies Act 2006 and Corporation Taxes Acts 2009 & 2010, including the Tonnage Tax Regulations 2019.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deal with reporting any issues if they arise.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the financial statements.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
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Making enquiries of management; |
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Review of legal and professional costs; |
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Review of Board minutes and risk register; and |
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Review of ISO certification correspondence/reports. |
As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which management confirmed there had been none during or after the period. We also evaluated the risk of fraud through management override of controls. The key risk we identified was manipulation of financial data to improve balance sheet position for tendering purposes, and we determined that the principal risks were related to the overstatement of assets, either through falsified existence or management bias in accounting estimates.
In response to the identified risk, as part of our audit work we:
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Used data analytics to test journal entries throughout the year, for appropriateness; |
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Reviewed estimates and judgements made in the financial statements for any indication of bias and challenged assumptions used by management in making the estimates; |
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Tested the cut-off and application of contract accounting; and |
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Tested the recoverability of debtor and accrued income balances |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
Osprey Shipping Limited
Independent Auditor's Report to the Members of Osprey Shipping Limited
A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's opinion.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Somerset
TA1 2PX
Osprey Shipping Limited
Profit and Loss Account
Period from 1 April 2024 to 5 April 2025
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Note |
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
- |
|
|
|
Operating profit |
8,469,305 |
2,089,555 |
|
|
Income from other Fixed assets investments |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(205,636) |
(194,515) |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial period |
|
|
Osprey Shipping Limited
Balance Sheet
5 April 2025
|
Note |
5 April |
31 March |
|
|
Fixed assets |
|||
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Intangible assets |
|
|
|
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Tangible assets |
|
|
|
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Other financial assets |
36,189 |
36,189 |
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|
|
|
||
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Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets/(liabilities) |
|
( |
|
|
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 |
|
|
|
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Profit and loss account |
|
|
|
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Shareholders' funds |
|
|
Approved and authorised by the
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Company Registration Number: 01440983
Osprey Shipping Limited
Statement of Changes in Equity
Period from 1 April 2024 to 5 April 2025
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 April 2024 |
|
|
|
|
Profit for the period |
- |
|
|
|
At 5 April 2025 |
|
|
|
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 April 2023 |
|
|
|
|
Profit for the period |
- |
|
|
|
At 31 March 2024 |
100 |
9,977,750 |
9,977,850 |
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates, and the financial statements are presented to the nearest round pound.
Summary of disclosure exemptions
The company has taken advantage of the disclosure exemptions available in FRS 102 in respect of key management personnel compensation, financial instruments and the presentation of a cashflow statement.
Going concern
In making his going concern assessment the director has considered a period of no less than 12 months from the date of approval of these financial statements and, having made all necessary enquiries, is satisfied that the company’s liabilities will be met as they fall due and that the going concern basis of preparation remains appropriate.
In particular, the director notes that included within the net current assets as at 5 April 2025 of £1,182,035 (31 March 2024 - net current liabilities of £2,734,492) is amounts owed to group undertakings of £9,969,446 (31 March 2024 - £7,196,753). The director is satisfied that this balance will not be called for payment until such time that the company is in a position to settle the balance without impacting its going concern status.
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgements and estimates that have a significant effect on the amounts recognised in the financial statements are as follows:
Recognition of accrued income
The company applies its policy on contract accounting when recognising revenue and profit on partially completed contracts. The application of this policy requires judgements to be made in respect of the stage of completion of each element of the company's contracts. The carrying amount of accrued income is £5,191,527 (2024 - £1,612,481).
Contingent asset - As described in note 22, the Director has 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 director has concluded that the amounts should be disclosed as contingent assets and have, therefore, also estimated the recoverable amount based upon the expected outcome of those negotiations. As at the period end, the contingent asset disclosed is £4,022,497 (USD$5,080,000) (2024 - £2,728,175).
Trade and group debtor recoverability - Trade and group debtors are held on the balance sheet at their recoverable value. The director utilises all information readily available in order to estimate the recoverable value of trade and group debtors as at the balance sheet date and make provisions where necessary. The carrying amount is £3,596,805 (2024 - £3,308,551).
Goodwill - Goodwill arising on the acquisition of trade and assets from fellow subsidiary, Osprey Heavy Lift Limited, is held on the balance sheet at cost less accumulated amortisation and accumulated impairment losses. This requires estimation in the amortisation rates used as well as the director's assessment of ongoing economic contribution of the assets to the company. The carrying amount is £4,147,026 (2024 - £4,748,881).
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 Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
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 charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Goodwill
Goodwill has been capitalised on the acquisition of trade and assets from a fellow group company. Goodwill is amortised over its useful economic life as determined by the directors, who also review potential impairment on an annual basis.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets, except those under construction, so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
Straight line over 10 years |
|
Website costs |
Straight line over 5 years |
|
Software |
Straight line over 5 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 Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Motor vehicles |
Straight line over 5 years |
|
Furniture, fittings and equipment |
Straight line over 3-8 years |
|
Plant and machinery |
Straight line over 5-15 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 acquistion date of assets given, liabilities incurred or assumed, and any equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
The company contributes to defined contribution pension scheme and personal pension plans for eligible staff. Contributions are charged in the profit and loss account as they became payable in accordance with the rules of the scheme.
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Short term intra-group debtors and creditors;
• Bank loans;
• Hire purchase contracts;
• Cash and bank balances; and
• Fixed asset investments.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for the financial instruments noted below, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are intially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective rate of interest.
Fixed asset investments are measured at fair value through the profit and loss account, based on quoted market price.
|
Revenue |
The analysis of the company's Turnover for the period from continuing operations is as follows:
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Rendering of services |
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
The analysis of the company's turnover for the period by class of business is as follows:
|
1 April 2024 to 5 April 2025 |
1 April 2023 to 31 March |
|
|
Agency fees and related income |
|
|
|
Project income |
|
|
|
|
|
The analysis of the company's Turnover for the period by market is as follows:
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
- |
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the period is as follows:
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Management charges receivable |
- |
|
|
Operating profit |
Arrived at after charging/(crediting)
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Loss on disposal of property, plant and equipment |
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the period, analysed by category was as follows:
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Operations |
|
|
|
Office and management |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the period was as follows:
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
264,838 |
368,644 |
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
During the period the number of directors who were receiving benefits and share incentives was as follows:
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditor's remuneration |
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Audit of the financial statements |
|
|
|
Other interest receivable and similar income |
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Interest income on bank deposits |
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
|
Interest payable and similar expenses |
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
- |
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
1 April 2024 to 5 April 2025 |
Year ended 31 March 2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
|
|
653 |
1,209 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Arising from changes in tax rates and laws |
- |
|
|
Total deferred taxation |
|
|
|
Tax expense in the income statement |
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
1 April 2024 to 5 April |
1 April 2023 to 31 March |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible for tax purposes |
|
|
|
Deferred tax (credit)/expense movement in unrecognised losses |
( |
|
|
Decrease in current tax from adjustment for prior periods |
( |
- |
|
Further item of tax increase |
|
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Losses and other deductions |
|
- |
|
Fixed asset timing differences |
- |
|
|
Other short term timing differences |
|
- |
|
- |
- |
|
|
|
|
|
2024 |
Asset |
Liability |
|
Losses and other deductions |
|
- |
|
Fixed asset timing differences |
- |
|
|
Other short term timing differences |
|
- |
|
|
|
There are £Nil of unused tax losses (2024 - £4,691,916) for which no deferred tax asset is recognised in the balance sheet.
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
|
Intangible assets |
|
Goodwill |
Website costs |
Software costs |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions acquired separately |
- |
- |
|
|
|
At 5 April 2025 |
|
|
|
|
|
Amortisation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Amortisation charge |
|
|
|
|
|
At 5 April 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 5 April 2025 |
|
- |
|
|
|
At 31 March 2024 |
|
|
|
|
Amortisation of intangible assets is included within Administrative expenses in the profit and loss account.
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
( |
( |
- |
( |
|
At 5 April 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Charge for the period |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
- |
( |
|
At 5 April 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 5 April 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
Included within the net book value of land and buildings above is £48,058 (2024 - £59,791) 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:
|
5 April |
31 March |
|
|
Motor vehicles |
13,539 |
19,457 |
|
Plant and Machinery |
7,347,904 |
4,307,306 |
|
7,361,443 |
4,326,763 |
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
|
Other financial assets |
|
Financial assets at fair value through profit and loss |
|
|
Non-current financial assets |
|
|
Cost or valuation |
|
|
At 1 April 2024 |
36,189 |
|
At 5 April 2025 |
36,189 |
|
Carrying amount |
|
|
At 5 April 2025 |
|
|
Debtors |
|
Note |
5 April |
31 March |
|
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Corporation tax asset |
- |
|
|
|
|
|
|
Cash and cash equivalents |
|
5 April |
31 March |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
|
Creditors |
|
Note |
5 April |
31 March |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax |
214 |
- |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
5 April |
31 March |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Current loans and borrowings
|
5 April |
31 March |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
Bank borrowings
|
The asset finance loan is secured against the assets to which it relates. |
Other borrowings
The hire purchase contracts are denominated in sterling with nominal interest rates ranging from 5.63% to 7.43%, and the final instalments are due between August 2027 and March 2030. The carrying amount at the year end is £4,519,848 (2024 - £1,765,125).
The hire purchase contracts are secured against the asset to which they relate.
Included in the loans and borrowings are the following amounts due after more than five years:
|
5 April |
31 March |
|
|
After more than five years by instalments |
|
|
|
- |
- |
|
Obligations under leases |
Hire purchase contracts
The total of future minimum lease payments is as follows:
|
5 April |
31 March |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
5 April |
31 March |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
|
Deferred tax provision |
|
Deferred tax |
|
|
Increase in provisions |
|
|
At 5 April 2025 |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
5 April |
31 March |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
Contingent assets |
|
Financial guarantees and commitments |
Financial guarantees
|
Pension schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme and pays into personal pension plans for eligible staff. The pension cost charge for the period represents contributions payable by the company to the scheme, and personal plans, and amounted to £
Contributions totalling £
Osprey Shipping Limited
Notes to the Financial Statements
Period from 1 April 2024 to 5 April 2025
|
Related party transactions |
|
Transactions with the director |
The company advanced £2,992 (2024 - £nil) to a director during the period. At the period end the company was owed £2,992 (2024 - £nil) by the director.
Summary of transactions with other related parties
The company has taken advantage of the exemption available in FRS 102 from disclosing transactions with other 100% owned members of the group.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from No 9 Portis Fields, Bristol Road, Portishead, Bristol, BS20 6PN
The parent of the largest and smallest group in which these financial statements are consolidated is