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Registered number: 04256289









SEAMAP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 OCTOBER 2023

 
SEAMAP LIMITED
 
 
COMPANY INFORMATION


Directors
N J Georgevic 
M A Georgevic 
K R R Georgevic 
A M Georgevic 




Company secretary
N J Georgevic



Registered number
04256289



Registered office
60 Islington Row Middleway

Edgbaston

Birmingham

B15 1PH




Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS





 
SEAMAP LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 4
Group strategic report
 
5 - 6
Independent auditors' report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated statement of financial position
 
12 - 13
Company statement of financial position
 
14
Consolidated statement of changes in equity
 
15 - 16
Company statement of changes in equity
 
17
Consolidated statement of cash flows
 
18 - 19
Consolidated analysis of net debt
 
20
Notes to the financial statements
 
21 - 48


 
SEAMAP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 OCTOBER 2023

The directors present their report and the financial statements for the period ended 29 October 2023.

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £2,096,967 (2022 - £1,171,611).

Dividends amounting to £4,000,000 (2022: £Nil) were paid during the period.

Directors

The directors who served during the period were:

N J Georgevic 
M A Georgevic 
K R R Georgevic 
A M Georgevic 

Environmental matters

The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.

Page 1

 
SEAMAP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023

Future developments

The directors are confident that the business will continue to grow organically and by acquisition with the emphasis on offering added value to the current portfolio of services offered.

Engagement with employees

During the period the policy of providing employees with information about the group has been continued through the notice board at the head office.

Engagement with suppliers, customers and others

The group is committed to fostering positive relationships, notably with stakeholders, suppliers, customers and regulators. The group maintains an ongoing dialogue with these parties through face-to-face meetings, email and telephone conversations with directors and senior management. We take time to engage with, and listen to, the views of our stakeholders in order to shape our decision-making and to continue improving the way we operate.
For customers we are committed to providing affordable, robust and high quality products and providing the best standards of continuous training for our team in order to maintain consistently high levels of service. This is communicated through the brands’ social media sites and via email where customers have opted in to receive such communication.
For other stakeholders we are committed to being fully transparent and timely in our reporting and corporate governance, with strict adherence to all local and international laws and regulations.

Disabled employees

The group's policy is to recruit workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified to their aptitudes and abilities.

Page 2

 
SEAMAP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption are as follows: 


2023
2022

Emissions resulting from activities for which the Group is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
254.6
248.4

Emissions resulting from the purchase of the electricity by the Group for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
483
475

Energy consumed from activities for which the Group is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Group for its own use, including for the purposes of transport, in kWh
3,502,358
3,571,523

Reporting Methodology and Quantification
Associated Greenhouse gases have been calculated using a variety of robust and accepted methods including 2019 HM Government Environmental Reporting Guidelines and the GHG Reporting Protocol – Corporate Standard. The UK Government's 2023 conversion factors for company reporting were used to calculate the CO2 emissions for our reporting period.
The direct energy use of the company is a result of operating and running offices and numerous optical branches across the UK and the fuel usage of the company owned and employee owned cars for business use. The electricity for these branches is purchased by the company for its own use, as is the fuel for the company cars. The electricity and gas calculations are derived from the energy supplier billing statements and their corresponding readings for the reporting period and in some cases estimated readings were used based on average consumption. 

Measures taken to improve energy efficiency
We remain committed on improving our energy consumption efficiency. The rollout of LED sensor triggered lighting has helped to reduce our energy consumption and that programme continues across our branch portfolio.  We have also ensured that business equipment that has come to end of life is being replaced with models that are more efficient.  

Intensity ratio
The intensity ratio of Tonnes of CO2e per £million of revenue generated within the reporting period has been considered appropriate for the business. Tonnes of CO2e per £million of revenue (tCO2e/£m) for the reporting period amounted to 8.84 (2022: 9.89).

Disclosure of information to auditors

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 and the group's  auditors are 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 and the group's auditors are aware of that    information.

Page 3

 
SEAMAP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023

Post balance sheet events

There have been no significant events affecting the group since the period end. 

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 July 2024 and signed on its behalf.
 





N J Georgevic
Director

Page 4

 
SEAMAP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 29 OCTOBER 2023

Introduction
 
The group operates with the main principal activities being the production, distribution and retail of spectacles, hearing aids and related products and property investment.

Business review
 
The results for the group show a pre-tax profit of £3,053,887 for the period and sales of £83,472,722.
The group operates in a competitive retail market sector, the assessment and analysis of market trends and competitor activity is, therefore, an essential part of the company's risk management strategy. Current economic conditions are such that the company's focus is at all times concentrated on delivering high quality products and services at value for money prices in order to maximise customer attraction and retention. We are confident that the group will maintain its profitability and we will continue to seek out suitable acquisition and expansion opportunities.
The management of the group is subject to a number of risks. The key business risks and uncertainties affecting the business are considered to relate to competition from other national retailers and the retention of quality employees.

Principal risks and uncertainties
 
The group's principal financial instruments comprise bank balances, bank overdraft facilities, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations.
Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments considered is shown below. 
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the pooling of excess bank balances in the group. The group makes use of short term investments and money market facilities with the excess funds.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Financial key performance indicators
 
The directors consider that profit before tax and return on capital employed are the main key performance indicators in relation to how the group is performing. During the period turnover increased by £10,320,514.
The group has a holistic set of carefully selected key performance indicators to monitor its success in achieving strategy. In particular the group uses the following measures to monitor performance:
- Turnover
- Staff costs as a ratio of Turnover
- EBITDA

Page 5

 
SEAMAP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172 of the Companies Act 2006 requires directors of a group to act in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole. 
In doing this, section 172 requires directors to have regard, amongst other matters, to the:
• likely consequences of any decisions in the long-term;
• interests of the group’s employees;
• need to foster the group’s business relationships with suppliers, customers and others;
• impact of the group’s operations on the community and environment;
• desirability of the group maintaining a reputation for high standards of business conduct; and
• need to act fairly as between members of the group.
In discharging our section 172 duties we have regard to the factors set out above. In concluding our decisions due regard is given to what is in the long term group interest, while bearing in mind other stakeholders, for example employees, the environment, customers, to ensure a rounded view. While we acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders, by considering the group’s mission statement, strategic aims and core values and having a process in place for decision making, we do, however, aim to make sure that our decisions are consistent.
During the period the group received information to help it understand the interests and views of the group’s key stakeholders and other relevant factors when making decisions. This was disseminated in a in a wide variety of ways and covered financial and operational performance, non-financial KPIs, risk, environmental, social and outcomes of specific pieces of engagement. As a result of this, the group has had an overview of engagement with stakeholders and other relevant factors which allows it to understand the nature of the stakeholders’ concerns and to comply with its section 172 duty to promote the success of the group.


This report was approved by the board on 23 July 2024 and signed on its behalf.



N J Georgevic
Director

Page 6

 
SEAMAP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEAMAP LIMITED
 

Opinion


We have audited the financial statements of Seamap Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 October 2023, which comprise the consolidated statement of comprehensive income, the consolidated statement of financial position, the company statement of financial position, the consolidated statement of cash flows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 29 October 2023 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent 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.


Page 7

 
SEAMAP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEAMAP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


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 group strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the group 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
SEAMAP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEAMAP LIMITED (CONTINUED)


Auditors' 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 auditors' 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 Group 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:

We identify and assess the risks of material misstatement of the financial statements., whether due to fraud or error, and then design and perform audit procedures responsive to those risk, including obtaining audit evidence that is sufficient and appropriate to provide as basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we have: 
 
considered the nature of the industry and sectors, control environment and business performance;
made enquiries of management about their own identification and assessment of the risk and irregularities;
performed audit work over the risk of management override on controls, involving testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
undertaken appropriate sample- based testing of bank transactions;
identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance; and
discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indictors of fraud
 
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 auditors' report.


Page 9

 
SEAMAP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEAMAP 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 2006Our 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 auditors' 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.





Richard Paul (senior statutory auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
Statutory Auditors
  
124 Finchley Road
London
NW3 5JS

23 July 2024
Page 10

 
SEAMAP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
83,472,722
73,152,208

Cost of sales
  
(18,264,200)
(15,590,788)

Gross profit
  
65,208,522
57,561,420

Distribution costs
  
(2,092,026)
(1,942,942)

Administrative expenses
  
(63,030,539)
(53,186,544)

Other operating income
 5 
-
125,000

Fair value movements
  
1,069,557
(3,451,905)

Operating profit/(loss)
 6 
1,155,514
(894,971)

Amounts written off group undertakings
  
203,486
-

Income from investments
 11 
150,509
156,257

Profit on disposal of investments
  
1,128,629
1,378,544

Interest receivable and similar income
 13 
432,749
55,743

Other finance income
  
(17,000)
(33,000)

Profit before taxation
  
3,053,887
662,573

Tax on profit
 15 
(956,920)
509,038

Profit for the financial period
  
2,096,967
1,171,611

  

Actuarial gains/(losses) on defined benefit pension scheme
  
119,000
(212,000)

Other comprehensive income for the period
  
119,000
(212,000)

Total comprehensive income for the period
  
2,215,967
959,611

Profit for the period attributable to:
  

Owners of the parent company
  
2,096,967
1,171,611

  
2,096,967
1,171,611

Total comprehensive income for the period attributable to:
  

Owners of the parent company
  
2,215,967
959,611

  
2,215,967
959,611

The notes on pages 21 to 48 form part of these financial statements.

Page 11

 
SEAMAP LIMITED
REGISTERED NUMBER: 04256289

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023

29 October
30 October
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 18 
1,262,433
1,615,428

Tangible assets
 19 
11,552,009
11,898,499

Investment property
 21 
3,437,000
3,437,000

  
16,251,442
16,950,927

Current assets
  

Stocks
 22 
4,776,878
4,910,991

Debtors: amounts falling due after more than one year
 23 
63,500
89,000

Debtors: amounts falling due within one year
 23 
7,728,407
6,910,352

Current asset investments
 24 
29,876,936
28,707,988

Cash at bank and in hand
 25 
2,545,445
2,883,675

  
44,991,166
43,502,006

Creditors: amounts falling due within one year
 26 
(12,024,631)
(10,688,443)

Net current assets
  
 
 
32,966,535
 
 
32,813,563

Total assets less current liabilities
  
49,217,977
49,764,490

Provisions for liabilities
  

Deferred taxation
  
(1,483,947)
(527,027)

Other provisions
 29 
(1,845,400)
(1,437,300)

  
 
 
(3,329,347)
 
 
(1,964,327)

Net assets excluding pension liability
  
45,888,630
47,800,163

Pension liability
  
(254,000)
(356,000)

Net assets
  
45,634,630
47,444,163

Page 12

 
SEAMAP LIMITED
REGISTERED NUMBER: 04256289
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 OCTOBER 2023

29 October
30 October
2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 30 
100,006
100,006

Share premium account
  
8,488,026
8,488,026

Capital redemption reserve
  
28,482
28,482

Profit and loss account
  
37,018,116
38,827,649

  
45,634,630
47,444,163


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2024.




N J Georgevic
Director

The notes on pages 21 to 48 form part of these financial statements.

Page 13

 
SEAMAP LIMITED
REGISTERED NUMBER: 04256289

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023

29 October
30 October
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 19 
1,986,650
1,986,650

Investments
 20 
1,176,457
5,168,388

Investment Property
 21 
3,437,000
3,437,000

  
6,600,107
10,592,038

Current assets
  

Debtors: amounts falling due after more than one year
 23 
7,500,000
-

Debtors: amounts falling due within one year
 23 
6,997,603
5,115,950

Current asset investments
 24 
29,876,936
28,707,988

Cash at bank and in hand
 25 
170,204
305,000

  
44,544,743
34,128,938

Creditors: amounts falling due within one year
 26 
(9,925,633)
(42,233)

Net current assets
  
 
 
34,619,110
 
 
34,086,705

Total assets less current liabilities
  
41,219,217
44,678,743

  

  

Net assets
  
41,219,217
44,678,743


Capital and reserves
  

Called up share capital 
 30 
100,006
100,006

Capital redemption reserve
  
28,482
28,482

Profit and loss account
  
41,090,729
44,550,255

  
41,219,217
44,678,743


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2024.


N J Georgevic
Director

The notes on pages 21 to 48 form part of these financial statements.

Page 14

 
SEAMAP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 OCTOBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 31 October 2022
100,006
8,488,026
28,482
38,827,649
47,444,163


Comprehensive income for the period

Profit for the period

-
-
-
2,096,967
2,096,967

Actuarial gains on pension scheme
-
-
-
119,000
119,000

Deferred tax movements
-
-
-
(25,500)
(25,500)


Other comprehensive income for the period
-
-
-
93,500
93,500


Total comprehensive income for the period
-
-
-
2,190,467
2,190,467


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(4,000,000)
(4,000,000)


Total transactions with owners
-
-
-
(4,000,000)
(4,000,000)


At 29 October 2023
100,006
8,488,026
28,482
37,018,116
45,634,630


The notes on pages 21 to 48 form part of these financial statements.

Page 15

 
SEAMAP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 OCTOBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Other reserve
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 November 2021
100,006
8,488,026
28,482
1,620,641
36,179,487
46,416,642


Comprehensive income for the period

Profit for the period

-
-
-
-
1,171,611
1,171,611

Actuarial losses on pension scheme
-
-
-
-
(212,000)
(212,000)

Deferred tax movements
-
-
-
-
67,910
67,910


Other comprehensive income for the period
-
-
-
-
(144,090)
(144,090)


Total comprehensive income for the period
-
-
-
-
1,027,521
1,027,521

Transfer to/from profit and loss account
-
-
-
(1,620,641)
1,620,641
-


Total transactions with owners
-
-
-
(1,620,641)
1,620,641
-


At 30 October 2022
100,006
8,488,026
28,482
-
38,827,649
47,444,163


The notes on pages 21 to 48 form part of these financial statements.

Page 16

 
SEAMAP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 OCTOBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 November 2021
100,006
28,482
10,622,129
10,750,617


Comprehensive income for the period

Profit for the period
-
-
33,928,126
33,928,126


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
-
33,928,126
33,928,126



At 30 October 2022
100,006
28,482
44,550,255
44,678,743


Comprehensive income for the period

Profit for the period
-
-
540,474
540,474


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
-
540,474
540,474


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,000,000)
(4,000,000)


Total transactions with owners
-
-
(4,000,000)
(4,000,000)


At 29 October 2023
100,006
28,482
41,090,729
41,219,217


The notes on pages 21 to 48 form part of these financial statements.

Page 17

 
SEAMAP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 29 OCTOBER 2023

29 October
30 October
2023
2022
£
£

Cash flows from operating activities

Profit for the financial period
2,096,967
1,171,611

Adjustments for:

Amortisation of intangible assets
352,997
396,266

Depreciation of tangible assets
2,507,618
1,487,355

Profit on disposal of tangible assets
(61,122)
(21,073)

Government grants
-
(125,000)

Interest received
(583,258)
(212,000)

Taxation charge
956,920
(509,038)

Decrease/(increase) in stocks
134,113
(2,120,850)

(Increase) in debtors
(1,263,415)
(827,722)

Increase/(decrease) in creditors
1,336,188
(120,129)

Increase in provisions
408,100
201,500

Net fair value (gains)/losses recognised in profit and loss
(1,069,559)
3,451,905

Corporation tax received/(paid)
445,360
(726,000)

Net defined benefit pension cost
17,000
33,000

Net cash generated from operating activities

5,277,909
2,079,825


Cash flows from investing activities

Purchase of intangible fixed assets
-
(6,599,034)

Sale of intangible assets
-
38,341

Purchase of tangible fixed assets
(2,204,616)
-

Sale of tangible fixed assets
104,610
-

Purchase of short-term listed investments
(9,989,701)
(10,946,597)

Sale of short-term listed investments
9,890,310
9,791,757

Interest received
432,749
55,743

Dividends received
150,509
156,257

Net cash from investing activities

(1,616,139)
(7,503,533)
Page 18

 
SEAMAP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023

29 October
30 October

2023
2022

£
£



Cash flows from financing activities

Repayment of loans
-
(5,091)

Dividends paid
(4,000,000)
-

Government grants
-
125,000

Net cash used in financing activities
(4,000,000)
119,909

Net (decrease) in cash and cash equivalents
(338,230)
(5,303,799)

Cash and cash equivalents at beginning of period
2,883,675
8,187,474

Cash and cash equivalents at the end of period
2,545,445
2,883,675


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
2,545,445
2,883,675

2,545,445
2,883,675


The notes on pages 21 to 48 form part of these financial statements.

Page 19

 
SEAMAP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 29 OCTOBER 2023




At 31 October 2022
Cash flows
At 29 October 2023
£

£

£

Cash at bank and in hand

2,883,675

(338,230)

2,545,445

Liquid investments

28,707,988

1,168,948

29,876,936


31,591,663
830,718
32,422,381

The notes on pages 21 to 48 form part of these financial statements.

Page 20

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

1.


General information

Seamap Limited is a limited liability company, incorporated in the United Kingdom, registered at and trading from Scrivens House, 60 Islington Row Middleway, Edgbaston, Birmingham, B15 1PH.
Details of the company's trading activity is contained in the Strategic Report.

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 group management to exercise judgment in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

The group has taken advantage of exemptions provided by FRS 102, from disclosing key management personnel compensation and financial instruments, and from preparing a statement of cash flows, in the financial statements of its subsidiary undertakings. These exemptions are available to the subsidiaries by virtue of them being members of a group where the parent undertaking of the group prepares publicly available consolidated financial statements which are intended to give a true and fair view and in which the subsidiary is included as part of the consolidation. Full disclosure of these items are presented in the these consolidated financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Accounting date

Accounts are drawn up for periods of 52 weeks (and, where necessary, 53 weeks) ending on the last Sunday in October.

Page 21

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The group shows net current assets at the reporting date of £32,903,035 (2022: £32,813,563) and net assets of £45,634,630 (2022: £47,444,163). Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from minimal to full levels.
After reviewing the company's results, forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Based on the above, the directors consider it appropriate to continue adopting the going concern basis in preparing its financial statements.
In making their assessment of going concern, the directors have considered information for a period of at least twelve months from the date the financial statements were authorised for issue.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The group provides optical and hearing examinations, revenue on these services is recognised in the period in which the the examination service has been satisfactorily completed.
The group sells spectacles and related products, revenue on these transactions are recognised in the
Page 22

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)


2.5
Revenue (continued)

period at the point of sale.
The group provides property rental services, revenue is recognised at the end of each chargeable rental period based on the duration of the occupancy.
Investment income is recognised on an accruals basis when the company is entitled to the income and the amount can be quantified with reasonable accuracy.

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the consolidated statement of comprehensive income over its useful economic life.
The useful economic life of goodwill for each acquisition is assessed separately and amortized over 10, 15 or 20 years as appropriate.

 
2.7

Tangible fixed assets

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property land and buildings
-
2% on cost of buildings
Long leasehold land and buildings
-
over the life of the lease
Plant and machinery
-
12.5% to 33% on cost
Motor vehicles
-
30% reducing balance basis
Fixtures, fittings and equipment
-
12.5% to 33% on cost

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 the consolidated statement of comprehensive income.

Page 23

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the asset's fair value less costs to sell.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Stocks

Stocks 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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

Page 24

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Financial instruments


The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Investments in non-derivative instruments that are equity to the issuer are measured:
•  at fair value with changes recognised in the consolidated statement of comprehensive     income if the shares are publicly traded or their fair value can otherwise be measured     reliably;
•  at cost less impairment for all other investments.

 
2.16

Creditors

Short-term creditors are measured at the transaction price.

 
2.17

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.

During the period the company received employee and business based government grants and benefited from the business rates holiday applicable to retail businesses.

 
2.18

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-
Page 25

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)


2.18
Foreign currency translation (continued)

monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.19

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.

 
2.20

Operating leases: the Group as lessee

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

Page 26

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.21

Pensions

The group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

  
2.22

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date.

 
2.23

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 27

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.24

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.25

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting dates as well as the amounts reported for revenues and expenses during the year. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The following are the company's key sources of estimation uncertainty:
Intangible assets
Intangible assets consist of goodwill amortised over its useful economic life. The estimated life of goodwill is assessed annually to ensure it is appropriate. This assessment takes into account the ability of related cash generating units (which upon their acquisition generated an intangible asset of goodwill) to continue to generate future cash flows for the company, and their estimated useful economic lives.

 
Page 28

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

3.Judgments in applying accounting policies (continued)

Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Freehold and leasehold property
Property is carried at fair value determined annually and derived from the current market rents and property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
Stock provisioning
When calculating any stock provision, management considers the nature and condition of the stock as well as applying assumptions about the saleability of its optical products. During the annual reassessment of stock, management take into consideration factors such as product development, technological innovation and current demand.
Impairment of debtors
Trade debtors are recorded in the financial statements at cost. Some debtors may not pay part or all of the balance due, and thus the debtor balance in the financial statements will need to be amortised to reflect the lower of cost and fair value. The company records a provision for bad debts to estimate the total impact of non-payments, considering factors such as the credit rating of customers, the ageing profile of debtors and historical experience.
Defined benefit obligation
When calculating the defined benefit pension scheme obligation, management have made financial and demographic assumptions about inflation-linked increases, salary growth, materiality and other demographic assumptions. The defined obligation is the cash flows discounted to the obligation date at the assumed discount rate. Discount rates are determined by reference to market yields on high quality corporate bonds of the same term as scheme cash flows. Other assumptions are based on official government statistics and related market information.
Dilapidations provision
The provision recorded in the financial statements for dilapidation costs is an estimated cost of repairing retail premises occupied by the company to the state they were prior to the lease commencing. This provision is re-assessed on an annual basis, considering factors such as unit square footage, length of lease and time remaining until lease expiry.

Page 29

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

4.


Turnover

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


2023
2022
£
£

Optical and hearing sales
83,189,487
72,820,929

Property and investments
283,235
331,279

83,472,722
73,152,208


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants receivable
-
125,000

-
125,000



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(176,889)
340,911

Other operating lease rentals
3,088,683
3,758,706

Page 30

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
14,500
12,000

Fees payable to the company's auditors in respect of:

Audit-related assurance services
44,000
41,000

Taxation compliance services
8,000
9,000

All other services
2,500
4,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£
£
£
£


Wages and salaries
40,965,512
34,747,097
-
-

Social security costs
3,199,152
2,775,100
-
-

Staff pension costs
753,573
760,472
-
-

44,918,237
38,282,669
-
-


The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2022
            No.
            No.







Office management
161
127



Production and sales
1,281
1,197

1,442
1,324

The company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)
Page 31

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

9.


Key management compensation

Key management are the company's directors. The compensation paid or payable to key management for employee services is shown below:


29 October
30 October
2023
2022
£
£



Salaries and other short term benefits
239,292
235,576

239,292
235,576


10.


Directors' remuneration

29 October
30 October
2023
2022
£
£



Directors' emoluments
207,337
204,951

207,337
204,951

During the period retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.


11.


Income from investments

2023
2022
£
£



Income from current asset investments
150,509
156,257

150,509
156,257




Page 32

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

12.


Profit on disposal of investments

29 October
30 October
2023
2022
£
£


Profit on disposal of investments
(1,128,629)
(1,378,544)

(1,128,629)
(1,378,544)



13.


Interest receivable

2023
2022
£
£


Other interest receivable
432,749
55,743

432,749
55,743


14.


Other finance costs

2023
2022
£
£

Interest income on pension scheme assets
123,000
55,000

Net interest on net defined benefit liability
(140,000)
(88,000)

(17,000)
(33,000)


Page 33

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

15.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
956,920
(509,038)

Total deferred tax
956,920
(509,038)


Taxation on profit/(loss) on ordinary activities
956,920
(509,038)

Factors affecting tax charge for the period

The tax assessed for the period is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 22.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,053,887
662,573


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.5%  (2022 - 19%)
687,125
125,889

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(2,519)
(125,504)

Capital allowances for period in excess of depreciation
452,585
(1,148,641)

Loss/(Profit) on disposal of assets
(655,404)
-

Non-taxable fair value movements
576,745
58,573

Capital gains
294,013
-

Changes in provisions leading to an increase in the tax charge
14,879
12,151

Dividends from UK companies
(483,865)
(29,689)

Unrelieved tax losses carried forward
73,361
692,526

Tax losses utilised
-
(94,343)

Total tax charge for the period
956,920
(509,038)

Page 34

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
 
15.Taxation (continued)


Factors that may affect future tax charges

From 1 April 2023 the corporation tax rate increased from 19% to 25%.


16.


Parent company profit for the perod

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The profit after tax of the parent company for the period was £540,474 (2022: £33,928,126 profit).


17.


Dividends

29 October
30 October
2023
2022
£
£


Dividends paid
4,000,000
-

4,000,000
-

Page 35

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

18.


Intangible assets

Group and Company







Goodwill

£



Cost


At 31 October 2022
10,760,478



At 29 October 2023

10,760,478



Amortisation


At 31 October 2022
9,145,050


Charge for the period on owned assets
352,995



At 29 October 2023

9,498,045



Net book value



At 29 October 2023
1,262,433



At 30 October 2022
1,615,428



Page 36

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

19.


Tangible fixed assets

Group








Freehold property
Long-term leasehold property
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 31 October 2022
1,932,650
54,000
14,162,035
16,148,685


Additions
-
-
2,204,616
2,204,616


Disposals
-
-
(1,119,766)
(1,119,766)



At 29 October 2023

1,932,650
54,000
15,246,885
17,233,535



Depreciation


At 31 October 2022
-
-
4,250,186
4,250,186


Charge for the period on owned assets
-
-
2,507,618
2,507,618


Disposals
-
-
(1,076,278)
(1,076,278)



At 29 October 2023

-
-
5,681,526
5,681,526



Net book value



At 29 October 2023
1,932,650
54,000
9,565,359
11,552,009



At 30 October 2022
1,932,650
54,000
9,911,849
11,898,499

Freehold and long term leasehold property valuations were made by the company's property manager who is a member of The Royal Institute of Chartered Surveyors and has recent experience in the location and class of investment property. The valuations were derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The directors considered the fair value at 29 October 2023 and do not consider this to be materially different from the carrying value.

Page 37

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

           19.Tangible fixed assets (continued)


Company









Freehold property
Long-term leasehold property
Total

£
£
£

Cost 


At 31 October 2022
1,932,650
54,000
1,986,650



At 29 October 2023

1,932,650
54,000
1,986,650






At 29 October 2023

-
-
-



Net book value



At 29 October 2023
1,932,650
54,000
1,986,650



At 30 October 2022
1,932,650
54,000
1,986,650







20.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 31 October 2022
5,168,388


Disposals
(5,168,388)


Transfers intra group
1,176,457



At 29 October 2023
1,176,457




Page 38

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

Direct subsidiary undertakings


The following were direct subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Scrivens Limited
60 Islington Row, Middleway, Birmingham, B15 1PH
Ordinary
100%
Mersona Ltd
PO Box 12, 12 Coombs Road, Birmingham, B62 8AP
Ordinary
100%
SATHC Ltd
60 Islington Row, Middleway, Birmingham, B15 1PH
Ordinary
100%
The Hearing Company Ltd
60 Islington Row, Middleway, Birmingham, B15 1PH
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Owl Optical Ltd
(see Scrivens Ltd)
Ordinary
100%
Scrivens RBS Trustee Ltd
(see Scrivens Ltd)
Ordinary
100%

During the year, the subsidiary Alertbind Ltd was disposed and investments were transferred to the parent entity Seamap Ltd. After the year end, Alertbind Ltd was struck off.


21.


Investment property

Group and Company





Freehold investment property

£



Valuation


At 31 October 2022
3,437,000



At 29 October 2023
3,437,000

The 2023 valuations were made by the Directors, on an open market value for existing use basis.






Page 39

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

22.


Stocks

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
4,776,878
4,910,991
-
-

4,776,878
4,910,991
-
-


The difference between purchase price or production cost of stocks and their replacement cost is not material.

The carrying value of stocks are stated net of provisions totalling £609,942 (2022: £624,948). Stock provisions totalling -£14,017 (2022: £267,049) were recognised in profit and loss.


23.


Debtors

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Amounts owed by group undertakings
-
-
7,500,000
-

Deferred tax asset (see note 28)
63,500
89,000
-
-

63,500
89,000
7,500,000
-


Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
6,067,218
5,051,131
-
-

Amounts owed by group undertakings
-
-
6,910,968
4,557,533

Other debtors
773,778
1,020,964
86,635
557,495

Prepayments and accrued income
887,411
838,257
-
922

7,728,407
6,910,352
6,997,603
5,115,950


Page 40

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

24.


Current asset investments

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£
£
£
£

Listed investments
29,876,936
28,707,988
29,876,936
28,707,988

29,876,936
28,707,988
29,876,936
28,707,988



25.


Cash and cash equivalents

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,545,445
2,883,675
170,204
305,000

2,545,445
2,883,675
170,204
305,000



26.


Creditors: Amounts falling due within one year

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£
£
£
£

Trade creditors
5,278,480
5,658,104
-
-

Amounts owed to group undertakings
-
-
9,862,434
-

Other taxation and social security
97,117
1,512
-
-

Other creditors
2,613,863
2,059,346
19,216
4,750

Accruals and deferred income
4,035,171
2,969,481
43,983
37,483

12,024,631
10,688,443
9,925,633
42,233


Page 41

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

27.


Financial instruments

Group
29 October
Group
30 October
Company
29 October
Company
30 October
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
29,876,936
28,707,988
29,876,936
28,707,988

Financial assets that are debt instruments
6,754,361
5,514,600
6,910,968
4,557,533

36,631,297
34,222,588
36,787,904
33,265,521


Financial liabilities

Financial liabilities measured at amortised cost
6,833,410
(6,311,435)
9,881,650
(4,750)


Financial assets measured at fair value through profit or loss comprise listed investments.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise trade and other creditors.

Page 42

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

28.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(438,027)
(1,014,975)


Charged to profit or loss
(956,920)
509,038


Charged to other comprehensive income
(25,500)
67,910



At end of year
(1,420,447)
(438,027)

Company


2023
2022






At end of year
-
-



The deferred tax balance  is made up as follows:

Group
29 October
Group
30 October
2023
2022
£
£

Asset - due after one year
63,500
89,000

Accelerated capital allowances
(1,483,947)
(527,027)

(1,420,447)
(438,027)

Page 43

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

29.


Provisions


Group



Provision for property dilapidation

£





At 31 October 2022
1,437,300


Charged to profit or loss
408,100



At 29 October 2023
1,845,400

Provision is made for the estimated cost of restoring the retail branches to their original condition on expiry of each lease. 
The company has no provisions. 

Page 44

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

30.


Share capital

29 October
30 October
2023
2022
£
£
Allotted, called up and fully paid



90,004 (2022 - 90,004) Ordinary shares of £1.00 each
90,004
90,004
10,002 (2022 - 10,002) Ordinary-A shares shares of £1.00 each
10,002
10,002

100,006

100,006

The Ordinary shares of £1 each and the Ordinary-A shares of £1 each rank pari passu in all respects except that the holders of each class of shares shall be entitled to varying amounts of dividends at the discretion of the directors as declared by the company from time to time.                                                                         



31.


Pension commitments

Defined contribution
The group operates a defined contribution scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £753,573 (2022: £760,472). At the period end contributions totalling £122,975 (2022: £88,815) were outstanding.
Defined Benefit 

The Group operates a defined benefit pension scheme.

The assets of the scheme are held separately from those of the group. 
The scheme was closed to new entrants on 31 December 1991 and to future accrual of benefit on 31 January 2004.
A full actuarial valuation of the Scrivens Limited Retirement Benefit Scheme was carried out at 1 January 2020 and updated to 31 October 2023 by a qualified independent actuary.
As the scheme is closed to new members, under the projected unit method the current service cost will increase as the members of the scheme approach retirement.
The scheme provides benefits for selected employees of subsidiary companies, Scrivens Limited and Mersona Limited. The group has accounted for 100% of the net costs and net position of the total scheme as the liability of the scheme is solely that of Scrivens Limited.

Page 45

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
 
31.Pension commitments (continued)



Reconciliation of present value of plan liabilities:


29 October
30 October
2023
2022
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
3,081,000
3,548,000

Interest cost
140,000
57,000

Actuarial gains
(167,000)
(205,000)

Benefits paid
(349,000)
(350,000)

Past service cost
-
31,000

At the end of the year
2,705,000
3,081,000



Reconciliation of present value of plan assets:


29 October
30 October
2023
2022
£
£


At the beginning of the year
2,725,000
3,437,000

Interest income
123,000
55,000

Return less interest income on scheme assets
(48,000)
(417,000)

Benefits paid
(349,000)
(350,000)

At the end of the year
2,451,000
2,725,000


Composition of plan assets:


29 October
30 October
2023
2022
£
£


Equities
1,538,000
1,372,000

Cash
238,000
667,000

Fixed income
675,000
686,000

Total plan assets
2,451,000
2,725,000

Page 46

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
 
31.Pension commitments (continued)

29 October
30 October
2023
2022
£
£


Fair value of plan assets
2,451,000
2,725,000

Present value of plan liabilities
(2,705,000)
(3,081,000)

Net pension scheme liability
(254,000)
(356,000)


The amounts recognised in profit or loss are as follows:

29 October
30 October
2023
2022
£
£


Interest on obligation
(140,000)
(88,000)

Interest income on plan assets
123,000
55,000

Total
(17,000)
(33,000)



The cumulative amount of actuarial gains and losses recognised in the consolidated statement of comprehensive income was £119,000 gains (2022 - £212,000 losses).



The Group expects to contribute £NIL to its defined benefit pension scheme in 2024.





Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2023
2022
%
%
Discount rate


5.6

4.8
 
Rate of price inflation: RPI


3.4

3.3
 
Rate of price inflation: CPI


2.8

2.5
 
Rate of increase for pensions deferment


3.3

2.5
 
Rate of increase for pensions payment


2.8

2.5
 


Page 47

 
SEAMAP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
 
31.Pension commitments (continued)


Amounts for the current and previous four periods are as follows:


Defined benefit pension schemes

2023
2022
2021
2020
2019
£
£
£
£
£
Defined benefit obligation

(2,705,000)

(3,081,000)

(3,548,000)
 
(3,937,000)
 
(4,110,000)

Scheme assets

2,451,000

2,725,000

3,437,000
 
3,135,000
 
3,534,000

Deficit
(254,000)

(356,000)

(111,000)
 
(802,000)
 
(576,000)


32.


Commitments under operating leases

At 29 October 2023 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
29 October
Group
30 October
2023
2022
£
£

Not later than 1 year
1,515,428
1,683,135

Later than 1 year and not later than 5 years
3,064,320
3,054,210

Later than 5 years
682,614
782,290

5,262,362
5,519,635

The company had no commitments under the non-cancellable operating leases as at the reporting date.


33.


Related party transactions

During the period, a subsidiary of the company, Scrivens Limited, paid rent of £180,000 (2022: £180,000) to MA & NJ Georgevic LLP of which directors of the group K R R and A M Georgevic are members.


34.


Controlling party

The group was under the control of the directors throughout the period. 

 
Page 48