Registered number:
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
COMPANY INFORMATION
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SEAMAP LIMITED
CONTENTS
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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.
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 2006. They 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.
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.
The directors who served during the period were:
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.
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SEAMAP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023
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.
During the period the policy of providing employees with information about the group has been continued through the notice board at the head office.
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.
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SEAMAP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023
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).
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.
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SEAMAP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023
There have been no significant events affecting the group since the period end.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SEAMAP LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 29 OCTOBER 2023
The group operates with the main principal activities being the production, distribution and retail of spectacles, hearing aids and related products and property investment.
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.
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.
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
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SEAMAP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023
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.
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SEAMAP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEAMAP LIMITED
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 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).
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.
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.
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SEAMAP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEAMAP LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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SEAMAP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEAMAP LIMITED (CONTINUED)
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.
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SEAMAP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEAMAP LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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SEAMAP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
REGISTERED NUMBER: 04256289
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023
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SEAMAP LIMITED
REGISTERED NUMBER: 04256289
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 48 form part of these financial statements.
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SEAMAP LIMITED
REGISTERED NUMBER: 04256289
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 48 form part of these financial statements.
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SEAMAP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 OCTOBER 2022
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SEAMAP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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
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:
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.
Accounts are drawn up for periods of 52 weeks (and, where necessary, 53 weeks) ending on the last Sunday in October.
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
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. The group sells spectacles and related products, revenue on these transactions are recognised in the
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
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.
Goodwill
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:
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.
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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.
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
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. Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.
Functional and presentation currency
Transactions and balances
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
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'.
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.
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. 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.
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
3.Judgments in applying accounting policies (continued)
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.
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
15.Taxation (continued)
From 1 April 2023 the corporation tax rate increased from 19% to 25%.
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).
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
19.Tangible fixed assets (continued)
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
The 2023 valuations were made by the Directors, on an open market value for existing use basis.
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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.
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
31.Pension commitments (continued)
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
31.Pension commitments (continued)
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SEAMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
31.Pension commitments (continued)
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.
The group was under the control of the directors throughout the period.
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