Company Registration No. 00965862 (England and Wales)
Survey Supplies Limited
Annual report and financial statements
for the year ended 30 November 2023
Survey Supplies Limited
Company information
Directors
Alan Browne
David Hodkinson
Secretary
David Hodkinson
Company number
00965862
Registered office
Blundellsands House
34-44 Mersey View
Waterloo
Liverpool
L22 6QB
Independent auditor
Saffery LLP
Mitre House
North Park Road
Harrogate
North Yorkshire
HG1 5RX
Bankers
Close Invoice Finance Limited
10 Crown Place
London
EC2A 4FT
Lloyds Bank plc
1st Floor
5 St. Pauls Square
Old Hall Square
Liverpool
L3 9SJ
Survey Supplies Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
Survey Supplies Limited
Strategic report
For the year ended 30 November 2023
1

The directors present the strategic report for the year ended 30 November 2023.

Fair review of the business

The focus of the business continues to be the leading provider of innovative technology solutions to the Survey, Mapping & GIS market places. 2023 saw continued growth with turnover up 4.5% on 2022 which is the growth levels we were expecting based on the investments we had made. We have further invested a further £1.5m in our hire fleet this year.

 

The higher sales have been at a slightly decreased margin compared to 2022 – being down 0.9% to 33.2% from 34.1%. This is a result of the sales mix across our portfolio and the competitive nature of our industry.

 

An Operating Profit of £1,397,636 is down on the prior year (2022: £1,903,033). This is a result of the higher turnover at a slightly lower margin resulting in a comparable Gross Profit to last year, however there has been an increase in our overhead base as we continue to invest in our staff and facilities. We continue to re-align our overhead structure across the group to make best use of our resources. We retain the full support of Trimble with whom we are continually working to increase sales and profitability with further enhancements to the portfolio of products and services that we offer.

 

The Key Performance Indicators for the business continues to be Gross Margin (being Gross Profit divided by Turnover). This has decreased slightly to 33.2% (2022: 34.1%). This reflects both the mix of products sold and hired alongside the competitive nature of the market.

 

The results for the group as a whole can be found in the financial statements of the ultimate parent company, Charbay Limited, a company registered in Ireland.

 

The principal risks facing the Company are the uncertainties and the cyclical nature of the construction sector of the economy. In order to combat this the Company aims to operate across all sectors of the industry in order to mitigate any downturn in any particular sector. The Company also sells and hires equipment and so is not solely reliant on capital expenditure by its customers.

 

The Company continues to meet its environmental responsibilities.

 

It is Company and group policy to be an equal opportunity employer. This means that all personnel have equality of opportunity in recruitment and during service regardless of gender, race, religion or disability. The Company will select and train based upon each individual’s ability and the Company’s requirement for particular skills.

 

On behalf of the board

Alan Browne
Director
20 August 2024
Survey Supplies Limited
Directors' report
For the year ended 30 November 2023
2

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company continued to be that of the development, distribution, hire and service of surveying instruments, systems and ancillary equipment and services.

Results and dividends

The results for the year are set out on page 8.

The directors declared a dividend of £525,250 (2022: £525,250) in respect of the year ended 30 November 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Alan Browne
David Hodkinson
Future developments
Management policies will be continually reviewed in the light of changing economic circumstances.
Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Alan Browne
Director
20 August 2024
Survey Supplies Limited
Directors' responsibilities statement
For the year ended 30 November 2023
3

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

Survey Supplies Limited
Independent auditor's report
To the members of Survey Supplies Limited
4
Opinion

We have audited the financial statements of Survey Supplies Limited (the 'company') for the year ended 30 November 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Survey Supplies Limited
Independent auditor's report (continued)
To the members of Survey Supplies Limited
5

Opinions on other matters prescribed by the Companies Act 2006

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

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Survey Supplies Limited
Independent auditor's report (continued)
To the members of Survey Supplies Limited
6

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Survey Supplies Limited
Independent auditor's report (continued)
To the members of Survey Supplies Limited
7
Jonathan Davis
Senior Statutory Auditor
For and on behalf of Saffery LLP
22 August 2024
2024-08-22
Chartered Accountants
Statutory Auditors
Mitre House
North Park Road
Harrogate
North Yorkshire
HG1 5RX
Survey Supplies Limited
Income statement
For the year ended 30 November 2023
8
2023
2022
Notes
£
£
Turnover
3
26,969,132
25,819,541
Cost of sales
(18,008,591)
(17,008,225)
Gross profit
8,960,541
8,811,316
Distribution costs
(682,217)
(613,674)
Administrative expenses
(6,880,688)
(6,294,609)
Operating profit
4
1,397,636
1,903,033
Interest receivable and similar income
7
292,700
176,905
Interest payable and similar expenses
8
(62,629)
(35,515)
Profit before taxation
1,627,707
2,044,423
Tax on profit
10
(321,344)
(368,876)
Profit for the financial year
1,306,363
1,675,547

The income statement has been prepared on the basis that all operations are continuing operations.

Survey Supplies Limited
Statement of comprehensive income
For the year ended 30 November 2023
9
2023
2022
£
£
Profit for the year
1,306,363
1,675,547
Other comprehensive income
-
-
Total comprehensive income for the year
1,306,363
1,675,547
Survey Supplies Limited
Statement of financial position
As at 30 November 2023
10
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,422,202
3,512,287
Current assets
Stocks
12
2,035,139
2,074,036
Debtors
13
9,999,059
8,889,501
Cash at bank and in hand
1,615,664
1,591,683
13,649,862
12,555,220
Creditors: amounts falling due within one year
14
(6,533,613)
(6,016,171)
Net current assets
7,116,249
6,539,049
Total assets less current liabilities
10,538,451
10,051,336
Creditors: amounts falling due after more than one year
15
(376,182)
(715,663)
Provisions for liabilities
Deferred tax liability
19
871,136
825,653
(871,136)
(825,653)
Net assets
9,291,133
8,510,020
Capital and reserves
Called up share capital
20
420,200
420,200
Revaluation reserve
321,780
321,780
Profit and loss reserves
8,549,153
7,768,040
Total equity
9,291,133
8,510,020
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Alan Browne
Director
Company Registration No. 00965862
Survey Supplies Limited
Statement of changes in equity
For the year ended 30 November 2023
11
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
420,200
321,780
6,617,743
7,359,723
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
-
1,675,547
1,675,547
Dividends
9
-
-
(525,250)
(525,250)
Balance at 30 November 2022
420,200
321,780
7,768,040
8,510,020
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
1,306,363
1,306,363
Dividends
9
-
-
(525,250)
(525,250)
Balance at 30 November 2023
420,200
321,780
8,549,153
9,291,133
Survey Supplies Limited
Notes to the financial statements
For the year ended 30 November 2023
12
1
Accounting policies
Company information

Survey Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Blundellsands House, 34-44 Mersey View, Waterloo, Liverpool, L22 6QB.

1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Charbay Limited Group. These consolidated financial statements are available from its registered office, Unit B7, Riverview Business Park, Nangor Road, Dublin, Dublin 12.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
13
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contract hire is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
2% to 10% straight line
Hire fleet
Rates to write off cost less deemed residual value over periods ranging from 36 months to 60 months
Plant and machinery
20% straight line or 33% straight line
Fixtures, fittings & equipment
33% straight line
Website
33% straight line
Motor vehicles
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
14

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
15
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
16
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
17
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provisions

Provision is made for bad and doubtful debts, obsolete stock and hire stock. These provisions require management's best estimate of the recoverability of trade debtors and the expected future use of stock.

Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
18
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sale of goods
25,330,313
24,080,679
Hire of goods
1,638,819
1,738,862
26,969,132
25,819,541
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
25,344,843
24,292,371
Europe
1,601,248
1,457,167
Rest of World
23,041
70,003
26,969,132
25,819,541
2023
2022
£
£
Other revenue
Interest income
292,700
176,905
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
24,500
21,850
Depreciation of owned tangible fixed assets
987,455
1,033,157
Depreciation of tangible fixed assets held under finance leases
145,725
82,224
Operating lease charges
462,309
401,905
Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
19
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Workshop
25
11
Programmers and support
11
19
Selling and distribution
38
31
Administration (inc. directors)
12
13
Total
86
74

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,393,341
3,951,620
Social security costs
496,348
464,667
Pension costs
289,582
259,194
5,179,271
4,675,481
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
229,475
247,930
Company pension contributions to defined contribution schemes
13,170
12,400
260,077
260,330

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1)

7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
12,584
315
Interest receivable from group companies
280,116
176,590
Total income
292,700
176,905
Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
20
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
42,700
28,356
Interest on finance leases and hire purchase contracts
19,929
7,159
62,629
35,515
9
Dividends
2023
2022
£
£
Final paid
525,250
525,250
Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
21
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
276,121
186,858
Adjustments in respect of prior periods
(260)
221
Total current tax
275,861
187,079
Deferred tax
Origination and reversal of timing differences
45,485
175,546
Adjustment in respect of prior periods
(2)
6,251
Total deferred tax
45,483
181,797
Total tax charge
321,344
368,876

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,627,707
2,044,423
Expected tax charge based on the standard rate of corporation tax in the UK of 23.00% (2022: 19.00%)
374,373
388,440
Tax effect of expenses that are not deductible in determining taxable profit
15,062
27,716
Group relief
(73,474)
(46,437)
Under/(over) provided in prior years
(260)
221
Deferred tax adjustments in respect of prior years
(2)
6,251
Other tax adjustments
(2,432)
-
0
Fixed asset differences
4,458
(49,446)
Difference in deferred tax rate
3,619
42,131
Taxation for the year
321,344
368,876
Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
22
11
Tangible fixed assets
Land and buildings freehold
Hire fleet
Leasehold property
Plant and machinery
Fixtures, fittings & equipment
Website
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 December 2022
504,914
5,668,482
101,977
1,106,500
344,558
37,370
84,492
7,848,293
Additions
4,041
1,510,769
-
0
10,270
20,780
-
0
852
1,546,712
Disposals
-
0
(1,285,607)
-
0
-
0
-
0
-
0
-
0
(1,285,607)
At 30 November 2023
508,955
5,893,644
101,977
1,116,770
365,338
37,370
85,344
8,109,398
Depreciation and impairment
At 1 December 2022
101,565
3,105,760
95,925
709,731
265,070
31,166
26,789
4,336,006
Depreciation charged in the year
13,711
886,693
-
0
156,738
41,517
6,204
28,317
1,133,180
Eliminated in respect of disposals
-
0
(781,990)
-
0
-
0
-
0
-
0
-
0
(781,990)
At 30 November 2023
115,276
3,210,463
95,925
866,469
306,587
37,370
55,106
4,687,196
Carrying amount
At 30 November 2023
393,679
2,683,181
6,052
250,301
58,751
-
0
30,238
3,422,202
At 30 November 2022
403,349
2,562,722
6,052
396,769
79,488
6,204
57,703
3,512,287
Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
11
Tangible fixed assets (continued)
23

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
220,555
369,736
12
Stocks
2023
2022
£
£
Finished goods and goods for resale
2,035,139
2,074,036
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,414,956
4,062,808
Corporation tax recoverable
54,565
-
0
Amounts due from fellow group undertakings
5,060,783
4,444,947
Prepayments and accrued income
468,755
381,746
9,999,059
8,889,501

Amounts due from group undertakings of £5,060,783 (2022: £4,444,947) includes £3,623,487 due from the company's immediate parent undertaking, Survey Supplies Holdings Limited (2022: £3,868,621). Interest of 2.75% above the base rate is being charged and it is expected that repayments of £200,000 per annum will be paid, albeit it is technically due on demand.

 

14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
17
139,988
168,448
Other borrowings
16
200,000
200,000
Trade creditors
2,808,652
3,529,816
Amounts owed to group undertakings
1,055,464
418,291
Corporation tax
-
0
26,257
Other taxation and social security
924,881
588,043
Accruals and deferred income
1,404,628
1,085,316
6,533,613
6,016,171
Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
24
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
17
76,182
215,663
Other borrowings
16
300,000
500,000
376,182
715,663
16
Loans and overdrafts
2023
2022
£
£
Other loans
500,000
700,000
Payable within one year
200,000
200,000
Payable after one year
300,000
500,000

Included within other loans and overdrafts is a Coronavirus Business Interruption Loan of £500,000 (2022: £700,000) which provides support to businesses under the exceptional circumstances caused by the Covid-19 outbreak.

17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
139,988
168,448
In two to five years
76,182
215,663
216,170
384,111

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

 

18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
289,582
259,194

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
18
Retirement benefit schemes (continued)
25

Total pension commitments outstanding at the year end were £31,311 (2022: £24,962)

19
Deferred taxation
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
810,663
763,592
Revaluations
68,300
68,300
Timing differences
(7,827)
(6,239)
871,136
825,653
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
420,200
420,200
420,200
420,200

The company has one class of ordinary shares which carry no fixed right to income.

21
Financial commitments, guarantees and contingent liabilities

A fellow group company, Precise Construction Instruments (UK) Limited, holds a mortgage in favour of Lloyds Bank Plc in the sum of £901,591 (2022: £933,141), which is secured on a property held in Survey Supplies Limited.

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
351,182
341,488
Between two and five years
436,045
514,507
787,227
855,995
Survey Supplies Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
26
23
Related party transactions
Transactions with related parties
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,055,464
418,291
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
3,623,487
3,579,642
Group companies
1,437,296
374,257

The company has taken advantage of the exemption from the requirement to disclose transactions between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

 

The HAW Partnership, a partnership in which a Director's family members have an interest, loaned the company £9,775 in 2017 following the sale of the Huntington property from the HAW Partnership to Precise Constructions Instruments (UK) Limited. The balance owed to The Haw Partnership in respect of this loan in 2023 was £nil (2022: £9,775)

 

During the year, the company made purchases amounting to £411,887 (2022: £439,398) from K-Matic Limited, a company under common control. At the year end, the company owed K-Matic Limited £303,806 (2022: £136,343), which is included within trade creditors. Management charges of £60,588 (2022: £82,908) were recognised in income in relation to services provided to K-Matic Limited during the year. At the year end K-Matic Limited owed the company £37,053 (2022: £17,141), which is included within debtors.

24
Ultimate controlling party

The immediate parent company is Survey Supplies Holdings Limited, a company incorporated in England & Wales.

The company is controlled by A Browne, W Browne, H Browne and L Lynn by virtue of their holding in the ultimate parent undertaking, Charbay Limited, a company incorporated in the Republic of Ireland. The full consolidated accounts for the Charbay Limited Group can be obtained from the following address:

 

Unit B7, Riverview Business Park

Nangor Road

Dublin

Dublin 12.

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