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Registered number: 01344170










SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
COMPANY INFORMATION


Director
G L Beatty 




Company secretary
Gray's Inn Secretaries Limited



Registered number
01344170



Registered office
One Fleet Place

London

EC4M 7WS




Independent auditors
BW Audit Limited
Chartered Accountants & Statutory Auditors

Berry & Warren

54 Thorpe Road

Norwich

NR1 1RY





 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 40


 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The group consists of Survival Systems International (UK) Limited together with its trading subsidiaries as detailed in the notes to the financial statements.  The group operates in the eastern hemisphere supporting its parent company Survival Systems International Inc. which operates in the western hemisphere.
The group's principal activities during the year were service, hire, repair and modification of marine survival equipment and steel fabrication.

Goals and objectives
 
The group aims to provide its clients with a first class and cost effective service.  We are determined that we will fulfil their expectations and to keep their employees safe when operating in dangerous environments.
We have many years of experience in providing services and equipment to our clients and use the latest communication technology so as to be able to utilise this experience wherever in the world this is required.
The group aims to grow by the formation of trading subsidiaries strategically placed in the eastern hemisphere in order to be best placed to work with our customers.

Principal risks and uncertainties
 
Due to the sector in which the group operates, a significant risk exists in relation to changing demand dependent on economic factors.
The group addresses this risk by building on existing client relations, with both external clients and suppliers.  It also continues to look for further strategic locations to form subsidiaries and attract new customers.  By diversifying its customer and location bases the group believes it is strategically placed to deal with most significant changes in economic factors.
A further significant risk to the group's business is that of regulatory compliance and change.
The group trades significantly overseas and has significant exposure to foreign currency risks.
The group has set up subsidiaries close to its customers so as to trade in local currencies and to reduce foreign exchange risk as far as possible.  The group does not use forward exchange contracts but continues to monitor this risk area in order to assess whether this will become appropriate.

Page 1

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Review of year and key performance indicators
 
Despite the continued impact of the current global economic environment, the group's turnover has seen an increase of 8.7% compared with the previous year, up to £12,195,986 from £11,219,263.
In the year the group made a profit after tax of £273,999 with a net decrease in cash of £153,443 before foreign exchange.  Capital and reserves increased by £528,929 after the impact of foreign currency translations of foreign subsidiaries.
In addition to the annual results reported here, key performance indicators such as turnover, net profit and cash flow, are reported upon on a monthly basis, benchmarking ongoing performance against targeted results.  The directors do not consider that any further analysis using non-financial KPIs is necessary for an understanding of the performance and position of the group.
Overall management is satisfied with the results and year end position following the challenges faced during 2024 and is optimistic of the future outlook, as discussed below.

Future outlook
 
The group believes that it will continue to come back from a difficult few years and continue its return to profitability as we are now well placed to take advantage of opportunities in the UK and overseas and post year end at the time of writing we are seeing a return to normal trading conditions with oil and gas operators investing with opportunities arising from life extension of assets and decommissioned rigs being reactivated. Alongside this we are seizing opportunities to take on new clients with a customer focused approach  and have increased our foothold further in the maritime sector with a dedicated approach.
As a group we are forecasting significant growth.
We shall continue to strive to provide excellent service for all of our clients and listen to their requirements.


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



G L Beatty
Director

Date: 13 January 2025

Page 2

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Director presents his report and the financial statements for the year ended 31 March 2024.

Director's responsibilities statement

The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with 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 Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Director is required to:


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

make judgements 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 Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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 year, after taxation, amounted to £273,999 (2023 - loss £48,707).

Director

The Director who served during the year was:

G L Beatty 

Matters covered in the Group Strategic Report

Information previously included in the Director's report in respect of the business review, future developments, key performance indicators and principal risks and uncertainties can now be found in the Strategic report as required by S414c(11).

Page 3

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

The Director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he 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.

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





G L Beatty
Director

Date: 13 January 2025

Page 4

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 

Opinion

We have audited the financial statements of Survival Systems International (UK) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, 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 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 Director 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 Auditors' Report thereon. The Director is 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.

Page 5

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006

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

the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of 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 Director's 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 Director's 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 Director's Responsibilities Statement set out on page 3, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Director is responsible for assessing the 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 Director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SURVIVAL SYSTEMS INTERNATIONAL (UK) 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 objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both the management and those charged with governance of the Group.
Due to the field in which the Group operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the Group's ability to operate including health and safety; employment law, and compliance with various other regulations relevant to the Group's operations.
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:
 
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, potential litigation or claims and fraud;
Reviewing legal and professional fees for indicators of litigation;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Reviewing board minutes and any relevant correspondence with external authorities;
Assessing the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance;
Challenging assumptions and judgments made by management in their significant accounting estimates;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of any significant transactions outside the normal course of business.

Due to 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 7

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SURVIVAL SYSTEMS INTERNATIONAL (UK) 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.




Joanne Fox BA FCA (Senior Statutory Auditor)
for and on behalf of
BW Audit Limited
Chartered Accountants
Statutory Auditors
Berry & Warren
54 Thorpe Road
Norwich
NR1 1RY

14 January 2025
Page 8

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,195,986
11,219,263

Cost of sales
  
(4,750,407)
(5,177,556)

Gross profit
  
7,445,579
6,041,707

Distribution costs
  
(91,394)
(107,912)

Administrative expenses
  
(6,732,414)
(5,832,253)

Other operating income
 5 
165,977
65,452

Operating profit
 6 
787,748
166,994

Interest receivable and similar income
 9 
29,506
2,583

Interest payable and similar expenses
 10 
(253,984)
(118,769)

Profit before taxation
  
563,270
50,808

Tax on profit
 11 
(289,271)
(99,515)

Profit/(loss) for the financial year
  
273,999
(48,707)

  

Currency translation differences
  
254,930
(102,589)

Total comprehensive income for the year
  
528,929
(151,296)

Profit/(loss) for the year attributable to:
  

Owners of the parent Company
  
273,999
(48,707)

  
273,999
(48,707)

The notes on pages 19 to 40 form part of these financial statements.

Page 9

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
REGISTERED NUMBER: 01344170

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
8,314
12,409

Tangible assets
 13 
2,735,213
2,084,243

  
2,743,527
2,096,652

Current assets
  

Stocks
 15 
2,461,457
2,201,330

Debtors: amounts falling due within one year
 16 
4,131,926
3,891,989

Cash at bank and in hand
 17 
424,935
664,827

  
7,018,318
6,758,146

Creditors: amounts falling due within one year
 18 
(6,325,838)
(6,579,036)

Net current assets
  
 
 
692,480
 
 
179,110

Total assets less current liabilities
  
3,436,007
2,275,762

Creditors: amounts falling due after more than one year
 19 
(752,578)
(235,488)

Provisions for liabilities
  

Deferred taxation
 22 
(172,060)
(57,834)

  
 
 
(172,060)
 
 
(57,834)

Net assets
  
2,511,369
1,982,440


Capital and reserves
  

Called up share capital 
 23 
45,000
45,000

Profit and loss account
 24 
2,466,369
1,937,440

  
2,511,369
1,982,440


Page 10

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
REGISTERED NUMBER: 01344170
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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




G L Beatty
Director

Date: 13 January 2025

Page 11

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
REGISTERED NUMBER: 01344170

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
8,314
12,409

Tangible assets
 13 
1,182,956
1,155,928

Investments
 14 
610,466
610,466

  
1,801,736
1,778,803

Current assets
  

Stocks
 15 
715,680
686,565

Debtors: amounts falling due within one year
 16 
3,339,113
2,943,921

Cash at bank and in hand
 17 
114,954
508,470

  
4,169,747
4,138,956

Creditors: amounts falling due within one year
 18 
(4,037,677)
(4,163,130)

Net current assets/(liabilities)
  
 
 
132,070
 
 
(24,174)

Total assets less current liabilities
  
1,933,806
1,754,629

  

Creditors: amounts falling due after more than one year
 19 
(167,732)
(176,967)

Provisions for liabilities
  

Deferred taxation
 22 
(169,351)
(54,134)

  
 
 
(169,351)
 
 
(54,134)

Net assets
  
1,596,723
1,523,528


Capital and reserves
  

Called up share capital 
 23 
45,000
45,000

Profit and loss account brought forward
  
1,478,528
1,356,265

Profit for the year
  
73,195
122,263

Profit and loss account carried forward
  
1,551,723
1,478,528

  
1,596,723
1,523,528


Page 12

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
REGISTERED NUMBER: 01344170
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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


G L Beatty
Director

Date: 13 January 2025

Page 13

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
45,000
2,088,736
2,133,736


Comprehensive income for the year

Loss for the year
-
(48,707)
(48,707)

Currency translation differences
-
(102,589)
(102,589)



At 1 April 2023
45,000
1,937,440
1,982,440


Comprehensive income for the year

Profit for the year
-
273,999
273,999

Currency translation differences
-
254,930
254,930


At 31 March 2024
45,000
2,466,369
2,511,369


The notes on pages 19 to 40 form part of these financial statements.

Page 14

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
45,000
1,356,265
1,401,265


Comprehensive income for the year

Profit for the year
-
122,263
122,263



At 1 April 2023
45,000
1,478,528
1,523,528


Comprehensive income for the year

Profit for the year
-
73,195
73,195


At 31 March 2024
45,000
1,551,723
1,596,723


The notes on pages 19 to 40 form part of these financial statements.

Page 15

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
273,999
(48,707)

Adjustments for:

Amortisation of intangible assets
4,095
6,112

Depreciation of tangible assets
342,242
342,111

Profit on disposal of tangible assets
28,172
(2,991)

Interest paid
320,683
118,769

Interest received
(29,359)
(2,583)

Taxation charge
289,271
99,515

(Increase) in stocks
(260,126)
(270,093)

(Increase) in debtors
(239,937)
(409,781)

Decrease in amounts owed by groups
-
235,214

Increase in creditors
1,205,255
931,128

(Decrease)/increase in amounts owed to groups
(920,513)
(486,733)

Corporation tax (paid)/received
(145,673)
(74,350)

Net cash generated from operating activities

868,109
437,611


Cash flows from investing activities

Purchase of tangible fixed assets
(1,198,587)
(416,010)

Sale of tangible fixed assets
44,771
4,634

Interest received
29,359
2,583

Net cash from investing activities

(1,124,457)
(408,793)

Cash flows from financing activities

New secured loans
901,461
5,172

Repayment of loans
(447,082)
-

Repayment of/new finance leases
(30,791)
4,484

Interest paid
(320,683)
(118,769)

Net cash used in financing activities
102,905
(109,113)

Net (decrease) in cash and cash equivalents
(153,443)
(80,295)

Cash and cash equivalents at beginning of year
(518,796)
(353,945)

Foreign exchange gains and losses
387,362
(84,556)

Cash and cash equivalents at the end of year
(284,877)
(518,796)

Page 16

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
424,935
664,827

Bank overdrafts
(709,812)
(1,183,623)

(284,877)
(518,796)


The notes on pages 19 to 40 form part of these financial statements.

Page 17

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
Other non-cash changes
At 31 March 2024
£

£

£

£

Cash at bank and in hand

664,827

(239,892)

-

424,935

Bank overdrafts

(1,183,623)

473,811

-

(709,812)

Debt due after 1 year

(151,487)

-

2,962

(148,525)

Debt due within 1 year

(516,979)

(454,379)

(2,962)

(974,320)

Finance leases

(190,411)

30,791

-

(159,620)


(1,377,673)
(189,669)
-
(1,567,342)

The notes on pages 19 to 40 form part of these financial statements.

Page 18

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Survival Systems International (UK) Limited is a private company limited by shares, registered in England & Wales and incorporated under the Companies Act 2006.  The registered office is One Fleet Place, London EC4M 7WS.  The principal place of business is Viking Road, Great Yarmouth, Norfolk NR31 0NU.  The nature of the company's operations and activities is set out 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 judgement 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 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 Balance Sheet, 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.

Page 19

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis.  Along with many businesses in the offshore industry the company and the group have experienced a difficult time in recent years, which was compounded by the coronavirus pandemic and the general economic climate. The company and the group are positive about the future outlook and opportunities arising and expect to continue to trade for the forseeable future with the continuing support of their bankers and parent company. In making this assessment the director has reviewed post year end and forward looking information, covering a period of at least twelve months from the date of signing these financial statements.
The company has not fully met the financial covenants attached to one of the bank loans and therefore this loan has been classified as falling due within one year.  The company has worked closely with the bank, both during and since the year end, and they remain supportive of the company and are expected to remain so for the forseeable future.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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-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.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Turnover 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 turnover 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.

 
2.6

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.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 21

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Interest income

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

 
2.9

Finance costs

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

 
2.10

Borrowing costs

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

 
2.11

Current and deferred taxation

The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.

Page 22

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
 
it is technically feasible to complete the intangible asset so that it will be available for use of sale;
there is the intention to complete the intangible asset and use or sell it;
there is the ability to use or sell the intangible asset;
the use or sale of the intangible asset will generate probable future economic benefits;
there are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
the expenditure attributable to the intangible asset during its development can be measured reliably.
 
Expenditure that does not meet the above criteria is expensed as incurred.
Development costs are amortised at 33% on a reducing balance basis.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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.

Page 23

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
over 50 years reducing balance
Improvements to freehold property
-
over 10 years straight line
Short-term leasehold property
-
over the period of the lease straight line
Plant and machinery
-
over 2 to 10 years straight line
Motor vehicles
-
25% - 33% reducing balance

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

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

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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, costs of conversion and other costs incurred in bringing the stock to its present location and condition. 
Work in progress is calculated based upon direct costs and labour.

Individual contracts are considered at the year end and where appropriate a proportion of sales, costs and profit are recognised in the statement of comprehensive income.  Provision is made for any foreseeable losses where appropriate.

Page 24

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

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.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

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.

 
2.20

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the
Page 25

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 26

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  The resulting accounting estimates will, by definition seldom equal the related actual results.  Any subsequent changes are accounted for with an effect on income at the time such updated information is available.
The estimates and assumptions that have a significant effect on the carrying amounts of assets and liabilities are as follows:
Stock impairment
The company establishes impairments of stock based on reasonable estimates.  The amount of impairment is based on their experience of sales prices and volumes.
Management estimation is required to determine whether a particular stock line is impaired, and if so, by how much.
Recoverability of intercompany balances
Intercompany balances are reviewed regularly for indicators of impairment.  Whilst every attempt is made to ensure the provisions are as accurate as possible, this is ultimately a management judgement and there remains a risk that the provision does not match the level of debts which may prove to be irrecoverable.


4.


Turnover

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


2024
2023
£
£

Sales of goods
2,830,764
4,035,592

Rendering of services
8,949,901
6,368,779

Hire of equipment
415,321
814,892

12,195,986
11,219,263


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
4,488,678
3,411,286

Rest of Europe
220,174
294,063

Rest of the world
7,487,134
7,513,914

12,195,986
11,219,263


Page 27

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income

2024
2023
£
£

Commissions receivable
134,363
42,294

SSI certification and sales
31,614
23,158

165,977
65,452



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
646,891
(1,540)

Other operating lease rentals
303,776
260,780


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
39,900
38,750


8.


Staff costs

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,603,703
3,905,925
2,902,143
3,905,925

Social security costs
300,385
253,470
300,385
253,470

Pension contributions
109,992
111,225
109,992
111,225

5,014,080
4,270,620
3,312,520
4,270,620

Page 28

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Staff costs (continued)






The average monthly number of employees, including the Director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Technicians
78
79
29
25



Administration
41
42
25
25

119
121
54
50


9.


Interest receivable

2024
2023
£
£


Other interest receivable
29,506
2,583

29,506
2,583


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
253,984
118,769

253,984
118,769

Page 29

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
175,045
99,515


175,045
99,515


Total current tax
175,045
99,515

Deferred tax


Origination and reversal of timing differences
114,226
-

Total deferred tax
114,226
-


Taxation on profit on ordinary activities
289,271
99,515

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
563,270
50,808


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
102,610
9,654

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,901
9,451

Utilisation of tax losses
24,938
(32,671)

Higher rate taxes on overseas earnings
78,291
113,081

Short-term timing difference leading to an increase (decrease) in taxation
65,531
-

Total tax charge for the year
289,271
99,515

Page 30

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Intangible assets

Group





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 April 2023
71,454
24,185
95,639



At 31 March 2024

71,454
24,185
95,639



Amortisation


At 1 April 2023
59,045
24,185
83,230


Charge for the year on owned assets
4,095
-
4,095



At 31 March 2024

63,140
24,185
87,325



Net book value



At 31 March 2024
8,314
-
8,314



At 31 March 2023
12,409
-
12,409


Development costs relate to costs incurred to date for developing new methods of repairing and refurbishing marine survival equipment.  Amortisation is included within administration expenses.


Page 31

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
           12.Intangible assets (continued)

Company




Development expenditure

£



Cost


At 1 April 2023
71,454



At 31 March 2024

71,454



Amortisation


At 1 April 2023
59,045


Charge for the year
4,095



At 31 March 2024

63,140



Net book value



At 31 March 2024
8,314



At 31 March 2023
12,409

Page 32

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
1,136,136
2,924,553
281,903
4,342,592


Additions
832,925
325,667
39,995
1,198,587


Disposals
(119,225)
(3,823)
(3,745)
(126,793)


Exchange adjustments
(9,203)
(172,445)
(24,623)
(206,271)



At 31 March 2024

1,840,633
3,073,952
293,530
5,208,115



Depreciation


At 1 April 2023
358,105
1,730,761
169,483
2,258,349


Charge for the year on owned assets
36,489
279,240
26,513
342,242


Disposals
(48,683)
(2,512)
(2,655)
(53,850)


Exchange adjustments
(3,746)
(55,801)
(14,292)
(73,839)



At 31 March 2024

342,165
1,951,688
179,049
2,472,902



Net book value



At 31 March 2024
1,498,468
1,122,264
114,481
2,735,213



At 31 March 2023
778,031
1,193,792
112,420
2,084,243

Included within freehold property is freehold land at a cost of £90,000 which is not depreciated.
Included within the net book value of £2,735,213 is £118,822 (2023: £134,114) relating to assets held under hire purchase agreements.

Page 33

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           13.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£

Cost or valuation


At 1 April 2023
827,908
1,324,281
84,379
2,236,568


Additions
35,110
74,256
39,995
149,361


Disposals
-
(2,032)
(3,745)
(5,777)



At 31 March 2024

863,018
1,396,505
120,629
2,380,152



Depreciation


At 1 April 2023
214,939
806,200
59,501
1,080,640


Charge for the year on owned assets
17,917
95,967
6,942
120,826


Disposals
-
(1,615)
(2,655)
(4,270)



At 31 March 2024

232,856
900,552
63,788
1,197,196



Net book value



At 31 March 2024
630,162
495,953
56,841
1,182,956



At 31 March 2023
612,969
518,081
24,878
1,155,928

Included within freehold property is freehold land at a cost of £90,000 which is not depreciated.
Included within the net book value of £1,182,956 is £118,822 (2023: £134,114) relating to assets held under hire purchase agreements.






Page 34

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
610,466



At 31 March 2024
610,466





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Survival Systems International Asia Sdn Bhd
Malaysia
Ordinary
100%
Survival Systems International Middle East LLC
United Arab Emirates
Ordinary
100%
Survival Systems International Australia Pty Ltd
Australia
Ordinary
100%
Survival Systems International Singapore Pte Ltd
Singapore
Ordinary
100%
Survival Systems International Marine Services LLC
United Arab Emirates
Ordinary
100%
Survival Systems West Africa Nigeria Limited
Nigeria
Ordinary
100%


15.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Stock
1,876,260
1,601,881
358,904
375,529

Work in progress
585,197
599,449
356,776
311,036

2,461,457
2,201,330
715,680
686,565


An impairment loss of £107,571 (2023: £58,969) was recognised in cost of sales against stock during the year to provide for slow-moving and obsolete stock.

Page 35

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,601,986
2,541,445
1,142,798
1,023,003

Amounts owed by group undertakings
-
-
1,529,608
1,582,354

Other debtors
140,009
12,813
73,260
-

Prepayments and accrued income
1,389,931
1,337,731
593,447
338,564

4,131,926
3,891,989
3,339,113
2,943,921



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
424,935
664,827
114,954
508,470

Less: bank overdrafts
(709,812)
(1,183,623)
(697,594)
(1,171,285)

(284,877)
(518,796)
(582,640)
(662,815)


Page 36

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
709,812
1,183,623
697,594
1,171,285

Bank loans
442,265
516,979
433,768
418,861

Trade creditors
1,872,435
1,212,990
684,192
760,001

Amounts owed to group undertakings
787,162
1,707,675
606,242
725,006

Corporation tax
65,754
36,381
57,458
-

Other taxation and social security
1,075,625
748,587
1,012,062
716,471

Obligations under finance lease and hire purchase contracts
87,622
106,410
12,732
58,990

Other creditors
339,632
283,237
116,574
72,049

Accruals and deferred income
945,531
783,154
417,055
240,467

6,325,838
6,579,036
4,037,677
4,163,130


Liabilities under bank loans and overdrafts are secured on the group's freehold property.
Liabilities under hire purchase agreements are secured on the assets to which they relate. 
The company has not fully met the financial covenants attached to one of the bank loans and therefore this loan has been classified as falling due within one year.  The company has worked closely with the bank, both during and since the year end and they remain supportive of the company and are expected to remain so for the forseeable future.


19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
680,580
151,487
139,732
138,888

Net obligations under finance leases and hire purchase contracts
71,998
84,001
28,000
38,079

752,578
235,488
167,732
176,967


The company bank loan represents a Coronavirus Business Interruption Loan over a term of six years, with interest charged at 3.99% per annum above the BofE base rate.  No capital repayments were due for the initial 18 months of the loan. The government has provided a limited guarantee of 80% of the loan capital.
Liabilities under hire purchase agreements are secured on the assets to which they relate. 

Page 37

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
442,265
516,979
433,768
418,861


442,265
516,979
433,768
418,861

Amounts falling due 1-2 years

Bank loans
680,580
151,487
139,732
138,888


680,580
151,487
139,732
138,888



1,122,845
668,466
573,500
557,749



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
87,622
106,410
12,732
58,990

Between 1-5 years
71,998
84,001
28,000
38,079

159,620
190,411
40,732
97,069

Page 38

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Deferred taxation


Group



2024


£






At beginning of year
57,834


Credited to profit or loss
114,226



At end of year
172,060

Company


2024


£






At beginning of year
54,134


Charged to profit or loss
115,217



At end of year
169,351

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
172,060
57,834
169,351
54,134

172,060
57,834
169,351
54,134


The amount of the net decrease of deferred tax expected to occur next year is £20,727 relating to timing difference on tangible fixed assets.


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



45,000 (2023 - 45,000) Ordinary shares of £1.00 each
45,000
45,000


Page 39

 
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Reserves

Profit and loss account

Profit and loss account represents retained earnings and accumulated losses recognised in the statement of comprehensive income.


25.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
63,057
50,365
23,993
8,700

Later than 1 year and not later than 5 years
62,332
32,002
32,713
17,184

125,389
82,367
56,706
25,884


26.


Related party transactions

The company has taken advantage of the exemption conferred by FRS102 from disclosing transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

The cost of compensation paid in respect of key management personnel during the year was £176,721 (2023: £132,614).


27.


Controlling party

The immediate and ultimate parent company is Survival Systems International Inc, a company registered in the United States of America and controlled by G L Beatty.  It has included the company in its group accounts, copies of which are available from its registered office: 34140 Valley Center Road, PO Box 1855, Valley Center, California, 92082 USA.

 
Page 40