Company registration number 06283890 (England and Wales)
PQS SURVEY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PQS SURVEY LIMITED
COMPANY INFORMATION
Directors
Mr C E Pick
Mr D Clare
Mrs K L Lickley
Mr A Jarvis
(Appointed 1 June 2025)
Secretary
Mrs A Pick
Company number
06283890
Registered office
Axis House
24/40 Pontefract Lane
Leeds
West Yorkshire
LS9 8HY
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
PQS SURVEY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
PQS SURVEY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Principal activities

We are one of the UK’s largest independent supplier of survey and safety equipment to various industries including construction, local government and house building.

Review of the business

We are continuing to focus on developing and growing the business. This has been seen in the increase in turnover to £1 2.0 million (FY2 4 £10.3 million), an increase of 16.2%. This continued growth has been seen through the following initiatives and developments:

- Continued investment in our hire fleet including significant investment in machine control assets.

- We have made major investment in new IT systems with the implementation of three major IT systems during the year. These were InspHire our main business ERP system, Sage 200 our new financial system and Breathe HR.

- We have been applying cost reviews to ensure we are achieving best value.

- We continue to manage working capital closely to ensure that we have strong liquidity.

- Our focus on staff recruitment, retention and development continues and the company is continuing to invest in its people and processes to ensure future demand can be serviced with the usual high level of operational performance.

Principal risks and uncertainties

Market overview

The markets in which we operate are mainly construction industries and the current Labour government is looking for growth and is therefore seeking to support investment. Modest growth is predicted for the UK in the medium term for the construction industry as output is growing but very modestly.

- Infrastructure work is one of the stronger areas, with investment in power, water and transport ongoing.

- Repair, maintenance and improvement (R&M) remains comparatively stable, often outperforming some new-build sectors, especially residential.

- Residential (New build) is facing weakness and current demand is subdued, mortgage rates are still relatively high, so affordability is an issue. New build is expected to be flat (or slightly contracting) in the short term before improving in 2026/27.

- Industrial Construction is more positive as projects linked to advanced manufacturing and defence are giving a boost.

Interest rates

Interest rates have r educed from the peak of 5% at the start of the year to its current level of 4%. They are likely to remain at the current levels in the near term.

Credit control

Credit risk is managed by credit checking customers, agreeing payment terms in advance as well as seeking upfront and on-going progress payments. Appropriate credit control procedures are in place with an element of credit insurance to mitigate credit risk. Where credit risk is deemed to be high customer contracts provide for payments to be made prior to dispatch.

Suppliers

The Company has existing long-term relationships with key suppliers, but still looks to engage with new suppliers to both strengthen and expand the product range. Product quality remains a key focus.

PQS SURVEY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Liquidity risk

To maintain enough liquidity the company utilises its operational cashflows and debt financing. Both Invoice financing and asset finance facilities are in place and available and are used as appropriate.

Other risks

The board continually reviews the business exposure to price, costs and other financial risks and it is satisfied that these are adequately addressed.

Key performance indicators

The company’s key financial performance indicators in the year were as follows:

| 2025 | 2024
| £'000 | £'000
Turnover | 11,958 | 10,288
Gross Profit % | 53.0% | 48.9%
Profit before tax | 81 6 | 377

Other information and explanations

The Company has taken additional steps to ensure the prompt collection of debt from its customers. It’s debtor days are on average are 49 days (FY2 4: 5 0 days).

On behalf of the board

Mr C E Pick
Director
13 November 2025
PQS SURVEY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Results and dividends

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

Ordinary dividends were paid amounting to £231,050. The directors do not recommend payment of a final dividend.

Directors

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

Mr C E Pick
Mr D Clare
Mrs K L Lickley
Mr A Jarvis
(Appointed 1 June 2025)
Auditor

In accordance with the company's articles, a resolution proposing that BHP LLP be reappointed as auditor of the company will be put at a General Meeting.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr C E Pick
Director
13 November 2025
PQS SURVEY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

PQS SURVEY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PQS SURVEY LIMITED
- 5 -
Opinion

We have audited the financial statements of PQS Survey Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PQS SURVEY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PQS SURVEY LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner/responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the trade;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;

- we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risks of fraud through management bias and override controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

PQS SURVEY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PQS SURVEY LIMITED (CONTINUED)
- 7 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud

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.

Lesley Kendrew (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
13 November 2025
PQS SURVEY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
11,958,830
10,288,307
Cost of sales
(5,623,037)
(5,261,700)
Gross profit
6,335,793
5,026,607
Administrative expenses
(5,407,991)
(4,606,937)
Other operating income
29,500
39,000
Operating profit
4
957,302
458,670
Interest receivable and similar income
7
247
1,111
Interest payable and similar expenses
8
(142,006)
(82,797)
Profit before taxation
815,543
376,984
Tax on profit
9
(176,709)
(140,000)
Profit for the financial year
638,834
236,984

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PQS SURVEY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,969,572
5,067,502
Investments
13
23,175
23,175
5,992,747
5,090,677
Current assets
Stocks
14
1,254,976
810,903
Debtors
15
2,788,673
2,562,614
Cash at bank and in hand
43,871
35,144
4,087,520
3,408,661
Creditors: amounts falling due within one year
16
(4,548,998)
(3,617,360)
Net current liabilities
(461,478)
(208,699)
Total assets less current liabilities
5,531,269
4,881,978
Creditors: amounts falling due after more than one year
17
(944,361)
(767,854)
Provisions for liabilities
Deferred tax liability
19
965,000
900,000
(965,000)
(900,000)
Net assets
3,621,908
3,214,124
Capital and reserves
Called up share capital
21
120
120
Share premium account
693
693
Capital redemption reserve
7
7
Profit and loss reserves
3,621,088
3,213,304
Total equity
3,621,908
3,214,124

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 13 November 2025 and are signed on its behalf by:
Mr C E Pick
Director
Company registration number 06283890 (England and Wales)
PQS SURVEY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
120
693
7
3,262,243
3,263,063
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
236,984
236,984
Dividends
10
-
-
-
(285,923)
(285,923)
Balance at 31 March 2024
120
693
7
3,213,304
3,214,124
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
638,834
638,834
Dividends
10
-
-
-
(231,050)
(231,050)
Balance at 31 March 2025
120
693
7
3,621,088
3,621,908
PQS SURVEY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,918,271
1,773,691
Interest paid
(142,006)
(82,797)
Income taxes refunded
79,611
1,070
Net cash inflow from operating activities
1,855,876
1,691,964
Investing activities
Purchase of tangible fixed assets
(2,791,546)
(2,407,728)
Proceeds from disposal of tangible fixed assets
451,086
527,291
Repayment / (payment) of loans
3,169
(3,169)
Interest received
247
1,111
Net cash used in investing activities
(2,337,044)
(1,882,495)
Financing activities
Proceeds from borrowings for asset purchases
1,390,424
1,420,996
Invoice finance drawdown / (repayment)
269,667
(138,429)
Payment of finance leases obligations
(939,146)
(1,129,919)
Dividends paid
(231,050)
(285,923)
Net cash generated from/(used in) financing activities
489,895
(133,275)
Net increase/(decrease) in cash and cash equivalents
8,727
(323,806)
Cash and cash equivalents at beginning of year
35,144
358,950
Cash and cash equivalents at end of year
43,871
35,144
PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

PQS Survey Limited is a private company limited by shares incorporated in England and Wales. The registered office is Axis House, 24/40 Pontefract Lane, Leeds, West Yorkshire, LS9 8HY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Going concern

At the time of approving the financial statements, the directors have prepared forecasts and cashflows for a period of at least twelve months from the signing date of these financial statement s. T he 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.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which 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 contracts for the provision of professional services 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 recover able.

PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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:

Leasehold improvements
20% reducing balance
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.9
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.

1.10
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 balance sheet 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 and cash and bank balances, 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.

PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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 paymen ts 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. A m ounts 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.

PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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 s ubsequently 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 th r ough 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.

1.11
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.

1.12
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 profit and loss account 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

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.15
Leases
As lessee

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 balance sheet 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.

2
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of tangible fixed assets

Tangible fixed assets are depreciated over their useful life. Useful lives are based on management's estimates of the periods within which the assets will generate revenue and which are periodically reviewed for continued appropriateness. Changes to judgements can result in significant variations in the carrying value and amounts charged to the Statement of Comprehensive Income.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Unit sales
4,352,163
4,186,027
Hire sales
7,606,667
6,102,280
11,958,830
10,288,307
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
11,958,830
10,288,307
PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 18 -
2025
2024
£
£
Other revenue
Interest income
247
1,111
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
17,000
16,000
Depreciation of owned tangible fixed assets
301,907
437,687
Depreciation of tangible fixed assets held under finance leases
1,246,426
879,931
Profit on disposal of tangible fixed assets
(109,943)
(222,244)
5
Employees

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

2025
2024
Number
Number
Directors
3
3
Administration and support
11
11
Sales and operations
49
46
Distribution
19
15
Total
82
75

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,027,962
2,666,238
Social security costs
306,883
256,190
Pension costs
73,157
53,370
3,408,002
2,975,798
PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
352,570
348,617
Company pension contributions to defined contribution schemes
21,556
9,126
374,126
357,743

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
168,318
168,865
Company pension contributions to defined contribution schemes
10,000
4,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
46
854
Other interest income
201
257
Total income
247
1,111
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
46
854
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
3,095
Interest on invoice finance arrangements
51,932
-
0
51,932
3,095
Other finance costs:
Interest on finance leases and hire purchase contracts
90,074
79,702
142,006
82,797
PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
119,050
-
0
Adjustments in respect of prior periods
(7,341)
-
0
Total current tax
111,709
-
0
Deferred tax
Origination and reversal of timing differences
65,000
140,000
Total tax charge
176,709
140,000

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:

2025
2024
£
£
Profit before taxation
815,543
376,984
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
203,886
94,246
Tax effect of expenses that are not deductible in determining taxable profit
13,346
8,437
Under/(over) provided in prior years
(7,341)
-
0
Movement in deferred tax not recognised
(36,782)
36,558
Fixed asset differences
3,600
759
Taxation charge for the year
176,709
140,000
10
Dividends
2025
2024
£
£
Interim paid
231,050
285,923
PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
15,000
Amortisation and impairment
At 1 April 2024 and 31 March 2025
15,000
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
12
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
194,678
8,209,941
172,840
1,033,559
9,611,018
Additions
-
0
2,467,154
64,474
259,918
2,791,546
Disposals
-
0
(704,105)
-
0
(180,097)
(884,202)
At 31 March 2025
194,678
9,972,990
237,314
1,113,380
11,518,362
Depreciation and impairment
At 1 April 2024
65,164
4,059,995
45,735
372,622
4,543,516
Depreciation charged in the year
25,875
1,287,333
38,114
197,011
1,548,333
Eliminated in respect of disposals
-
0
(458,850)
-
0
(84,209)
(543,059)
At 31 March 2025
91,039
4,888,478
83,849
485,424
5,548,790
Carrying amount
At 31 March 2025
103,639
5,084,512
153,465
627,956
5,969,572
At 31 March 2024
129,514
4,149,946
127,105
660,937
5,067,502

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
2,032,138
1,592,768
Motor vehicles
384,492
426,851
2,416,630
2,019,619
PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
13
Fixed asset investments
2025
2024
£
£
Investments
23,175
23,175

The unlisted investment relates to preference shares issued by Synthotech Limited to replace the previously held ordinary A shares in HMG Water Solutions Limited.

14
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,254,976
810,903
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,579,631
2,223,608
Corporation tax recoverable
-
0
72,270
Other debtors
115,748
183,087
Prepayments and accrued income
93,294
83,649
2,788,673
2,562,614
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
18
1,043,116
768,345
Other borrowings
965,336
695,669
Trade creditors
1,744,579
1,527,014
Corporation tax
119,050
-
0
Other taxation and social security
288,986
294,846
Other creditors
82,503
73,069
Accruals and deferred income
305,428
258,417
4,548,998
3,617,360

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Other borrowings totalling £965,336 (2024 - £695,669) are secured by a charge over the company's assets

PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
944,361
767,854

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
1,043,116
768,345
In two to five years
944,361
767,854
1,987,477
1,536,199

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 2 to 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
965,000
900,000
2025
Movements in the year:
£
Liability at 1 April 2024
900,000
Charge to profit or loss
65,000
Liability at 31 March 2025
965,000
PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,157
53,370

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.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
70
70
70
70
Ordinary B shares of £1 each
15
15
15
15
Ordinary C shares of £1 each
20
20
20
20
Ordinary E shares of £1 each
15
15
15
15
120
120
120
120
22
Financial commitments, guarantees and contingent liabilities

The company has a cross guarantee and debenture in place with PQS Properties Limited dated 19 August 2019.

23
Operating lease commitments

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:

2025
2024
£
£
Within 1 year
300,193
297,840
Years 2-5
797,549
959,742
After 5 years
162,750
300,750
1,260,492
1,558,332
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
24
Related party transactions
(Continued)
- 25 -
Management charge income
Management charge income
2025
2024
£
£
Other related parties
29,500
39,000
Direct costs
Rent payable
2025
2024
2025
2024
£
£
£
£
Other related parties
367,110
365,840
250,369
233,126

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Other related parties
185,549
183,727
2025
2024
Amounts due from related parties
£
£
Other related parties
113,726
182,749
25
Directors' transactions

Dividends totalling £231,050 (2024 - £272,918) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted to the company by its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr C E Pick - Director Loan Account
-
(52,101)
84,847
(53,900)
(21,154)
Mr D Clare - Director Loan Account
-
3,169
131,919
(177,150)
(42,062)
(48,932)
216,766
(231,050)
(63,216)
26
Control

The company was controlled throughout the year by the directors and their famil ies who collectively own 100% of the issued share capital.

PQS SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
27
Cash generated from operations
2025
2024
£
£
Profit after taxation
638,834
236,984
Adjustments for:
Taxation charged
176,709
140,000
Finance costs
142,006
82,797
Investment income
(247)
(1,111)
Gain on disposal of tangible fixed assets
(109,943)
(222,244)
Depreciation and impairment of tangible fixed assets
1,548,333
1,317,618
Movements in working capital:
Increase in stocks
(444,073)
(76,805)
(Increase)/decrease in debtors
(301,498)
496,249
Increase/(decrease) in creditors
268,150
(199,797)
Cash generated from operations
1,918,271
1,773,691
28
Analysis of changes in net debt
1 April 2024
Cash flows
New leases
31 March 2025
£
£
£
£
Cash at bank and in hand
35,144
8,727
-
43,871
Borrowings excluding overdrafts
(695,669)
(269,667)
-
(965,336)
Lease liabilities
(1,536,199)
939,146
(1,390,424)
(1,987,477)
(2,196,724)
678,206
(1,390,424)
(2,908,942)
29
Prior period adjustment

The comparative column within the Statement of Cash Flows has been restated to show the gross purchase cost of tangible fixed assets and the corresponding borrowing income.

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