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Registered number: 01344170 SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED COMPANY INFORMATION
Directors | G L Beatty
| G W Teece
Company secretary | Gray's Inn Secretaries Limited
Registered number | 01344170
Registered office | One Fleet Place
| London
| EC4M 7WS
Independent auditors | BW Audit Ltd
| Chartered Accountants & Statutory Auditors
| Berry & Warren
| 54 Thorpe Road
| Norwich
| NR1 1RY
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' 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 - 41
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
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.
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 3% compared with the previous year, up to £12,573,191 from £12,195,986. In the year the group made a profit after tax of £691,535 with a net decrease in cash of £318,363 before foreign exchange. Capital and reserves increased by £657,408 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 2025 and is optimistic of the future outlook, as discussed below. Page 1
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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 March 2026
Page 2
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make 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 Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £691,535 (2024 - £273,999). The Directors do not propose a dividend (2024 - £Nil).
Directors
The Directors who served during the year were:
G L Beatty
G W Teece
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 DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. This report was approved by the board and signed on its behalf.
G L Beatty Director
Date: 13 March 2026
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 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, 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 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 Group's and of the Parent Company's affairs as at 31 March 2025 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 Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual 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. 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 Directors' 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 Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 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 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Joanne Fox BA FCA (Senior Statutory Auditor) for and on behalf of BW Audit Ltd Chartered Accountants Statutory Auditors Berry & Warren 54 Thorpe Road Norwich NR1 1RY 17 March 2026 Page 8
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 12,573,191 | 12,195,986
Cost of sales |  | (5,009,956) | (4,750,407)
Gross profit |  | 7,563,235 | 7,445,579
Distribution costs |  | (132,130) | (91,394)
Administrative expenses |  | (6,665,149) | (6,732,414)
Other operating income | 5 | 200,199 | 165,977
Operating profit | 6 | 966,155 | 787,748
Interest receivable and similar income | 10 | 8,994 | 29,506
Interest payable and similar expenses | 11 | (148,780) | (253,984)
Profit before taxation |  | 826,369 | 563,270
Tax on profit | 12 | (134,834) | (289,271)
Profit for the financial year |  | 691,535 | 273,999
Currency translation differences |  | (34,127) | 254,930
Total comprehensive income for the year |  | 657,408 | 528,929
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 691,535 | 273,999
|  | 691,535 | 273,999
The notes on pages 19 to 41 form part of these financial statements.
Page 9
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED REGISTERED NUMBER: 01344170 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 5,570 |  | 8,314
Tangible assets | 14 |  | 2,640,872 |  | 2,735,213
|  |  | 2,646,442 |  | 2,743,527
Current assets |  |  |  |  |
Stocks | 16 | 2,304,214 |  | 2,461,457 |
Debtors: amounts falling due within one year | 17 | 4,592,630 |  | 4,131,926 |
Current asset investments |  | 67,620 |  | - |
Cash at bank and in hand | 19 | 491,069 |  | 424,935 |
|  | 7,455,533 |  | 7,018,318 |
Creditors: amounts falling due within one year | 20 | (6,136,107) |  | (6,325,838) |
Net current assets |  |  | 1,319,426 |  | 692,480
Total assets less current liabilities |  |  | 3,965,868 |  | 3,436,007
Creditors: amounts falling due after more than one year | 21 |  | (646,929) |  | (752,578)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (150,162) |  | (172,060) |
|  |  | (150,162) |  | (172,060)
Net assets |  |  | 3,168,777 |  | 2,511,369
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 45,000 |  | 45,000
Profit and loss account | 26 |  | 3,123,777 |  | 2,466,369
|  |  | 3,168,777 |  | 2,511,369
Page 10
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED REGISTERED NUMBER: 01344170 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 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 March 2026
Page 11
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED REGISTERED NUMBER: 01344170 COMPANY BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 5,570 |  | 8,314
Tangible assets | 14 |  | 1,119,703 |  | 1,182,956
Investments | 15 |  | 610,466 |  | 610,466
|  |  | 1,735,739 |  | 1,801,736
Current assets |  |  |  |  |
Stocks | 16 | 604,809 |  | 715,680 |
Debtors: amounts falling due within one year | 17 | 3,261,955 |  | 3,339,113 |
Cash at bank and in hand | 19 | 356,396 |  | 114,954 |
|  | 4,223,160 |  | 4,169,747 |
Creditors: amounts falling due within one year | 20 | (4,124,599) |  | (4,037,677) |
Net current assets |  |  | 98,561 |  | 132,070
Total assets less current liabilities |  |  | 1,834,300 |  | 1,933,806
Creditors: amounts falling due after more than one year | 21 |  | (94,818) |  | (167,732)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (147,453) |  | (169,351) |
|  |  | (147,453) |  | (169,351)
Net assets |  |  | 1,592,029 |  | 1,596,723
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 45,000 |  | 45,000
Profit and loss account brought forward |  | 1,551,723 |  | 1,478,528 |
Loss/(profit) for the year |  | (4,694) |  | 73,195 |
Profit and loss account carried forward |  |  | 1,547,029 |  | 1,551,723
|  |  | 1,592,029 |  | 1,596,723
Page 12
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED REGISTERED NUMBER: 01344170 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 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 March 2026
Page 13
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
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 1 April 2024 | 45,000 | 2,466,369 | 2,511,369
Comprehensive income for the year |  |  |
Profit for the year | - | 691,535 | 691,535
Currency translation differences | - | (34,127) | (34,127)
At 31 March 2025 | 45,000 | 3,123,777 | 3,168,777
| The notes on pages 19 to 41 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 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
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 1 April 2024 | 45,000 | 1,551,723 | 1,596,723
Comprehensive income for the year |  |  |
Loss for the year | - | (4,694) | (4,694)
At 31 March 2025 | 45,000 | 1,547,029 | 1,592,029
| The notes on pages 19 to 41 form part of these financial statements.
Page 15
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 691,535 | 273,999
Adjustments for: |  |
Amortisation of intangible assets | 2,744 | 4,095
Depreciation of tangible assets | 313,188 | 342,242
Loss on disposal of tangible assets | (41,089) | 28,172
Interest paid | 148,780 | 320,683
Interest received | (8,994) | (29,359)
Taxation charge | 134,834 | 289,271
Decrease/(increase) in stocks | 157,243 | (260,126)
(Increase) in debtors | (460,704) | (239,937)
(Decrease)/increase in creditors | (885,075) | 1,205,255
Increase/(decrease)) in amounts owed to groups | 374,995 | (920,513)
Corporation tax paid | (113,462) | (145,673)
Net cash generated from operating activities | 313,995 | 868,109
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (243,488) | (1,198,587)
Sale of tangible fixed assets | 44,790 | 44,771
Purchase of short-term unlisted investments | (67,620) | -
Interest received | 8,994 | 29,359
Net cash from investing activities | (257,324) | (1,124,457)
Cash flows from financing activities |  |
New secured loans | - | 901,461
Repayment of loans | (129,696) | (447,082)
Repayment of finance leases | (96,558) | (30,791)
Interest paid | (148,780) | (320,683)
Net cash used in financing activities | (375,034) | 102,905
Page 16
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
|  | 2025 | 2024
|  | £ | £
Net (decrease) in cash and cash equivalents | (318,363) | (153,443)
Cash and cash equivalents at beginning of year | (284,877) | (518,796)
Foreign exchange gains and losses | 40,690 | 387,362
Cash and cash equivalents at the end of year | (562,550) | (284,877)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 491,069 | 424,935
Bank overdrafts | (1,053,619) | (709,812)
| (562,550) | (284,877)
The notes on pages 19 to 41 form part of these financial statements.
Page 17
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
| At 1 April 2024 | Cash flows | New finance leases | Other non-cash changes | At 31 March 2025
| £ | £ | £ | £ | £
Cash at bank and in hand | 424,935 | 25,444 | - | 40,690 | 491,069
Bank overdrafts | (709,812) | (343,807) | - | - | (1,053,619)
Debt due after 1 year | (680,580) | - | - | 115,985 | (564,595)
Debt due within 1 year | (442,265) | 129,696 | - | (115,985) | (428,554)
Finance leases | (159,620) | 96,558 | (53,877) | - | (116,939)
| (1,567,342) | (92,109) | (53,877) | 40,690 | (1,672,638)
The notes on pages 19 to 41 form part of these financial statements.
Page 18
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 2025 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 directors have 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 2025 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 2025 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 2025 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. 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. Page 23
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 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.
| 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. Page 24
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors 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 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 At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Page 25
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
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. Basic 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 2025
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:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales of goods | 3,405,067 | 2,830,764
| Rendering of services | 8,680,152 | 8,949,901
| Hire of equipment | 487,972 | 415,321
|  | 12,573,191 | 12,195,986
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 4,806,484 | 4,488,678
| Rest of Europe | 158,273 | 220,174
| Rest of the world | 7,608,434 | 7,487,134
|  | 12,573,191 | 12,195,986
Page 27
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Commissions receivable | 177,324 | 134,363
| SSI certification and sales | 22,875 | 31,614
|  | 200,199 | 165,977
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 22,725 | 646,891
| Other operating lease rentals | 264,078 | 303,776
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 41,850 | 39,900
Page 28
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Staff costs
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 4,677,324 | 4,603,703 | 2,745,425 | 2,902,143
| Social security costs | 300,541 | 300,385 | 300,541 | 300,385
| Pension contributions | 133,914 | 109,992 | 133,914 | 109,992
|  | 5,111,779 | 5,014,080 | 3,179,880 | 3,312,520
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Technicians | 80 | 78 | 30 | 29
|  | Administration | 42 | 41 | 26 | 25
|  |  | 122 | 119 | 56 | 54
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 143,346 | 141,549
| Group contributions to defined contribution pension schemes | 22,763 | 22,433
|  | 166,109 | 163,982
| During the year retirement benefits were accruing to 1 Director (2024 - 1) in respect of defined contribution pension schemes.
| The Directors are considered to be the key management.
Page 29
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 8,994 | 29,506
|  | 8,994 | 29,506
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 148,780 | 253,984
|  | 148,780 | 253,984
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 155,884 | 175,045
|  | 155,884 | 175,045
| Total current tax | 155,884 | 175,045
| Deferred tax |  |
| Origination and reversal of timing differences | (21,050) | 114,226
| Total deferred tax | (21,050) | 114,226
| Taxation on profit on ordinary activities | 134,834 | 289,271
Page 30
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 826,369 | 563,270
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 206,592 | 140,817
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 19,839 | 17,901
| Utilisation of tax losses | - | 24,938
| Differing tax rates on overseas earnings | (9,807) | 78,291
| Short-term timing difference leading to an increase (decrease) in taxation | (13,523) | 27,324
| Consolidation adjustment leading to an increase (decrease) in the tax charge | (68,267) | -
| Total tax charge for the year | 134,834 | 289,271
Page 31
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Intangible assets
| Group
|  | Development expenditure | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2024 | 71,454 | 24,185 | 95,639
| At 31 March 2025 | 71,454 | 24,185 | 95,639
| Amortisation |  |  |
| At 1 April 2024 | 63,140 | 24,185 | 87,325
| Charge for the year on owned assets | 2,744 | - | 2,744
| At 31 March 2025 | 65,884 | 24,185 | 90,069
| Net book value |  |  |
| At 31 March 2025 | 5,570 | - | 5,570
| At 31 March 2024 | 8,314 | - | 8,314
| 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 32
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13.Intangible assets (continued)
| Company
|  | Development expenditure
|  | £
| Cost |
| At 1 April 2024 | 71,454
| At 31 March 2025 | 71,454
| Amortisation |
| At 1 April 2024 | 63,140
| Charge for the year | 2,744
| At 31 March 2025 | 65,884
| Net book value |
| At 31 March 2025 | 5,570
| At 31 March 2024 | 8,314
Page 33
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 1,840,633 | 3,073,952 | 293,530 | 5,208,115
| Additions | 8,148 | 195,478 | 93,739 | 297,365
| Disposals | (75,554) | (151,176) | (37,861) | (264,591)
| Exchange adjustments | (56,158) | (50,571) | (6,478) | (113,207)
| At 31 March 2025 | 1,717,069 | 3,067,683 | 342,930 | 5,127,682
| Depreciation |  |  |  |
| At 1 April 2024 | 342,165 | 1,951,688 | 179,049 | 2,472,902
| Charge for the year on owned assets | 39,565 | 240,750 | 32,873 | 313,188
| Disposals | (75,554) | (149,226) | (36,110) | (260,890)
| Exchange adjustments | (3,691) | (30,141) | (4,558) | (38,390)
| At 31 March 2025 | 302,485 | 2,013,071 | 171,254 | 2,486,810
| Net book value |  |  |  |
| At 31 March 2025 | 1,414,584 | 1,054,612 | 171,676 | 2,640,872
| At 31 March 2024 | 1,498,468 | 1,122,264 | 114,481 | 2,735,213
| Included within freehold property is freehold land at a cost of £90,000 which is not depreciated. Included within the net book value of £2,640,872 is £119,762 (2024 - £118,822) 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 2025 14.Tangible fixed assets (continued)
| Company
|  | Freehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 863,018 | 1,396,505 | 120,629 | 2,380,152
| Additions | 7,108 | 44,460 | 19,939 | 71,507
| Disposals | - | (1,626) | (18,158) | (19,784)
| At 31 March 2025 | 870,126 | 1,439,339 | 122,410 | 2,431,875
| Depreciation |  |  |  |
| At 1 April 2024 | 232,856 | 900,552 | 63,788 | 1,197,196
| Charge for the year on owned assets | 19,745 | 95,102 | 17,989 | 132,836
| Disposals | - | (1,453) | (16,407) | (17,860)
| At 31 March 2025 | 252,601 | 994,201 | 65,370 | 1,312,172
| Net book value |  |  |  |
| At 31 March 2025 | 617,525 | 445,138 | 57,040 | 1,119,703
| At 31 March 2024 | 630,162 | 495,953 | 56,841 | 1,182,956
| Included within freehold property is freehold land at a cost of £90,000 which is not depreciated. Included within the net book value of £1,119,703 is £45,572 (2024 - £45,489) relating to assets held under hire purchase agreements.
Page 35
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2024 | 610,466
| At 31 March 2025 | 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%
16. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Stock | 1,795,027 | 1,876,260 | 350,186 | 358,904
| Work in progress | 509,187 | 585,197 | 254,623 | 356,776
|  | 2,304,214 | 2,461,457 | 604,809 | 715,680
| An impairment loss of £140,853 (2024 - £107,571) was recognised in cost of sales against stock during the year to provide for slow-moving and obsolete stock.
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SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 3,020,661 | 2,601,986 | 1,009,825 | 1,142,798
| Amounts owed by group undertakings | - | - | 1,696,622 | 1,529,608
| Other debtors | 135,198 | 140,009 | 135,198 | 73,260
| Prepayments and accrued income | 1,436,771 | 1,389,931 | 420,310 | 593,447
|  | 4,592,630 | 4,131,926 | 3,261,955 | 3,339,113
18. | Current asset investments
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Unlisted investments | 67,620 | -
|  | 67,620 | -
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 491,069 | 424,935 | 356,396 | 114,954
| Less: bank overdrafts | (1,053,619) | (709,812) | (1,048,263) | (697,594)
|  | (562,550) | (284,877) | (691,867) | (582,640)
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SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 1,053,619 | 709,812 | 1,048,263 | 697,594
| Bank loans | 428,554 | 442,265 | 420,473 | 433,768
| Trade creditors | 1,049,447 | 1,872,435 | 437,174 | 684,192
| Amounts owed to group undertakings | 1,162,157 | 787,162 | 735,588 | 606,242
| Corporation tax | 109,024 | 65,754 | 41,576 | 57,458
| Other taxation and social security | 760,887 | 1,075,625 | 711,617 | 1,012,062
| Obligations under finance lease and hire purchase contracts | 34,605 | 87,622 | 19,717 | 12,732
| Other creditors | 502,850 | 339,632 | 206,251 | 116,574
| Accruals and deferred income | 1,034,964 | 945,531 | 503,940 | 417,055
|  | 6,136,107 | 6,325,838 | 4,124,599 | 4,037,677
| 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.
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 564,595 | 680,580 | 72,150 | 139,732
| Net obligations under finance leases and hire purchase contracts | 82,334 | 71,998 | 22,668 | 28,000
|  | 646,929 | 752,578 | 94,818 | 167,732
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 38
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 428,554 | 442,265 | 420,473 | 433,768
|  | 428,554 | 442,265 | 420,473 | 433,768
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 564,595 | 680,580 | 72,150 | 139,732
|  | 564,595 | 680,580 | 72,150 | 139,732
|  | 993,149 | 1,122,845 | 492,623 | 573,500
23. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Within one year | 34,605 | 87,622 | 19,717 | 12,732
| Between 1-5 years | 82,334 | 71,998 | 22,668 | 28,000
|  | 116,939 | 159,620 | 42,385 | 40,732
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SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
24. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 172,060
| Credited to profit or loss | (21,898)
| At end of year | 150,162
| Company
|  | 2025
|  | £
| At beginning of year | 169,351
| Charged to profit or loss | (21,898)
| At end of year | 147,453
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | 150,162 | 172,060 | 147,453 | 169,351
|  | 150,162 | 172,060 | 147,453 | 169,351
| The amount of the net decrease of deferred tax expected to occur next year is £50,180 relating to timing difference on tangible fixed assets.
25. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 45,000 (2024 - 45,000) Ordinary shares of £1.00 each | 45,000 | 45,000
Page 40
SURVIVAL SYSTEMS INTERNATIONAL (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
26. | Reserves
Profit and loss account Profit and loss account represents retained earnings and accumulated losses recognised in the statement of comprehensive income.
27. | Commitments under operating leases
| At 31 March 2025 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
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 38,853 | 63,057 | 17,078 | 23,993
| Later than 1 year and not later than 5 years | 16,813 | 62,332 | 16,813 | 32,713
|  | 55,666 | 125,389 | 33,891 | 56,706
28. | 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.
29. | 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 41