SURVITEC GROUP (FINANCE 3) LIMITED - Annual Accounts

Form: AA - Annual Accounts

FULL ACCOUNTS MADE UP TO 31/03/10

Filed on: 2 Aug 2010

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SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
(Reglstered No #######)
DIRECTORS’ REPORT AND ACCOUNTS
FOR THE PERIOD FROM IS' DECEMBER #### TO ###' MARCH ####
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SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
CONTENTS
Officers and professional advisers
Directors’ report
DIFSCTOFS’ respond#b#l#t#es statement
Independent auditors’ report
Consolldated profit and loss account
Consolldated balance sheet
Company balance sheet
Consolldated cash flow statement
Consolldated statement of total recognised Ga#ms and losses
Consolldated reconcile#l#at#on of movements #n shareholders’ funds
Notes to the accounts
#

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
OFFICERS AND PROFESSIONAL ADVISERS
D#rectors
D J Baxter
B M Stnnger
D J W#man
Head Office
Kmgsway
Dunmurry
Belfast BT## #AF
Auditors
Deloltte LLP
Chartered Accountants and Statutory Audltors
Manchester
Umted Kingdom
Bankers
Lloyds Banking Group PLC
Reg#steed Ooffice
#-# Beaufort Road
Blrkenheacl
Merseyslde
CH## #HQ
Reglstered Number
#######
#

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
DIRECTORS’ REPORT
The d#rectors present the#r report on the affairs of the Group, together w#Th the statutory
financial statements and auditors’ report for the period ended ##” March ### O
Surv#tee Group (F mane #) L#m#Ted IS registered in the Un#Ted Kingdom
INCORPORATION AND SI-IARE CAPITAL
The Company was #incorporated on ##' December #### w#Th authorised share capital
of one share Wlth a par value of £# OO One share was issued as the subscriber share
On ###' December #### the subscriber share was transferred to Surv#tee Group
(Fmance #) Lrmlted, formerly known as Cyclonebndge L#m#I€d
On ##id February #### the share capital was increased by the issue of #,###,###
shares of £# ## each to Survltec Group (Fmance #) L#m#Ted, formerly known as
Cyclonebrrdge Llmrted
At ##'d February #### the authorised share capital of the Company IS #,###,###
shares of par value £# ## each
PRINCIPAL ACTIVITIES
The Group trading under the banner of the Survltec Group IS a leader in the design,
manufacture and serviced of stir#costly reg##ates inflatable l#de saving equipment for the
defence, mane aNd aerospace justness The range of #bf#stable products
manufactured IS extensive and #n#ueds #bf#stab#e Hebraism, bluejackets, marine escape
systems, HIICTHIT crash recovery emu#pent, leisure rafts, work boats and a#r beam
structures (e.g. tents, hospitals and aircraft hangars) for m###tray and CIVII defence use
RFD Beaufort Inc gives the Group access to the US m###tray mar#en market and DSB
#n Germany and Eurov#n#l IH Italy further strengthen the Group’s European presence
#

SURVITEC GROUP (FINANCE #) LIMITED
_(F ORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
DIRECTORS’ REPORT (continued)
PRINCIPAL ACTIVITIES (continued)
The Group also designs, manufactures and markets specialised submarine escape
emu#pent, ant# G suits and a range of immersion, abandonment and transportation
us#ta for m###tray and c#v#l use particularly the Oll and gas industry
The Group has manufacturing fax###t#es #n the UK, the USA, Germany and Italy,
together w#Th wholly owned d#stir#but#on and den/#c#mg opera#oms #n France, Japan
(##% owned), Austraha, New Zealand, Slngapore, Hong Kong and Ch#an Over ##%
of #ta sales are made overseas
The subs#d#ray undertakings principally affecting the profits or net assets of the Group
#n the period are listed #n Note ## to the financial statements
BUSINESS REVIEW
Survitec Group (Flnance #) L#m#Ted was #incorporated on #” December #### and on
##” February #### commenced operations following the acquit#s#t#on on that date of
SGL L#m#Ted and #ta subs#d#at#es
The trading results of the Group for the period since HCQUISIIIOD have been satisfactory
w#Th tu mover for the period of £##,###,### and operating profit for the period of
£#,###,### However, the Group’s key measurement of effectiveness of IIS
opera#oms IS calculate#mg opera#ng profit margin before deprecaet#at#on and goodwill
amortised For the period to ###' March #### the Group achieved an opera#ng
profit margin before depreciation and goodwill amontillado (EBITDA) of ## #%.
Durmg the period there was an except#ons# credit of £# # m##l#on Post a restructuring
of the SUTVIICC Group as part of IIS acquit#s#t#on the accrued d#v#send on the preference
shares in one of the Group substrates was recogniz#sed by another Group subs#d#a#y
TIIIS was pre#osly ppayable to a Th#id party
The balance sheet shows a net assets ops#t#on at ##St March #### of £#,###,### 'I`I'#ls
IS alter significant bank loans described #n Note ##
The Group employs #,### people across ##S worldwide opera#oms
Lookmg forward to the ####/## year there are strong revenue and cost reduce#on
opportunisms for the business to pursue and w#Th a strong order book the current year
has got off to a good start
#

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
DIRECTORS’ REPORT (continued)
LONG TERM FUNDING
The acquit#s#t#on of SGL L#m#Ted was funded by the Warburg P#nous Funds which hold
a ## #% stake in the ordinary share capital of Surv#tee Group (Cayman Islands)
L#m#Ted (the cult#mate parent company)
RESULTS AND DIVIDENDS
The trading results of the Group for the period since acquit#s#t#on have been satisfactory
with operating profit for the period of £#,###,### Th#s opera#ng profit IS allier
amortising goodwill amounting to £#,###,### and deprecaet#at#on of £###,###
The d#rectors do not recommend a d#v#send on the ordinary shares for the period
ended ###' March ####
POST BALANCE SHEET EVENTS
On ##‘h May #### the Group’s subs#d#ray Sun/#tee Group (Holdmgs) L#m#Ted
irrevocably waxed, released and discharged #ta fellow subs#d#ray SGL(F#Nance)
L#m#Ted from any and all obligation to pay the sum of £##,###,### #n relation to
certain loan notes
PRINCIPAL RISKS AND UNCERTAINTIES
The Group operates #n a comet#t#be market which IS a contribute ask to the Group
and could result #n the loss of sales to IIS competitors The Group manages Th#s risk
by provoked a high standard of SCI'VlC€ to #ta customers, respond#mg quickly to
customers’ requirements and ma#ta#n#mg strong relationships with them
Most of the Group’s products are of a safety c#t#lac nature where performance may
be required IH hazardous cons#t#ons The Group invests #n design and development
and quality controls and standards to ensure that IIS products will perform reliably
when necessary
#

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
DIRECTORS’ REPORT (continued)
PRINCIPAL RISKS AND UNCERTAINTIES (CODIIHUCG)
The Group, whilst head quartered in the UK, is in geographically d#verse locate#ons,
w#Th over ##% of its sales being made outs#de the UK It is therefore exposed to
movements in exchange rates The Group seeks to moonrise the impact of the
movement #n exchange rates on IIS local operations by the use of milt#-sour#ng of IIS
key maternal and the use of firer gm exchange contracts
The current economic conditions are not having a major adverse effect on the Group’s
trading due to the regulatory nature of the commercial markets rt operates in and the
type of safety and survival oriented products It sells #not the defence and aerospace
markets
FINANCIAL RISK MANAGEMENT
The Group’s actresses epose #t to a number of financial risks McClure cred rt ask,
cash flow risk and l#qi#d#Ty ask The use of financial derivatives IS governed by the
Group’s policies approved by the Board of D#rectors The Group does not use
derivative instruments for speculative purposes
The Group does not hedge IIS exposure to currency movements affecting the
translation of IIS overseas entrecôtes’ results #not Sterlrng
CASH FLOW RISK
The Group’s actresses epose rt sportsmanl to the financial ask of changes in foreign
currency exchange rates The Group uses foreign exchange contracts to hedge these
exposures
In addition the Group has reduced the risk from movements #n interest rates by taking
out interest rate caps and swaps on a Sr significaNT element of IIS bank debt
CREDIT RISK
The Group’s principal financial assets are bank balances and trade and other
receivables
Credrt r#s for the Group is intermarry attributed to trade receivables. The amount
presented #n the financial statements IS net of bad debt provisionals Credrt risks on
l#qi#d funds and derivative financial instruments are l#m#Ted because the
counterparts are banks w#Th high credit ratings assigned by the international credit
ratings agencies
The Group has no significant concentration of credit ask w#Th exposure spread over a
large number of counterparts and customers
#

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
DIRECTORS’ REPORT continued)
L## )UIDITY RISK
The Group uses a mixture of long term and short term debt finance in order to
Martian lUrquhart and ensure that sufficient funds are available for ongoing opera#oms
and future developments
The current economic conditions are not having a major adverse effect on the Group’s
trading due to the regulatory nature of the commercial markets it operates in and the
type of safety and survival oriented products rt sells into the defence and aerospace
markets
GOING CONCERN
The Group has a net asset ops#t#on at ###‘ March ####
After making enquires, the directors have a reasonable expectation that the Company
and the Group has adequate resources to meet its foreseeable objurgation and to
continue in operational existence in the foreseeable future Accordingly, they continue
to adopt the going concept basis in prepare#mg the accounts, see page ## for further
date#ls
DIRECTORS
The d#rectors holding office during the period were -
D J Baxter (appointed ##'h February ####)
B M Strrnger (appointed ##'h February ####)
D J Wrlman (appointed ##‘h February ####)
D J Pudge (appointed ##' December ####, resigned ###' December ####)
A J M Levy (appointed ##' December ####, resigned ###' December ####)
L Molrnarr (appointed ###' December ####, resurrected ##‘h February ####)
B Janssens (appointed ##m January ####, resigned ##"' February ####)
M de Venecia (appointed ##‘h February ####, resigned ##‘h February ####)
DIRECTORS’ INDEMNITIES
The Group has made a qualifier therd party indemnity provision for the benefit of IIS
d#rectors during the period and rt remained in force at the date of this report
#

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
DIRECTORS’ REPORT continued)
EMPLOYEE INVOLVEMENT
Employees are kept reinforced of any relevant #no#-matron through regular
management and employee review meetings Regular consultation IS encouraged
between management and employees at each of the Group’s opera#ng locations
DISABLED EMPLOYEES
The Group’s policy in relation to the employment of disabled persons is, where
practicable, to continue to employ employees who become temporarily or
permanently disabled Full regard IS given to their training needs, career development
and promotional potential Full and fair cons#drat#on is also given to the
employment of applicants who are disabled persons, taking into account their
aptitudes and an#l#t#es
CHARITABLE AND POLITICAL DONATIONS
During the period the group made charitable donations of £n## No portrayal donations
were made in the period
SUPPLIER PAYMENT POLICY
The Group’s policy IS to settle terms of payment with suppliers when agreeing the
terms of each transaction, ensure that suppliers are made aware of the terms of
payment and abide by the terms of payment Trade creditors of the Group at ###'
March #### were equivalent to ## days’ purchases, based on the average daily
amount divorced by suppliers during the period
#

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
DIRECTORS’ REPORT continued)
AUDITORS
Each person who is a director at the date of approval of this report coney's that
# so far as the director IS aware, there is no relevant audit information of which the
company’s auditors are unaware, and
# the director has taken all the steps that he/she needs to have taken as a director in
order to make himself/herself aware of any relevant audit information and to
establish that the company’s auditors are aware of that information
Thrs confirmation rs given and should be interpreted in accordance with the
provisionals of s## # of the Companies Act ####
The Company has elected to dispense with the holding of annual general meetings,
the laying of accounts before the Company #n general meetings and the annual
appointment of auditors Delortte LLP were appointed as the first auditors and have
expressed the#r willingness to continue in office
Approved by the Board and stirred
on #ta behalf by
Q s \;
##‘*‘ Jury #### D J Wrlman
#-# Beaufort Road
Birkenhead
Merseysrde
CH## IHQ
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
DIRECTORS ’ RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Annual Report and the financial
statements in accordance with applicable law and regulations
Company law requires the d#rectors to prepare financial statements for each financial
period. Under that law the directors have elected to prepare the financial statements
in accordance with Unrted Kingdom Generally Accepted Accountmg Practice (Unrted
Kingdom Accountmg Standards and applicable law) Under company law the
d#rectors must not approve the financial statements unless they are satisfied that they
give a true and fair VICW 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,
# state whether applicable UK Accountmg Standards have been followed,
subject to any material departures disclosed and explained in the financial
statements, and
# prepare the financial statements on the going concept basis unless rt 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 ops#t#on of the company and enable
them to ensure that the financial statements comply with the Companies Act ####
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
irregular
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SURVITEC
GROUP (FINANCE #) LIMITED (FORMERLY CYCLONEDRIFT LIMITED)
We have audited the statutory financial statements of Survrtec Group (Frnance #)
L#m#Ted (formerly Cyclonedrrft Lrmrted) for the period ended ## March #### which
comprise the Consolrdated Profit and Loss Account, the Consolrdated and Parent
Company Balance Sheets, the Consolrdated Cash~ Flow Statement, the Consolrdated
Statement of Total Recognrsed Garns and Losses, the Consolrdated Reconcrlratron of
Movements in Shareholders’ Funds and the related notes # to ## The financial
reporting framework that has been applied in the#r preparation IS applicable law and
Unrted Kingdom Accountmg Standards (Unrted Kingdom Generally Accepted
Accountmg Practice).
Thrs report is made solely to the Company’s members, as a body, in accordance with
Chapter # of Part ## of the Companies Act ####. 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,
Respective responsibilities of directors and auditors
As explained more fully in the Drrectors’ Responsrbrlrtres Statement, the directors are
responsible for the preparation of the financial statements and for being satisfied that
they give a true and fair view Our responsibility is to audit the financial statements in
accordance with applicable law and Internatronal Standards on Audrtrng (UK and
Ireland) Those standards require us to comply with the Audrtrng Practices Board’s
(APB’s) Ethrcal Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtainer ecredence about the amounts and disclosures in the
financial statements sufficient to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or error
Thrs includes an assessment of whether the accounting policies are appropriate to the
group’s and the parent company’s circumstances and have been consistently applied
and adequately disclosed, the reasonableness of significant aaccounting estimates made
by the d#rectors, and the overall presentation of the financial statements
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORM ERLY KNOWN AS CYCLONEDRIFT LIMITED)
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SURVITEC
GROUP (FINANCE #) LIMITED (FORMERLY CYCLONEDRIFT LIMITED)
(continued)
Opinion on financial statements
In our cornrow the financial statements
# give a true and fair view of the state of the group’s and the parent company’s
affairs as at ## March #### and of the group’s profit for the period then ended;-_
# have been properly prepared in accordance w#Th Unrted Kingdom Generally
Accepted Accountmg Practice, and
# have been prepared #n accordance with the requirements of the Companies Act
####
Opinion on other matter prescribed by the Companies Act ####
In our cornrow the information given in the D#rectors’ Report for the financial year for
which the financial statements are prepared is consistent with the financial statements
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies
Act #### requires us to report to you if in our cornrow
# adequate accounting records have not been kept by the parent company, or returns
adequate for our audit have not been rice#bed from branches not started by us, or
# the parent company financial statements are not in agreement w#Th the accounting
records and rectums, or
» certain disclosures of directors’ remuneration sec#fied by law are not made; or
# we have not rice#bed all the rnfonnatron and explanations we require for our
audit
Tlmothy Edge (Senror Statutory Audrtor)
for and on behalf of Deloitte LLP
Chartered Accountants and Statutory Audrtors '
Manchester, Unrted Kingdom
l#'h July ####
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
CONSOLIDATED PROFIT AND
LOSS ACCOUNT
FOR THE PERIOD ENDED ###' MARCH ####
####
Non exceptional Exceptional (see note #)
‘L_ Note Total
£’### £’### £’###
TURNOVER # ##,### # ##,###
Change in stocks of finished
goods and work in progress
(#,###) # (#,###)
Raw materials and consumables (#,###) # (#,###)
Other external charges (#,###) # (#,###)
Staff costs # (#,###) # (#,###)
Deprecratron # (###) # (###)
Goodwill amortised # (#,###) # (#,###)
OPERATING PROFIT #,### # #,###
Net interest (payable)/receivable # (#,###) #,### #,###
PROFIT ON ORDINARY
ACTIVITIES BEFORE
TAXATION # #,### #,### #,###
Taxation charge # (#,###) (#,###)
PROFIT FOR THE
FINANCIAL PERIOD ## es;###
All these results arose from acquisitions
The notes on pages ## to ## fonn part of these accounts
I#

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
CONSOLIDATED BALANCE SHEET
AT #### MARCH ####
Note ####
£’##Q
FIXED ASSETS
Intangrble fixed assets - goodwill # ###,###
Tangible assets # ##,###
###,###
CURRENT ASSETS
Stocks ## ##,###
Debtors amounts falling due wroth one year ## ##,###
Debtors amounts falling due after more than one year ## #,###
Cash at bank and in hand ## ##,###
##,###
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR ## (##,###)
NET CURRENT ASSETS ##,###
TOTAL ASSETS LESS CURRENT LIABILITIES ###,###
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR ## (###,###)
PROVISIONS FOR LIABILITIES ## (#,###)
NET ASSETS EXCLUDING PENSION LIABILITY ##,###
PENSION LIABILITY ## (##,###)
_NET ASSETS INCLUDING PENSION LIABILITY __ #,###
CAPITAL AND RESERVES
Called up share capital _ ## #,###
Profit and loss account ## #,###
SHAREHOLDERS’ FUNDS #,###
The notes on pages ## to ## form part of these accounts
The consolidated financial statements of Survrtec Group (Frnance #) L#m#Ted, registered number #######,
were approved by the Board of Directors and authorised for issue on l#“‘ July ####
They were signed on #ta behalf by
<B\#\
D J Wrlman
Drrector
I#

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
COMPANY BALANCE SHEET
AT ###' MARCH ####
Note ####
£’###
FIXED ASSETS
Investments ## #,###
CURRENT ASSETS
DEBTORS: AMOUNTS FALLING DUE AFTER ## ###,###
MORE THAN ONE YEAR
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR ## (###,###)
NET ASSETS _ #,###
CAPITAL AND RESERVES
Called up share capital ## #,###
Profit and loss account ## #
SHAREHOLDERS’ FUNDS #,###
The notes on pages ## to ## form part of these accounts
The consolidated financial statements of Surv#tee Group (Frnance #) L#m#Ted, registered number #######,
were approved by the Board of Drrectors and authorised for issue on l#"’ July ####
They were signed on its behalf by
<# \> \
D J Wtlman
Drrector
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED #### MARCH ####
Note ####
£’###
NET CASH OUTFLOW FROM OPERATING ACTIVITIES ##(#) (#,###)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received # #
Interest paid (#,###)_
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE (#,###)
TAXATION
Foreign tax paid (##L
(#,###)
CAPITAL EXPENDITURE
Purchase of tangible fixed assets (###)
Sale of tangible fixed assets #
NET CASH OUTFLOW FOR CAPITAL EXPENDITURE (###)
ACQUISITIONS AND DISPOSALS
Acqursrtron of substructures ##(##) (###,###)
Net cash balances acquired with substructures ## ##,###
NET CASH OUTFLOW FOR ACQUISITIONS AND DISPOSALS (### ,OZOL
NET CASH OUTFLOW BEFORE FINANCING (###,###)
FINANCING
Issue of ordinary shares #,###
Net increase in bank loans ##(###) ###,###
New non bank financing ##(###) ###,###
NET CASH INFLOW FROM FINANCING ###,###
INCREASE IN CASH IN THE PERIOD ##(#) ##,###
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND
LOSSES
FOR THE PERIOD ENDED ###' MARCH ####
Note ####
£’###
PROFIT FOR THE FINANCIAL PERIOD #,###
Actuanal loss relating to the pension schemes ## (###)
Exchange losses (###)
TOTAL RECOGNISED GAINS AND LOSSES FOR TIIE
_FINANCIAL PERIOD #,###
CONSOLIDATED RECONCILIATION OF MOVEMENTS IN
SHAREHOLDERS’ FUNDS
FOR THE PERIOD ENDED ###' MARCH ####
####
£’###
At ##' December #### O
Profit for the financial period #,###
Actuarial loss relating to the pension schemes (###)
Other recognised gains and losses relating to the period (###)
New shares issued #,###
CLOSING SHAREHOLDERS’ FUNDS __ #,###
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS
I. STATEMENT OF ACCOUNTING POLICIES
The principal accounting policies are summarised below They have all been applied
consistently throughout the period This IS the first period of account for the
Company and therefore there are no comparatives
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost convention and
#n accordance w#Th applicable United Ktngdom accounting standards
BASIS OF CONSOLIDATION
The Group financial statements consolidate the financial statements of the Company
and #ta subs#d#ray undertakings drawn up to ###' March each period The results of
substructures acquired or sold are consolidated for the periods from or to the date on
which control passed Acqursrtrons are accounted for under the acquit#s#t#on method
A profit and loss account IS not presented in respect of the Company, as allowed by
section ### of the Companies Act ####
GOING CON CERN
The Group’s business act#v#t#es, together with the factors likely to affect IIS future
development, performance and ops#t#on are set out in the Busrness Revrew on page #
The directors’ report on pages # to ## describe the financial ops#t#on of the Group, IIS
cash flows, l#qi#d#Ty ops#t#on and borrowing fortresses, the Group’s objectives, policies
and processes for managing IIS capital, IIS financial risk management objectives,
details of #ta financial instruments and hedging act#v#t#es, and its exposure to credit
ask and lrqurdrty ask.
The current economic conditions may create uncertainty going forward particularly
over (a) the level of demand for the Group’s products, (b) the exchange rate between
Sterling, Euro and US Dollars which may affect the cost of the Group’s raw materials,
and (c) the availability of bank finance t the foreseeable future
The Group’s long term loans include certain covenant tests The failure of a covenant
test would render the entire fortresses repayable on demand at the option of the lenders
The Group’s forecasts and projections, taking account of reasonably possible changes
in trading performance, show that the Group should be able to operate wrthrn the level
of #ta current facility and meet #ta covenant tests
Alter making enquires, the directors have a reasonable expectation that the Company
and the Group have adequate resources to continue in operational existence for the
foreseeable future Accordrngly, they continue to adopt the going concept basis in
preparing the report and accounts
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
I. STATEMENT OF ACCOUNTING POLICIES (continued)
INTANGIBLE FIXED ASSETS - GOODWILL
Goodwill answer on the acquit#s#t#on of subsidiary undertakings and businesses,
representing any excess of the fa#r value of cons#drat#on given over the fair value of
the identifiable assets and l#an#l#t#es acquired, IS capitalised and written off on a
straight l#en bast oover tits useful economic life, which IS ## years Provrsron is made
for any compartment
FOREIGN CURRENCY
Transactrons in forerunner currencies are recorded at the rate of exchange at the date of
the transaction or #f hedged, at the forward contract rate Monetary assets and
l#an#l#t#es denominated in foreign currencies at the balance sheet date are reported at
the rates of exchange prevaricator as at that date or if appropriate, at the forward
contract rate
The results of overseas opera#oms are translated at the average rates of exchange
during the period and their balance sheets at the rates ruling at the balance sheet date
Exchange differences answer on translation of the opening net assets and on foreign
currency borrowings, to the extent that they hedge the Group’s investment in such
OPCYHIIOHS, are reported in the statement of total recognised gsins and losses All
other exchange differences are included in the profit and loss account
TURNOVER
Turnover represents amounts receivable for goods and services provided in the normal
course of business, net of trade discounts, VAT and other sales related taxes
Turnover IS recognised when all the risks and rewards have passed to the customer
TANGIBLE FIXED ASSETS
Tangible fixed assets are stated at cost, net of depreciation and any provision for
compartment Deprecratton is provided on all tangible fixed assets at rates calculated to
write off the cost less the estimated residual value of each asset by equal instalments
over the#r estimated useful economic lives as follows
Zz
Freehold Burlingame # to # per annum
Short leasehold Ltfe of lease
Plant and machinery # to ## per annum
Computers ## to ## per annum
Motor vehicles ## to ## per annum
Survrval suits ## per annum
No depreciation is provided on freehold land
LEASED ASSETS
Rentals under operating leases are charged to the profit and loss account on a straight
line basis over the period of the lease even if the payments are not made on such a
basis
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
#. STATEMENT OF ACCOUNTING POLICIES (continued)
STOCKS
Stocks are stated at the lower of cost and net realisable value Cost includes materials,
direct labour and an attributable portion of manufacture ooverheads based on normal
levels of activity Net realisable value is based on estimated selling once, less further
costs expected to be incurred to completion and disposal Provrsron is made for
obsolete, slow moving or defective items where appropriate
GOVERNMENT GRANTS
Govemment grants relating to tangible fixed assets are treated as deferred income and
released to the profit and loss account on a straight lent basis at rates equal to the
depreciation charged on the relevant assets Other grants are credited to the profit and
loss account as the related expenditure is incurred
TAXATION
Current tax, include UK corporation tax and foreign tax, IS provided at amounts
expected to be pats (or recovered) using the tax rates and laws that have been enacted
or substantively enacted by the balance sheet date
Deferred tax is recognised in respect of all trimmimg differences that have elongated but
not reversed at the balance sheet date where transactions or events that result in an
obligation to pay more tax in the future or a night to pay less tax in the future have
occurred at the balance sheet date Ttmmg differences are differences between the
Group’s taxable profits and #ta results as stated in the financial statements that arise
from the reclusion of gains and losses in tax assessments ### periods different from
those in which they are recognised in the financial statements
A net deferred tax asset IS regarded as recoverable and therefore recognised only
when, on the basis of all available evidence, It can be regarded as more likely than not
that there will be suitable taxable profits from which the future reversal of the
underlying trimmimg differences can be deducted
Deferred tax is not recognised when fixed assets are revalued unless by the balance
sheet date there IS a btndmg agreement to sell the revalued assets and the gain or loss
expected to arise on sale has been recognised rn the financial statements Nerther is
deferred tax recognised when fixed assets are sold and rt is more likely than not that
the taxable gain will be rolled over, being charged to tax only if and when the
replacement assets are sold
Deferred tax is recognised in respect of the retained earrings of overseas substructures
only to the extent that at the balance sheet date dividends have been accrued as
receivable or a branding agreement to distribute past earrings m the future has been
entered into by the subs#d#ray
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
I. STATEMENT OF ACCOUNTING POLICIES (continued)
TAXATION (continued)
Deferred tax IS measured at the average tax rates that are expected to apply in the
penology in which the tiiming differences are expected to reverse, based on tax rates and
laws that have been enacted or substantively enacted by the balance sheet date
Deferred tax IS measured on a non-discounted basis
PENSION COSTS
For defined benefit schemes the amounts charged to operating profit are the current
service costs and gains and losses on settlements and curtailments. They are included
as part of staff costs Past service costs are recognised commensuratel rn the profit and
loss account if the benefits have vested If the benefits have not vested commensuratel,
the costs are recognised over the period nut#l vesting occurs The interest cost and the
expected rectum on assets are shown as a net amount of other fins.nice costs or credits
adjacent to interest Actuarral gains and losses are recognised rmoderately in the
statement of total recognised gains and losses
Defined benefit schemes are funded, with the assets of the scheme held separately
from those of the Group in separate trustee administered funds Pensron scheme
assets are measured at fair value and liabilities are measured on an actuarial basis,
using the projected unit method and discounted at a rate equivalent to the current rate
of rectum on a high quality corporate bond of equivalent currency and term to the
scheme liabilities. The actuarial valuations are obtained at least triennially and are
updated at each balance sheet date The resulting defined benefit asset or Ilablllly, net
of the related deferred tax, IS presented separately after other net assets on the face of
the balance sheet
For defined contribution schemes, the amount charged to the profit and loss account
in respect of pension costs and other post-retirement benefits is the contributions
payable in the period Drfferences between contributions payable in the period and
contributions actually paid are shown as either accruals or prepayments m the balance
sheet.
DESIGN AND DEVELOPMENT
Desrgrr and development expenditure is charged to the profit and loss account as
incurred
CASH
Cash for the purposes of the cash flow statement composes cash in hand accessible in
less than ## hours and deposits repayable on demand less overdrafts payable on
demand
INVESTMENTS
Frxed asset investments are shown at cost less provision for rmparnnent.
FINANCE COSTS
Finance costs of financial l#an#l#t#es are recognised in the profit and loss account over
the term of such instruments at a constant rate on the carrying amount
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
I. STATEMENT OF ACCOUNTING POLICIES (continued)
DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to reduce exposure to firer gm
exchange ask and interest rate movements. The Group does not hold or issue
derivative financial instruments for specular#be purposes.
For a foreign exchange contract to be treated as a hedge the instrument must be
related to actual firer gm currency assets or l#an#l#t#es or to a probable commitment It
must involve the same currency or similar currencies as the hedged item and must
also reduce the ask of firer gm currency exchange movements on the Group’s
operations Gams and losses arranges on these contracts are deferred and recognised in
the profit and loss account, or as adjustments to the carrying amount of fixed assets,
only when the hedged transaction has itself been reflected in the Group’s financial
statements.
For an interest rate swap to be treated as a hedge the instrument must be related to
actual assets or liabilities or a probable commitment and must change the nature of the
interest rate by converting a fixed rate to a variable rate or vice versa Interest
differentials under these swaps are recognised by adjusting new interest payable over
the penology of the contracts
If an instrument ceases to be accounted for as a hedge, for example because the
underlying hedged ops#t#on is consummated, the instrument is marked to market and any
resulting profit or loss recognised at that time
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
#. SEGMENTAL ANALYSIS
The d#rectors consider that there IS only one class of business, being the manufacture, serving's and
distribution of safety and survival equipment and products ~_
The tu mover of the Group by geographical ongoing and destruction IS as follows -
Period ended
##” March ####

GEOGRAPHICAL ORIGIN
United Kingdom #,###
Europe #,###
Australasia #,###
Singapore #,###
North America #,###
Japan ###
##,###
Period ended
###' March ####
GEOGRAPHICAL DESTINATION if
United Kingdom #,###
Italy #,###
Gemrany #,###
Rest of Europe #,###
North Amerrca #,###
Australasra #,###
Rest of world #,###
##,###
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
#. STAFF COSTS
Period ended
###' March ####
&
The average monthly number of employees (include exexecutrix directors) dung the
_period was as follows
Management and administratrix ###
Productron and sales #,###
#,###
Period ended
###' March ####
£’###
Therr aggregate remuneration comprised
Wages and salaries #,###
Socral security costs ###
Pension costs ###
Other payroll costs ###
#,###
DIRECTORS’ REMUNERATION AND TRANSACTIONS Period ended
##" March ####
#
Emoluments ###,###
Company contributions to personal pension plans #,###
__ ###,###_
M
The number of directors who
Are members of a defined benefit pension scheme #
_ Are members of a monexpurchasipensrog scheme #
S
Remuneratron of the highest paid director
Emoluments ###,###
Company contributions to personal pension schemes #,###
_ __ __ _ _ __ ###,###
##

SURVITEC GROUP (FINANCE #) LIMITED
_( F ORMERLY KNOWN AS CYCLON EDRIF T LIMITED)
NOTES TO THE ACCOUNTS (continued)
#. NET INTEREST (PAYABLE)/ RECEIVABLE
Period ended
###' March ####
, £’###
On bank loans and overdrafts (###)
On loan with Group undertakings (#,###)
Net finance cost on pensions (see note ##) (##)
Amortrsatron of finance costs (###)
Other interest (#)
(#,###)
Interest receivable ##
Exceptronal credit (see Note #) #,###
#,###
#. PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
Period ended
###' March ####
£’###
GROUP
Profit on ordinary actresses bbefore taxation is stated after charging
Desrgn and development ##
Hrre of plant and machinery under operating leases #
Rentals payable under other operating leases ###
Audrtors’ remuneration for audit services (see page ##) ###
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
#. PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
(continued)
The exceptional income in the current period relates to the following items
_ r Period ended
###' March ####
£’###
Recognrtron of the accrued dividend on the preference shares
m one of the Group substructures previously payable to a third
party #,###
The tax effect on the exceptional items in the current year was £nil.
The analysis of auditors’ remuneration IS as follows
GROUP Period ended
###' March ####
£’###
Audit services
- fees payable to the Company’s auditors for the audit of
the Company’s financial statements ##
- the audit of the Company’s substructures pursuant to
legislation ###
###
Tax compliance services ##
Tax advisory services ##
Other services
- loan staff ##
- advice in relation to the defined benefit pension scheme ##
Total non audit services ###
Fees payable to the Company’s auditors in respect of the
audit of associated pension schemes ##
_ ###
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
#. TAXATION
Period ended
###' March ####
£’###
UK Corporatron tax at ##% #
Forergn tax #,###
Total current tax #,## #
Deferred tax - tiiming differences (see note ##) ##
Tax charge on results for the period #,###
The current tax charge for the period is lower than the standard rate of corporation tax m
the UK of ##% The differences are explained below
Period ended
##" March ####
£’###
Profit on ordinary actresses bbefore tax #,###
Current tax at ##% ‘ #,###
Effects of
Expenses not deductible for tax purposes #,###
Non-taxable income (#,###)
Current period losses maced forward ###
Deprecratron for the period in excess of capital allowances ##
Other tiiming differences (#,###)
Local taxes (#)
Drfferences in tax rates on overseas earnings (###)
Current tax charge for the period #,###
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
#. PROFIT FOR THE FINANCIAL PERIOD
Period ended ###'
March ####
_
Dealt with in the accounts of the Company #
Retarned by subsidiary undertakings #,###
#,###
#. INTANGIBLE FIXED ASSETS
GROUP
GOODWILL
§’###_
COST
At ##' December #### #
Acqursrtron of subsidiary undertakings In the current period (see note ##) ###,###
At ###' March #### ###,###
AMORTISATION
At ##' December #### #
Charge for the period (#,###)
At###' March #### (#,###)
NET BOOK VALUE
At ###' March #### ###,###
Goodwill is being amortised evenly over IIS presumed useful economic life of ## years
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
#. TANGIBLE FIXED ASSETS
GROUP
LAND F REEHOLD LONG SHORT OTHER TOTAL
BUILDINGS LEASE- LEASE-
HOLDS HOLDS
£’### £’### £’### £’### £’### £’###
COST
At ##' December #### # # # # # #
Arrsrng on acquit#s#t#on ### #,### ### ### #,### ##,###
Addrtrons # # # ` # ### ###
Exchange adjustments (#) (##) # # # (##)
Drsposals # # # # (##) (##)
At ###' March #### ### #,### ### ### #,### ##,###
DEPRECIATION
At ##' December #### # # # # # #
Charge for the period # (##) (#) (##) (###) (###)
Exchange adjustments # # # (#) ## ##
Disposals # # # # ## ##
At ###' March #### # (##) (#) (##) (###) (###)
NET BOOK VALUE
At ###' March #### ### #,### ### ### #,### ##,###
The gross book value of fixed assets Includes £###,### in respect of assets In the course of construction or
Installatron and freehold land of £###,### which have not been depreciated.
“Other” represents plant and machinery, motor vehicles and survival suits
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. FIXED ASSET INVESTMENTS
COMPANY SHARES IN GROUP
UNDERTAKINGS
£’###
At ##' December #### #
Acqurred at cost ##"' February #### #,###
At#l#' March #### #,###
The Investment represents ###% of the Issued share capital of Surv#tee Group (Holdrngs) L#m#Ted which IS
Incorporated In the Unrted Kingdom
Details of subs#d#ray undertakings are provided In Note ##.
##. STOCKS
GROUP
@
£’###
Raw materials and consumables #,###
Work In progress #,###
Frnrshed goods and goods for resale #,###
_ ##,###
There IS no maternal difference between the balance sheet value of stocks and their replacement cost
The Company has no stocks
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORM ERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. DEBTORS
GROUP
®
£’###__
Amounts falling due within one year
Trade debtors ##,###
Other debtors #,###
Prepayments and accrued Income #,###
##,###
Amounts falling due after more than one year
Other debtors # ##
Amounts due from Group undertakings ##
Deferred taxation (Note ##) #,###
#,##f_)__
COMPANY
i
£’###_
Amounts falling due after more than one year
Amounts due from Group in<§r Takings __ __ ###,###
##. CASH AT BANK AND IN HAND
GROUP
&#Q
£’###
Cash at bank and In hand _ I ##,###
The Company has no cash at bank or In hand
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP
EQ
£’###
Bank overdrafts #,###
Bank loans net of financing costs £#,l##,### (Note ##) #,###
Trade creditors ##,###
Corporatron tax #,###
Other taxes and social security #,###
Other creditors I #,###
Accruals and deferred Income ##,###
##,###
The bank loans and overdrafts are secured by way of various charges over the maternal assets of the
Group
##. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
@
GROUP £’###
Bank loans net of financing costs £##,###,### (Note ##) ###,###
Amounts owed to Group undertakings l##,# ##
Other creditors ##
__ ###,###
The bank loans are secured by way of various charges over the maternal assets of the Group
W
COMPANY §’##Q_
Atnounts owed to Group undertakings __ _ ###,###
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. PROVISIONS FOR LIABILITIES
Warranty Other Total
£’### £’### £’###
Movements In the period were as follows
At ##' December #### # # #
Ansrng on acquisition (#,###) (##) (#,###)
Exchange adjustments (#) # (#)
Charge to profit and loss account (##) # (##)
UIIIISEG dung the period ## # ##
At ###' March #### (#,###) _ (##) (#,###)
Warranty costs are provided for on the basis of known claims and on estimates, based upon past
experience, of possible future claims which could ans oover the life of the products sold. It IS
expected that most of the expenditure will be Incunred within the next five years
Other provisionals relate intermarry to long service awards
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORM ERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. DEFERRED TAXATION
####
£’###
Movements In the period were as follows
At ##' December #### #
Arrsrng on acquit#s#t#on #,###
Transfer to profit and loss account (##)
Exchange adjustments #
At ###' March #### #,###
Deferred taxation composes
Accelerated capital allowances (##)
Overseas goodwill #,###
Short term tiiming differences #,###
_ _ #,###
Included within debtors due after more than one year #,###
Included with#n debtors due within one year #
Deferred taxation not provided In the accounts
Accelerated capital allowances #,###
Short term tiiming differences #,###
Overseas goodwill #,###
Tax losses ##,###
_ _ ` _ _ ##,###
The deferred tax assets In the table above have not been recognised dye to the uncertainty over their
recovery
No account has been taken of taxation which would be payable If the retained profit of overseas
subs#d#ray undertakings were distributed as there IS no current Intentron to do this
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. SHARE CAPITAL AND SHARE PREMIUM ACCOUNT
AUTHORISED
The Company was Incorporated on ##' December #### with authorised share capital of one share with a
par value of £# ## which was Issued as the subscriber share
On #### February #### the share capital was Increased with the ISSU€ of #,###,### ordinary shares of
£# ## each.
AUTHORISED, ALLOTTED, CALLED UP AND FULLY PAID
####
£’###
#,###,### shares of£# ## each __ #,###
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. RESERVES
PROFIT AND LOSS
ACCOUNT
GROUP £’###
At ##' December #### #
FRS ## actuarial loss (###)
Forer gm exchange adjustment (###)
Retarned profit for the period #,###
At ###' March #### __ ` ` #,###_
PROFIT AND LOSS
ACCOUNT
COMPANY £’###
At ##' December #### #
Loss for the period #
At ###' March #### #
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. ACQUISITION OF SUBSIDIARIES
On #### February #### the Company acquired ###% of the share capital of Surv#tee Group (Frnance #)
L#m#Ted and one forts subterraneans SUYVIIBC Group (Holdrngs) L#m#Ted acquired ###% of the share capital
of SGL L#m#Ted
The following table sets out the book values of the Identrfiable assets and liabilities acquired and the#r
provisional fair values to the Group
Accounting Other
‘ Policy Significant Fair Value to
Book Value Alignment Adiustmcnts Group
£’### £’### £’### £’###
F Ixed Assets
Intangrble ###,### (###,###) (I) - -
Tangible ##,### (###) (II) (###) (III) ##,###
Current Assets
Stock ##,### (#,###) (Iv) ##,###
Debtors ##,### (#,###) (v) ##,###
Cash ##,### ##,###
Total Assets ###,### (###,###) (#,###) ##,###
Creditors
Bank loans (###) (###)
Trade creditors (##,###) (##) (VI) (##,###)
Accruals (##,###) (#,###) (VI) (##,###)
Provrsrons
Pensrons (##,###) (##,###)
Taxatron #,### #,###
Total L#abilities (##,###) - (#,###) (##,###)
Net Assets ###,### (###,###) (##,###) ##,###
Mtnonty Interest (##)
Goodwill ###,###
###,###
Satrsfied by
Cash consideration
Includrng acquit#s#t#on costs
of£#.# million ###,###
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. ACQUISITION OF SUBSIDIARIES (continued)
Detarls of the fair value adjustments are as follows
Accountmg Polrcy Alrgnment
(I) WI#t#mg off the IntaIIgIb#e assets In accordance with Frnancral Reportrng Standard #
(##) Wntrng down the tangible assets In accordance with Group depreciation policy
Farr Value Adjustments ‘
(###) Assets at market value
(IV) Stock pro Visioning In accordance with Group accounting bases
(v) Debtor pro Visioning In accordance with Group accounting bases
(VT) Assessment of the liabiliTy#ties of the businesses acquired
Net cash outflows In respect of the acquit#s#t#on composed
Cash cons#drat#on
Cash at bank and In hand acquired
Bank overdrafts acquired

###,###
(##,###)
#,###
###,###
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. ACQUISITION OF SUBSIDIARIES (continued)
SGL L#m#Ted and IIS substructures recorded a profit after tax of £#,###,### In the year ended ###' March
####, of which a loss of £#,l##,### arose In the period from ##' Apnl #### to ##"" February ####
The summarised profit and loss account and statement of total recognised gains and losses for the period
from ##' Aprrl #### to ##“" February #### shown on the basis of the accounting policies of SGL L#m#Ted
nor to the acquit#s#t#on are as follows:
PROFIT AND LOSS ACCOUNT `

Turnover ###,###
Cost of sales (##,###)
Gross Profit ##,###
Other opera#ng expenses (net) (##,###)
Operating Profit ##,###
Frnance charges (net) (##,###)
Loss on Ordinary Activities before Taxation (#,###)
Taxatron on profit on ordinary HCIIVIIICS (###)
Loss on Ordinary Activities after Taxation (#,###)
Mrnonty Interests (##)
Loss for the Financial Period (#,###)
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Loss for the financial ported
Actuarral loss relating to the pension scheme
Exchange losses
QE
(#,###)
(#,###)
(#,###)
Total recognised gains and losses relating to the period
(##,###)
## ‘

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. LOANS
Amounts repayable under the terms of loans at ###' March were
EQ
£’###
Bank loans
Secured
Sterlmg loans at # ##% above LIBOR ##,###
Sterlrng loans at # ##% above LIBOR #,###
Euro loans at # ##% above EURIBOR #,###
Euro loans at # ##% above EURIBOR ##,###
Australran Dollar loans at # ##% above BBSR #,###
Australtan Dollar loans at # ##% above BBSR ##,###
Unrted States Dollar loans at # ##% above LIBOR #,###
Euro loan at bank prime rate ###
###,###
Less Issue costs (##,###L
###,###
Bank loans are repayable as follows
Repayable within one year #,###
Repayable between one and two years #,###
Repayable between two and five years ##,###
Repayable after more than five years ##,###
###,###
Less Issue costs (##,###L
###,###
Amounts due In less than one year #,###
Amounts due_ after more than one year # ##,###

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. LOANS (continued)
The Sterlmg loans at # ##% above LIBOR are repayable by SIX monthly Instalments
In September and March w#Th a final repayment on ##"' February ####
The Sterlrng loan at # ##% above LIBOR IS repayable on ##"' February ####
The first Euro loan at # ##% above EURIBOR IS repayable by six monthly
Instalments In September and March with a final repayment on ##“' February ####
The second Euro loan at # ##% above EURIBOR IS repayable on ##" February ####.
The first Australran Dollar loan at # ##% above BBSR IS repayable by SIX monthly
Instalments In September and March with a final repayment on ##"' February ####
The second Australran Dollar-loan at # ##% above BBSR IS repayable on ##"' February
####
The US Dollar loan at # ##% above LIBOR IS repayable on ##"' February ####
All the loans are secured by way of various charges over the maternal assets of the
Group
##. NOTES TO THE CASHFLOW STATEMENT
(i) RECONCILIATION OF OPERATING PROFIT TO OPERATING
CASHFLOWS
Period ended
###' March ####
£’###
Operating profit #,###
Deprecratron and amortised #,###
Other - non cash exceptional credit (see Note #) #,###
Decrease In stocks #,###
Increase In debtors (##,###)
Decrease In creditors (#,# ##)
Increase In provisionals ##
Effect of movement In foreign exchange rates ###
Net cash outflow from opera#ng activity§ _ (#,###)
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. NOTES TO THE CASHFLOW STATEMENT (continued)
(II) ACQUISITION OF SUBSIDIARIES
Period ended
###' March ####
£’###
Consrderatron paid In cash `
;#s,#po
The net outflow of_cash and cash equivalents In respect of the acquit#s#t#on of businesses IS as follows
Period ended
###' March ####
£’###
Consrderatron paid In cash (###,###)
Cash at bank and In hand acquired ##,###
(###,###)_
(iii) ANALYSIS OF CASHFLOW IN RESPECT OF FINANCING
Period ended
###' March ####
£’###
Loans due after more than one year
New bank loans (###,###)
Loan from Group undertaking (###,###)
Net cash_Inf#ow_from financing _ (###,###L
(iv) RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET DEBT
Period ended
###' March ####
£’###
Decrease In cash In the period (#,###)
Net cash balances acquired ##,###
##,###
Cash Inflow from new loans (###,###L
Change In net debt resulting from cash flows (###,###)
Loan Interest rolled up and PIK notes (#,###)
Effect of foreign exchange rate changes (#,###)_
Movement In net debt In the period (###,###)
Net debt at ##' December #### #
Net debt at ###' March #### _ (###,###L
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. NOTES TO THE CASHFLOW STATEMENT (continued)
(v) ANALYSIS OF NET DEBT
£
E E
DECEMBER CASH AT NET NEW ROLLED UP EXCHANGE MARCII ####
#### FLOW ACQUISITION LOAN INTEREST I\IovEI\#EN'r
£’### £’### £’### £`### £’### £’### £‘###
Cash :Ind short tunny depositors # ##,### # # # # ##,###
Overdmfts # (#,###) # # # # (#,###)
# ##,### # # # # ##,###
Loans due IIIICY one year # # # (###,###) (#,###)) (###) (###,###)
Loans due within one year # # (###) (#,###) # (###) (#,###)
Net debt # ##,### (###) (###,###) (#,###) (#,###) (###,###L
##. LEASE COMMITMENTS
#### ## ##
LAND AND PLANT AND
GROUP BUTLDINGS MACHINERY
£’### £’###
Annual commitments under operating leases at ###' March were
Exprnng wrthrn one year ### ###
Exprnng In second to fifth years ### ###
Exprnng alter more than five years ## #
__ #,### ###
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. CAPITAL COMMITMENTS
GROUP ####
£’###
Capital commitments at ###' March for which no provision has been made were
Contracted for ##
Authonsed but not contracted for ##
##. CONTINGENT LIABILITIES
The Company has guaranteed repayment of bank loans and overdrafts of certain
subs#d#ray undertakings amounting to £###,###,###
In addition to this there are guarantees and performance bonds outstanding amounting
to £#,###,###
##. DERIVATIVES NOT INCLUDED AT FAIR VALUE
The Group has derivatives which are not Included at fair value In the accounts
###' March ####
Principal Fair Value
£’### £’###
Forward firer gm exchange contracts ##,### ##,###
Interest rate swap and cap contracts ###,### ###,###
The Group uses the derivatives to hedge IIS exposures to changes In foreign currency
exchange rates and to manage IIS exposure to Interest rate movements on IIS bank
borrowings The fair values are based on market values of equivalent Instruments at
the balance sheet date
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRI FT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. RETIREMENT BENEFIT SCHEMES
Defined contribution scheme
In the UK the Group operates defined contribution schemes In respect of certain UK
employees The charge against profit IS the amount of contributions payable to the
pension scheme dung the period
in the USA, the Group operates defined contribution plans with optional funding
opportunists proved by a designated company for all eligible full time employees
In Australra, the Group operates a defined contribution scheme In accordance with
statutory requirements and local customs and practice
The total pension charge dung the period for the Group’s defined contribution plans
amounts to £##,###
Defined benefit scheme
In Germany the Group operates an unfunded defined benefit plan, which In
accordance with local customs and practice IS financed via book reserves The
reserve held at ###' March #### amounts to £#,###,### using a conversion rate of
€l ### to the £
In the UK the Group operates a defined benefit scheme. The assets of the scheme are
held In Independent trustee administered funds
Contnbutrons to the scheme are charged to the profit and loss account so as to spread
the cost of provident pensions over the employees’ working lives with the Group
Rates of contributions are determined by the trustees In accordance with the
recommendation of Independent actuates using the projected unit method Actuarral
valuations are prepared every three years The most recent completed formal actuarial
valuation was carried out as at ###' March #### by a qualified actuary The present
value of the defined benefit obligation, the related current service cost and past
service cost were measured using the projected unit credit method.
The key assumptions used are as follows
At Period ended ###'
At ##"" February
March #### ####
UK Germany UK Germany
Rate of Increase In salaries ----
Rate of Increase of pensions In payment # ##% # ##% # ##% # ##%
Rate of Increase In deferred pensions ----
Drscount rate #.##% # ##% # ##% # ##%
Inflatron assumption #.##% # ##% # ##% # ##%
Expected rectum on scheme assets #.##% # ##% # ##% # ##%
##

SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. PENSIONS (continued)
Mortalrty assumptions
Investrgatrons have been carried out within the past three years Into the mortality
expedience of the Group’s defined Benedict schemes These Investrgatrons concluded
that the current mortality assumptions Include sufficient allowance for future
Improvements In mortality rates The assumed life expectations on retirement at age
## are
At Period ended ###' March ####
Years
UK Germany
Retrnng today
Males ## # ## #
Females ## # ##.#
Retrnng In ## years
Males ##.# ## #
Females ## # ## #
The amount Included In the balance sheet answer from the Group’s objurgation In
respect of IIS defined benefit retirement scheme IS as follows
At Period ended ###'
March #### At ##“" February ####
Expected £’### Expected £’###
return return
Equrtres # ##% ##,### # ##% ##,###
Bonds # ##% ##,### # ##% ##,###
Farr value of scheme assets ##,### ##,###
Present value of defined benefit objurgation (##,###) (##,###)
Recoverable deficit In the scheme (##,###) (]#,# ##)
Related deferred tax asset # #
Net pension liability In the balance sheet ( ##,###) ( ##,###)
Analysrs of the amount charged to operativeness
Period to ###' March
####
£’###
Servrce cost ##
Past service cost #
Total operating charge ##
##

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. PENSIONS (continued)
Analysis of net rectum on pension scheme charged to Interest payable
Expected return on pension scheme assets
Interest on pension liabilities
Net return
Period to ##” March ####
£’###
(###)
###
##
Analysis of amount recognised In statement of total recognised gains and losses
( STRGL)
Actuanal loss Immediately recognised
Exchange rate loss
Total pension cost recognised In STRGL
Period to ###' March ####
£’###
###
##
###
Movements In the present value of defined benefit obligations during the period
At ##' December ####
Arising on acquit#s#t#on
Service cost
Interest cost
Contributions from scheme members
Actuarial gains and losses
Benefits paid
Expenses paid
Premiums paid
Effect of exchange rate changes
At ###' March ####
##
Period to ##" Ivrareri ####
£’###
#
##,###
##
###
##
#,###
(###)
(##)
(#)
##
##,###

SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS ( continued)
##. PENSIONS (continued)
Movements In the fair value of scheme assets during the period
Period to ##" March ####
£’###
At ##' December #### #
Arising on acquisition ##,###
Expected rectum on scheme assets ###
Actuanal gains and losses #,###
Contrrbutions from the sponsoring companies #,###
Contnbutrons from scheme members ##
Benefits paid (###)
Expenses paid (##)
Premiums paid #
At ###' March #### ##,###
The estimated amounts of contributions expected to be paid to the scheme during the
annual period beginning after the balance sheet date IS £#.# million
The most recent triennial valuation of the Group’s pension scheme for funding purposes
has been performed as at ###' March #### and was stirred off shortly before the year
end Under the funding schedule agreed with the scheme Trustees, the Group arms to
eliminate the current deficit over the next # # years
##

Countgy of
SURVITEC GROUP (FINANCE #) LIMITED
_(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. SUBSIDIARY UNDERTAKINGS
The principal subs#d#ray undertakings of the Group at ###' March #### are set out below Unless otherwise stated,
the ###% Interest In each undertaking IS represented by equity capital and each undertaking operates from IIS country
of Incorporation, which If other than Great Bntarn IS stated below
SUFVIISC Group (Holdings) Limited
SGL L#m#Ted
SGL (Frnance) Limited
SGL (Holdings) Limited
Survrtec Group Limrted
RFD Beaufort Limited
RFD Limited
Beaufort Arr-Sea Equipment L#m#Ted
Lifeguard Equrpment L#m#Ted
Survival-One Limited
Incorporation
Principal Activigy
F Inancrng Company
Holding Company
Financing company
Financing company
Inflatable life saving equipment, specialised
submarine escape equipment and pilot flight
equipment
Inflatable life saving equipment, specialised
submarine escape equipment and pilot flight
equipment
Inflatable life saving equipment
Specialised submarine escape equipment and
pilot flight equipment
Inflatable life saving equipment and specialised
clothing
Rental and sales of survival suits to the offshore
oil and gas Industry
RFD Beaufort Inc USA Inflatable life saving equipment
DSB Deutsche Schlauchboot GmbH Gemrany Inflatable life-rafts, boats and special products
Eurovinil S p A Italy Inflatable life-rafts and large Inflatable buildings
RFD (Australia) Pty Limited Australia Sales and service of marine safety equipment
RFD New Zealand Limited New Zealand Sales and service of marine safety equipment
RFD Japan Limited (##%) Japan Sales and service of marine safety equipment
W H Brennan & Co (Private) Limited Singapore Sales and service of marine safety equipment
W H Brennan (Hong Kong) Limited Hong Kong Sales and service of marine safety equipment
W H Brennan (Shanghai) Co Limited China Sales and service of marine safety equipment
RFD France S A S France Sales and service of marine safety equipment
The share capital of these companies was held by subs#d#ray undertakings of the Company
The business assets and arabilities of RFD Beaufort L#m#Ted, RFD Limited, Beaufort Arr-Sea Equipment
Limited and Lifeguard Equipment Lrmrted are owned by Survrtec Group Limited and these companies trade as
agents for that company
The information given above relates only to undertakings whose results or financial ops#t#on significantly affected
the figures In these accounts
##

'_
s
SURVITEC GROUP (FINANCE #) LIMITED
(FORMERLY KNOWN AS CYCLONEDRIFT LIMITED)
NOTES TO THE ACCOUNTS (continued)
##. RELATED PARTY TRANSACTIONS
At ###' March #### Survitec Group (Frnance #) Limited had a loan from a fellow
Group undertaking, Surv#tee Group (Frnance #) L#m#Ted, for £###,###,### Interest IS
charged at ##% on the loan and £#,###,### of Interest IS shown In the profit and loss
account
##. ULTIMATE CONTROLLING PARTY
The Group IS a portfolio company of funds (the “Warburg Pincus Funds”) advised and
managed by Warburg Pincus LLC, a private equity firm organised In the United
States of Amenca The Warburg Pincus Funds hold ## #% of the Company’s
ordinary shares and jointly have a controlling Interest In the Group.
##. POST BALANCE SHEET EVENTS
On ##"‘ May #### the Group’s subsidiary Surv#tee Group (Holdings) Limited
Irrevocably waived, released and discharged IIS fellow subsidiary SGL (Finance)
L#m#Ted from any and all obligations to pay the sum of£##,###,### In relation to
certain loan notes
##