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Registration number: 05758364

Sebia (UK) Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2021

 

Sebia (UK) Ltd

(Registration number: 05758364)
Statement of Financial Position as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

6,195

17,224

Tangible assets

5

3,369,919

2,670,133

 

3,376,114

2,687,357

Current assets

 

Stocks

6

1,440,112

2,076,025

Debtors

7

1,425,842

1,627,968

Cash at bank and in hand

 

1,191,306

1,833,803

 

4,057,260

5,537,796

Creditors: Amounts falling due within one year

8

(2,410,345)

(3,661,537)

Net current assets

 

1,646,915

1,876,259

Total assets less current liabilities

 

5,023,029

4,563,616

Creditors: Amounts falling due after more than one year

8

(795,337)

(498,557)

Provisions for liabilities

(309,109)

(268,411)

Net assets

 

3,918,583

3,796,648

Capital and reserves

 

Called up share capital

50,000

50,000

Profit and loss account

3,868,583

3,746,648

Shareholders' funds

 

3,918,583

3,796,648

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 6 May 2022 and signed on its behalf by:
 

.........................................

O P Mitchell
Director

 

Sebia (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: River Court The Meadows Business, Park Station Approach, Blackwater, Camberley, Surrey, GU17 9AB,

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Summary of disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

Name of parent of group

These financial statements are consolidated in the financial statements of SAM Topco SAS.

The financial statements of SAM Topco SAS may be obtained from Sebia SA, Parc Technologique Leonard de Vinci, CP8010 Lisses, 91008 EVRY Cedex, France.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 6 May 2022 was Gary Robinson FCA, who signed for and on behalf of Stewart & Co Accountants LLP.

 

Sebia (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Judgements

In the preparation of the financial statements, management undertakes a number of accounting estimates and assessments, and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Company. These estimates, assessments and assumptions are based on historical experience and other factors which management considers reasonable under the circumstances, but which by their nature are uncertain and unpredictable. The assumptions may be incomplete or inaccurate, and events or circumstances which have not been anticipated may occur, for which the actual results may deviate from the estimates and assessments utilised.

Key sources of estimation uncertainty

In the opinion of management, the estimated useful economic life of equipment is significant in the preparation of the financial statements. The Company maintains a number of instruments for rental by customers. Management at Sebia Group assess the useful life of instruments based on prior experience and understanding of the technology..

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company 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
Revenue 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 revenue can be measured reliably;
- it is probable that the Company 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.

 

Sebia (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Foreign currency transactions and balances


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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'administrative expenses account'.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible 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.

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.

 

Sebia (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Depreciation

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

The method and estimated useful lives range as follows:

Asset class

Depreciation method and rate

Leasehold improvements

20% straight line

Fixtures & fittings

20% - 33% straight line

Equipment

12.5% reducing balance or 25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Amortisation

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.

Asset class

Amortisation method and rate

Software

3 years

Customer contracts

2 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Sebia (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Sebia (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2020 - 23).

 

Sebia (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Customer contracts
 £

Software
 £

Total
£

Cost or valuation

At 1 January 2021

474,360

55,086

88,296

617,742

Disposals

(474,360)

(55,086)

(6,906)

(536,352)

At 31 December 2021

-

-

81,390

81,390

Amortisation

At 1 January 2021

474,360

55,086

71,072

600,518

Amortisation charge

-

-

11,029

11,029

Amortisation eliminated on disposals

(474,360)

(55,086)

(6,906)

(536,352)

At 31 December 2021

-

-

75,195

75,195

Carrying amount

At 31 December 2021

-

-

6,195

6,195

At 31 December 2020

-

-

17,224

17,224

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Equipment
£

Total
£

Cost or valuation

At 1 January 2021

279,007

161,239

5,334,182

5,774,428

Additions

7,778

32,116

1,514,551

1,554,445

Disposals

-

(57,398)

(710,008)

(767,406)

At 31 December 2021

286,785

135,957

6,138,725

6,561,467

Depreciation

At 1 January 2021

271,440

116,078

2,716,777

3,104,295

Charge for the year

7,840

22,793

624,141

654,774

Eliminated on disposal

-

(56,248)

(511,273)

(567,521)

At 31 December 2021

279,280

82,623

2,829,645

3,191,548

Carrying amount

At 31 December 2021

7,505

53,334

3,309,080

3,369,919

At 31 December 2020

7,567

45,161

2,617,405

2,670,133

 

Sebia (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

6

Stocks

2021
£

2020
£

Finished goods and goods for resale

1,440,112

2,076,025

7

Debtors

2021
£

2020
£

Trade debtors

1,062,600

1,394,074

Prepayments and accrued income

353,522

85,436

Other debtors

9,720

148,458

1,425,842

1,627,968

 

Sebia (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Bank loans and overdrafts

9

601,671

521,797

Trade creditors

 

84,061

126,855

Amounts owed to group undertakings and undertakings in which the company has a participating interest

346,673

1,273,088

Taxation and social security

 

453,474

826,829

Accruals and deferred income

 

922,933

912,968

Other creditors

 

1,533

-

 

2,410,345

3,661,537

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Loans and borrowings

9

795,337

498,557

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Hire purchase contracts

795,337

498,557

2021
£

2020
£

Current loans and borrowings

Hire purchase contracts

601,671

521,797

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £924,375 (2020 - £138,619).

11

Parent and ultimate parent undertaking

The ultimate parent is Sphinx SAS, incorporated in France.

 The most senior parent entity producing publicly available financial statements is SAM Topco SAS. These financial statements are available upon request from Copies of the group financial statements are available from Sebia SA, Parc Technologique Leonard de Vinci, CP8010 Lisses, 91008 EVRY Cedex, France.

 The ultimate controlling party is The Minister Of Finance Of The Quebec Government.