2022-08-012023-07-312023-07-31false13505454SAFI TECHNOLOGIES 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SAFI TECHNOLOGIES LTD

(formerly TRUECIRCLE TECHNOLOGIES LTD)

Registered Number
13505454
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

SAFI TECHNOLOGIES LTD
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

KHAISHGI, Ahmed
STOCKER, Rishi Yves

Registered Address

Safi Wework
8 Devonshire Square
London
EC2M 4YJ

Registered Number

13505454 (England and Wales)
SAFI TECHNOLOGIES LTD
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets575,94296,489
Investments687-
76,02996,489
Current assets
Debtors83,991,807132,826
Cash at bank and on hand347,9675,685,969
4,339,7745,818,795
Creditors amounts falling due within one year9(403,926)(8,190)
Net current assets (liabilities)3,935,8485,810,605
Total assets less current liabilities4,011,8775,907,094
Creditors amounts falling due after one year10(3,759,215)(3,596,741)
Net assets252,6622,310,353
Capital and reserves
Called up share capital1211
Share premium3,994,6223,994,622
Other reserves1,285,206-
Profit and loss account(5,027,178)(1,684,280)
Shareholders' funds252,6622,310,353
The financial statements were approved and authorised for issue by the Board of Directors on 29 February 2024, and are signed on its behalf by:
STOCKER, Rishi Yves
Director
Registered Company No. 13505454
SAFI TECHNOLOGIES LTD
Notes to the Financial Statements
for the year ended 31 July 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery2.5
Office Equipment2.5
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Share-based payment Certain employees of the Company have been granted options over the shares in the Company. The cost of equity settled transactions with employees is measured by reference to the fair value of the equity instruments granted at the date at which they are granted, and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined by the management, using a pricing model appropriate to the entity's circumstances.
Going concern
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
4.Employee information

20232022
Average number of employees during the year1830
5.Property, plant and equipment

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 August 2260,35858,827119,185
Additions25,27213,70238,974
At 31 July 2385,63072,529158,159
Depreciation and impairment
At 01 August 2212,13810,55822,696
Charge for year31,57827,94359,521
At 31 July 2343,71638,50182,217
Net book value
At 31 July 2341,91434,02875,942
At 31 July 2248,22048,26996,489
6.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
Additions8787
At 31 July 238787
Net book value
At 31 July 238787
At 31 July 22--

Notes

1Investments in group undertakings and participating interests
7.Description of event after reporting date
In November 2023 the company has completed its Series A fundraising round raising $19.5m. The funds will be used to double down on its current offering, digitising additional parts of the supply chain and developing its use of AI, automation, and embedded finance further, along with doubling it's headcount by the end of 2025
8.Debtors

2023

2022

££
Trade debtors / trade receivables2,932,95770,800
Other debtors1,057,62245,911
Prepayments and accrued income1,22816,115
Total3,991,807132,826
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables356,823734
Redeemable preference shares, liability33
Other creditors47,1007,453
Total403,9268,190
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Convertible loans3,759,2153,596,741
Total3,759,2153,596,741
The 2 year convertible loan notes were issued on 3 June 2022. Interest is payable on any outstanding principal amount of the notes at a rate of 4.00% per annum. Interest accrue daily at the Interest Rate and calculated on the basis of a 365-day year and the actual number of days elapsed from the date of issue of the notes to the Redemption Date or Conversion Date.