Registered number
01146568
S.A.F.I. Limited
Filleted Accounts
31 December 2023
Edward Friel & Co Limited
Chartered Accountants
S.A.F.I. Limited
Registered number: 01146568
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 2,103,287 2,132,514
Investments 5 539 950
2,103,826 2,133,464
Current assets
Stocks 462,752 453,082
Debtors 6 446,654 388,486
Cash at bank and in hand 375,588 690,131
1,284,994 1,531,699
Creditors: amounts falling due within one year 7 (378,881) (446,016)
Net current assets 906,113 1,085,683
Total assets less current liabilities 3,009,939 3,219,147
Provisions for liabilities (295,257) (296,620)
Net assets 2,714,682 2,922,527
Capital and reserves
Called up share capital 40,700 40,700
Revaluation reserve 8 1,474,764 1,474,764
Profit and loss account 1,199,218 1,407,063
Shareholders' funds 2,714,682 2,922,527
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S. Moison
Director
Approved by the board on 17 April 2024
S.A.F.I. Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property over 50 years
Plant and machinery at variable rates on cost
Fittings and equipment at variable rates on cost
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is qualified.
Senior statutory auditor: E.J. Friel
Firm: Edward Friel & Co Limited
Date of audit report: 17 April 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 13
4 Tangible fixed assets
Freehold property Plant and machinery Fittings and equipment Total
£ £ £ £
Cost
At 1 January 2023 2,150,000 778,554 198,333 3,126,887
Additions - 17,383 - 17,383
Disposals - (162,354) - (162,354)
At 31 December 2023 2,150,000 633,583 198,333 2,981,916
Depreciation
At 1 January 2023 78,192 726,844 189,337 994,373
Charge for the year 26,064 15,100 5,446 46,610
On disposals - (162,354) - (162,354)
At 31 December 2023 104,256 579,590 194,783 878,629
Net book value
At 31 December 2023 2,045,744 53,993 3,550 2,103,287
At 31 December 2022 2,071,808 51,710 8,996 2,132,514
Freehold land and buildings: 2023 2022
£ £
Historical cost 633,312 633,312
Cumulative depreciation based on historical cost 224,952 215,572
408,360 417,740
Freehold property was revalued on an open market basis on 3 December 2019 by S.J. Walsham FRICS, James & Sons, Equity Chambers, 249 High Street North, Poole, BH15 1DX.
5 Investments
Other
investments
£
Cost
At 1 January 2023 950
Revaluation (411)
At 31 December 2023 539
Historical cost
At 1 January 2023 10,303
At 31 December 2023 10,303
The above investment represents 203 Nokia shares which are stated at market value prevailing at the balance sheet date.
6 Debtors 2023 2022
£ £
Trade debtors 371,048 345,831
Other debtors 75,606 42,655
446,654 388,486
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 1,250
Trade creditors 39,995 71,137
Amounts owed to group undertakings and undertakings in which the company has a participating interest 103,074 126,555
Taxation and social security costs 70,277 98,655
Other creditors 165,535 148,419
378,881 446,016
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 1,474,764 1,474,764
At 31 December 2023 1,474,764 1,474,764
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 13,742 34,360
10 Related party transactions
During the year, the company traded at arms length under normal trading terms with both its holding company (SAFI France) and another subsidary company (SAFI Germany). The company sold goods to the value of £34,750 (2022: £34,252) and made purchases to the value of £1,015,429 (2022: £987,457) within the group. At 31 December 2023 £103,074 was owed to group undertakings shown within creditors (2022: £126,555).
11 Controlling party
The company is ultimately controlled by its holding company SAFI SAS, a company registered in France.
12 Other information
S.A.F.I. Limited is a private company limited by shares and incorporated in England. Its registered office is:
35 Holton Road
Holton Heath Trading Park
Poole
Dorset
BH16 6LT
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