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SAFI BIOSOLUTIONS UK LIMITED

Registered Number
13290285
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

SAFI BIOSOLUTIONS UK LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

MEETZE, Kyle James
THOMAS, Robert James, Dr

Registered Address

James Watson House Montgomery Way
Rosehill Industrial Estate
Carlisle
CA1 2UU

Registered Number

13290285 (England and Wales)
SAFI BIOSOLUTIONS UK LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3147,775195,148
147,775195,148
Current assets
Debtors446,565541,176
Cash at bank and on hand130,362284,950
176,927826,126
Creditors amounts falling due within one year5(38,120)(726,297)
Net current assets (liabilities)138,80799,829
Total assets less current liabilities286,582294,977
Provisions for liabilities6(37,000)(48,000)
Net assets249,582246,977
Capital and reserves
Called up share capital1010
Profit and loss account249,572246,967
Shareholders' funds249,582246,977
The financial statements were approved and authorised for issue by the Board of Directors on 5 August 2024, and are signed on its behalf by:
MEETZE, Kyle James
Director
Registered Company No. 13290285
SAFI BIOSOLUTIONS UK LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services. 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.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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 the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Office Equipment-3
Trade and other 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.
Trade and other 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.
Financial instruments
The company enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year87
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 January 23243,4386,182249,620
Additions30,6883,58234,270
Disposals(35,846)-(35,846)
At 31 December 23238,2809,764248,044
Depreciation and impairment
At 01 January 2352,3352,13754,472
Charge for year47,6062,67150,277
On disposals(4,480)-(4,480)
At 31 December 2395,4614,808100,269
Net book value
At 31 December 23142,8194,956147,775
At 31 December 22191,1034,045195,148
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables39,788482,607
Other debtors6,77758,569
Total46,565541,176
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables6,25658,821
Amounts owed to related parties-643,836
Taxation and social security23,25516,333
Other creditors2,9593,222
Accrued liabilities and deferred income5,6504,085
Total38,120726,297
6.Provisions for liabilities
The provision for deferred tax is made up of £37,000 (2022 £48,000) in respect of accelerated capital allowances on tangible fixed assets.

2023

2022

££
Net deferred tax liability (asset)37,00048,000
Total37,00048,000
7.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £12,891 (2022 £9,021).
8.Other commitments
At 31 December 2023 the company had future minimum lease payments under non-cancellable operating leases of £45,000 (2022 £42,000).
9.Related party transactions
The company has taken advantage of the small group exemptions not to disclose transactions with its parent company.
10.Parent-subsidiary relationships
The company was under the control of its parent company Safi Biotheraputics Inc (formerly Safi Biosolutions Inc) throughout the current and previous period. The parent company is registered in the USA and owns 100% of the issued share capital. Its principal address is One Broadway, 14th Floor, Cambridge, MA 02139, United States and company registration number is 001468373. The company is exempt from producing consolidated accounts as it qualifies as part of a small group. These accounts are for this company alone.