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REGISTERED NUMBER: 03769761 (England and Wales)















Sefas Innovation Limited

Financial Statements for the Year Ended 31 December 2023






Sefas Innovation Limited (Registered number: 03769761)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Sefas Innovation Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: J Khristy
S Ashwell
D Chilman





REGISTERED OFFICE: One New Street
Wells
Somerset
BA5 2LA





REGISTERED NUMBER: 03769761 (England and Wales)





AUDITORS: Webb & Co Ltd
Accountants and Business Advisers
& Statutory Auditor
One New Street
Wells
Somerset
BA5 2LA

Sefas Innovation Limited (Registered number: 03769761)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 8,838 12,415

CURRENT ASSETS
Stocks 350 350
Debtors 4 494,257 336,515
Cash at bank 2,496,322 1,907,982
2,990,929 2,244,847
CREDITORS
Amounts falling due within one year 5 2,115,729 1,505,240
NET CURRENT ASSETS 875,200 739,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

884,038

752,022

CAPITAL AND RESERVES
Called up share capital 7 231,403 231,403
Retained earnings 652,635 520,619
SHAREHOLDERS' FUNDS 884,038 752,022

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:





J Khristy - Director


Sefas Innovation Limited (Registered number: 03769761)

Notes to the Financial Statements
for the year ended 31 December 2023

1. ACCOUNTING POLICIES

General information and basis of preparing the financial statements
The company is a private company limited by shares, registered in England. The address of the registered office is One New Street, Wells, Somerset, BA5 2LA. The company's principal place of business is Whitefriars, Lewins Mead, Bristol, BS1 2NT.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, and are presented in sterling which is the functional currency of the company, rounded to the nearest £.

The company has taken advantage of the exemption not to disclose transactions with parent entities and other wholly-owned subsidiaries as it is wholly-owned. This exemption does not apply to transactions with the ultimate parent entity Caisse des Dépôts et Consignations as it does not control 100% of this sub-group.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for licences supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. Income from maintenance contracts is recognised over the specific period that the service is provided. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Equipment - 20% - 50 % on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.


Sefas Innovation Limited (Registered number: 03769761)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

1. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Contributions payable to a NEST pension scheme are charged to the profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

Sefas Innovation Limited (Registered number: 03769761)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

3. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 January 2023 403,605
Additions 3,859
At 31 December 2023 407,464
DEPRECIATION
At 1 January 2023 391,190
Charge for year 7,436
At 31 December 2023 398,626
NET BOOK VALUE
At 31 December 2023 8,838
At 31 December 2022 12,415

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 454,308 312,368
Other debtors 39,949 24,147
494,257 336,515

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,557 5,610
Amounts owed to group undertakings 952,533 549,622
Taxation and social security 131,168 76,117
Accruals and deferred income 1,011,471 873,891
2,115,729 1,505,240

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 18,117 21,740
Between one and five years - 18,117
18,117 39,857

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
231,403 Ordinary 1 231,403 231,403

Sefas Innovation Limited (Registered number: 03769761)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Barry Davidson FCA FCCA (Senior Statutory Auditor)
for and on behalf of Webb & Co Ltd

9. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary undertaking of Sefas Innovation S.A, a company incorporated in France. Sefas Innovation S.A is a wholly owned subsidiary undertaking of Docaposte, which is a wholly owned subsidiary of La Poste S.A, a company incorporated in France. La Poste S.A is owned 66% by Caisse des Dépôts et Consignations and 34% by the French State.

The registered office address and consolidated accounts of Sefas Innovation S.A are available from:

Sefas Innovation S.A
45/47 boulevard Paul Vaillant Couturier
CS 50108
ACI IA3-101-94766
Ivry-sur-Seine
CEDEX

The registered office address and consolidated accounts of La Poste S.A are available from:

9 Rue du Colonel
Pierre Avia - 75015 Paris

Consolidated group accounts for Caisse des Dépôts et Consignations are available from:

56 Rue de Lille
75356 PARIS 07 SP