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Registration number: 4871466

SFI Corporation Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

SFI Corporation Limited

Contents

Company Information

1

Directors' Report

2

Income Statement

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

SFI Corporation Limited

Company Information

Directors

J Reed-Sperrin

A J Sperrin

Company secretary

A J Sperrin

Registered office

Willmott House
12 Blacks Road
London
W6 9EU

Accountants

Shaw Gibbs Limited Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

SFI Corporation Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Principal activity

The principal activity of the company is that of investment and the provision of consultancy services.

Directors of the company

The directors who held office during the year and up to the date of approval of this report were as follows:

J Reed-Sperrin

A J Sperrin - Company secretary and director

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 20 May 2025 and signed on its behalf by:
 

.........................................
A J Sperrin
Company secretary and director

 

SFI Corporation Limited

Income Statement
for the Year Ended 31 August 2024

Note

2024
£

2023
£

Revenue

 

87,083

64,000

Administrative expenses

 

(3,672)

(2,606)

Operating profit

 

83,411

61,394

(Loss)/gain on financial assets at fair value

 

(71,181)

8,542

Income from other fixed asset investments

 

15,185

17,083

Interest payable and similar expenses

 

(1,205)

(705)

Profit before tax

26,210

86,314

Taxation

4

(4,709)

(18,166)

Profit for the financial year

 

21,501

68,148

 

SFI Corporation Limited

(Registration number: 4871466)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Non-current assets

 

Other financial assets

5

415,697

486,878

Current assets

 

Receivables

6

68,692

6,250

Payables: Amounts falling due within one year

7

(86,580)

(99,025)

Net current liabilities

 

(17,888)

(92,775)

Total assets less current liabilities

 

397,809

394,103

Provisions for liabilities

8

(3,674)

(21,469)

Net assets

 

394,135

372,634

Equity

 

Called up share capital

9

1,000

1,000

Other reserves

9

11,020

64,406

Retained earnings

9

382,115

307,228

Shareholders' funds

 

394,135

372,634

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of SFI Corporation Limited were approved and authorised for issue by the Board on 20 May 2025 and signed on its behalf by:
 

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

A J Sperrin
Company secretary and director

 

SFI Corporation Limited

Statement of Changes in Equity
for the Year Ended 31 August 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 September 2023

1,000

64,406

307,228

372,634

Profit for the year

-

-

21,501

21,501

Transfers

-

(53,386)

53,386

-

At 31 August 2024

1,000

11,020

382,115

394,135

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 September 2022

1,000

58,000

311,486

370,486

Profit for the year

-

-

68,148

68,148

Dividends

-

-

(66,000)

(66,000)

Transfers

-

6,406

(6,406)

-

At 31 August 2023

1,000

64,406

307,228

372,634

 

SFI Corporation Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

1

General information

SFI Corporation Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Exemption from preparing a cash flow statement

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Judgements and key sources of estimation uncertainty

There are no critical judgements, estimations or assumptions made by the directors in the process of applying the company's accounting policies which have a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of consultancy services. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

SFI Corporation Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Other financial assets

Other financial assets comprise listed securities which are publicly traded and are initially recognised at cost and subsequently measured at fair value at each balance sheet date. Gains and losses arising from changes in fair values are recognised in the income statement.

Tax

The tax expense for the period comprises tax 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.

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

SFI Corporation Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

22,504

16,031

Deferred taxation

Arising from origination and reversal of timing differences

(17,795)

2,135

Tax expense in the income statement

4,709

18,166

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 21.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

26,210

86,314

Corporation tax at standard rate

6,553

18,575

Increase from effect of different UK tax rates on some earnings

-

292

Effect of expense not deductible in determining taxable profit

420

366

Decrease from effect of marginal relief

(2,264)

(1,067)

Total tax charge

4,709

18,166

 

SFI Corporation Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

4

Taxation (continued)

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Financial assets at fair value through the income statement

3,674

   

2023

Liability
£

Financial assets at fair value through the income statement

21,469

   

5

Other financial assets

2024
£

2023
£

Non-current financial assets

Listed investments

415,697

486,878

The aggregate historical cost amount (reflecting any write downs to recoverable amount) that would have been included had the investments not been revalued at 31 August 2024 was £401,003 (2023: £401,003).

6

Receivables

2024
£

2023
£

Other receivables

62,442

-

Prepayments

6,250

6,250

68,692

6,250

 

SFI Corporation Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

7

Payables

2024
£

2023
£

Due within one year

Trade payables

3,333

21,900

Corporation tax

38,537

34,453

Other payables

-

939

Accruals and deferred income

44,710

41,733

86,580

99,025

8

Provisions for liabilities

Deferred tax
£

At 1 September 2023

21,469

Increase in existing provisions

(17,795)

At 31 August 2024

3,674

The deferred tax liability above represents the deferred tax liability on the gain on listed investments recognised within equity.

 

SFI Corporation Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024 (continued)

9

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The other reserve represents enhancements to the original cost of investments where the directors have considered it appropriate to reflect in the valuation increases in market value of listed investments. Deferred tax is provided in full on amounts credited or debited to other reserves, in respect of listed investments, at tax rates expected to apply when they crystallise based on tax rates and laws that have been enacted or substantially enacted by the year end.

10

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
SFI Corporation Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SFI Corporation Limited for the year ended 31 August 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising firm of Accountants, we are subject to ethical and other professional requirements.

This report is made solely to the Board of Directors of SFI Corporation Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SFI Corporation Limited and state those matters that we have agreed to state to the Board of Directors of SFI Corporation Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SFI Corporation Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that SFI Corporation Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SFI Corporation Limited. You consider that SFI Corporation Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of SFI Corporation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
For and on behalf of
Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

20 May 2025