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REGISTERED NUMBER: 05299222 (England and Wales)















SBFI Group Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2024






SBFI Group Limited (Registered number: 05299222)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


SBFI Group Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: Mr A F Hynd
Mr T L Finger
Mr S M Finch





SECRETARY: Mr S M Finch





REGISTERED OFFICE: 2nd Floor
Landmark House, 69 Leadenhall Street
London
EC3A 2DB





REGISTERED NUMBER: 05299222 (England and Wales)





AUDITORS: Swindells LLP
Chartered Accountants
and Statutory Auditor
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

SBFI Group Limited (Registered number: 05299222)

Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
The directors are pleased with the result for the year, as turnover has increased in comparison to the previous year, and the margins remain good and better than previous years.

The company continues to invest in the design and development of its products and leads the way in desking technologies. The directors regard the investment in research and development as integral to the continued success of the business and ensuring the customers are provided with a product range and customer service of the highest quality and specification.

Research and development activity continues to be very busy, with the company looking to introduce new products to satisfy new work trends, including the ongoing provision of mobile desking/floor boxes to facilitate rapid moves and changes.

Major repair works on the Newhaven factory facility were completed during 2024, and new factory equipment was purchased.

2025 is looking strong in terms of orders secured in both the UK and APAC regions.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and execution of the company's strategy are subject to the following risks:

Foreign currency risk
A key business risk affecting the company is foreign exchange exposure. The company protects itself against this risk by taking out forward exchange contracts over a number of currencies.

Availability of suitable raw materials
The company continues to develop its Asian supply chain in order to be able to respond quickly to client demands and to improve the company's carbon footprint.

We continue to see shipping disruptions impacting our overseas projects. To mitigate this, we build and ship projects earlier to meet delivery deadlines.

Price risk
Consequences of the various geopolitical events around the world are leading to unprecedented price increases affecting all areas of the business including materials, energy, insurance and property rentals.

The business is constantly looking at design/manufacturing improvements to mitigate the impact of the steep cost increases.


SBFI Group Limited (Registered number: 05299222)

Strategic Report
for the Year Ended 30 November 2024

KEY PERFORMANCE INDICATORS
The board and the management team monitor the performance of the business by utilising a number of key performance indicators:

2024 2023 2022


Turnover £21,013,331 £15,629,070 £19,568,173
Sales growth 34% (20% ) 92%
Gross profit £11,049,513 £7,453,970 £9,496,026
Gross margin 52.6% 47.6% 48.5%

ON BEHALF OF THE BOARD:





Mr S M Finch - Director


16 July 2025

SBFI Group Limited (Registered number: 05299222)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of specialised bank and control room furniture.

DIVIDENDS
An interim dividend of $17.40 per share on the Ordinary £1 and Ordinary A £1 shares was declared on 16 January 2024.

Another interim dividend of $26.10 per share on the Ordinary £1 and Ordinary A £1 shares was declared on 18 July 2024.

A further interim dividend of $17.40 per share on the Ordinary £1 and Ordinary A £1 shares was declared on 31 October 2024.

The total distribution of dividends for the year ended 30 November 2024 will be £5,446,242 (2023 - £790,160).

FUTURE DEVELOPMENTS
The directors aim to continue to build upon the success of the SBFI product range and to increase the company's share in the global market in financial and control room furniture.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

Mr A F Hynd
Mr T L Finger
Mr S M Finch

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


SBFI Group Limited (Registered number: 05299222)

Report of the Directors
for the Year Ended 30 November 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr S M Finch - Director


16 July 2025

Report of the Independent Auditors to the Members of
SBFI Group Limited

Opinion
We have audited the financial statements of SBFI Group Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
SBFI Group Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
SBFI Group Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the company's internal controls have been discussed and understood prior to our audit testing.
Internal controls have been tested through walkthrough testing, to assess whether controls are
adequate, whether they are being followed, and whether irregularities and fraud are prevented.
- deficiencies in internal controls have been highlighted and explained to management, along with
recommendations as to how deficiencies can be improved and the risk of irregularity and fraud
occurrence minimised.
- representations have been provided by management that there were no identified cases of fraud or
instances of non-compliance during or since the accounting period.
- substantive testing has been carried out to test the validity of transactions, with entries in the
accounting system vouched to corresponding third party documentation and evidence of
appropriate authorisation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
SBFI Group Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Melanie Richardson BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Swindells LLP
Chartered Accountants
and Statutory Auditor
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

23 July 2025

SBFI Group Limited (Registered number: 05299222)

Income Statement
for the Year Ended 30 November 2024

2024 2023
Notes £    £   

TURNOVER 3 21,013,331 15,629,070

Cost of sales 9,963,818 8,175,100
GROSS PROFIT 11,049,513 7,453,970

Administrative expenses 4,383,438 4,674,668
OPERATING PROFIT 5 6,666,075 2,779,302

Interest receivable and similar income 251,430 172,628
6,917,505 2,951,930
Fair value gains/(losses) on foreign
exchange contracts

(22,607

)

(64,907

)
6,894,898 2,887,023

Interest payable and similar expenses 7 11,161 2,457
PROFIT BEFORE TAXATION 6,883,737 2,884,566

Tax on profit 8 1,499,633 931,570
PROFIT FOR THE FINANCIAL YEAR 5,384,104 1,952,996

SBFI Group Limited (Registered number: 05299222)

Other Comprehensive Income
for the Year Ended 30 November 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 5,384,104 1,952,996


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

5,384,104

1,952,996

SBFI Group Limited (Registered number: 05299222)

Statement of Financial Position
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,401,320 1,052,791
Investments 11 6,880 6,880
1,408,200 1,059,671

CURRENT ASSETS
Stocks 12 1,961,479 2,612,358
Debtors 13 6,105,739 6,162,306
Cash at bank and in hand 9,092,693 10,008,205
17,159,911 18,782,869
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

14

5,542,251

6,622,433
NET CURRENT ASSETS 11,617,660 12,160,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,025,860

13,220,107

PROVISIONS FOR LIABILITIES 17 180,016 312,125
NET ASSETS 12,845,844 12,907,982

CAPITAL AND RESERVES
Called up share capital 18 114,944 114,944
Share premium 19 315,893 315,893
Retained earnings 19 12,415,007 12,477,145
SHAREHOLDERS' FUNDS 12,845,844 12,907,982

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2025 and were signed on its behalf by:





Mr A F Hynd - Director


SBFI Group Limited (Registered number: 05299222)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 December 2022 114,944 11,314,309 315,893 11,745,146

Changes in equity
Dividends - (790,160 ) - (790,160 )
Total comprehensive income - 1,952,996 - 1,952,996
Balance at 30 November 2023 114,944 12,477,145 315,893 12,907,982

Changes in equity
Dividends - (5,446,242 ) - (5,446,242 )
Total comprehensive income - 5,384,104 - 5,384,104
Balance at 30 November 2024 114,944 12,415,007 315,893 12,845,844

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

SBFI Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 11 Basic Financial Instruments;
the requirements of Section 12 Other Financial Instrument Issues;
the requirements of Section 26 Share Based Payment;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about SBFI Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Five Fingers (Holdings) Limited, Unit 1d, Hawthorn Estate, Avis Way, Newhaven, England, BN9 0DJ.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provision
Stocks are valued at the lower of cost and net realisable value. Net realisable value includes where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made which include forecasts of consumer demand and the promotional, competitive and economic environment.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities is as follows:

Warranties
The warranty provision is made based on best estimates of future cash outflows in respect of those products still within the warranty period at the year end, based on previous claims by customers and current sales volumes.

Provision is made for liabilities arising in respect of expected warranty claims on warranties provided in conjunction with the sale of goods.

Turnover
Turnover is recognised net of VAT at the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of business. Fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Sale of goods is recognised when the company's goods have been installed at the customer's premises and have been accepted by the client.

In the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be measured with reasonable certainty.

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the assets and is credited or charged to profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are initially recognised at cost and subsequently measured at cost less and accumulated impairment losses. Investments are assessed for impairment at each reporting date and any impairment losses ot reversals of impairment losses are recognised immediately in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell, is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss in the year of the reversal.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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
For defined contribution schemes, the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and the contributions actually paid are shown within other creditors.

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the profit or loss in the period in which it arises.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 18,397,679 13,786,139
Delivery 1,591,083 1,130,799
Installation 1,019,803 706,465
Other Income 4,766 5,667
21,013,331 15,629,070

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 10,008,617 7,335,123
Europe 3,683,624 1,350,016
Rest of the world 7,321,090 6,943,931
21,013,331 15,629,070

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,664,024 2,429,966
Social security costs 297,880 261,588
Other pension costs 222,215 180,194
3,184,119 2,871,748

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Production staff 50 46
Administrative staff 5 5
Sales staff 7 7
62 58

2024 2023
£    £   
Directors' remuneration 357,710 324,600
Directors' pension contributions to money purchase schemes 86,193 57,173

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 276,044 222,859
Pension contributions to money purchase schemes 35,283 36,523

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 16,789 15,182
Other operating leases 781,947 750,260
Depreciation - owned assets 113,399 80,804
Profit on disposal of fixed assets (4,168 ) -
Foreign exchange differences 89,097 (46,720 )

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

18,825

27,250
Auditors' remuneration for non audit work 850 3,500

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 2,457
Other interest 11,161 -
11,161 2,457

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,625,229 687,504
(Over)/under provision in previous year 6,513 -
Total current tax 1,631,742 687,504

Deferred tax:
Movement in deferred tax (132,109 ) 244,066
Tax on profit 1,499,633 931,570

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 6,883,737 2,884,566
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 23.010%)

1,720,934

663,739

Effects of:
Expenses not deductible for tax purposes 3,916 26,642
Capital allowances in excess of depreciation (99,595 ) (2,877 )
Adjustments to tax charge in respect of previous periods 6,513 -
Movement in deferred tax (132,109 ) 244,066
Group relief (26 ) -
Total tax charge 1,499,633 931,570

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 5,446,242 790,160

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 December 2023 1,478,937 873,840 449,657 56,595 2,859,029
Additions - 434,220 27,708 - 461,928
Disposals - (137,349 ) - - (137,349 )
At 30 November 2024 1,478,937 1,170,711 477,365 56,595 3,183,608
DEPRECIATION
At 1 December 2023 575,874 792,856 381,564 55,944 1,806,238
Charge for year 20,244 58,888 33,116 1,151 113,399
Eliminated on disposal - (137,349 ) - - (137,349 )
At 30 November 2024 596,118 714,395 414,680 57,095 1,782,288
NET BOOK VALUE
At 30 November 2024 882,819 456,316 62,685 (500 ) 1,401,320
At 30 November 2023 903,063 80,984 68,093 651 1,052,791

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2023
and 30 November 2024 6,880
NET BOOK VALUE
At 30 November 2024 6,880
At 30 November 2023 6,880

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

11. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

SBFI Australia PTY Limited
Registered office: Level 16, Tower 2, Darling Park, 201 Sussex St, Sydney NSW 2000
Nature of business: Sales office
%
Class of shares: holding
Ordinary AUD 100.00

SBFI Limited (Hong Kong)
Registered office: 74 Wyndham Place, 40-44 Wyndham Street Central, Hong Kong
Nature of business: Sales office
%
Class of shares: holding
Ordinary HKD 100.00

SBFI Singapore PTE Limited
Registered office: Beach Road 38, 29-11 City Beach Road, 189767, Singapore
Nature of business: Sales office
%
Class of shares: holding
Ordinary 100.00

12. STOCKS
2024 2023
£    £   
Work-in-progress 1,562,959 1,899,013
Finished goods 398,520 713,345
1,961,479 2,612,358

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,455,682 2,771,845
Provision for bad debts (34,823 ) (44,108 )
Amounts owed by group undertakings 3,133,739 3,168,299
Other debtors 24,459 42,133
Prepayments and accrued income 526,682 224,137
6,105,739 6,162,306

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 822,831 542,528
Amounts owed to group undertakings 190,419 348,905
Tax 1,023,475 428,400
Social security and other taxes 85,053 99,170
VAT 53,358 178,707
Other creditors 24,047 60,031
Wages and salaries control 14,725 23,465
Accruals and deferred income 3,328,343 4,941,227
5,542,251 6,622,433

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 324,848 321,751
Between one and five years 914,867 1,204,036
In more than five years - 29,042
1,239,715 1,554,829

The aggregate amount of operating lease payments recognised as an expense during the year was £301,988 (2023: £337,508).

16. FINANCIAL INSTRUMENTS

The company uses foreign currency forward contracts to manage the foreign exchange risk of future transactions and cash flows.

The contracts are valued based on available market data. The company does not adopt hedge accounting for forward exchange contracts and, consequently, fair value gains and losses are recognised in profit or loss.

At the balance sheet date, instruments measured at fair value through profit or loss were valued at a gain of £2,011 (2023 - loss of £20,596).

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 127,710 259,819
Dilapidations provision 52,306 52,306
180,016 312,125

Deferred
tax
£   
Balance at 1 December 2023 259,819
Credit to Income Statement during year (132,109 )
Released in year
Balance at 30 November 2024 127,710

The dilapidations provision represents management's best estimate of the future cash outflows in respect of the cost of rectifying alterations made to leasehold property.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
89,944 Ordinary £1 89,944 89,944
25,000 Ordinary A £1 25,000 25,000
114,944 114,944

Ordinary and Ordinary A shares carry no fixed right to income. Each share has one right to vote at company general meetings, while Ordinary A shares carry the right to appoint one director to the board of directors.

SBFI Group Limited (Registered number: 05299222)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

19. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2023 12,477,145 315,893 12,793,038
Profit for the year 5,384,104 5,384,104
Dividends (5,446,242 ) (5,446,242 )
At 30 November 2024 12,415,007 315,893 12,730,900

Retained earnings
Cumulative profit and loss net of distributions to owners.

Share premium
Consideration received for shares issued above their nominal value net of transactions costs.

20. ULTIMATE PARENT ENTITY

The company's immediate parent undertaking is Five Fingers (Holdings) Limited, a company registered in England and Wales with the registration number 07007438.

The largest and smallest undertaking preparing consolidated accounts including SBFI Group Limited is Five Fingers (Holdings) Limited. The accounts can be obtained from the registered office, Unit 1d, Hawthorn Estate, Avis Way, Newhaven, East Sussex, BN9 0DJ.

Five Fingers LLLP (incorporated in the USA) is regarded by the directors as being the company's ultimate parent entity.

21. CAPITAL COMMITMENTS

The company had capital commitments at the year end of £nil (2023 - 176,000).

22. RELATED PARTY DISCLOSURES

During the year, the company made sales to an entity under common control of £1,311,685 (2023 - £1,720,299), recharged overhead costs totalling £45,166 (2023 - £nil), and made purchases from the same company of £10,305 (2023 - £23,054). At the balance sheet date this entity owed the company £340,356 (2023 - £322,075). These amounts are unsecured, interest free, and repayable on demand.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr T L Finger.