| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| SAF LTD. |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| SAF LTD. |
| SAF LTD. (REGISTERED NUMBER: 02797697) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SAF LTD. |
| COMPANY INFORMATION |
| For The Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SAF LTD. (REGISTERED NUMBER: 02797697) |
| BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Treasury shares | ( |
) |
| Retained earnings | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| SAF LTD. (REGISTERED NUMBER: 02797697) |
| BALANCE SHEET - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SAF LTD. (REGISTERED NUMBER: 02797697) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| SAF Ltd. is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of 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. |
| The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate, as they have agreed to seek the necessary finance to enable the company to meet its liabilities as they fall due. |
| Turnover |
| Turnover represents sales of fish stock, excluding value added tax, sold during the year. |
| Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Website development is being amortised over its estimated useful life at varying rates. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimates useful life. |
| Plant and machinery | - | Varying rates |
| Building improvements | - | Varying rates |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price, less costs to complete and sell. Cost includes all costs of purchase, including costs to bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| Financial instruments |
| The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current 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 tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
| Consideration is given to whether deferred tax should be provided in respect of material timing differences which have not reversed at the balance sheet date. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits. |
| Current tax assets and liabilities are not discounted and are 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. |
| 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. |
| SAF LTD. (REGISTERED NUMBER: 02797697) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| SAF LTD. (REGISTERED NUMBER: 02797697) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Bonds - due within 1 year | 71,525 | 83,870 |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Directors' loan accounts | 57,586 | 77,586 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-5 years |
| Bonds - 1-5 years | 211,755 | 281,430 |
| Bonds - due over 5 years | 4,000 | 6,000 |
| Hire purchase contracts (see note 9) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bonds - due over 5 years | 4,000 | 6,000 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| SAF LTD. (REGISTERED NUMBER: 02797697) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 9. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | EBITDA |
| Reconciliation from accounting profit to EBITDA: |
| 2024 | 2023 |
| £ | £ |
| Net profit/(loss) | (40,962 | ) | (166,894 | ) |
| Add back: |
| Interest | 45,771 | 53,345 |
| Amortisation | 23,447 | 24,082 |
| Depreciation | 135,545 | 139,743 |
| EBITDA (£) | 163,801 | 50,276 |
| 11. | SHARE OPTIONS |
| A. Grants of options over Ordinary Shares to directors. These have all vested or are about to vest and have no expiry date. In all cases the exercise price is 0p: |
| To J Grieve: |
| - | 100,000 shares granted in June 2018. |
| - | 100,000 shares granted in June 2019. |
| To T Dunningham as compensation for non-executive duties over the last three years: |
| - | 28,499 shares. |
| B. Grants of options over Ordinary Shares to employees: |
| - | In June 2021 one employee was granted an option over 30,000 shares at an exercise price of 50p. This option is |
| fully vested, but exercise is conditional on continued employment by the company. |
| - | The company also operates an EMI scheme whereby all employees receive an option grant after completing two |
| years' service, with the potential for subsequent top-ups. So far, EMI options granted cover 240,010 shares. These options vest in full when granted but lapse if the employee leaves the company before February 2034. |
| As of the issue date of these accounts, the total number of shares under option is 498,509. Given that the number of shares in issue is 3,215,407, the fully-diluted number of shares is 3,713,916. |
| C. In 2023 the shareholders approved an EMI incentive scheme for A Blair and J Grieve under which A Ordinary Shares could be issued depending on the financial results in the year ended 31 December 2024 or if the company is acquired within 10 years of the option grant date. These A Ordinary Shares are entitled to 25% of any exit proceeds over an amount which escalates at 9% pa from 160p in August 2022. |
| SAF LTD. (REGISTERED NUMBER: 02797697) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 12. | TREASURY SHARES |
| During the year, the company acquired 4,464 of its own shares at a nominal value of £0.01 per share, paying a premium of £0.99 per share. The shares were not cancelled and have instead been held as treasury shares. At the time of the transaction, the company had sufficient distributable reserves to support the purchase. |
| 13. | DEFERRED TAX ASSET |
| No deferred tax asset has been recognised in these financial statements in respect of tax losses. This is due to the uncertainty as to when the asset will be recovered, which will depend upon the company's future taxable profits. There are tax losses carried forward of approximately £755,000 (2023 - £716,000), which if provided for would result in a deferred tax asset of approximately £143,000 (2023 - £136,000). |