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REGISTERED NUMBER: 02797697 (England and Wales)















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: A Blair
J Grieve
T Dunningham
E Tattam
W Lewis





REGISTERED OFFICE: Unit 13 Henley Business Park
Normandy
Surrey
GU3 2DX





REGISTERED NUMBER: 02797697 (England and Wales)

SAF LTD. (REGISTERED NUMBER: 02797697)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 60,570 84,017
Tangible assets 5 514,212 621,173
574,782 705,190

CURRENT ASSETS
Stocks 463,331 450,875
Debtors 6 475,217 249,131
Cash at bank 569,280 711,994
1,507,828 1,412,000
CREDITORS
Amounts falling due within one year 7 995,782 874,435
NET CURRENT ASSETS 512,046 537,565
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,086,828

1,242,755

CREDITORS
Amounts falling due after more than one year 8 249,846 360,347
NET ASSETS 836,982 882,408

CAPITAL AND RESERVES
Called up share capital 32,154 32,154
Share premium 819,523 819,523
Capital redemption reserve 1,184 1,184
Treasury shares (4,464 ) -
Retained earnings (11,415 ) 29,547
836,982 882,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





A Blair - Director


SAF LTD. (REGISTERED NUMBER: 02797697)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024


1. STATUTORY INFORMATION

SAF Ltd. 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.

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 26 (2023 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024
and 31 December 2024 93,786
AMORTISATION
At 1 January 2024 9,769
Charge for year 23,447
At 31 December 2024 33,216
NET BOOK VALUE
At 31 December 2024 60,570
At 31 December 2023 84,017

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 1,005,927
Additions 28,584
Disposals (895 )
At 31 December 2024 1,033,616
DEPRECIATION
At 1 January 2024 384,754
Charge for year 135,545
Eliminated on disposal (895 )
At 31 December 2024 519,404
NET BOOK VALUE
At 31 December 2024 514,212
At 31 December 2023 621,173

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 247,909 -
Other debtors 48,420 48,976
Prepayments and accrued income 92,997 114,264
389,326 163,240

Amounts falling due after more than one year:
Other debtors 85,891 85,891

Aggregate amounts 475,217 249,131

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,000 30,000
Bonds - due within 1 year 71,525 83,870
Hire purchase contracts (see note 9) 8,826 8,826
Trade creditors 597,542 475,104
Social security and other taxes 27,663 31,347
Other creditors 22,419 36,662
Directors' loan accounts 57,586 77,586
Accruals and deferred income 180,221 131,040
995,782 874,435

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-5 years 20,000 50,000
Bonds - 1-5 years 211,755 281,430
Bonds - due over 5 years 4,000 6,000
Hire purchase contracts (see note 9) 14,091 22,917
249,846 360,347

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 8,826 8,826
Between one and five years 14,091 22,917
22,917 31,743

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 132,416 132,416
Between one and five years 529,662 529,662
In more than five years 66,208 198,623
728,286 860,701

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).