Registration number:
Sebia (UK) Ltd
for the Year Ended 31 December 2024
Sebia (UK) Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Sebia (UK) Ltd
Company Information
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Directors |
V D G Verfaillie J G D Chermette O P Mitchell |
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Company secretary |
R E Nicholls |
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Registered office |
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Solicitors |
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Auditors |
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Sebia (UK) Ltd
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the provision of in vitro diagnostic (IVD) equipment and reagents for the screening and monitoring of various diseases, with a focus on oncology, metabolic conditions, and autoimmune disorders.
1. Fair review of the business
Sebia UK Ltd operates in the in vitro diagnostics (IVD) sector, supplying specialised diagnostic equipment and reagents for the screening and monitoring of various diseases. The company is a subsidiary of Sebia SA, a global leader in the diagnostics market, with operations across numerous countries.
The company experienced another strong year of performance, achieving a 10.2% year-on-year growth in sales, a testament to continued customer trust and market demand for high-quality diagnostic solutions. A significant strategic development during the year was Sebia UK's expansion into the Autoimmune diagnostics market, marking an important milestone in diversifying our portfolio. While this entry provided new revenue opportunities, it also introduced operational challenges and learning areas, which are being addressed as part of continuous improvement initiatives.
Operational efficiency remains a core strength, with debtor days kept at a consistently low level, reflecting the strength of our customer relationships and cash collection processes.
Sebia UK continues to invest in its people, capabilities, and infrastructure to support long-term sustainable growth, with strategic focus on Oncology, Metabolic diseases, and now Autoimmune disorders.
Sebia’s prospects remain promising. Since the year end the company has continued to trade profitably and generate positive cash flows.
2. Principal Risks and Uncertainties
The directors have identified the following principal risks and uncertainties:
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Foreign Exchange Risk: As key products are imported from France, currency fluctuations can impact cost structures. Risk is actively monitored and hedging policies are reviewed periodically. |
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Interest Rate Risk: Use of leasebacks as a financing tool exposes the company to variations in interest rates. The finance team assesses exposure regularly to mitigate impact. |
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NHS Lab Consolidation: Ongoing consolidation of NHS laboratories may reduce the number of purchasing entities, increasing pricing pressures and risk of business loss. |
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Technological Change: Rapid innovation in diagnostics means that Sebia must continue investing in R&D and adapt to market changes to retain competitiveness. |
These risks are regularly reviewed as part of the company’s risk management framework and mitigation strategies are embedded in operational plans.
3. Key Performance Indicators (KPIs)
The directors use a set of financial and operational KPIs to monitor and evaluate the company’s performance:
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Revenue by Market Type - Tracks growth and diversification across core and emerging markets. |
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Gross Margin - Monitored closely to manage cost efficiency and pricing strategy. |
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Customer Retention - Reflects performance in sustaining long-term relationships. |
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Market Share - Used to assess the company’s position within key diagnostic segments. |
These indicators provide insight into both the financial health and market impact of the business.
Sebia (UK) Ltd
Strategic Report for the Year Ended 31 December 2024
4. Strategy and Business Model
Sebia UK Ltd’s strategy remains focused on expanding its presence and leadership in specialised diagnostic areas. The core business in Oncology continues to grow through clinical excellence and robust support models. The company is committed to expanding its Metabolic diseases segment while also establishing a strong foundation in the newly entered Autoimmune diagnostics market.
Sebia’s business model is based on providing high-quality diagnostic solutions supported by strong technical service, scientific expertise, and long-term customer partnerships. The UK operation benefits from the broader capabilities and innovations of the Sebia Group, leveraging global R&D while adapting to local market needs.
Sebia’s business model is based around repeat business with a finite number of customers (NHS) with the company supplying many hospitals in the UK. To that end maintaining a good working relationship with these customers on all levels is critical to the success of the business and something the directors are mindful of. In addition, we rely on several suppliers to support this process and through a vigorous quality system (ISO 9001) ensure that they are the right suppliers for us and our customers. One of the directors also holds a position on the BIVDA board which is the trade body for the IVD sector we work within.
5. Environmental, Social and Employee Matters
Sebia UK is fully aligned with the Group’s commitment to achieve carbon net zero by 2050, as outlined in its Carbon Reduction Plan. Initiatives are already underway to measure and reduce carbon emissions associated with operations, logistics, and supply chains.
The company continues to enhance its social impact across the UK, with notable partnerships such as ongoing collaboration with Myeloma UK, supporting research, awareness, and patient outcomes in oncology.
Employees are recognised as the company's most valuable resource, and Sebia UK fosters a culture of inclusion, innovation, and collaboration. Staff engagement, training, and well-being are actively supported through internal programs and leadership development.
6. Group Context
As part of the broader Sebia SA Group, Sebia UK Ltd benefits from shared research, innovation, and best practices. The Group structure provides resilience, scalability, and access to global capabilities that enhance Sebia UK’s ability to deliver high-quality diagnostic solutions.
Approved and authorised by the
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Sebia (UK) Ltd
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
The company in accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) regulations 2008.
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
The company does not use any financial instruments to hedge its risks associated with price, credit, liquidity or cash
flow. The company reviews its exposure to foreign exchange risk on an ongoing basis.
Donations
No political donations were made during the year (2023: £0). The company continues its charitable engagement through partnership with Myeloma UK, supporting awareness and research in oncology.
Engagement with employees
Employees are central to Sebia UK’s continued success. The company ensures open communication, professional development, and a safe working environment. Policies are in place to promote diversity, equity, and inclusion.
Future developments
The company plans to continue expanding its presence within the oncology and metabolic disease markets and to build on its entry into the autoimmune diagnostics space. Investment in technological capability, customer service, and operational excellence remains a priority.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Stewart & Co Accountants LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
Sebia (UK) Ltd
Directors' Report for the Year Ended 31 December 2024
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Sebia (UK) Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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.
Sebia (UK) Ltd
Independent Auditor's Report to the Members of Sebia (UK) Ltd
Opinion
We have audited the financial statements of Sebia (UK) Ltd (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, 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 31 December 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Sebia (UK) Ltd
Independent Auditor's Report to the Members of Sebia (UK) Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 page 6], 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 is 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.
Auditor 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 an auditor’s report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Sebia (UK) Ltd
Independent Auditor's Report to the Members of Sebia (UK) Ltd
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we have obtained an understanding of the nature of the industry, the control environment and the legal and regulatory frameworks that the company operates in.
We determined that the most significant applicable legal and regulatory frameworks are those directly relevant to the reporting framework and preparation of the financial statements (FRS 102, Companies Act 2006 and UK tax legislation). We considered the extent to which non-compliance might have a material effect on the financial statements.
We determined the principal risks which could lead to material misstatement of the financial statements to be related to posting inappropriate journal entries and management bias in accounting estimates. We identified the most significant risks in respect of accounting estimates to be the determination of level of cost per test accrued revenue at the end of the reporting period, and value of stock held at customers sites at year end.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
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For and on behalf of
Knoll House
Knoll Road
Surrey
GU15 3SY
Sebia (UK) Ltd
Statement of Income and Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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(94,198) |
(71,821) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
3,627,331 |
3,197,001 |
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Retained earnings carried forward |
3,632,827 |
3,627,331 |
Sebia (UK) Ltd
(Registration number: 05758364)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
50,000 |
50,000 |
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Profit and loss account |
3,632,827 |
3,627,331 |
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Shareholders' funds |
3,682,827 |
3,677,331 |
Approved and authorised by the
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Sebia (UK) Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Profit and loss account |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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At 31 December 2024 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
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At 31 December 2023 |
50,000 |
3,627,331 |
3,677,331 |
Sebia (UK) Ltd
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Decrease/(increase) in stocks |
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( |
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(Increase)/decrease in debtors |
( |
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(Decrease)/increase in creditors |
( |
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Increase in provisions |
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Cash generated from operations |
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Income taxes paid |
( |
- |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Payments to finance lease creditors |
( |
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Net cash flows from financing activities |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
955,391 |
1,125,263 |
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Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Summary of disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Going concern
The directors have performed an assessment of the ability of the company to continue trading as a going concern, and have prepared forecasts which demonstrate that the company can continue in operation for at least 12 months from the date of signing these accounts. The directors therefore determine the going concern basis of preparation continues to be appropriate.
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
In the preparation of the financial statements, management undertakes a number of accounting estimates and assessments, and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Company. These estimates, assessments and assumptions are based on historical experience and other factors which management considers reasonable under the circumstances, but which by their nature are uncertain and unpredictable. The assumptions may be incomplete or inaccurate, and events or circumstances which have not been anticipated may occur, for which the actual results may deviate from the estimates and assessments utilised. |
Key sources of estimation uncertainty
In the opinion of management, the estimated useful economic life of equipment is significant in the preparation of the financial statements. The Company maintains a number of instruments for rental by customers. Management at Sebia Group assess the useful life of instruments based on prior experience and understanding of the technology.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'administrative expenses account'.
Tax
The tax expense for the period comprises current 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
The method and estimated useful lives range as follows:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
20% straight line |
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Fixtures & fittings |
20% - 33% straight line |
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Equipment |
12.5% reducing balance or 25% straight line |
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Asset class |
Amortisation method and rate |
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Software |
3 years |
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Short term creditors are measured at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date 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 amount of the obligation.
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
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.
Defined contribution pension obligation
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Financial instruments
Recognition and measurement
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
- |
|
|
Foreign exchange gains |
( |
( |
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
- |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Distribution |
|
|
|
|
|
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
228,522 |
226,382 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Tax decrease from other short-term timing differences |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
( |
|
Tax (decrease)/increase from other tax effects |
( |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
There are £Nil of unused tax losses (2023 - £20,112) for which no deferred tax asset is recognised in the statement of financial position.
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Software |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
- |
- |
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
Included within the net book value of land and buildings above is £2,592 (2023 - £4,230) in respect of long leasehold land and buildings.
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
- |
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Accruals |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Provisions for liabilities |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
- |
|
|
|
Provisions used |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|||
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
50,000 |
|
50,000 |
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Hire purchase contracts |
|
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Hire purchase contracts |
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Sebia (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Parent and ultimate parent undertaking |
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is