REGISTERED NUMBER: 07101784 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2024

for

Salfina Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

J P R Nuttall

SECRETARY:

J P R Nuttall

REGISTERED OFFICE:

Lancaster House

Lancaster Approach

North Killingholme

Lincolnshire

DN40 3JY

REGISTERED NUMBER:

07101784 (England and Wales)

ACCOUNTANTS:

Sadofskys

Chartered Accountants

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

BANKERS:

National Westminster Bank plc

16 Kennedy Way

Immingham

Lincolnshire

DN40 2YA

FIXED ASSETS

Tangible assets

4

17,861,270

15,749,365

Investments

5

10,968

10,968

Investment property

6

3,644

1,703,644

17,875,882

17,463,977

CURRENT ASSETS

Stocks

6,246

6,328

Debtors

1,748,554

995,165

Cash at bank and in hand

1,302,109

341,419

3,056,909

1,342,912

CREDITORS

Amounts falling due within one year

2,427,416

6,895,600

NET CURRENT ASSETS/(LIABILITIES)

629,493

(5,552,688

)

TOTAL ASSETS LESS CURRENT LIABILITIES

18,505,375

11,911,289

CREDITORS

Amounts falling due after more than one year

7

(13,003,260

)

(8,388,275

)

PROVISIONS FOR LIABILITIES

(219,571

)

(310,454

)

NET ASSETS

5,282,544

3,212,560

CAPITAL AND RESERVES

Called up share capital

9

100

100

Non-distributable profit and loss reserve

-

(412,892

)

Retained earnings

5,282,444

3,625,352

SHAREHOLDERS' FUNDS

5,282,544

3,212,560

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

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

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 29th September 2025 and were signed by:

J P R Nuttall - Director

1.	STATUTORY INFORMATION

Salfina 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Salfina Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance and 25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and transferred to a non-distributable reserve.

Stocks

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

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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 19 (2023 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st January 2024

16,792,294

Additions

3,232,149

Disposals

(845,695

)

At 31st December 2024

19,178,748

DEPRECIATION

At 1st January 2024

1,042,929

Charge for year

616,586

Eliminated on disposal

(342,037

)

At 31st December 2024

1,317,478

NET BOOK VALUE

At 31st December 2024

17,861,270

At 31st December 2023

15,749,365

The net book value of tangible fixed assets includes £ 1,915,775 (2023 - £ 1,363,704 ) in respect of assets held under hire purchase contracts.

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1st January 2024

and 31st December 2024

10,968

NET BOOK VALUE

At 31st December 2024

10,968

At 31st December 2023

10,968

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2024

1,703,644

Disposals

(1,700,000

)

At 31st December 2024

3,644

NET BOOK VALUE

At 31st December 2024

3,644

At 31st December 2023

1,703,644

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2024

2023

£

£

Repayable by instalments

Share purchase deferred consideration

1,700,846

2,760,756

Bank loans - more than 5 years

8,102,346

2,104,227

9,803,192

4,864,983

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Share purchase deferred consideration

1,700,846

2,760,756

Bank loans

10,279,735

9,802,490

11,980,581

12,563,246

The bank loans and overdraft are secured by a charge over the company's freehold land and buildings and by a fixed and floating charge over all of the company's assets.

The share purchase deferred consideration is secured by way of a fixed charge over the company's freehold property.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Salfina Limited for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Abridged Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Salfina Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Salfina Limited and state those matters that we have agreed to state to the director of Salfina Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Salfina Limited and its director for our work or for this report.

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

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

Sadofskys

Chartered Accountants

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

29th September 2025