SAFI BIOSOLUTIONS UK LIMITED


Directors	MEETZE, Kyle James
	THOMAS, Robert James, Dr


Registered Address	James Watson House Montgomery Way
	Rosehill Industrial Estate
	Carlisle
	CA1 2UU


Registered Number	13290285 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

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

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

	Defined contribution pension plan
	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

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 obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in other creditors in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Research and development
	In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.  

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	25	-
Office Equipment	-	3

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	8		8

3.	Tangible fixed assets

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 January 24	238,280	9,764	248,044
Additions	192,482	-	192,482
At 31 December 24	430,762	9,764	440,526
Depreciation and impairment
At 01 January 24	95,461	4,808	100,269
Charge for year	44,914	3,046	47,960
At 31 December 24	140,375	7,854	148,229
Net book value
At 31 December 24	290,387	1,910	292,297
At 31 December 23	142,819	4,956	147,775

4.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	290,409	39,788
Other debtors	15,053	6,777
Prepayments and accrued income	12,937	-
Total	318,399	46,565

5.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	128,296	6,256
Amounts owed to related parties	40,000	-
Taxation and social security	29,280	23,255
Other creditors	5,288	2,959
Accrued liabilities and deferred income	8,525	5,650
Total	211,389	38,120

6.	Provisions for liabilities
	The provision for deferred tax is made up of £74,000 (2023 £37,000) in respect of accelerated capital allowances on tangible fixed assets.

	2024	2023
	£	£
Net deferred tax liability (asset)	74,000	37,000
Total	74,000	37,000

7.	Pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £13,859 (2023 £12,891).

8.	Other commitments
	At 31 December 2024 the company had future minimum lease payments under non-cancellable operating leases of £45,000 (2023 £45,000).

9.	Related party transactions
	The company has taken advantage of the small group exemptions not to disclose transactions with its parent company.

10.	Parent-subsidiary relationships
	The company was under the control of its parent company Safi Biotheraputics Inc throughout the current and previous period. The parent company is registered in the USA and owns 100% of the issued share capital. Its principal address is One Broadway, 14th Floor, Cambridge, MA 02139, United States and company registration number is 001468373. The company is exempt from producing consolidated accounts as it qualifies as part of a small group. These accounts are for this company alone.

10.

Parent-subsidiary relationships

The company was under the control of its parent company Safi Biotheraputics Inc throughout the current and previous period. The parent company is registered in the USA and owns 100% of the issued share capital. Its principal address is One Broadway, 14th Floor, Cambridge, MA 02139, United States and company registration number is 001468373.

The company is exempt from producing consolidated accounts as it qualifies as part of a small group.

These accounts are for this company alone.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		292,297		147,775
			292,297		147,775
Current assets
Debtors	4	318,399		46,565
Cash at bank and on hand		77,420		130,362
		395,819		176,927
Creditors amounts falling due within one year	5	(211,389)		(38,120)
Net current assets (liabilities)			184,430		138,807
Total assets less current liabilities			476,727		286,582
Provisions for liabilities	6		(74,000)		(37,000)
Net assets			402,727		249,582
Capital and reserves
Called up share capital			10		10
Profit and loss account			402,717		249,572
Shareholders' funds			402,727		249,582