| S.A.F.I. Limited |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Plant and machinery |
at variable rates on cost |
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Fittings and equipment |
at variable rates on cost |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. |
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Foreign currency translation |
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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 profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
E.J. Friel |
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Firm: |
Edward Friel & Co Limited |
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Date of audit report: |
9 June 2026 |
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| 3 |
Information on audit and non audit services provided to the company |
|
2025 |
|
2024 |
| £ |
£ |
|
|
Payroll services |
1,200 |
|
920 |
|
Tax compliance services |
500 |
|
360 |
|
Accounting services |
17,534 |
|
17,774 |
|
Other non audit services |
3,150 |
|
9,180 |
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Total non audit services |
22,384 |
|
28,234 |
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Audit of the company |
15,000 |
|
13,500 |
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|
37,384 |
|
41,734 |
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| 4 |
Exceptional items |
2025 |
|
2024 |
| £ |
£ |
|
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Proceeds of settlement of a legal dispute in respect of a bad debt incurred in prior years. |
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|
- |
|
210,000 |
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|
- |
|
210,000 |
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| 5 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
13 |
|
12 |
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| 6 |
Taxation |
2025 |
|
2024 |
| £ |
£ |
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Analysis of charge in period |
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Current tax: |
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UK corporation tax on profits of the period |
27,900 |
|
21,718 |
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Adjustments in respect of previous periods |
- |
|
(987) |
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|
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|
27,900 |
|
20,731 |
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Deferred tax: |
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Origination and reversal of timing differences |
31,818 |
|
(580) |
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Adjustments in respect of previous periods |
- |
|
(991) |
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Effect of increased tax rate on opening liability |
- |
|
92,926 |
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Adjustment to revaluation reserve |
- |
|
(91,001) |
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|
31,818 |
|
354 |
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|
59,718 |
|
21,085 |
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| 7 |
Tangible fixed assets |
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Freehold property |
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Plant and machinery |
|
Fittings and equipment |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
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At 1 January 2025 |
2,150,000 |
|
633,583 |
|
199,091 |
|
2,982,674 |
|
Additions |
- |
|
134,465 |
|
4,712 |
|
139,177 |
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At 31 December 2025 |
2,150,000 |
|
768,048 |
|
203,803 |
|
3,121,851 |
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Depreciation |
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At 1 January 2025 |
130,320 |
|
593,631 |
|
198,364 |
|
922,315 |
|
Charge for the year |
26,064 |
|
13,698 |
|
172 |
|
39,934 |
|
At 31 December 2025 |
156,384 |
|
607,329 |
|
198,536 |
|
962,249 |
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Net book value |
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At 31 December 2025 |
1,993,616 |
|
160,719 |
|
5,267 |
|
2,159,602 |
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At 31 December 2024 |
2,019,680 |
|
39,952 |
|
727 |
|
2,060,359 |
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Freehold land and buildings: |
2025 |
|
2024 |
| £ |
£ |
|
Historical cost |
633,312 |
|
633,312 |
|
Cumulative depreciation based on historical cost |
243,713 |
|
234,332 |
|
|
|
|
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|
389,599 |
|
398,980 |
|
Freehold property was revalued on an open market basis on 3 December 2019 by S.J. Walsham FRICS, James & Sons, Equity Chambers, 249 High Street North, Poole, BH15 1DX. |
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| 8 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
356,143 |
|
285,407 |
|
Other debtors |
36,404 |
|
59,878 |
|
|
|
|
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|
392,547 |
|
345,285 |
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| 9 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Trade creditors |
23,160 |
|
37,226 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
94,225 |
|
14,971 |
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Taxation and social security costs |
61,800 |
|
113,797 |
|
Other creditors |
54,005 |
|
135,485 |
|
|
|
|
|
|
233,190 |
|
301,479 |
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| 10 |
Revaluation reserve |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 January 2025 |
1,383,763 |
|
1,474,764 |
|
Deferred taxation adjustment to revaluation reserve arising from the change of corporation tax rate. |
|
- |
|
(91,001) |
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At 31 December 2025 |
1,383,763 |
|
1,383,763 |
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| 11 |
Other financial commitments |
2025 |
|
2024 |
| £ |
£ |
|
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Total future minimum payments under non-cancellable operating leases |
|
35,100 |
|
55,221 |
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| 12 |
Reporting currency |
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These financial statements are presented in sterling, which is the Company’s functional currency, and are rounded to the nearest pound. |
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| 13 |
Related party transactions |
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During the year, the company traded at arm's length under normal trading terms with both its holding company (SAFI France) and another subsidary company (SAFI Germany). The company sold goods to the value of £30,832 (2024: £22,061) and made purchases to the value of £1,467,280 (2024: £873,084) within the group. At 31 December 2025 £94,225 was owed to group undertakings shown within creditors (2024: £14,971). |
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| 14 |
Controlling party |
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The company is ultimately controlled by its holding company SAFI SAS, a company registered in France. |
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| 15 |
Other information |
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S.A.F.I. Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is: |
|
35 Holton Road |
|
Holton Heath Trading Park |
|
Poole |
|
Dorset |
|
BH16 6LT |