SAFI BIOSOLUTIONS UK LIMITED

SAFI BIOSOLUTIONS UK LIMITED - Company Information

2021-03-242022-03-312022-03-31false13290285SAFI BIOSOLUTIONS UK 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Registered Number
13290285
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2022

SAFI BIOSOLUTIONS UK LIMITED

Company Information
for the period from 24 March 2021 to 31 March 2022


Directors	MEETZE, Kyle James
	THOMAS, Robert James, Dr


Registered Address	Fairview House
	Victoria Place
	Carlisle
	CA1 1HP


Registered Number	13290285 (England and Wales)

SAFI BIOSOLUTIONS UK LIMITED

Statement of Financial Position
31 March 2022

	Notes	2022
		£	£
Fixed assets
Tangible assets	6		167,497
			167,497
Current assets
Debtors	10	385,280
Cash at bank and on hand		231,054
		616,334
Creditors amounts falling due within one year	11	(622,652)
Net current assets (liabilities)			(6,318)
Total assets less current liabilities			161,179
Provisions for liabilities	12		(25,000)
Net assets			136,179
Capital and reserves
Called up share capital			10
Profit and loss account			136,169
Shareholders' funds			136,179

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 4 November 2022, and are signed on its behalf by:

MEETZE, Kyle James
Director
Registered Company No. 13290285

SAFI BIOSOLUTIONS UK LIMITED

Notes to the Financial Statements
for the period ended 31 March 2022

1.	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.

2.	Smallest group in which results are consolidated
	The company was under the control of its parent company Safi Biotheraputics Inc (formerly Safi Biosolutions Inc) throughout the current 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.

Smallest group in which results are consolidated

The company was under the control of its parent company Safi Biotheraputics Inc (formerly Safi Biosolutions Inc) throughout the current 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.

3.	Basis of measurement used in financial statements
	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.

4.	Accounting policies

	Functional and presentation currency policy
	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.

	Property, plant and equipment policy
	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:

Property, plant and equipment policy

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

	Taxation policy
	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 policy
	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 policy

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.

	Foreign currency translation and operations policy
	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 and operations policy

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

	Leases policy
	Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Employee benefits policy
	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 accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits policy

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 accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Valuation of financial instruments policy
	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.

5.	Employee information


		2022
	Average number of employees during the year	6

6.	Property, plant and equipment

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
Additions	201,172	4,601	205,773
At 31 March 22	201,172	4,601	205,773
Depreciation and impairment
Charge for year	37,720	556	38,276
At 31 March 22	37,720	556	38,276
Net book value
At 31 March 22	163,452	4,045	167,497
At 23 March 21	-	-	-

7.	Description of financial commitments other than capital commitments
	At 31 March 2022 the company had future minimum lease payments under non-cancellable operating leases of £42,000.

8.	Off balance sheet pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £7,589.

9.	Description of nature of transactions and balances with related parties
	The company has taken advantage of the small group exemptions not to disclose transactions with its parent company.

10.	Debtors

		2022
		£
	Trade debtors / trade receivables	360,442
	Other debtors	24,838
	Total	385,280


	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.

11.	Creditors within one year

		2022
		£
	Trade creditors / trade payables	76,884
	Amounts owed to related parties	522,616
	Taxation and social security	14,132
	Other creditors	4,260
	Accrued liabilities and deferred income	4,760
	Total	622,652


	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.

12.	Provisions for liabilities
	The provision for deferred tax of £25,000 is made up of £42,800 in respect of accelerated capital allowances on tangible fixed assets less £17,000 in respect of losses offset.

		2022
		£
	Net deferred tax liability (asset)	25,000
	Total	25,000