IRIS Accounts Production v23.3.0.418 10519029 director 1.7.21 31.12.22 31.12.22 an investment company. 0 0 0 0 true false true true false false true false Fair value model Ordinary 0.010 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh105190292021-06-30105190292022-12-31105190292021-07-012022-12-31105190292020-06-30105190292020-07-012021-06-30105190292021-06-3010519029ns10:Originalns15:EnglandWales2021-07-012022-12-3110519029ns14:PoundSterlingns10:Original2021-07-012022-12-3110519029ns10:Originalns10:Director12021-07-012022-12-3110519029ns10:Original2021-07-012022-12-3110519029ns10:Original2022-12-3110519029ns10:Originalns10:PrivateLimitedCompanyLtd2021-07-012022-12-3110519029ns10:Originalns10:FRS1022021-07-012022-12-3110519029ns10:Originalns10:Audited2021-07-012022-12-3110519029ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2021-07-012022-12-3110519029ns10:Originalns10:FullAccounts2021-07-012022-12-3110519029ns10:Original2020-07-012021-06-3010519029ns10:Originalns10:OrdinaryShareClass12021-07-012022-12-3110519029ns10:Originalns10:RegisteredOffice2021-07-012022-12-3110519029ns10:Originalns10:Director22021-07-012022-12-3110519029ns10:Original2021-06-3010519029ns10:Originalns5:CurrentFinancialInstruments2022-12-3110519029ns10:Originalns5:CurrentFinancialInstruments2021-06-3010519029ns10:Originalns5:Non-currentFinancialInstruments2022-12-3110519029ns10:Originalns5:Non-currentFinancialInstruments2021-06-3010519029ns5:ShareCapitalns10:Original2022-12-3110519029ns5:ShareCapitalns10:Original2021-06-3010519029ns10:Originalns5:SharePremium2022-12-3110519029ns10:Originalns5:SharePremium2021-06-3010519029ns10:Originalns5:FurtherSpecificReserve2ComponentTotalEquity2022-12-3110519029ns10:Originalns5:FurtherSpecificReserve2ComponentTotalEquity2021-06-3010519029ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-12-3110519029ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-06-3010519029ns5:ShareCapitalns10:Original2020-06-3010519029ns10:Originalns5:RetainedEarningsAccumulatedLosses2020-06-3010519029ns10:Originalns5:SharePremium2020-06-3010519029ns10:Originalns5:FurtherSpecificReserve2ComponentTotalEquity2020-06-3010519029ns10:Original2020-06-3010519029ns10:Originalns5:RetainedEarningsAccumulatedLosses2020-07-012021-06-3010519029ns10:Originalns5:FurtherSpecificReserve2ComponentTotalEquity2020-07-012021-06-3010519029ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-07-012022-12-3110519029ns10:Originalns5:FurtherSpecificReserve2ComponentTotalEquity2021-07-012022-12-3110519029ns10:Original12021-07-012022-12-3110519029ns10:Original12020-07-012021-06-3010519029ns10:Original2021-06-3010519029ns10:Originalns5:CostValuation2021-06-3010519029ns10:Originalns5:DisposalsRepaymentsInvestments2022-12-3110519029ns10:Originalns5:CostValuation2022-12-3110519029ns10:Originalns5:Subsidiary12021-07-012022-12-3110519029ns10:Originalns5:Subsidiary112021-07-012022-12-3110519029ns10:Originalns5:Subsidiary12022-12-3110519029ns10:Originalns5:Subsidiary12021-06-3010519029ns10:Originalns5:Subsidiary12021-06-3010519029ns10:Originalns5:Subsidiary12020-07-012021-06-3010519029ns5:Subsidiary3ns10:Original2021-07-012022-12-3110519029ns5:Subsidiary3ns10:Original52021-07-012022-12-3110519029ns5:Subsidiary3ns10:Original2022-12-3110519029ns5:Subsidiary3ns10:Original2021-06-3010519029ns10:Originalns5:Subsidiary42021-07-012022-12-31105190297ns10:Originalns5:Subsidiary42021-07-012022-12-3110519029ns10:Originalns5:Subsidiary52021-07-012022-12-3110519029ns10:Original9ns5:Subsidiary52021-07-012022-12-3110519029ns5:Subsidiary6ns10:Original2021-07-012022-12-3110519029ns5:Subsidiary6ns10:Original112021-07-012022-12-3110519029ns10:Originalns5:Subsidiary72021-07-012022-12-3110519029ns10:Originalns5:Subsidiary7132021-07-012022-12-3110519029ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3110519029ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-06-3010519029ns10:Originalns10:OrdinaryShareClass12022-12-3110519029ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-06-3010519029ns10:Originalns5:SharePremium2021-06-3010519029ns10:Originalns5:FurtherSpecificReserve2ComponentTotalEquity2021-06-3010519029ns10:Originalns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2021-07-012022-12-3110519029ns10:Originalns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2020-07-012021-06-3010519029ns10:Originalns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-12-3110519029ns10:Originalns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2021-06-3010519029ns10:Originalns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2021-07-012022-12-3110519029ns10:Originalns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2022-12-3110519029ns10:Originalns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2021-06-3010519029ns5:OtherRelatedPartiesns10:Original2021-07-012022-12-3110519029ns5:OtherRelatedPartiesns10:Original2022-12-3110519029ns5:OtherRelatedPartiesns10:Original2021-06-30
REGISTERED NUMBER: 10519029 (England and Wales)












Report of the Director and

Financial Statements

for the Period

1 July 2021 to 31 December 2022

for

Sync Capital Limited

Sync Capital Limited (Registered number: 10519029)






Contents of the Financial Statements
for the Period 1 July 2021 to 31 December 2022




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Sync Capital Limited

Company Information
for the Period 1 July 2021 to 31 December 2022







DIRECTOR: G S Kundnani



REGISTERED OFFICE: Unit 8
74 Back Church Lane
London
E1 1LX



REGISTERED NUMBER: 10519029 (England and Wales)



SENIOR STATUTORY AUDITOR: Bryan Michael Kemsley FCCA FMAAT



AUDITORS: Ardor Business Solutions Limited
Statutory Auditors
Chartered Certified Accountants
Unit 1
Shrine Barn
Sanding Road
Hythe
Kent
CT21 4HE

Sync Capital Limited (Registered number: 10519029)

Report of the Director
for the Period 1 July 2021 to 31 December 2022

The director presents his report with the financial statements of the company for the period 1 July 2021 to 31 December 2022.

DIRECTORS
G S Kundnani has held office during the whole of the period from 1 July 2021 to the date of this report.

Other changes in directors holding office are as follows:

P G Cann - resigned 3 May 2022

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G S Kundnani - Director


17 October 2023

Report of the Independent Auditors to the Members of
Sync Capital Limited

Opinion
We have audited the financial statements of Sync Capital Limited (the 'company') for the period ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 2022 and of its loss for the period 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 Auditors' 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Sync Capital Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Sync Capital Limited


Auditors' 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 a Report of the Auditors 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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Sync Capital Limited


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 a Report of the Auditors 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.




Bryan Michael Kemsley FCCA FMAAT (Senior Statutory Auditor)
for and on behalf of Ardor Business Solutions Limited
Statutory Auditors
Chartered Certified Accountants
Unit 1
Shrine Barn
Sanding Road
Hythe
Kent
CT21 4HE

17 October 2023

Sync Capital Limited (Registered number: 10519029)

Income Statement
for the Period 1 July 2021 to 31 December 2022

Period
1/7/21
to Year Ended
31/12/22 30/6/21
Notes £    £   

TURNOVER 2,901 -

Administrative expenses 12,435 30,458
(9,534 ) (30,458 )

Other operating income - 25,963
OPERATING LOSS 3 (9,534 ) (4,495 )

Loan no longer recoverable 4 35,352 -
(44,886 ) (4,495 )

Amounts written off investments 5 1 -
Gain/loss on revaluation of investment
property

(3,750

)

(7,298

)
(3,749 ) (7,298 )
(LOSS)/PROFIT BEFORE TAXATION (41,137 ) 2,803

Tax on (loss)/profit 6 - -
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(41,137

)

2,803

Sync Capital Limited (Registered number: 10519029)

Other Comprehensive Income
for the Period 1 July 2021 to 31 December 2022

Period
1/7/21
to Year Ended
31/12/22 30/6/21
Notes £    £   

(LOSS)/PROFIT FOR THE PERIOD (41,137 ) 2,803


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(41,137

)

2,803

Sync Capital Limited (Registered number: 10519029)

Statement of Financial Position
31 December 2022

31/12/22 30/6/21
Notes £    £    £    £   
FIXED ASSETS
Investments 7 1,319,575 2,469,575
Investment property 8 73,750 70,000
1,393,325 2,539,575

CURRENT ASSETS
Debtors 9 1,250,289 259,803
Cash at bank 466,200 36,783
1,716,489 296,586
CREDITORS
Amounts falling due within one year 10 1,154,303 1,839,513
NET CURRENT ASSETS/(LIABILITIES) 562,186 (1,542,927 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,955,511

996,648

CREDITORS
Amounts falling due after more than one
year

11

1,000,000

-
NET ASSETS 955,511 996,648

CAPITAL AND RESERVES
Called up share capital 12 76 76
Share premium 13 749,924 749,924
Other reserves 13 250,000 250,000
Retained earnings 13 (44,489 ) (3,352 )
SHAREHOLDERS' FUNDS 955,511 996,648

The financial statements were approved by the director and authorised for issue on 17 October 2023 and were signed by:





G S Kundnani - Director


Sync Capital Limited (Registered number: 10519029)

Statement of Changes in Equity
for the Period 1 July 2021 to 31 December 2022

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   

Balance at 1 July 2020 76 (6,155 ) 749,924 250,000 993,845

Changes in equity
Total comprehensive income - 2,803 - - 2,803
Balance at 30 June 2021 76 (3,352 ) 749,924 250,000 996,648

Changes in equity
Total comprehensive income - (41,137 ) - - (41,137 )
Balance at 31 December 2022 76 (44,489 ) 749,924 250,000 955,511

Sync Capital Limited (Registered number: 10519029)

Statement of Cash Flows
for the Period 1 July 2021 to 31 December 2022

Period
1/7/21
to Year Ended
31/12/22 30/6/21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (720,583 ) 99,486
Net cash from operating activities (720,583 ) 99,486

Cash flows from investing activities
Purchase of investment property - (62,703 )
Sale of fixed asset investments 1,150,000 -
Net cash from investing activities 1,150,000 (62,703 )

Increase in cash and cash equivalents 429,417 36,783
Cash and cash equivalents at
beginning of period

2

36,783

-

Cash and cash equivalents at end of
period

2

466,200

36,783

Sync Capital Limited (Registered number: 10519029)

Notes to the Statement of Cash Flows
for the Period 1 July 2021 to 31 December 2022

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1/7/21
to Year Ended
31/12/22 30/6/21
£    £   
(Loss)/profit before taxation (41,137 ) 2,803
Gain on revaluation of fixed assets (3,750 ) (7,298 )
Amounts owed to groups 466,200 (466,200 )
Impairment of unlisted investment 1 -
421,314 (470,695 )
Increase in trade and other debtors (1,208,177 ) (6,760 )
Increase in trade and other creditors 66,280 576,941
Cash generated from operations (720,583 ) 99,486

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31 December 2022
31/12/22 1/7/21
£    £   
Cash and cash equivalents 466,200 36,783
Year ended 30 June 2021
30/6/21 1/7/20
£    £   
Cash and cash equivalents 36,783 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/21 Cash flow At 31/12/22
£    £    £   
Net cash
Cash at bank 36,783 429,417 466,200
36,783 429,417 466,200
Total 36,783 429,417 466,200

Sync Capital Limited (Registered number: 10519029)

Notes to the Financial Statements
for the Period 1 July 2021 to 31 December 2022

1. STATUTORY INFORMATION

Sync Capital 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company meets its day to day working capital requirements through the financial support of group companies and its director. The director expects this financial support to continue for the foreseeable future and therefore considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that may be required should this financial support no longer continue.

Preparation of consolidated financial statements
The financial statements contain information about Sync Capital 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.

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.

Taxation
Taxation for the period 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Sync Capital Limited (Registered number: 10519029)

Notes to the Financial Statements - continued
for the Period 1 July 2021 to 31 December 2022

3. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging:

Period
1/7/21
to Year Ended
31/12/22 30/6/21
£    £   
Auditors' remuneration 10,490 -

4. EXCEPTIONAL ITEMS
Period
1/7/21
to Year Ended
31/12/22 30/6/21
£    £   
Loan no longer recoverable (35,352 ) -

5. AMOUNTS WRITTEN OFF INVESTMENTS
Period
1/7/21
to Year Ended
31/12/22 30/6/21
£    £   
Amounts w/o invs 1 -

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the period ended 31 December 2022 nor for the year ended 30 June 2021.

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 July 2021 2,469,575
Disposals (1,150,000 )
At 31 December 2022 1,319,575
NET BOOK VALUE
At 31 December 2022 1,319,575
At 30 June 2021 2,469,575

Sync Capital Limited (Registered number: 10519029)

Notes to the Financial Statements - continued
for the Period 1 July 2021 to 31 December 2022

7. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Blackthorn FS Ltd
Registered office: Unit 8,74 Back Church Lane,London E1 1LX
Nature of business: Financial services holding company
%
Class of shares: holding
Ordinary 94.00
31.12.22 30.6.21
£    £   
Aggregate capital and reserves 7,482,790 1,192,826
Loss for the period/year (1,142,902 ) (445,380 )

FXPIG Payments UK Limited
Registered office: 272 Bath Street,Glasgow,Scotland,G2 4JR
Nature of business: Financial intermediation
%
Class of shares: holding
Ordinary 100.00
30.11.22 30.11.21
£    £   
Aggregate capital and reserves 1,000 1,000

Prime Intermarket Group Asia Pacific Limited
Registered office: Level 2 Transpacific Haus, Lini Highway, Port
Nature of business: Financial intermediary
%
Class of shares: holding
Ordinary 100.00

Prime Intermarket Group Eurasia Limited
Registered office: Georgia, Tbilisi, District of V ake- Saburtalo, Lisi
Nature of business: Financial intermediary
%
Class of shares: holding
Ordinary 100.00

Premier Interchange Gateway Group HK Limited
Registered office: Suite 1 19/F, Two Chinachem Plaza, 68
Nature of business: Financial intermediary
%
Class of shares: holding
Ordinary 100.00

Sync Capital Limited (Registered number: 10519029)

Notes to the Financial Statements - continued
for the Period 1 July 2021 to 31 December 2022

7. FIXED ASSET INVESTMENTS - continued

Prime Intermarket Group Limited
Registered office: Unit 8,74 Back Church Lane,London,E1 1LX
Nature of business: Financial intermediary
%
Class of shares: holding
Ordinary 100.00

By virtue of its ownership of Blackthorn FS Limited, the company has indirect subsidiaries of Blackthorn
Finance Limited registered in England and Wales, Blackthorn Finance Limited registered in Hong Kong
and Blackthorn Card Services Limited registered in England and Wales.

During the period the following acquisitions were made by Blackthorn FS Limited:

- WeSwap.com Limited (formerly known as MK Fintech Limited) on 16 November 2021, registered in England and Wales, acquisition price £101,000.

In addition to these the following subsidiaries of Blackthorn FS Limited were set up on the following
dates:

- Blackthorn Europe UAB on 8 November 2021, registered in Lithuania

- Blackthorn Pay Inc. on 25 November 2021, registered in Canada.

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2021 70,000
Additions 3,750
At 31 December 2022 73,750
NET BOOK VALUE
At 31 December 2022 73,750
At 30 June 2021 70,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 30/6/21
£    £   
Amounts owed by group undertakings - 217,690
Other debtors 1,250,289 41,274
Prepayments - 839
1,250,289 259,803

Sync Capital Limited (Registered number: 10519029)

Notes to the Financial Statements - continued
for the Period 1 July 2021 to 31 December 2022

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 30/6/21
£    £   
Amounts owed to group undertakings 248,510 -
Other creditors 902,793 835,183
Directors' current accounts - 1,000,000
Accruals and deferred income 3,000 4,330
1,154,303 1,839,513

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/22 30/6/21
£    £   
Directors' loan accounts 1,000,000 -

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/22 30/6/21
value: £    £   
10,000 Ordinary 0.000 1 76 76

13. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 July 2021 (3,352 ) 749,924 250,000 996,572
Deficit for the period (41,137 ) (41,137 )
At 31 December 2022 (44,489 ) 749,924 250,000 955,435

Other reserves

Comprises an initial capital contribution from the shareholder.

14. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31/12/22 30/6/21
£    £   
Sales - 29,274
Amount due from related party - 29,274
Amount due to related party 894,593 835,182

Entities over which the entity has control, joint control or significant influence
31/12/22 30/6/21
£    £   
Amount due from related party - 466,200
Amount due to related party 248,511 248,511

Sync Capital Limited (Registered number: 10519029)

Notes to the Financial Statements - continued
for the Period 1 July 2021 to 31 December 2022

14. RELATED PARTY DISCLOSURES - continued

Other related parties
31/12/22 30/6/21
£    £   
Interest free loan due to beneficial owner 1,000,000 1,000,000

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G S Kundnani.

16. PREPARATION OF THE FINANCIAL STATEMENTS

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.