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REGISTERED NUMBER: 04248470 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

SYNAPSYS SOLUTIONS LTD

SYNAPSYS SOLUTIONS LTD (REGISTERED NUMBER: 04248470)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SYNAPSYS SOLUTIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: A D Devine
A J Thorn





SECRETARY: A J Thorn





REGISTERED OFFICE: Ash House, 1 Woodlands Court
Albert Drive
Burgess Hill
West Sussex
RH15 9TN





REGISTERED NUMBER: 04248470 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

SYNAPSYS SOLUTIONS LTD (REGISTERED NUMBER: 04248470)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 203,992 229,492
Tangible assets 5 25,146 32,861
Investments 6 3 3
229,141 262,356

CURRENT ASSETS
Stocks 347,321 172,006
Debtors 7 1,451,656 951,340
Cash at bank 1,147,135 2,948,510
2,946,112 4,071,856
CREDITORS
Amounts falling due within one year 8 1,181,847 443,534
NET CURRENT ASSETS 1,764,265 3,628,322
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,993,406

3,890,678

CAPITAL AND RESERVES
Called up share capital 4 102
Retained earnings 1,993,402 3,890,576
SHAREHOLDERS' FUNDS 1,993,406 3,890,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





A D Devine - Director


SYNAPSYS SOLUTIONS LTD (REGISTERED NUMBER: 04248470)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Synapsys Solutions Ltd 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.

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

Turnover represents net invoiced sales of electronic controls and associated integration services provided in the period, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% straight line
Office & Computer equipmt - 25% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals are recognised immediately to profit or loss.

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

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year comprises current 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 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.

SYNAPSYS SOLUTIONS LTD (REGISTERED NUMBER: 04248470)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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

The average number of employees during the year was 29 (2022 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 254,991
AMORTISATION
At 1 February 2022 25,499
Charge for year 25,500
At 31 January 2023 50,999
NET BOOK VALUE
At 31 January 2023 203,992
At 31 January 2022 229,492

5. TANGIBLE FIXED ASSETS
Fixtures Office &
and Computer
fittings equipmt Totals
£    £    £   
COST
At 1 February 2022 29,281 87,612 116,893
Additions - 15,047 15,047
At 31 January 2023 29,281 102,659 131,940
DEPRECIATION
At 1 February 2022 20,418 63,614 84,032
Charge for year 5,034 17,728 22,762
At 31 January 2023 25,452 81,342 106,794
NET BOOK VALUE
At 31 January 2023 3,829 21,317 25,146
At 31 January 2022 8,863 23,998 32,861

SYNAPSYS SOLUTIONS LTD (REGISTERED NUMBER: 04248470)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 February 2022
and 31 January 2023 254,994
PROVISIONS
At 1 February 2022
and 31 January 2023 254,991
NET BOOK VALUE
At 31 January 2023 3
At 31 January 2022 3

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,292,020 592,667
Amounts owed by group undertakings 9,740 119,915
Directors' current accounts 2 100
Tax - 101,609
Prepayments and accrued income 149,894 137,049
1,451,656 951,340

Included within other debtors is a debit balance of £2 (2022: £100) on the directors' current accounts relating to unpaid share capital.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 137,213 70,992
Tax 106,306 -
Social security and other taxes 48,495 39,438
VAT 203,051 124,593
Other creditors 6,000 988
Accruals and deferred income 680,782 207,523
1,181,847 443,534

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 155,813 70,888
Between one and five years 413,253 68,941
In more than five years 34,750 -
603,816 139,829