Registered number
06775852
Synergy (SW) Limited
Filleted Accounts
28 February 2023
Synergy (SW) Limited
Registered number: 06775852
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 7,274 3,491
Current assets
Stocks 4,331 3,918
Debtors 5 25,575 21,292
Cash at bank and in hand 80,026 71,005
109,932 96,215
Creditors: amounts falling due within one year 6 (80,506) (68,198)
Net current assets 29,426 28,017
Total assets less current liabilities 36,700 31,508
Provisions for liabilities (1,382) (663)
Net assets 35,318 30,845
Capital and reserves
Called up share capital 100 100
Profit and loss account 35,218 30,745
Shareholders' funds 35,318 30,845
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
James David Peters
Director
Approved by the board on 1 November 2023
Synergy (SW) Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
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:
Plant and machinery 20% straight line
Computer equipment 33% straight line
Motor vehicles 20% straight line
Stocks
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.
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.
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.
Taxation
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 26 31
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 99,700
At 28 February 2023 99,700
Amortisation
At 1 March 2022 99,700
At 28 February 2023 99,700
Net book value
At 28 February 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 1,313 1,430 4,995 7,738
Additions - - 7,537 7,537
Disposals - - (4,995) (4,995)
At 28 February 2023 1,313 1,430 7,537 10,280
Depreciation
At 1 March 2022 1,135 1,114 1,998 4,247
Charge for the year 97 158 1,168 1,423
On disposals - - (2,664) (2,664)
At 28 February 2023 1,232 1,272 502 3,006
Net book value
At 28 February 2023 81 158 7,035 7,274
At 28 February 2022 178 316 2,997 3,491
5 Debtors 2023 2022
£ £
Trade debtors 23,131 18,968
Other debtors 2,444 2,324
25,575 21,292
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 664 943
Taxation and social security costs 23,030 15,354
Other creditors 56,812 51,901
80,506 68,198
7 Related party transactions
At the period end, the company owed £46,521 (2022: £44,467) to Mr James David Peters, director. The loan is interest free and repayable in less than one year.
8 Controlling party
The company is ultimately controlled by Mr James David Peters, director, and Mrs Melanie Janis Peters, who together own 100% of the issued share capital.
9 Other information
Synergy (SW) Limited is a private company limited by shares and incorporated in England. Its registered office is:
75 Polisken Way
St. Erme
Truro
Cornwall
TR4 9RG
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