Registered number
SC583877
Synchrostor Ltd
Filleted Accounts
31 May 2023
Synchrostor Ltd
Registered number: SC583877
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 137,950 156,196
Tangible assets 4 28,473 27,792
166,423 183,988
Current assets
Debtors 5 178,265 153,535
Cash at bank and in hand 369,464 244,739
547,729 398,274
Creditors: amounts falling due within one year 6 (57,009) (222,687)
Net current assets 490,720 175,587
Net assets 657,143 359,575
Capital and reserves
Called up share capital 460,651 259,501
Share premium 201,150 -
Profit and loss account (4,658) 100,074
Shareholders' funds 657,143 359,575
The directors are 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 directors acknowledge their 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.
Waverley Duncan Cameron
Director
Approved by the board on 23 November 2023
Synchrostor Ltd
Notes to the Accounts
for the year ended 31 May 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 grants received for research and development of a heat storage system. 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, machinery and equipment over 5 years
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.
Foreign currency translation
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.
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 10 9
3 Intangible fixed assets £
Intelectual Property
Cost
At 1 June 2022 219,196
Additions 2,754
At 31 May 2023 221,950
Amortisation
At 1 June 2022 63,000
Provided during the year 21,000
At 31 May 2023 84,000
Net book value
At 31 May 2023 137,950
At 31 May 2022 156,196
Patents are being written off in equal annual instalments over its estimated economic life of 10 years. Patents pending have been capitalised and no amortisation has been provided.
4 Tangible fixed assets
Plant, machinery and equipment etc
£
Cost
At 1 June 2022 36,722
Additions 9,882
At 31 May 2023 46,604
Depreciation
At 1 June 2022 8,930
Charge for the year 9,201
At 31 May 2023 18,131
Net book value
At 31 May 2023 28,473
At 31 May 2022 27,792
5 Debtors 2023 2022
£ £
Trade debtors - 81,195
Tax credit 92,831 53,456
Other debtors 85,434 18,884
178,265 153,535
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,914 2,800
Taxation and social security costs 30,602 7,622
Other creditors 21,493 212,265
57,009 222,687
7 Other information
Synchrostor Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Rutland Court
Edinbrgh
EH3 8EY
Synchrostor Ltd SC583877 false 2022-06-01 2023-05-31 2023-05-31 VT Final Accounts October 2023 Waverley Duncan Cameron No description of principal activity SC583877 2021-06-01 2022-05-31 SC583877 core:WithinOneYear 2022-05-31 SC583877 core:ShareCapital 2022-05-31 SC583877 core:SharePremium 2022-05-31 SC583877 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC583877 2022-06-01 2023-05-31 SC583877 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC583877 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC583877 bus:Director40 2022-06-01 2023-05-31 SC583877 1 2022-06-01 2023-05-31 SC583877 2 2022-06-01 2023-05-31 SC583877 core:Goodwill 2022-06-01 2023-05-31 SC583877 core:PlantMachinery 2022-06-01 2023-05-31 SC583877 countries:England 2022-06-01 2023-05-31 SC583877 bus:FRS102 2022-06-01 2023-05-31 SC583877 bus:FullAccounts 2022-06-01 2023-05-31 SC583877 2023-05-31 SC583877 core:WithinOneYear 2023-05-31 SC583877 core:ShareCapital 2023-05-31 SC583877 core:SharePremium 2023-05-31 SC583877 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC583877 core:Goodwill 2023-05-31 SC583877 core:PlantMachinery 2023-05-31 SC583877 2022-05-31 SC583877 core:Goodwill 2022-05-31 SC583877 core:PlantMachinery 2022-05-31 iso4217:GBP xbrli:pure