Synergy Group Holdings Limited 10247997 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of an Investment Holding Company. The group operates within construction. Digita Accounts Production Advanced 6.30.9574.0 true false true 10247997 2022-04-01 2023-03-31 10247997 2023-03-31 10247997 core:CurrentFinancialInstruments 2023-03-31 10247997 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10247997 core:Non-currentFinancialInstruments 2023-03-31 10247997 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10247997 core:AdditionsToInvestments 2023-03-31 10247997 core:CostValuation 2023-03-31 10247997 core:DisposalsDecreaseInInvestments 2023-03-31 10247997 core:DisposalsDecreaseInProvisionsForImpairmentInvestments 2023-03-31 10247997 core:ProvisionsForImpairmentInvestments 2023-03-31 10247997 bus:SmallEntities 2022-04-01 2023-03-31 10247997 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10247997 bus:FullAccounts 2022-04-01 2023-03-31 10247997 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10247997 bus:RegisteredOffice 2022-04-01 2023-03-31 10247997 bus:Director1 2022-04-01 2023-03-31 10247997 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10247997 core:OtherRelatedParties 2022-04-01 2023-03-31 10247997 countries:EnglandWales 2022-04-01 2023-03-31 10247997 core:CostValuation 2022-03-31 10247997 core:ProvisionsForImpairmentInvestments 2022-03-31 10247997 2021-04-01 2022-03-31 10247997 2022-03-31 10247997 core:CurrentFinancialInstruments 2022-03-31 10247997 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10247997 core:Non-currentFinancialInstruments 2022-03-31 10247997 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 10247997

Synergy Group Holdings Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Synergy Group Holdings Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Synergy Group Holdings Limited

(Registration number: 10247997)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

920

350

Current assets

 

Debtors

5

1,608,469

1,412,866

Cash at bank and in hand

 

8,391

1,249,824

 

1,616,860

2,662,690

Creditors: Amounts falling due within one year

6

(172,514)

(1,182,571)

Net current assets

 

1,444,346

1,480,119

Total assets less current liabilities

 

1,445,266

1,480,469

Creditors: Amounts falling due after more than one year

6

(433,268)

-

Net assets

 

1,011,998

1,480,469

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,011,898

1,480,369

Shareholders' funds

 

1,011,998

1,480,469

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 February 2024
 

.........................................
M Knott
Director

 

Synergy Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Building 8 Gateway 1000
Whittle Way
Stevenage, Herts
Herts
SG1 2FP

These financial statements were authorised for issue by the director on 9 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Synergy Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Synergy Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Investments

2023
£

2022
£

Investments in subsidiaries

400

300

Investments in associates

520

50

920

350

Subsidiaries

£

Cost or valuation

At 1 April 2022

500

Additions

300

Disposals

(200)

At 31 March 2023

600

Provision

At 1 April 2022

200

Carrying amount

At 31 March 2023

400

At 31 March 2022

300

Associates

£

Cost

At 1 April 2022

50,050

Additions

520

At 31 March 2023

50,570

Provision

At 1 April 2022

50,000

Eliminated on disposals

50

At 31 March 2023

50,050

Carrying amount

At 31 March 2023

520

At 31 March 2022

50

 

Synergy Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

1,084,726

898,329

Other debtors

 

523,743

514,537

   

1,608,469

1,412,866

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

63,748

-

Trade creditors

 

663

3,630

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

84,508

1,159,441

Accruals and deferred income

 

21,030

19,500

Other creditors

 

2,565

-

 

172,514

1,182,571

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

433,268

-

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

Synergy Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £400.00 (2022 - £1,500.00) per ordinary share

 

40,000

 

150,000

         

9

Related party transactions

Summary of transactions with other related parties

At the balance sheet date the company owed £2,565 (2022: £nil) to M Knott, Director. There are no terms for repayment or interest charged.

Transactions within the group all took place under normal market terms. The net closing amount owed, by the group and connected companies, was £1,000,273 (2022: £261,113 owed to)

 

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

433,268

-

2023
£

2022
£

Current loans and borrowings

Bank borrowings

63,748

-

Loans and borrowings are in respect of a loan that was transferred from its subsidiary company, as the parent company guarantee. The loan is from Conister Finance and Leasing Limited.