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Registration number: 08134322

Synergy Developments Two Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Synergy Developments Two Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Synergy Developments Two Limited

(Registration number: 08134322)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

412,871

405,102

Debtors

5

405,079

380,247

Cash at bank and in hand

 

1,777

808

 

819,727

786,157

Creditors: Amounts falling due within one year

6

(826,705)

(790,551)

Net liabilities

 

(6,978)

(4,394)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(7,078)

(4,494)

Shareholders' deficit

 

(6,978)

(4,394)

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 Developments Two 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
Hertfordshire
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

At the balance sheet date the company has net current liabilities of £6,978 (2022: £4,394) and retained losses of £7,078 (2022: £4,494). The Director and group have pledged their support to the company and on this basis the Director considers it appropriate to prepare the accounts 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Synergy Developments Two Limited

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

Stocks

The company holds no stock.

Work in progress comprises properties purchased for renovation and eventual sale. The cost comprises all directly related items incurred at invoice cost, this includes the purchase price of property including all related costs with acquisition and subsequent costs in renovating.

The cost of each project is reviewed and tracked periodically, where the cost recorded is above the current value of the property/project a provision is made to ensure that work in progress is held at the lower of cost and net realisable value.

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 at the transaction price.

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.

3

Staff numbers

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

4

Stocks

2023
£

2022
£

Work in progress

412,871

405,102

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

8

397,878

380,247

Prepayments

 

7,201

-

   

405,079

380,247

 

Synergy Developments Two Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

11,580

1,018

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

8

808,676

785,533

Accruals and deferred income

 

6,450

4,000

Other creditors

 

(1)

-

 

826,705

790,551

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Summary of transactions with other related parties

At the balance sheet date the company owed Synergy Group Holdings Limited, parent company, £808,676 (2022: £785,533) and was owed £397,778 (2022: £380,247) by Synergy Developments Three Limited, fellow subsidiary.