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Registration number: 08795514

Synergy Joinery Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Synergy Joinery Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Synergy Joinery Limited

(Registration number: 08795514)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

13,213

19,820

Tangible assets

5

3,925

4,907

 

17,138

24,727

Current assets

 

Stocks

6

12,418

12,388

Debtors

7

85,892

36,183

Cash at bank and in hand

 

29,988

51,616

 

128,298

100,187

Creditors: Amounts falling due within one year

8

(100,063)

(115,325)

Net current assets/(liabilities)

 

28,235

(15,138)

Total assets less current liabilities

 

45,373

9,589

Provisions for liabilities

(746)

(1,227)

Net assets

 

44,627

8,362

Capital and reserves

 

Called up share capital

100

100

Retained earnings

44,527

8,262

Shareholders' funds

 

44,627

8,362

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 13 February 2024
 

 

Synergy Joinery Limited

(Registration number: 08795514)
Balance Sheet as at 31 March 2023

.........................................
Martin Knott
Director

 

Synergy Joinery 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 United Kingdom.

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

These financial statements were authorised for issue by the director on 13 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to the nearest £1.

 

Synergy Joinery Limited

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

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

The majority of sales invoices of the business are raised in stage amounts, pre agreed at the acceptance of the job. A 25% sales invoice is raised as a deposit on the job, once payment is made the job starts. A further invoice is then raised on pre delivery of the goods and completion.

Work in progress is used to ensure that the correct revenue is recorded in the period.

All deposits unpaid are fully credited the following month and accrued for in the correct month to match the sale and credit note.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Synergy Joinery Limited

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

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25-33% reducing balance

Goodwill

Goodwill arising on the acquisition of the trade and assets of an unconnected entity represents the cost of goodwill purchased within the legal agreement. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 Years - Straight Line Method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

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 at the transaction price.

Debtors are reviewed periodically and when an amount is not considered recoverable the amount is written off to the profit and loss account in the period that debt becomes doubtful.

Stocks and work in progress

Stocks comprises work shop comsumables and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Work in progress consists of jobs in progress at the year end which have not been invoiced. Where the jobs have met a milestone in its invoicing cycle, being pre delivery or completion stage, an element of that invoice is recorded as work in progress depending on its stage at the end of each reporting period.

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.

 

Synergy Joinery Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

33,033

33,033

At 31 March 2023

33,033

33,033

Amortisation

At 1 April 2022

13,213

13,213

Amortisation charge

6,607

6,607

At 31 March 2023

19,820

19,820

Carrying amount

At 31 March 2023

13,213

13,213

At 31 March 2022

19,820

19,820

 

Synergy Joinery Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

342

1

5,037

5,380

At 31 March 2023

342

1

5,037

5,380

Depreciation

At 1 April 2022

45

-

428

473

Charge for the year

60

-

922

982

At 31 March 2023

105

-

1,350

1,455

Carrying amount

At 31 March 2023

237

1

3,687

3,925

At 31 March 2022

297

1

4,609

4,907

6

Stocks

2023
£

2022
£

Work in progress

10,390

10,410

Other inventories

2,028

1,978

12,418

12,388

7

Debtors

Current

2023
£

2022
£

Trade debtors

78,745

4,142

Prepayments

7,147

9,791

Other debtors

-

22,250

 

85,892

36,183

 

Synergy Joinery Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

20,133

27,558

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

11

48,229

58,995

Taxation and social security

 

22,516

21,844

Accruals and deferred income

 

8,000

5,878

Other creditors

 

1,185

1,050

 

100,063

115,325

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £48,000 (2022 - £72,000). The company entered in to a lease dated 1 April 2020 for the rent of the business premises. The annual rent for this is £24,000 and the lease expires 31st April 2025.

11

Related party transactions

Summary of transactions with other related parties

At the balance sheet date the company owed Synergy Group Holdings Limited, parent company, £48,034 (2022: £58,995) and Synergy Property Design Consultants, former subsidiary, £198 (2022: £nil).
All transactions within the group took place under normal market conditions.