2023-01-012023-12-312023-12-31false13164149SYNTASSO LIMITED2024-03-20iso4217:GBPxbrli:pure131641492023-01-01131641492023-12-31131641492023-01-012023-12-31131641492022-01-01131641492022-12-31131641492022-01-012022-12-3113164149bus:SmallEntities2023-01-012023-12-3113164149bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3113164149bus:FullAccounts2023-01-012023-12-3113164149bus:PrivateLimitedCompanyLtd2023-01-012023-12-3113164149core:WithinOneYear2023-12-3113164149core:AfterOneYear2023-12-3113164149core:WithinOneYear2022-12-3113164149core:AfterOneYear2022-12-3113164149core:ShareCapital2023-12-3113164149core:SharePremium2023-12-3113164149core:RevaluationReserve2023-12-3113164149core:OtherReservesSubtotal2023-12-3113164149core:RetainedEarningsAccumulatedLosses2023-12-3113164149core:ShareCapital2022-12-3113164149core:SharePremium2022-12-3113164149core:RevaluationReserve2022-12-3113164149core:OtherReservesSubtotal2022-12-3113164149core:RetainedEarningsAccumulatedLosses2022-12-3113164149core:LandBuildings2023-12-3113164149core:PlantMachinery2023-12-3113164149core:Vehicles2023-12-3113164149core:FurnitureFittings2023-12-3113164149core:OfficeEquipment2023-12-3113164149core:NetGoodwill2023-12-3113164149core:IntangibleAssetsOtherThanGoodwill2023-12-3113164149core:ListedExchangeTraded2023-12-3113164149core:UnlistedNon-exchangeTraded2023-12-3113164149core:LandBuildings2022-12-3113164149core:PlantMachinery2022-12-3113164149core:Vehicles2022-12-3113164149core:FurnitureFittings2022-12-3113164149core:OfficeEquipment2022-12-3113164149core:NetGoodwill2022-12-3113164149core:IntangibleAssetsOtherThanGoodwill2022-12-3113164149core:ListedExchangeTraded2022-12-3113164149core:UnlistedNon-exchangeTraded2022-12-3113164149core:LandBuildings2023-01-012023-12-3113164149core:PlantMachinery2023-01-012023-12-3113164149core:Vehicles2023-01-012023-12-3113164149core:FurnitureFittings2023-01-012023-12-3113164149core:OfficeEquipment2023-01-012023-12-3113164149core:NetGoodwill2023-01-012023-12-3113164149core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3113164149core:ListedExchangeTraded2023-01-012023-12-3113164149core:UnlistedNon-exchangeTraded2023-01-012023-12-3113164149core:MoreThanFiveYears2023-01-012023-12-3113164149core:Non-currentFinancialInstruments2023-12-3113164149core:Non-currentFinancialInstruments2022-12-3113164149dpl:CostSales2023-01-012023-12-3113164149dpl:DistributionCosts2023-01-012023-12-3113164149core:LandBuildings2023-01-012023-12-3113164149core:PlantMachinery2023-01-012023-12-3113164149core:Vehicles2023-01-012023-12-3113164149core:FurnitureFittings2023-01-012023-12-3113164149core:OfficeEquipment2023-01-012023-12-3113164149dpl:AdministrativeExpenses2023-01-012023-12-3113164149core:NetGoodwill2023-01-012023-12-3113164149core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3113164149dpl:GroupUndertakings2023-01-012023-12-3113164149dpl:ParticipatingInterests2023-01-012023-12-3113164149dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3113164149core:ListedExchangeTraded2023-01-012023-12-3113164149dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3113164149core:UnlistedNon-exchangeTraded2023-01-012023-12-3113164149dpl:CostSales2022-01-012022-12-3113164149dpl:DistributionCosts2022-01-012022-12-3113164149core:LandBuildings2022-01-012022-12-3113164149core:PlantMachinery2022-01-012022-12-3113164149core:Vehicles2022-01-012022-12-3113164149core:FurnitureFittings2022-01-012022-12-3113164149core:OfficeEquipment2022-01-012022-12-3113164149dpl:AdministrativeExpenses2022-01-012022-12-3113164149core:NetGoodwill2022-01-012022-12-3113164149core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3113164149dpl:GroupUndertakings2022-01-012022-12-3113164149dpl:ParticipatingInterests2022-01-012022-12-3113164149dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3113164149core:ListedExchangeTraded2022-01-012022-12-3113164149dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3113164149core:UnlistedNon-exchangeTraded2022-01-012022-12-3113164149core:NetGoodwill2023-12-3113164149core:IntangibleAssetsOtherThanGoodwill2023-12-3113164149core:LandBuildings2023-12-3113164149core:PlantMachinery2023-12-3113164149core:Vehicles2023-12-3113164149core:FurnitureFittings2023-12-3113164149core:OfficeEquipment2023-12-3113164149core:AfterOneYear2023-12-3113164149core:WithinOneYear2023-12-3113164149core:ListedExchangeTraded2023-12-3113164149core:UnlistedNon-exchangeTraded2023-12-3113164149core:ShareCapital2023-12-3113164149core:SharePremium2023-12-3113164149core:RevaluationReserve2023-12-3113164149core:OtherReservesSubtotal2023-12-3113164149core:RetainedEarningsAccumulatedLosses2023-12-3113164149core:NetGoodwill2022-12-3113164149core:IntangibleAssetsOtherThanGoodwill2022-12-3113164149core:LandBuildings2022-12-3113164149core:PlantMachinery2022-12-3113164149core:Vehicles2022-12-3113164149core:FurnitureFittings2022-12-3113164149core:OfficeEquipment2022-12-3113164149core:AfterOneYear2022-12-3113164149core:WithinOneYear2022-12-3113164149core:ListedExch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SYNTASSO LIMITED

Registered Number
13164149
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

SYNTASSO LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

C G Hedley
C M Humphreys
P L Kennedy
A Vidiborschii

Registered Address

23 Fitzroy Road
Fleet
GU51 4JJ

Registered Number

13164149 (England and Wales)
SYNTASSO LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets422,74514,998
22,74514,998
Current assets
Debtors137,268132,985
Cash at bank and on hand5,272,405550,990
5,409,673683,975
Creditors amounts falling due within one year6(51,504)(39,817)
Net current assets (liabilities)5,358,169644,158
Total assets less current liabilities5,380,914659,156
Net assets5,380,914659,156
Capital and reserves
Called up share capital144115
Share premium6,705,0401,132,733
Profit and loss account(1,324,270)(473,692)
Shareholders' funds5,380,914659,156
The financial statements were approved and authorised for issue by the Board of Directors on 20 March 2024, and are signed on its behalf by:
P L Kennedy
Director
Registered Company No. 13164149
SYNTASSO LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from sale of goods
The company is still in its development phase and did not earn any revenue in the reporting period.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the statement of financial position. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Share-based payments
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. Tax credits shown on the Income Statement represent tax credits received or receivable from HMRC as a result of claims made under HMRC's R&D tax relief schemes.
Deferred tax
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.
Research and development
Revenue expenditure on research and development is written off in the period in which it is incurred. The company makes claims under both the SME R&D tax relief scheme and the Research and Development Expenditure Credit scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits arising from claims under the RDEC scheme are subject to Corporation Tax. Gross tax credits are therefore reflected ‘above the line’ in Other Income with the corresponding charge to Corporation Tax reflected in the Corporation Tax charge, or credit (if loss making). Tax credits receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.
Tangible fixed assets and depreciation
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.
Trade and other 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.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Staff Costs
The company operates an EMI qualifying share option scheme and during the year the company granted 18,408 (2022: 21,658) EMI qualifying share options to employees at an average weighted exercise price of £2.1640 per share (2022: £0.0001). At the statement of financial position date the company had granted a total of 40,066 share options to employees (2022: 21,658) all of which were outstanding. The share options only vest and are exercisable on a qualifying exit event, i.e. a sale, listing or winding up. No share-based payment has therefore been recognised in the income statement during the year in respect of the share options. The share options are exercisable over the company's ordinary shares.
3.Average number of employees

20232022
Average number of employees during the year86
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 2318,91218,912
Additions18,03518,035
At 31 December 2336,94736,947
Depreciation and impairment
At 01 January 233,9143,914
Charge for year10,28810,288
At 31 December 2314,20214,202
Net book value
At 31 December 2322,74522,745
At 31 December 2214,99814,998
5.Debtors: amounts due within one year

2023

2022

££
Other debtors124,833127,615
Prepayments and accrued income12,4355,370
Total137,268132,985
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables5,790712
Taxation and social security32,61525,025
Other creditors2,1962,890
Accrued liabilities and deferred income10,90311,190
Total51,50439,817
7.Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year: £34,674 (2022: £nil) Between two and five years: £nil (2022: £nil)