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REGISTERED NUMBER: 06903100 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Synergy Farm Health Limited

Synergy Farm Health Limited (Registered number: 06903100)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Synergy Farm Health Limited (Registered number: 06903100)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 469,060 310,337
Tangible assets 5 1,150,546 1,014,735
Investments 6 47,754 43,348
1,667,360 1,368,420

CURRENT ASSETS
Stocks 425,370 414,709
Debtors 7 2,446,432 2,085,097
Cash at bank and in hand 93,709 362,624
2,965,511 2,862,430
CREDITORS
Amounts falling due within one year 8 1,605,740 1,230,534
NET CURRENT ASSETS 1,359,771 1,631,896
TOTAL ASSETS LESS CURRENT LIABILITIES 3,027,131 3,000,316

CREDITORS
Amounts falling due after more than one year 9 (312,236 ) (307,200 )

PROVISIONS FOR LIABILITIES (217,139 ) (189,411 )
NET ASSETS 2,497,756 2,503,705

CAPITAL AND RESERVES
Called up share capital 79,522 79,520
Share premium 993,883 993,883
Capital redemption reserve 29,001 29,000
Retained earnings 1,395,350 1,401,302
2,497,756 2,503,705

Synergy Farm Health Limited (Registered number: 06903100)

Balance Sheet - continued
31 October 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





Mr J D Reader - Director


Synergy Farm Health Limited (Registered number: 06903100)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. STATUTORY INFORMATION

Synergy Farm Health Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06903100

Registered office: The Transmission Hall
Rampisham Business Centre
Rampisham Down
Maiden Newton
Dorset
DT2 0HS

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of the business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed asset
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 50% on reducing balance and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Synergy Farm Health Limited (Registered number: 06903100)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Classification
The company holds the following financial instruments:

Short term debtors and creditors;
Cash and bank balances; and
Unlisted investments.

All financial instruments are classified as basic.

Recognition and measurement
The company has elected to apply the provisions FRS102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transition costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged against profits on a straight line basis over the term of the relevant lease, except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Synergy Farm Health Limited (Registered number: 06903100)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 111 (2022 - 101 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022 1,752,577
Additions 199,558
At 31 October 2023 1,952,135
AMORTISATION
At 1 November 2022 1,442,240
Amortisation for year 40,835
At 31 October 2023 1,483,075
NET BOOK VALUE
At 31 October 2023 469,060
At 31 October 2022 310,337

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 160,923 982,443 87,694 723,219 1,954,279
Additions 4,109 132,383 26,991 249,795 413,278
Disposals (1,522 ) (45,000 ) (14,700 ) (27,758 ) (88,980 )
At 31 October 2023 163,510 1,069,826 99,985 945,256 2,278,577
DEPRECIATION
At 1 November 2022 6,591 481,648 68,400 382,905 939,544
Charge for year 55,746 90,196 3,768 94,167 243,877
Eliminated on disposal - (32,103 ) - (23,287 ) (55,390 )
At 31 October 2023 62,337 539,741 72,168 453,785 1,128,031
NET BOOK VALUE
At 31 October 2023 101,173 530,085 27,817 491,471 1,150,546
At 31 October 2022 154,332 500,795 19,294 340,314 1,014,735

Synergy Farm Health Limited (Registered number: 06903100)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022 43,348
Additions 4,406
At 31 October 2023 47,754
NET BOOK VALUE
At 31 October 2023 47,754
At 31 October 2022 43,348

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,494,159 1,323,438
Amounts owed by group undertakings 104,937 199,169
Other debtors 847,336 562,490
2,446,432 2,085,097

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 53,219 33,049
Trade creditors 620,492 453,321
Taxation and social security 561,545 364,383
Other creditors 370,484 379,781
1,605,740 1,230,534

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 95,484 43,650
Other creditors 216,752 263,550
312,236 307,200

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 53,219 33,049
Between one and five years 95,484 43,650
148,703 76,699

Synergy Farm Health Limited (Registered number: 06903100)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 104,226 139,810
Between one and five years 297,308 406,534
401,534 546,344

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 148,703 76,699

Liabilities in relation to finance leases and hire purchase agreements are secured on the assets to which they relate.

12. RELATED PARTY DISCLOSURES

The company has provided a secured debenture guarantee to Oxbury Bank in relation to the borrowings of certain shareholders of the company. The company holds a lien over the shares to which the borrowings relate.

At the Balance Sheet date the debenture, comprising of fixed and floating charges over all assets and undertakings of the company, including all present and future freehold and leasehold property, debts, chattels, goodwill and uncalled capital, was limited to £274,000.

After the balance sheet date, but before the accounts were approved, the debenture limit was increased by £150,000. This was in relation to borrowings taken out by one of the Directors.