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Registered number: 02499677









SYNEL INDUSTRIES (UK) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SYNEL INDUSTRIES (UK) LIMITED
REGISTERED NUMBER: 02499677

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 6 
11,246
30,518

Tangible assets
 7 
38,147
18,685

  
49,393
49,203

Current assets
  

Stocks
 8 
334,726
223,827

Debtors: amounts falling due within one year
 9 
709,408
486,128

Cash at bank and in hand
 10 
337,173
182,686

  
1,381,307
892,641

Creditors: amounts falling due within one year
 11 
(1,233,974)
(1,086,104)

Net current assets/(liabilities)
  
147,333
(193,463)

Total assets less current liabilities
  
196,726
(144,260)

Creditors: amounts falling due after more than one year
 12 
(208,580)
(208,580)

  

Net liabilities
  
(11,854)
(352,840)


Capital and reserves
  

Called up share capital 
  
720,000
720,000

Profit and loss account
  
(731,854)
(1,072,840)

  
(11,854)
(352,840)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2024.


Erez Boganem
Director

The notes on pages 2 to 11 form part of these financial statements.
Page 1

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Synel Industries (UK) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02499677. The address of the registered office is Transputec House, 19 Heather Park Drive, Wembley, Middlesex, HA0 1SS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Board of Synel M.L.L. Payway Limited has confirmed their intention to continue the support of the company for no less than twelve months from approval of these financial statements.
The directors are also confident in the progression of the company over the next twelve months.
On the basis of the above, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each 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.

Page 2

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Research and development
-
8
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
on a reducing balance basis;
Fixtures and fittings
-
33%
using the straight-line method.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements are in conformity with Generally Accepted Accounting Practices (GAAP) requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and their reported amounts of revenues and expenses during the period.
Critical judgements
There were no judgements required to be made in preparing the accounts which had, or could have had, a material impact of the accounts.
Critical estimates
The estimation and recognition of bad debt provision represents a critical estimate in the preparation of the financial statements. Management exercises significant judgement in assessing the recoverability of accounts receivable balances, considering factors such as historical experience, customer creditworthiness, economic conditions, and specific customer circumstances. The determination of the appropriate provision involves inherent uncertainties, and actual outcomes may differ from management's estimates, impacting the reported financial position and results of operations. Any adjustments to the bad debt provision could have a material effect on the company's financial performance and financial position.


4.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 25).

Page 6

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Taxation

The tax charge for the year was £nil (2022: £7,532). The company has a deferred tax asset of £7,532 (2022: £7,532).


6.


Intangible assets




Research and development

£



Cost


At 1 January 2023
354,433


Disposals
(74,671)



At 31 December 2023

279,762



Amortisation


At 1 January 2023
323,915


Charge for the year on owned assets
19,272


On disposals
(74,671)



At 31 December 2023

268,516



Net book value



At 31 December 2023
11,246



At 31 December 2022
30,518



Page 7

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
45,206
19,254
64,460


Additions
28,997
1,588
30,585


Disposals
(18,666)
-
(18,666)



At 31 December 2023

55,537
20,842
76,379



Depreciation


At 1 January 2023
30,647
15,128
45,775


Charge for the year on owned assets
4,529
2,880
7,409


Disposals
(14,952)
-
(14,952)



At 31 December 2023

20,224
18,008
38,232



Net book value



At 31 December 2023
35,313
2,834
38,147



At 31 December 2022
14,559
4,126
18,685


8.


Stocks

2023
2022
£
£

Finished goods and goods for resale
334,726
223,827

334,726
223,827


Page 8

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Debtors

2023
2022
£
£


Trade debtors
664,874
452,699

Other debtors
11,948
10,431

Prepayments and accrued income
25,054
15,466

Deferred taxation
7,532
7,532

709,408
486,128


Trade debtors are shown net of a bad debt provision which totals £129,892 (2022: £25,798).


10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
337,173
182,686

337,173
182,686



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
59,052
314,537

Amounts owed to group undertakings
287,547
-

Other taxation and social security
166,990
139,980

Other creditors
4,735
7,872

Accruals and deferred income
715,650
623,715

1,233,974
1,086,104


Page 9

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
208,580
208,580

208,580
208,580


Amounts owed to group undertakings are unsecured, interest bearing and repayable on demand.


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



320,000 (2022 - 320,000) Ordinary A  shares of £1.00 each
320,000
320,000
400,000 (2022 - 400,000) Ordinary Redeemable B  shares of £1.00 each
400,000
400,000

720,000

720,000



14.


Pension commitments

The Company contributes into a defined contributions personal pension plan. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £26,916 (2022: £29,182). Contributions totalling £4,735 (2022: £5,424) were payable to the fund at the balance sheet date and are included in creditors.


15.


Related party transactions

At the balance sheet date the company owed Synel M.L.L. Payway Limited £208,580 (2022: £208,580), a company incorporated in Israel. During the year the company was charged interest of £7,736 (2022: £7,736) in respect of this loan balance.


16.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 10

 
SYNEL INDUSTRIES (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Controlling party

The parent of the smallest group in which these financial statements are consolidated is Synel M.L.L. Payway Limited, a company incorporated in Israel.
The address of Synel M.L.L. Payway Limited is:
2 Hamada Street,
PO Box 142 Yokneam,
20692,
Israel


18.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 8 April 2024 by Barry Au FCA (Senior Statutory Auditor) on behalf of Wisteria Audit Limited.

Page 11