Registration number:
Synergy Group Holdings Limited
for the Year Ended 31 March 2023
Synergy Group Holdings Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Synergy Group Holdings Limited
(Registration number: 10247997)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
1,011,898 |
1,480,369 |
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Shareholders' funds |
1,011,998 |
1,480,469 |
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:
• |
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• |
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
......................................... |
Synergy Group Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
The financial statements have been prepared 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. |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Synergy Group Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call 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 of change in value.
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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Synergy Group Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Investments in associates |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2022 |
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Additions |
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Disposals |
( |
At 31 March 2023 |
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Provision |
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At 1 April 2022 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Associates |
£ |
Cost |
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At 1 April 2022 |
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Additions |
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At 31 March 2023 |
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Provision |
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At 1 April 2022 |
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Eliminated on disposals |
|
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Synergy Group Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by related parties |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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- |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
Ordinary Shares of £1 each |
100 |
100 |
100 |
100 |
Synergy Group Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Dividends |
2023 |
2022 |
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£ |
£ |
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Interim dividend of £ |
40,000 |
150,000 |
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Related party transactions |
Summary of transactions with other related parties
Transactions within the group all took place under normal market terms. The net closing amount owed, by the group and connected companies, was £1,000,273 (2022: £261,113 owed to)
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
|
- |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Loans and borrowings are in respect of a loan that was transferred from its subsidiary company, as the parent company guarantee. The loan is from Conister Finance and Leasing Limited.