Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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XYNTEO LIMITED
COMPANY INFORMATION
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XYNTEO LIMITED
CONTENTS
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XYNTEO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The results for the year and the financial position of the company are shown in the annexed financial statements.
Xynteo Limited's mission is focused on ‘reinventing growth together’. We work with global companies to identify and implement collaborative initiatives that enable businesses to grow in a new way, fit for the resource, climate and demographic realities of the 21st century. The response from partners has confirmed the success and relevance of this approach. We closed 2022 with total revenue of £13,194k (2021: £12,935k), resulting in earnings before tax of £2,072k (2021: £2,284k). Xynteo Limited has a very positive position in the market, a diverse client base with many long-term relationships with global companies, an outstanding team with dynamic behaviour and a values-driven foundation. Principal risk and uncertainties Risks are assessed by the Management Team regularly. They meet biweekly (and face to face once a month). The specific risks include: market relevance of mission, revenue, OPEX, successfully embedding the restructure, attracting, retaining and performance management of the team – these are well managed, documented and under control, with new methods and structures being explored continually. The director is of the view that the main financial risks arising from the company's activities are liquidity, credit and foreign exchange risk. The director sets and reviews policies for managing each of these risks and they are summarised below: Liquidity risk Xynteo Limited seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The funding for any significant new ventures is secured before commitments are made. Cashflow is monitored on a weekly basis. Credit risk The principal credit risk arises from the company's trade debtors. In order to manage credit risk, the director performs a regular review of trade debtors outstanding. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. Foreign exchange risk Xynteo Limited is exposed to fluctuations in the EUR to GBP exchange rate. The exposure has been analysed and the company has set out to further minimise these risks in 2023, ensuring that the majority of transactions are denominated in pounds sterling. Interest rate risk is not considered to be significant as the company has no borrowings. Going concern The Director has considered the financial position of the Company and believe that the Company is a going concern. Consequently, the financial statements have been prepared on a going concern basis. Key Performance Indicators Xynteo Limited uses key performance indicators suitable for the nature and size of the company's business. These are primarily monthly financial reports which include; profit & loss statement, cash flow, open receivables together with a project profitability and project staffing analysis. Revenue forecast is continuously monitored focusing on key risks/opportunities.
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XYNTEO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
This report was approved by the board and signed on its behalf.
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XYNTEO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £1,601,096 (2021 - £1,820,667).
The company has paid interim dividends totalling £700,000 (2021 - £NIL). The director recommends that no final dividend be paid.
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XYNTEO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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XYNTEO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF XYNTEO LIMITED
We have audited the financial statements of Xynteo Limited (the 'Company') for the year ended 31 December 2022, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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XYNTEO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF XYNTEO LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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XYNTEO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF XYNTEO LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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XYNTEO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF XYNTEO LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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XYNTEO LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
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XYNTEO LIMITED
REGISTERED NUMBER: 05314641
BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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XYNTEO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Xynteo Limited is a private company, limited by shares and registered in England and Wales. It's registered office is Reading Bridge House, George Street, Reading, RG1 8LS.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2). The Company is exempt under s400 of the Companies Act 2006 from the requirement to prepare group financial statements because the company is itself a subsidiary undertaking and its parent undertaking prepares group financial statements meeting the relevant conditions. These financial statements therefore present information about the Company as an individual undertaking and not about its group. The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Xynteo Invest AS as at 31 December 2022 and these financial statements may be obtained from the registered office.
Turnover represents sales of services, excluding value added tax. Amounts invoiced for services in advance are deferred to the period to which they relate.
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (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.
Depreciation is provided on the following basis:
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.
Short term debtors are measured at transaction price, less any impairment
Short term creditors are measured at the transaction price.
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (CONTINUED)
Bad debt provisions Provisions are estimated by the company in respect of specific debts based upon the age of the debt and knowledge of known issues. Accrued expenses Accrued expenses are estimated by the company based upon past experience, with knowledge of known issues at the balance sheet date, and management information available after the balance sheet date, in respect of matters for which management are confident there will be an outflow of economic benefit from the company. Turnover Turnover is recognised on delivery of services or to the extent that the company has obtained the right to consideration through its performance under contracts. Where appropriate, the degree of completion of performance under contracts is estimated by the company based on resources / FTE’s spent per balance sheet date as a percentage of total expected resources / FTE’s.
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of turnover by country of destination:
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
8.TAXATION (CONTINUED)
The main rate of corporation tax has risen from 19% to 25% from 1 April 2023. On this basis deferred tax is provided at the future rate of 25%.
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The prior year adjustment was posted in order to account for rental invoices that relate to the prior year. The adjustment has decreased the prior year profit by £169,753 and decreased reserves and creditors due within one year by £169,753.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £111,849 (2021 - £87,707). Contributions totalling £8,532 (2021 - £12,537) were payable to the fund at the balance sheet date and are included in creditors.
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XYNTEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
O M Bjelland, a former director, had an overdrawn loan balance at the start of the year of £22,380 (2021: £1,304). As at 31 December 2022, the balance outstanding was £57,327 (2021: £22,380). The maximum balance outstanding during the year was £57,327 (2021: £22,380).
The loan made to the former director is interest free and has no set repayment date.
The immediate parent company in the year is
The largest and smallest group in which the results of the company are consolidated is The company is ultimately controlled by
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