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COMPANY REGISTRATION NUMBER: 10209497
Synergy Design & Control Limited
Filleted Unaudited Financial Statements
30 June 2023
Synergy Design & Control Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Synergy Design & Control Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
157,593
161,686
Current assets
Stocks
15,000
Debtors
6
352,286
393,168
Cash at bank and in hand
195,659
221,510
---------
---------
562,945
614,678
Creditors: amounts falling due within one year
7
152,194
114,855
---------
---------
Net current assets
410,751
499,823
---------
---------
Total assets less current liabilities
568,344
661,509
Provisions
716
731
---------
---------
Net assets
567,628
660,778
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
567,627
660,777
---------
---------
Shareholders funds
567,628
660,778
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Synergy Design & Control Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 7 March 2024 , and are signed on behalf of the board by:
Mr K Williamson
Director
Company registration number: 10209497
Synergy Design & Control Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10 The Oaks, Invicta Way, Manston Business Park, Ramsgate, Kent, CT12 5FD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
33% reducing balance
Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
5. Tangible assets
Freehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
161,614
3,000
7,793
172,407
Additions
573
573
Disposals
( 143)
( 143)
---------
-------
-------
---------
At 30 June 2023
161,614
2,857
8,366
172,837
---------
-------
-------
---------
Depreciation
At 1 July 2022
3,771
1,349
5,601
10,721
Charge for the year
3,232
514
812
4,558
Disposals
( 35)
( 35)
---------
-------
-------
---------
At 30 June 2023
7,003
1,828
6,413
15,244
---------
-------
-------
---------
Carrying amount
At 30 June 2023
154,611
1,029
1,953
157,593
---------
-------
-------
---------
At 30 June 2022
157,843
1,651
2,192
161,686
---------
-------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
328,523
371,670
Other debtors
23,763
21,498
---------
---------
352,286
393,168
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
48,296
32,485
Corporation tax
97,199
73,500
Social security and other taxes
1,881
5,625
Other creditors
4,818
3,245
---------
---------
152,194
114,855
---------
---------
8. Director's advances, credits and guarantees
At the year end the company owed the Director £1,299 (2022: £346). No advances were made during the year.
9. Related party transactions
During the year dividends of £174,716 (2022: £125,406) were paid to the director of the company.