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Synventive Molding Solutions Limited

Registered number: 02838649
Annual Report
For the year ended 31 December 2022

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
D W McNeilly 
M V Kennedy 




Registered number
02838649



Registered office
The Pinnacle
160 Midsummer Boulevard

Milton Keynes

MK9 1FF




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

90 Victoria Street

Bristol

BS1 6DP





 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 2
Directors' responsibilities statement
 
3
Independent auditor's report
 
4 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 20


 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their annual report and the audited financial statements for Synventive Molding Solutions Limited (the 'company') for the year ended 31 December 2022.

Principal activity and review of the business

The principal activity of the company is to act as a sales agent for Synventive group products within the UK market. The group is engaged in the development, manufacturing and trading of injection moulding applications.
The directors expect the level of business to improve in the forthcoming year but consider the financial position of the company at 31 December 2022 to be satisfactory.

Results and dividends

The loss for the year, after taxation, amounted to £57,794 (2021: profit of £79,180).

The directors do not recommend payment of a dividend this year (2021: £nil).

Directors

The directors who served during the year and to the date of this report were:

D W McNeilly 
M V Kennedy 
Klaus-Peter Peya (resigned 30 June 2022)
C G Schäfer (appointed 30 June 2022, resigned 23 August 2023)

Going concern

The financial statements have been prepared on a going concern basis.
The ultimate parent company has confirmed to the directors that it will continue to make funding available to enable the company to meet its liabilities as and when they fall due for at least 12 months from the date of signing these financial statements, should this be required and the directors have therefore prepared the financial statements on a going concern basis. Should such funding not be forthcoming, the going concern basis of preparation may no longer be appropriate, and significant adjustments may be required to these financial statements.

Economic impact of global events

UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

- 1 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Third party indemnity

The group has provided to all directors limited indemnities in respect of the cost of defending claims against them and third party liabilities. These are all third party indemnity provisions for the purpose of the Companies Act 2006 and are all currently in force.

Provision of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





M V Kennedy
Director

Date: 16 February 2024

- 2 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors are responsible for preparing the directors' report and the audited financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these audited financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements 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; and

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 2006They 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.

- 3 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SYNVENTIVE MOLDING SOLUTIONS LIMITED
 

Opinion

We have audited the financial statements of Synventive Molding Solutions Limited (the ‘company’) for the year ended 31 December 2022 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the company’s affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 UK, including the FRC’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.

Conclusions relating to going concern

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.

Other information

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.
- 4 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SYNVENTIVE MOLDING SOLUTIONS LIMITED
 

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
- 5 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SYNVENTIVE MOLDING SOLUTIONS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation. 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 
- 6 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SYNVENTIVE MOLDING SOLUTIONS LIMITED
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to impairment and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

Use of the audit 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.




Jonathan Marchant (Senior statutory auditor)

  
for and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor 
90 Victoria Street
Bristol
BS1 6DP

8 March 2024
- 7 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 5 
218,875
263,795

Gross profit
  
218,875
263,795

Administrative expenses
  
(273,297)
(182,276)

Operating (loss)/profit
 6 
(54,422)
81,519

Interest payable and similar expenses
 10 
(3,372)
(2,339)

(Loss)/profit before tax
  
(57,794)
79,180

Tax on (loss)/profit
 11 
-
-

(Loss)/profit for the financial year
  
(57,794)
79,180

Other comprehensive income
  
-
-

  

Total comprehensive (expense)/income for the year
  
(57,794)
79,180

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 20 form part of these financial statements.

- 8 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
REGISTERED NUMBER: 02838649

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 12 
826,255
878,420

Cash and cash equivalents
  
83,459
96

  
909,714
878,516

Creditors: amounts falling due within one year
 13 
(1,452,597)
(1,363,605)

Net current liabilities
  
 
 
(542,883)
 
 
(485,089)

Total assets less current liabilities
  
(542,883)
(485,089)

  

Net liabilities
  
(542,883)
(485,089)


Capital and reserves
  

Called up share capital 
 14 
10,000
10,000

Profit and loss account
 15 
(552,883)
(495,089)

Total equity
  
(542,883)
(485,089)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M V Kennedy
Director

Date: 16 February 2024

The notes on pages 11 to 20 form part of these financial statements.

- 9 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Retained earnings
Total equity

£
£
£


At 1 January 2021
10,000
(574,269)
(564,269)


Comprehensive income for the year

Profit for the year
-
79,180
79,180

Other comprehensive expense for the year
-
-
-
Total comprehensive income for the year
-
79,180
79,180



At 1 January 2022
10,000
(495,089)
(485,089)


Comprehensive expense for the year

Loss for the year
-
(57,794)
(57,794)

Other comprehensive income for the year
-
-
-
Total comprehensive expense for the year
-
(57,794)
(57,794)


At 31 December 2022
10,000
(552,883)
(542,883)


The notes on pages 11 to 20 form part of these financial statements.

- 10 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Synventive Molding Solutions Limited 'the company' is the sales agent for Synventive group products within the UK market. The group is engaged in the development, manufacturing and trading of injection molding applications.
The company is a private company limited by shares, registered in England and Wales. The address of its registered office is The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, MK9 1FF.


2.


Statement of compliance

The individual financial statements of Synventive Molding Solutions Limited for the year ended 31 December 2022 have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” (“FRS 102”) and the Companies Act 2006.

3.Accounting policies

The financial statements have been prepared in accordance with applicable accounting standards.

  
3.1

Basis of preparation

The financial statements are prepared under the historical cost convention.
The preparation of financial statements in conformity with FRS 102 requires use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4.
The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound. 

 
3.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Barnes Group Inc as at 31 December 2022 and these financial statements may be obtained from Barnes Group Inc., 123 Main Street, Bristol, Connecticut, USA.

- 11 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.Accounting policies (continued)

 
3.3

Going concern

The financial statements have been prepared on a going concern basis.
The ultimate parent company has confirmed to the directors that it will continue to make funding available to enable the company to meet its liabilities as and when they fall due for at least 12 months from the date of signing these financial statements, should this be required and the directors have therefore prepared the financial statements on a going concern basis. Should such funding not be forthcoming, the going concern basis of preparation may no longer be appropriate, and significant adjustments may be required to these financial statements.

  
3.4

Turnover

Turnover represents commissions' receivable from the group on the sale of group products, net of applicable value added tax.

 
3.5

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 the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
3.6

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.

- 12 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.Accounting policies (continued)

 
3.7

Foreign currency translation

Functional and presentation currency

The company's functional and presentation currency is Pounds Sterling.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the statement of comprehensive income within 'administrative expenses'.

- 13 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.Accounting policies (continued)

  
3.8

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company only enters into basic financial instrument transactions that result in financial assets and liabilities such as trade and other receivables/payables, amounts owed and due to group undertakings and cash balances. The company has chosen to apply the measurement and recognition provisions of Section 11 Basic Financial Instruments in full.
Financial assets – classified as basic financial instruments
Trade and other debtors
Trade and other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment.
Where a financial asset constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments, discounted at a market rate of interest.
At each reporting date, the company assesses whether there is objective evidence that any financial asset may be impaired. A provision for impairment 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 financial asset. The amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated future cash flows. The amount of the provision is recognised immediately in the statement of comprehensive income.
Financial liabilities – classified as basic financial instruments
Trade and other creditors
Trade and other creditors are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable.
Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments, discounted at a market rate of interest.

- 14 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Judgements in applying accounting policies and key sources of estimation uncertainty

4.1 Critical judgements in applying the entity’s accounting policies
The critical judgements that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. 
(i) Deferred taxation
The statement of financial position does not recognise a deferred tax asset. The directors consider that it is not probable that the company will generate sufficient taxable profits in the future to enable this asset to be recovered.
4.2 Key sources of estimation uncertainty
The directors do not consider themselves to have made any key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material misstatement to the carrying value of assets and liabilities within the next financial year.


5.


Turnover

An analysis of turnover by class of business is as follows:


2022
2021
£
£

Europe
218,875
263,795


All revenue is derived from the principal activity of the company.


6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging/(crediting):

2022
2021
£
£

Loss/(gain) on foreign exchange transactions
64,280
(81,267)

Defined contribution pension cost
3,111
3,044

- 15 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Auditor's remuneration

2022
2021
£
£


Fees payable to the company's auditor for the audit of the company's annual financial statements
6,310
5,736

Fees payable to the company's auditor for the audit of the groups annual financial statements
41,410
39,714


Fees payable to the company's auditor and its associates in respect of:


Taxation compliance services
5,500
5,363

All other services
3,600
3,514


8.


Employees

Staff costs were as follows:


2022
2021
£
£

Wages and salaries
74,031
82,119

Social security costs
11,096
18,065

Cost of defined contribution scheme
3,111
3,044

88,238
103,228


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Directors
3
3



Sales, servicing and engineering
1
1

4
4


9.


Directors' remuneration and key management personnel

No directors received emoluments in respect of services to the company in the current year or prior year. There are no directors for whom retirement benefits are accruing under money purchase pension schemes (2021: no directors).
Key management personnel comprise the executive directors only.



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SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Interest payable and similar expenses

2022
2021
£
£


Interest payable on group loans
3,372
2,339


11.


Taxation


2022
2021
£
£



Current tax on (loss)/profit for the year
-
-


Total current tax
-
-

Total deferred tax
 
-
 
-


Taxation on (loss)/profit
-
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of19% (2021:19%). The differences are explained below:

2022
2021
£
£


(Loss)/profit before tax
(57,794)
79,180


(Loss)/profit multiplied by standard rate of corporation tax in the UK of 19% (2021: 19%)
(10,981)
15,044

Effects of:


Expenses not deductible for tax purposes
-
146

Hybrid and other mismatches adjustment
609
422

Movement in deferred tax not recognised
(100)
-

Group relief surrendered
10,448
22

Remeasurement of deferred tax for changes in tax rates
24
(30,031)

Deferred tax not recognised
-
14,397

Total tax charge for the year
-
-

- 17 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
11.Taxation (continued)


Factors that may affect future tax charges

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase. 
The change in rates is not expected to have any material impact in the financial statements. 
Deferred tax
The company has estimated tax asset of approximately £144,042 (2021: £125,130) available for carry forward against future trading profits.


12.


Debtors: amounts falling due within one year

2022
2021
£
£


Amounts owed by group undertakings
783,811
847,003

Other debtors
40,551
31,017

Prepayments
1,893
400

826,255
878,420


Amounts owed by group undertakings are unsecured, interest free and payable on demand.


13.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
4,243
3,689

Amounts owed to group undertakings
1,336,905
1,270,918

Other taxation and social security
3,406
3,406

Other creditors
-
286

Accruals
108,043
85,306

1,452,597
1,363,605


Included within amounts owed to group undertakings is a loan of £131,453 (2021: £128,084) to a group company which is repayable on demand and attracts an interest rate of 2.58%. The remainder of amounts owed to group undertakings are unsecured, interest free and repayable on demand.

- 18 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Called up share capital

2022
2021
£
£
Allotted, called up and fully paid



10,000 (2021: 10,000) ordinary shares of £1 each
10,000
10,000

The company has one class of ordinary shares; each carried one voting right per share but no right to fixed income.



15.


Reserves

Profit and loss account

This reserve represents the cumulative profits and losses.


16.


Contingent liabilities

A cross guarantee agreement is filed at Companies House between the company and a number of its fellow group undertakings whereby each company has guaranteed the bank accounts and bank borrowings of the others.
There are no such borrowings as at 31 December 2022 (2021: £nil).


17.


Pension commitments

The company operates a defined contribution 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. Contributions payable by the company for the year ended 31 December 2022 amounted to £3,111 (2021: £3,044). There was no outstanding contribution at the end of the year (2021: £nil).


18.


Post balance sheet events

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


19.


Related party transactions

The company is a wholly owned subsidiary of Synventive Acquisition Inc. and has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with other wholly owned members of the group.
The company and its subsidiary undertakings are included within the consolidated financial statements of the ultimate parent Barnes Group Inc., which are publicly available and can be obtained from Barnes Group Inc. 123 Main Street, Bristol, Connecticut, USA.

- 19 -

 
SYNVENTIVE MOLDING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

20.


Parent undertaking and ultimate controlling party

The immediate parent company is Synventive Acquisition Inc., a company incorporated in the USA. At 31 December 2022, the directors consider the company's ultimate parent and controlling company to be Barnes Group Inc., a company incorporated in the USA.
Barnes Group Inc. is the parent undertaking of the largest and smallest group of which the company is a member and for which group accounts are prepared. Copies of the group accounts of Barnes Group Inc. can be requested from 123 Main Street, Bristol, Connecticut, USA.

- 20 -