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REGISTERED NUMBER: SC481876 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Synergy Lifting Solutions Limited

Synergy Lifting Solutions Limited (Registered number: SC481876)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Synergy Lifting Solutions Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: D Hill
Mrs H Hill





REGISTERED OFFICE: Block 18 Unit 48
41 Watt Road
Hillington
Glasgow
G52 4RY





REGISTERED NUMBER: SC481876 (Scotland)





ACCOUNTANTS: Dunellan Accountancy Limited
24 Chapel Street
Airdrie
ML6 6LG

Synergy Lifting Solutions Limited (Registered number: SC481876)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 220,491 117,222

CURRENT ASSETS
Debtors 5 1,863,905 917,617
Cash at bank and in hand 359,371 494,272
2,223,276 1,411,889
CREDITORS
Amounts falling due within one year 6 1,223,804 868,026
NET CURRENT ASSETS 999,472 543,863
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,219,963

661,085

CREDITORS
Amounts falling due after more than one
year

7

(102,892

)

(34,520

)

PROVISIONS FOR LIABILITIES 9 (55,123 ) (22,272 )
NET ASSETS 1,061,948 604,293

CAPITAL AND RESERVES
Called up share capital 10 3,002 3,002
Retained earnings 1,058,946 601,291
SHAREHOLDERS' FUNDS 1,061,948 604,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Synergy Lifting Solutions Limited (Registered number: SC481876)

Balance Sheet - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





D Hill - Director


Synergy Lifting Solutions Limited (Registered number: SC481876)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Synergy Lifting Solutions Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Pension costs for the year were £176,568 (2022 £35,922).

Synergy Lifting Solutions Limited (Registered number: SC481876)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2022 - 38,770 7,531
Additions 5,271 - 1,662
Disposals - - -
At 30 June 2023 5,271 38,770 9,193
DEPRECIATION
At 1 July 2022 - 9,740 4,449
Charge for year 461 3,877 1,987
Eliminated on disposal - - -
At 30 June 2023 461 13,617 6,436
NET BOOK VALUE
At 30 June 2023 4,810 25,153 2,757
At 30 June 2022 - 29,030 3,082

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 133,236 18,221 197,758
Additions 150,842 - 157,775
Disposals (12,000 ) - (12,000 )
At 30 June 2023 272,078 18,221 343,533
DEPRECIATION
At 1 July 2022 59,984 6,363 80,536
Charge for year 33,946 4,485 44,756
Eliminated on disposal (2,250 ) - (2,250 )
At 30 June 2023 91,680 10,848 123,042
NET BOOK VALUE
At 30 June 2023 180,398 7,373 220,491
At 30 June 2022 73,252 11,858 117,222

Synergy Lifting Solutions Limited (Registered number: SC481876)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 743,724 454,473
Amounts owed by participating interests 1,024,266 354,266
Other debtors 21,490 21,490
Directors' current accounts 74,232 74,232
VAT 193 13,156
1,863,905 917,617

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts 36,773 23,037
Trade creditors 616,157 309,939
Amounts owed to participating interests 188,494 188,494
Tax 186,014 211,960
Social security and other taxes 29,966 26,085
Other creditors 35,400 27,513
Accrued expenses 131,000 80,998
1,223,804 868,026

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts 102,892 34,520

8. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Hire purchase contracts 139,665 57,557

Hire purchase contracts are secured over the assets to which they relate.

The Royal Bank of Scotland plc hold a floating charge over the assets of the company.

9. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax 55,123 22,272

Synergy Lifting Solutions Limited (Registered number: SC481876)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2022 22,272
accelerated capital allowances 32,851
Balance at 30 June 2023 55,123

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
300,150 Ordinary 0.01 3,002 3,002

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23 30.6.22
£    £   
D Hill
Balance outstanding at start of year 74,231 62,490
Amounts advanced - 25,910
Amounts repaid - (14,169 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 74,231 74,231

12. RELATED PARTY DISCLOSURES

At the year end £832,233 (2022 £162,233) was owed by related parties. The outstanding amount is interest free and has no fixed terms of repayment.