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REGISTERED NUMBER: 08911884 (England and Wales)













SYNERGY HARDWARE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SYNERGY HARDWARE LIMITED (REGISTERED NUMBER: 08911884)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


SYNERGY HARDWARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N H Morgan
A F Baggott
Mrs J Morgan





REGISTERED OFFICE: 3 Lyttleton Court
Birmingham Street
Halesowen
West Midlands
B63 3HN





REGISTERED NUMBER: 08911884 (England and Wales)





ACCOUNTANTS: CUTTER & CO LTD
CHARTERED ACCOUNTANTS
3 Lyttleton Court
Birmingham Street
Halesowen
West Midlands
B63 3HN

SYNERGY HARDWARE LIMITED (REGISTERED NUMBER: 08911884)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 68,308 29,712

CURRENT ASSETS
Stocks 656,877 801,489
Debtors 5 398,339 390,927
Cash at bank and in hand 66,716 1,917
1,121,932 1,194,333
CREDITORS
Amounts falling due within one year 6 292,236 384,791
NET CURRENT ASSETS 829,696 809,542
TOTAL ASSETS LESS CURRENT
LIABILITIES

898,004

839,254

CREDITORS
Amounts falling due after more than one
year

7

(757,350

)

(873,850

)

PROVISIONS FOR LIABILITIES 9 (15,082 ) -
NET ASSETS/(LIABILITIES) 125,572 (34,596 )

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 125,470 (34,698 )
125,572 (34,596 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 HARDWARE LIMITED (REGISTERED NUMBER: 08911884)

BALANCE SHEET - continued
31 DECEMBER 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 12 April 2024 and were signed on its behalf by:





N H Morgan - Director


SYNERGY HARDWARE LIMITED (REGISTERED NUMBER: 08911884)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Synergy Hardware Limited is a private company, limited by shares , registered in England and Wales. 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.
Plant and machinery - 33% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The stock figure takes into account all goods in the company's ownership at the balance sheet date - including goods in transit, with stock otherwise being treated as an expense in the same period in which the related revenue is recognised.

Financial instruments
The company has opted to apply the exemption from the provisions of Section 11 'Basic Financial Instruments' of FRS102 in respect of all of its financial instruments.

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.

SYNERGY HARDWARE LIMITED (REGISTERED NUMBER: 08911884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 43,805 1,627 25,900 71,332
Additions 7,503 9,458 39,240 56,201
Disposals - - (6,700 ) (6,700 )
At 31 December 2023 51,308 11,085 58,440 120,833
DEPRECIATION
At 1 January 2023 27,700 1,328 12,592 41,620
Charge for year 6,374 774 7,630 14,778
Eliminated on disposal - - (3,873 ) (3,873 )
At 31 December 2023 34,074 2,102 16,349 52,525
NET BOOK VALUE
At 31 December 2023 17,234 8,983 42,091 68,308
At 31 December 2022 16,105 299 13,308 29,712

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 327,516 360,525
Other debtors 70,823 30,402
398,339 390,927

SYNERGY HARDWARE LIMITED (REGISTERED NUMBER: 08911884)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 92,002 20,379
Taxation and social security 115,203 87,790
Other creditors 75,031 266,622
292,236 384,791

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 15,000 25,000
Other creditors 742,350 848,850
757,350 873,850

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Aggregate amount - 264,530

Peak Cashflow Limited hold a floating charge over all the assets and undertakings of the company.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 15,082 -

Deferred
tax
£   
Provided during year 15,082
Balance at 31 December 2023 15,082

10. RELATED PARTY DISCLOSURES

There have been no transactions during the year with related parties which have not been conducted under normal market conditions.

11. ULTIMATE CONTROLLING PARTY

The controlling party is N H Morgan.