Registered number
07913772
Spectrum Synergy Limited
Report and Unaudited Accounts
31 July 2023
Spectrum Synergy Limited
Company Information
Director
Sona George Olikara
Secretary
Betsy Ann Mathew
Accountants
Tax Partners
Chartered Accountants & Tax Advisors
60 Grays Inn Road
London
WC1X 8AQ
Registered office
C/O Tax Partners
60 Grays Inn Road
London
England
WC1X 8AQ
Registered number
07913772
Spectrum Synergy Limited
Registered number: 07913772
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,533 1,117
Current assets
Debtors 4 193,556 181,943
Cash at bank and in hand 15,272 9,576
208,827 191,519
Creditors: amounts falling due within one year 5 (88,382) (64,888)
Net current assets 120,445 126,631
Total assets less current liabilities 121,978 127,748
Creditors: amounts falling due after more than one year 6 (25,374) (33,665)
Provisions for liabilities 8 (383) (212)
Net assets 96,222 93,871
Capital and reserves
Called up share capital 100 100
Profit and loss account 96,122 93,771
Shareholders' funds 96,222 93,871
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sona George Olikara
Director
Approved by the board on 17 July 2024
Spectrum Synergy Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing balance method
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
(including director) Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 6,384
Additions 1,252
At 31 July 2023 7,636
Depreciation
At 1 August 2022 5,267
Charge for the year 836
At 31 July 2023 6,103
Net book value
At 31 July 2023 1,533
At 31 July 2022 1,117
4 Debtors 2023 2022
£ £
Trade debtors 32,847 49,424
Amounts owed by group undertakings - 700
Other debtors 160,709 131,819
193,556 181,943
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 7,012 1,482
Taxation and social security costs 62,179 47,406
Other creditors 19,191 16,000
88,382 64,888
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,374 33,665
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Sona George Olikara
[Loan 1] 111,099 31,890 - 142,989
111,099 31,890 - 142,989
The loan is repayable on demand and has no fixed term in terms maturity
8 Controlling party
The director has controlling stake in the company, and is therefore the ultimate controlling party.
9 Other information
Spectrum Synergy Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/O Tax Partners
60 Grays Inn Road
London
England
WC1X 8AQ
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