Company Registration No. SC521652 (Scotland)
SYNCALD LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SYNCALD LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SYNCALD LTD
COMPANY INFORMATION
- 1 -
Directors
Mr A J Chandler
Mrs L Chandler
Dr D Chandler
Dr C Chandler
Company number
SC521652
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
SYNCALD LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
12,577,744
22,242,417
Current assets
Debtors
4
958,217
130,116
Cash at bank and in hand
392,495
1,470,573
1,350,712
1,600,689
Creditors: amounts falling due within one year
5
(3,995,117)
(6,921,560)
Net current liabilities
(2,644,405)
(5,320,871)
Total assets less current liabilities
9,933,339
16,921,546
Creditors: amounts falling due after more than one year
6
(8,000,000)
(16,000,000)
Provisions for liabilities
8
(298,361)
(105,393)
Net assets
1,634,978
816,153
Capital and reserves
Called up share capital
9
100
100
Fair value reserve
965,838
231,272
Profit and loss reserves
669,040
584,781
Total equity
1,634,978
816,153
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SYNCALD LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr A J Chandler
Director
Company Registration No. SC521652
SYNCALD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Syncald Ltd is a private company limited by shares incorporated in Scotland. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB.
The company's registration number is SC521652.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain assets. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the Statement of Comprehensive Income represents the value of interest, dividends and charges received during the period exclusive of Value Added Tax.
1.3
Fixed asset investments
Investments are stated at market value.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SYNCALD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
12,577,744
22,242,417
SYNCALD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
22,242,417
Additions
8,052,049
Valuation changes
820,211
Disposals
(18,536,933)
At 31 March 2024
12,577,744
Carrying amount
At 31 March 2024
12,577,744
At 31 March 2023
22,242,417
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
958,217
130,116
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
43,132
Other creditors
3,951,985
6,921,560
3,995,117
6,921,560
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
10
8,000,000
16,000,000
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
298,361
105,393
SYNCALD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Other timing differences
298,361
105,393
2024
Movements in the year:
£
Liability at 1 April 2023
105,393
Charge to other comprehensive income
192,968
Liability at 31 March 2024
298,361
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
50 A Ordinary of £1 each
50
50
50 B Ordinary of £1 each
50
50
100
100
Both classes of shares rank pari passu in all respects. However, when paying dividends the directors may differentiate between the classes of shares to which payments are being made in respect of the amount or percentage of dividend payable.
10
Related party transactions
At the balance sheet date total amount due from the company to the directors was £11,928,838 (2023 - £22,898,774). £3,928,838 of this is included within other creditors falling due within one year and £8,000,000 included within other borrowings falling due over one year.
Interest is not payable on amounts due to the directors. The balance is not secured.
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".