SYGNIA CONSULTING UK LIMITED
Directors: R. Elboim
A. Keinan
Secretary: Vistra Cosec Limited
Registered office: Suite 1, 7th Floor
50 Broadway
SW1H 0BL
Registered no: 13487730
Independent Auditors: Levy Cohen & Co.
Registered Auditors
5.2 Central House
1 Ballards Lane
N3 1LQ
Annual report and financial statements
For the year ended 31 December 2023
page
Statement of financial position 1
Notes to the financial statements 2-5
SYGNIA CONSULTING UK LIMITED
Statement of financial position as at 31 December 2023
31.12.2023 31.12.2022
Notes £ £ £
Current assets
Debtors 4 371,068 132,482
Cash at bank and in hand 88,645 104,777
459,713 237,259
Creditors: amounts falling due
within one year 5 (363,115) (184,529)
Net current assets 96,598 52,730
Net assets £ 96,598 £ 52,730
Capital and Reserve 31.12.2023 31.12.2022
£ £ £
Called up share capital 6 10 10
Capital Fund 120,552 52,087
Profit and loss account (23,964) 633
Shareholders' fund £ 96,598 £ 52,730
The accounts have been prepared and delivered in accordance with 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.
__________________________
R. Elboim
Director
Company number: 13487730
30 July 2024
SYGNIA CONSULTING UK LIMITED
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Sygnia Consulting UK Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is Suite 1, 7th Floor, 50 Broadway, London SW1H 0BL.
The company is a wholly owned subsidiary of Sygnia Consulting Ltd, a company registered in Israel.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.3 Going concern
The company achieved operating profit and will continue to be profitable in the future as in accordance with the group TP policy the company is entitled to a fixed margin on the services provided to the parent company. The company also has positive equity and positive net current assets.
The parent company is primarily funding the company and it guarantees to provide the company with any funds that are required for the company cash flow for a period of at least 12 months from the date of the financial statements.
Taking into account the above, the directors are of the opinion that the company can continue to operate as a going concern.
SYGNIA CONSULTING UK LIMITED
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.4 Turnover and revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for services rendered during the period.
2.5 Debtors
Short term debtors that includes trade, other receivables and amounts owed from group companies are measured at transaction price, less any impairment.
2.6 Creditors
Basic financial liabilities including trade, other payable and balance owed to group companies are measured at transaction price.
2.7 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.8 Foreign currencies
Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transaction in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction.
2.10 Employee Benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and a defined contribution pension plan.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
SYGNIA CONSULTING UK LIMITED
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.10 Employee Benefits (continued)
(ii) 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
(iii) Annual Bonus Plan
The company operates an annual bonus plan for employees, and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payments under the plan as a result of past events and reliable estimation of the obligation can be made.
(iv) Share based payments
The company participates in a share based payment arrangement established by its ultimate parent company. The company recognises the share based payment expense based on the relative remuneration cost of the relevant employees.
The corresponding credit is recognised as a component of equity.
3. Employees
2023 2022
Number of paid directors 0 0
Number of employees 3 4
4. Debtors
31.12.2023 31.12.2022
£ £
Trade debtors 180,000 0
Parent company 184,927 120,269
Prepayments and other debtors 6,141 12,213
371,068 132,482
SYGNIA CONSULTING UK LIMITED
Notes to the financial statements - 31 December 2023
5. Creditors: amounts falling due
within one year 31.12.2023 31.12.2022
£ £
Amounts owed to group company 0 120
Trade creditors 22,580 0
Other creditors 0 3,228
VAT 29,640 0
Pension 3,333 0
Corporation tax 47,427 14,997
Accruals and deferred income 260,135 166,184
363,115 184,529
6. Share Capital
31.12.2023 31.12.2022
£ £
Allotted, called up and fully paid:
1,000 Ordinary shares of £0.01 10 10
7. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr Josef Cohen
The auditor was Levy Cohen & Co
Date auditor signed accounts: 30 July 2024
Name of director signing accounts: R. Elboim
Date director signed accounts: 30 July 2024
8. Related party transactions
Control:
The company is a wholly owned subsidiary of Sygnia Consulting Ltd, a foreign company incorporated in Israel whose address is: 94A Yigal Alon Street, Tel Aviv, Israel.
Sygnia Consulting Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transactions:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
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