Synchro Mortgage Solutions Limited 06582889 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of mortgage advisors. Digita Accounts Production Advanced 6.30.9574.0 true 06582889 2023-06-01 2024-05-31 06582889 2024-05-31 06582889 core:RetainedEarningsAccumulatedLosses 2024-05-31 06582889 core:ShareCapital 2024-05-31 06582889 core:CurrentFinancialInstruments 2024-05-31 06582889 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 06582889 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 06582889 core:MotorVehicles 2024-05-31 06582889 core:OfficeEquipment 2024-05-31 06582889 bus:SmallEntities 2023-06-01 2024-05-31 06582889 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06582889 bus:FullAccounts 2023-06-01 2024-05-31 06582889 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 06582889 bus:RegisteredOffice 2023-06-01 2024-05-31 06582889 bus:Director1 2023-06-01 2024-05-31 06582889 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06582889 core:MotorVehicles 2023-06-01 2024-05-31 06582889 core:OfficeEquipment 2023-06-01 2024-05-31 06582889 core:Vehicles 2023-06-01 2024-05-31 06582889 countries:EnglandWales 2023-06-01 2024-05-31 06582889 2023-05-31 06582889 core:MotorVehicles 2023-05-31 06582889 core:OfficeEquipment 2023-05-31 06582889 2022-06-01 2023-05-31 06582889 2023-05-31 06582889 core:RetainedEarningsAccumulatedLosses 2023-05-31 06582889 core:ShareCapital 2023-05-31 06582889 core:CurrentFinancialInstruments 2023-05-31 06582889 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 06582889 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 06582889 core:MotorVehicles 2023-05-31 06582889 core:OfficeEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 06582889

Synchro Mortgage Solutions Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Synchro Mortgage Solutions Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Synchro Mortgage Solutions Limited

(Registration number: 06582889)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

101,984

43,548

Current assets

 

Debtors

5

92,002

86,472

Cash at bank and in hand

 

43,300

72,206

 

135,302

158,678

Creditors: Amounts falling due within one year

6

(37,833)

(83,729)

Net current assets

 

97,469

74,949

Total assets less current liabilities

 

199,453

118,497

Creditors: Amounts falling due after more than one year

6

(110,703)

(32,833)

Provisions for liabilities

(25,496)

(8,275)

Net assets

 

63,254

77,389

Capital and reserves

 

Called up share capital

5,005

5,005

Retained earnings

58,249

72,384

Shareholders' funds

 

63,254

77,389

 

Synchro Mortgage Solutions Limited

(Registration number: 06582889)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 August 2024
 

.........................................
Mr Robert Andrew Alcock
Director

 

Synchro Mortgage Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Synchro House 512
Etruria Road
Newcastle
Staffs
ST5 0SY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of financial services to the general public, within the normal course of the companies activities, as independent mortgage brokers.
Commissions on transactions on mortgage policies are recognised on a receipts basis as amended for commissions due in the year and confirmed paid after the year end.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Synchro Mortgage Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance

Motor vehicles

20% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Synchro Mortgage Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

Synchro Mortgage Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

12,611

74,500

87,111

Additions

954

98,500

99,454

Disposals

-

(74,500)

(74,500)

At 31 May 2024

13,565

98,500

112,065

Depreciation

At 1 June 2023

5,300

38,263

43,563

Charge for the year

1,498

3,283

4,781

Eliminated on disposal

-

(38,263)

(38,263)

At 31 May 2024

6,798

3,283

10,081

Carrying amount

At 31 May 2024

6,767

95,217

101,984

At 31 May 2023

7,311

36,237

43,548

5

Debtors

Current

2024
£

2023
£

Trade debtors

24,984

21,746

Other debtors

67,018

64,726

 

92,002

86,472

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18,519

52,088

Other creditors

 

19,314

31,641

 

37,833

83,729

 

Synchro Mortgage Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,520

6,600

HP and finance lease liabilities

12,999

45,488

18,519

52,088

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

110,703

32,833