SYGNIA CONSULTING UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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COMPANY INFORMATION |
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1. |
Company Information |
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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. |
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The company is a wholly owned subsidiary of Sygnia Consulting Ltd, a company registered in Israel. |
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2. |
Accounting Policies |
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2.1 |
Basis of accounting |
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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. |
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The financial statements are presented in sterling (£). |
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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 |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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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. |
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(ii) Financial liabilities |
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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 |
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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. |
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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. |
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Taking into account the above, the directors are of the opinion that the company can continue to operate as a going concern. |
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SYGNIA CONSULTING UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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2. |
Accounting Policies (continued) |
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2.4 |
Turnover and revenue recognition |
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Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for services rendered during the period. |
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2.5 |
Debtors |
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Short term debtors that includes trade, other receivables and amounts owed from group companies are measured at transaction price, less any impairment. |
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2.6 |
Creditors |
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Basic financial liabilities including trade, other payable and balance owed to group companies are measured at transaction price. |
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2.7 |
Current & deferred taxation |
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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. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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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. |
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2.8 |
Foreign currencies |
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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. |
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2.10 |
Employee Benefits |
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The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and a defined contribution pension plan. |
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(i) Short term benefits |
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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. |
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SYGNIA CONSULTING UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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2. |
Accounting Policies (continued) |
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2.10 |
Employee Benefits (continued) |
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(ii) Defined contribution pension plan |
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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. |
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(iii) Annual Bonus Plan |
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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. |
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(iv) Share based payments |
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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. |
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The corresponding credit is recognised as a component of equity. |
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3. |
Employees |
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2023 |
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2022 |
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Number of paid directors |
0 |
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0 |
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Number of employees |
3 |
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4 |
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4. |
Debtors |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Trade debtors |
180,000 |
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0 |
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Parent company |
184,927 |
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120,269 |
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Prepayments and other debtors |
6,141 |
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12,213 |
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371,068 |
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132,482 |
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SYGNIA CONSULTING UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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5. |
Creditors: amounts falling due |
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within one year |
31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Amounts owed to group company |
0 |
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120 |
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Trade creditors |
22,580 |
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0 |
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Other creditors |
0 |
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3,228 |
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VAT |
29,640 |
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0 |
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Pension |
3,333 |
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0 |
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Corporation tax |
47,427 |
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14,997 |
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Accruals and deferred income |
260,135 |
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166,184 |
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363,115 |
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184,529 |
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6. |
Share Capital |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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1,000 Ordinary shares of £0.01 |
10 |
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10 |
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7. |
Audit report information |
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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. |
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The senior statutory auditor was Mr Josef Cohen |
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The auditor was Levy Cohen & Co |
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Date auditor signed accounts: 30 July 2024 |
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Name of director signing accounts: R. Elboim |
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Date director signed accounts: 30 July 2024 |
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8. |
Related party transactions |
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Control: |
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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. |
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Sygnia Consulting Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office. |
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Transactions: |
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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. |