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REGISTERED NUMBER: 06015644 (England and Wales)










SYNERGY AUTOMOTIVE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






SYNERGY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 06015644)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 6


SYNERGY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 06015644)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 101,810 94,156
Tangible assets 5 635,797 46,872
737,607 141,028

CURRENT ASSETS
Debtors 6 2,720,493 2,749,746
Cash at bank and in hand 675,404 693,484
3,395,897 3,443,230
CREDITORS
Amounts falling due within one year 7 1,322,541 1,069,294
NET CURRENT ASSETS 2,073,356 2,373,936
TOTAL ASSETS LESS CURRENT LIABILITIES 2,810,963 2,514,964

CREDITORS
Amounts falling due after more than one year 8 - (324,607 )

PROVISIONS FOR LIABILITIES (38,317 ) (4,546 )
NET ASSETS 2,772,646 2,185,811

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 2,771,646 2,184,811
SHAREHOLDERS' FUNDS 2,772,646 2,185,811

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st July 2024 and were signed on its behalf by:





W J Voisey - Director


SYNERGY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 06015644)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Synergy Automotive Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These accounts have been prepared on the going concern basis, on the understanding that the shareholders continue to provide financial support so that the company is able to pay its debts when they fall due.

Turnover
Turnover from the sale of vehicles, vehicle sourcing fees, short term rental of vehicles and commission income associated with arranging contract hire and similar arrangements is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. The point of recognition can range from the date of the order, date of delivery or through to the expiry of the contract.

Intangible assets
Website and software development costs are capitalised when it is probable that future economic benefits attributable to them will flow to the entity.

Ongoing maintenance and research costs are expensed to the profit and loss account.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimate useful life of three years.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant & Machinery etc - 25% to 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SYNERGY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 06015644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 47 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st April 2023 407,762
Additions 57,093
At 31st March 2024 464,855
AMORTISATION
At 1st April 2023 313,606
Charge for year 49,439
At 31st March 2024 363,045
NET BOOK VALUE
At 31st March 2024 101,810
At 31st March 2023 94,156

SYNERGY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 06015644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 282,970
Additions 634,328
At 31st March 2024 917,298
DEPRECIATION
At 1st April 2023 236,098
Charge for year 45,403
At 31st March 2024 281,501
NET BOOK VALUE
At 31st March 2024 635,797
At 31st March 2023 46,872

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 351,188 339,664
Amounts owed by group undertakings 2,122,655 2,251,393
Other debtors 92,368 132,916
Tax 87,010 -
Prepayments and accrued income 67,272 25,773
2,720,493 2,749,746

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans - 150,394
Hire purchase contracts (see note 9) 498,701 -
Trade creditors 205,070 112,160
Amounts owed to group undertakings 65,134 -
Corporation Tax 91,716 260,362
Social security and other taxes 159,032 64,247
VAT 59,016 214,148
Other creditors 59,100 72,996
Accruals and deferred income 184,772 194,987
1,322,541 1,069,294

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 150,394
Bank loans - 2-5 years - 174,213
- 324,607

SYNERGY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 06015644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 498,701 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 87,735 37,640
Between one and five years 269,247 3,059
356,982 40,699

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 475,001
Hire purchase contracts 498,701 -
498,701 475,001

The secured debts above are secured by the assets that they relate to.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Thomas Bond ACA (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited

13. RELATED PARTY DISCLOSURES

The company has also taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

SYNERGY AUTOMOTIVE LIMITED (REGISTERED NUMBER: 06015644)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


14. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Newable Lending Limited and the ultimate parent undertaking, and the smallest and largest group to consolidate these financial statements is Newable Limited. Both companies are incorporated in Great Britain and registered in England and Wales. Copies of the consolidated financial statements of Newable Limited can be obtained from 140 Aldersgate Street, London, EC1A 4HY.

The balance owing from Newable Lending Limited at 31st March 2024 is £2,122,655 (2023: £2,251,393).

Interest was charged on the group balance at a rate between 1.15% and 2.95% above base rate per annum £113,363 (2023: £60,837).