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REGISTERED NUMBER: 09164342 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SYMPHONY VENTURES LIMITED

SYMPHONY VENTURES LIMITED (REGISTERED NUMBER: 09164342)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


SYMPHONY VENTURES LIMITED (REGISTERED NUMBER: 09164342)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 171 4,371
Investments 6 3,277 3,277
3,448 7,648

CURRENT ASSETS
Debtors 7 859,971 962,675
Cash at bank 105,862 21,815
965,833 984,490
CREDITORS
Amounts falling due within one year 8 1,902,854 1,962,131
NET CURRENT LIABILITIES (937,021 ) (977,641 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(933,573

)

(969,993

)

CAPITAL AND RESERVES
Called up share capital 9 880 770
Share premium 11,496,872 9,296,982
Capital contribution reserve 7,314,953 6,814,953
Retained earnings (19,746,278 ) (17,082,698 )
SHAREHOLDERS' DEFICIT (933,573 ) (969,993 )

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 16 August 2024 and were signed on its behalf by:





K V Brough - Director


SYMPHONY VENTURES LIMITED (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Symphony Ventures Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09164342

Registered office: 1 Bartholomew Lane
London
EC2N 2AX

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The company has made a loss for the year of £2,663,580 and at the year end its net liabilities were £933,573. The directors of Foundever Group S.A. are considering a restructure of operations with a merger of Symphony Ventures Limited's operations into the wider group. No decision has been made on the time frame of this potential merger.These conditions indicate a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern.

The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued financial support of the parent company, Foundever Group S.A.. The directors have received confirmation that Foundever Group S.A. intends to support the company in meeting its liabilities as required and is in a position to do so.

Preparation of consolidated financial statements
The financial statements contain information about Symphony Ventures Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents revenue in respect of software sales, consulting, service and training contracts, net of discounts and value added tax.

Revenue for the sale of software is recognised when the company has transferred the risks and rewards of ownership to the customer.

Revenue from long term consulting, support and training contracts is recognised by reference to the stage of completion of the contract determined by the value of services provided at the balance sheet date as a proportion of the total value of the contract. Where the amount of revenue is contingent on future events, this is only recognised where the amount of revenue can be measured reliably and it is probable economic benefits will be received.

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

Computer software has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33.3% straight line and 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SYMPHONY VENTURES LIMITED (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, less impairment.

Financial instruments
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.

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.

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.

Research and development
Research and development expenditure is written off in the profit and loss account in the period in which it is incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Provisions and contingencies
Provisions are recognised in the financial statements when the company has an obligation at the reporting date as a result of a past event and it is probable that there will be a requirement to transfer economic benefits in settlement, and the amount of the obligation can be estimated reliably. Significant judgement is required in both the determination of probability and the determination as to whether the amount can be reliably estimated. In the event the Company determines that an obligation is not probable, but is reasonably possible, and it is able to develop a reasonable range of a possible loss, the Company will include disclosures related to such a contingent liability as appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 19 ) .

SYMPHONY VENTURES LIMITED (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 7,449
AMORTISATION
At 1 January 2023
and 31 December 2023 7,449
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 80,115
DEPRECIATION
At 1 January 2023 75,744
Charge for year 4,200
At 31 December 2023 79,944
NET BOOK VALUE
At 31 December 2023 171
At 31 December 2022 4,371

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 3,277
NET BOOK VALUE
At 31 December 2023 3,277
At 31 December 2022 3,277

SYMPHONY VENTURES LIMITED (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 820,515 925,486
Amounts owed by group undertakings 5,304 5,295
Other debtors 34,152 31,894
859,971 962,675

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 138,156 774,249
Amounts owed to group undertakings 1,582,829 882,455
Taxation and social security 58,570 56,344
Other creditors 123,299 249,083
1,902,854 1,962,131

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2022
value: £    £   
15,940,173 (2022: 13,740,173) Ordinary £0.00005 797 687
656,250 Ordinary B £0.00005 33 33
49,343,750 Ordinary C £0.000001 49 49
900,000 Ordinary D £0.000001 1 1
880 770

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

The Report of the Auditors was unqualified.

COLIN YOUNG BA FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting

11. OFF-BALANCE SHEET ARRANGEMENTS

At the year end, the company had non-cancellable operating leases amounting to £nil (2022: £13,829).

12. RELATED PARTY DISCLOSURES

The company has 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 the company's parent company or wholly owned subsidiaries within the group.

13. PARENT COMPANIES

The smallest group in which the results of the company are consolidated is that of Foundever Group S.A., a company registered in Luxembourg. These consolidated financial statements are available from Foundever Group S.A., 33 boulevard du Prince Henri, L-1724 Luxembourg, Grand Duché du Luxembourg.

The directors regard the ultimate controlling party of the company to be SAS SURCREHOL, a company whose registered address is 64 boulevard de Cambrai, 59100 Roubaix, France, and will head the largest group to consolidate the results of the company.