Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalse2023-01-01No description of principal activity56trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04082723 2023-01-01 2023-12-31 04082723 2022-01-01 2022-12-31 04082723 2023-12-31 04082723 2022-12-31 04082723 c:Director1 2023-01-01 2023-12-31 04082723 c:RegisteredOffice 2023-01-01 2023-12-31 04082723 d:Buildings 2023-01-01 2023-12-31 04082723 d:Buildings 2023-12-31 04082723 d:Buildings 2022-12-31 04082723 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04082723 d:PlantMachinery 2023-12-31 04082723 d:PlantMachinery 2022-12-31 04082723 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04082723 d:MotorVehicles 2023-01-01 2023-12-31 04082723 d:MotorVehicles 2023-12-31 04082723 d:MotorVehicles 2022-12-31 04082723 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04082723 d:FurnitureFittings 2023-01-01 2023-12-31 04082723 d:FurnitureFittings 2023-12-31 04082723 d:FurnitureFittings 2022-12-31 04082723 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04082723 d:OfficeEquipment 2023-01-01 2023-12-31 04082723 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04082723 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04082723 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04082723 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04082723 d:CurrentFinancialInstruments 2023-12-31 04082723 d:CurrentFinancialInstruments 2022-12-31 04082723 d:Non-currentFinancialInstruments 2023-12-31 04082723 d:Non-currentFinancialInstruments 2022-12-31 04082723 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04082723 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04082723 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04082723 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04082723 d:ShareCapital 2023-12-31 04082723 d:ShareCapital 2022-12-31 04082723 d:RevaluationReserve 2023-12-31 04082723 d:RevaluationReserve 2022-12-31 04082723 d:RetainedEarningsAccumulatedLosses 2023-12-31 04082723 d:RetainedEarningsAccumulatedLosses 2022-12-31 04082723 c:FRS102 2023-01-01 2023-12-31 04082723 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04082723 c:FullAccounts 2023-01-01 2023-12-31 04082723 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04082723 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 04082723 5 2023-01-01 2023-12-31 04082723 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 04082723 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 04082723







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


CYNTECH TRADING LIMITED






































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CYNTECH TRADING LIMITED
 


 
COMPANY INFORMATION


Director
D. P. Tucker 




Registered number
04082723



Registered office
7 Campbell Court
Bramley

Tadley

Hampshire

RG26 5EG




Accountants
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


CYNTECH TRADING LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8


 


CYNTECH TRADING LIMITED
REGISTERED NUMBER:04082723



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
68,907
64,435

Tangible assets
 5 
215,719
221,792

  
284,626
286,227

Current assets
  

Stocks
  
227,575
293,922

Debtors: amounts falling due within one year
 6 
76,586
146,870

Cash at bank and in hand
  
147,808
317,371

  
451,969
758,163

Creditors: amounts falling due within one year
 7 
(457,556)
(716,542)

Net current (liabilities)/assets
  
 
 
(5,587)
 
 
41,621

Total assets less current liabilities
  
279,039
327,848

Creditors: amounts falling due after more than one year
 8 
(142,251)
(61,505)

Provisions for liabilities
  

Deferred tax
  
(47,679)
(48,042)

  
 
 
(47,679)
 
 
(48,042)

Net assets
  
89,109
218,301

Page 1

 


CYNTECH TRADING LIMITED
REGISTERED NUMBER:04082723


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
£
£

Capital and reserves
  

Allotted, called up and fully paid share capital
  
100
100

Revaluation reserve
  
101,351
100,101

Profit and loss account
  
(12,342)
118,100

  
89,109
218,301


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D. P. Tucker
Director

Date: 11 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


CYNTECH TRADING LIMITED
 


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

1.


General information

Cyntech Trading Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. This is also the trading address.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 31 December 2023 the statement of financial position reports net current liabilities of £5,587 (2022 -
£41,621 net current asset). The company is reliant upon the continued support of its director who confirms her continued financial support of the company.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is generated through the production, repair and sale of projectors and equipment. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 


CYNTECH TRADING LIMITED
 


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

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following basis:
  Website development and computer software    -  33% straight line

Page 4

 


CYNTECH TRADING LIMITED
 


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

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Fixtures and fittings
-
25%
straight line
Exhibition equipment
-
10%
straight line
Equipment
-
25%
straight line
Motor vehicles
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

Page 5

 


CYNTECH TRADING LIMITED
 


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

3.


Employees

The average monthly number of employees, including director, during the year was 5 (2022 - 6).


4.


Intangible assets




Website development

£



Cost


At 1 January 2023
208,786


Additions - internal
36,212



At 31 December 2023

244,998



Amortisation


At 1 January 2023
144,351


Charged for the year
31,740



At 31 December 2023

176,091



Net book value



At 31 December 2023
68,907



At 31 December 2022
64,435



Page 6

 


CYNTECH TRADING LIMITED
 


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

5.


Tangible fixed assets





Freehold property
Office and exhibition equipment
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
230,000
78,579
3,495
23,749
335,823



At 31 December 2023

230,000
78,579
3,495
23,749
335,823



Depreciation


At 1 January 2023
13,900
74,496
2,621
23,014
114,031


Charged for the year
4,600
415
874
184
6,073



At 31 December 2023

18,500
74,911
3,495
23,198
120,104



Net book value



At 31 December 2023
211,500
3,668
-
551
215,719



At 31 December 2022
216,100
4,083
874
735
221,792

The freehold property was valued in May 2023 by Martin Devarga Limited a firm of chartered surveyors to what is deemed the current market value of £230,000. The historic cost of the property prior to revaluation was £103,190, the historic cost of depreciation prior to revaluation would be £16,510. Deferred tax has been provided on revaluation of £29,587. 


6.


Debtors

2023
2022
£
£


Trade debtors
29,498
86,141

Other debtors
22,664
7,788

Prepayments and accrued income
24,424
52,941

76,586
146,870


Included within other debtors above is an amount relating to invoice factoring, HSBC UK holds a fixed and floating charge in relation to the invoice factoring facility with Cyntech Trading Limited, which is secured against the assets and undertakings of the company.

Page 7

 


CYNTECH TRADING LIMITED
 


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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
63,273
25,450

Invoice factoring
9,214
-

Trade creditors
341,127
590,272

Corporation tax
-
36,197

Other taxation and social security
19,961
35,429

Other creditors
7,004
10,530

Accruals and deferred income
16,977
18,664

457,556
716,542


HSBC UK holds a fixed and floating charge in relation to an invoice factoring facility with Cyntech Trading Limited, which is secured against the assets and undertakings of the company.
The above loans represent a CBILS loan at a rate of interest of 3.99%. There is no security given on this loan.
In addition there is also a mortgage loan at an interest rate of 2.90% over bank of England base rate. HSBC holds a fixed and floating charge, which is secured against the assets and undertakings of the company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
142,251
61,505

142,251
61,505


The above loan represents a CBILS loan at a rate of interest of 3.99%. There is no security given on this loan.
In addition there is also a mortgage loan at an interest rate of 2.90% over bank of England base rate. HSBC holds a fixed and floating charge, which is secured against the assets and undertakings of the company.

 
Page 8