Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30true25No description of principal activity2023-07-01falsefalse24falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07613922 2023-07-01 2024-06-30 07613922 2022-07-01 2023-06-30 07613922 2024-06-30 07613922 2023-06-30 07613922 c:Director5 2023-07-01 2024-06-30 07613922 d:Buildings d:ShortLeaseholdAssets 2023-07-01 2024-06-30 07613922 d:Buildings d:ShortLeaseholdAssets 2024-06-30 07613922 d:Buildings d:ShortLeaseholdAssets 2023-06-30 07613922 d:PlantMachinery 2023-07-01 2024-06-30 07613922 d:PlantMachinery 2024-06-30 07613922 d:PlantMachinery 2023-06-30 07613922 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07613922 d:FurnitureFittings 2023-07-01 2024-06-30 07613922 d:FurnitureFittings 2024-06-30 07613922 d:FurnitureFittings 2023-06-30 07613922 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07613922 d:OfficeEquipment 2023-07-01 2024-06-30 07613922 d:OfficeEquipment 2024-06-30 07613922 d:OfficeEquipment 2023-06-30 07613922 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07613922 d:ComputerEquipment 2023-07-01 2024-06-30 07613922 d:ComputerEquipment 2024-06-30 07613922 d:ComputerEquipment 2023-06-30 07613922 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07613922 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 07613922 d:OtherPropertyPlantEquipment 2024-06-30 07613922 d:OtherPropertyPlantEquipment 2023-06-30 07613922 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07613922 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07613922 d:ComputerSoftware 2024-06-30 07613922 d:ComputerSoftware 2023-06-30 07613922 d:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 07613922 d:CurrentFinancialInstruments 2024-06-30 07613922 d:CurrentFinancialInstruments 2023-06-30 07613922 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 07613922 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07613922 d:ShareCapital 2024-06-30 07613922 d:ShareCapital 2023-06-30 07613922 d:RetainedEarningsAccumulatedLosses 2024-06-30 07613922 d:RetainedEarningsAccumulatedLosses 2023-06-30 07613922 c:OrdinaryShareClass1 2023-07-01 2024-06-30 07613922 c:OrdinaryShareClass1 2024-06-30 07613922 c:OrdinaryShareClass1 2023-06-30 07613922 c:FRS102 2023-07-01 2024-06-30 07613922 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07613922 c:FullAccounts 2023-07-01 2024-06-30 07613922 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07613922 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07613922










SIPSYNERGY LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024



 
SIPSYNERGY LIMITED
REGISTERED NUMBER: 07613922

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
44,925
66,484

  
44,925
66,484

Current assets
  

Stocks
 6 
7,764
8,973

Debtors: amounts falling due within one year
 7 
277,998
609,420

Cash at bank and in hand
 8 
93,278
465,995

  
379,040
1,084,388

Current Liability
  

Creditors: amounts falling due within one year
 9 
(1,857,198)
(1,413,533)

Net current liabilities
  
 
 
(1,478,158)
 
 
(329,145)

Total assets less current liabilities
  
(1,433,233)
(262,661)

  

Net liabilities
  
(1,433,233)
(262,661)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(1,433,333)
(262,761)

  
(1,433,233)
(262,661)


Page 1

 
SIPSYNERGY LIMITED
REGISTERED NUMBER: 07613922

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The Directors consider 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 Directors acknowledge their 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 comprehensive income 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: 




Mr N Young
Director
Date: 12 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Sipsynergy Limited (registered number 07613922), is a limited liability company incorporated in England and Wales under the Companies Act. The address of its registered office and principal place of business is 17 East Links Tollgate, Chandler's Ford, Eastleigh, England, SO53 3TG.

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

Sipsynergy Limited has recently completed a large deal with a US company. This will provide the business with sufficient cash runway for the foreseeable future. For this reason the financial statements are prepared on a going concern basis.

 
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 are presented in the Statement of comprehensive income within ''administrative expenses''.

Page 3

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

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. Service revenue is recognised over the life of the contract and other charges are recognised in the month in which they are incurred by the customer. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Leases: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Page 4

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Pensions

Defined contribution pension plan

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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 5

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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 bases:

Computer software
-
33%
per annum

 
2.10

Tangible 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:

Leasehold improvements
-
10% per annum
Plant and machinery
-
25-33% per annum
Fixtures and fittings
-
25-33% per annum
Office equipment
-
33-50% per annum
Computer equipment
-
33% per annum
Hardware held with third parties
-
33-50% per annum

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.

The Company enters into term contracts with customers that use hardware owned by the Company. With these term contracts being cancellable and the customer having the option to return the goods on completion of the contract, it is considered that the Company retains ownership of the hardware for the duration of the contract. The hardware is depreciated on a straight line basis over the term of contract.

Page 6

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

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.
Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form.


3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 24).

Page 7

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Computer software

£



Cost


At 1 July 2023
8,828



At 30 June 2024

8,828



Amortisation


At 1 July 2023
8,828



At 30 June 2024

8,828



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 8

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible assets





Leasehold improvements
Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 July 2023
76,066
116,508
17,633
96,517
395,475


Additions
-
-
-
3,942
-



At 30 June 2024

76,066
116,508
17,633
100,459
395,475



Depreciation


At 1 July 2023
32,832
114,286
14,958
78,164
395,475


Charge for the year on owned assets
9,269
2,222
1,516
12,494
-



At 30 June 2024

42,101
116,508
16,474
90,658
395,475



Net book value



At 30 June 2024
33,965
-
1,159
9,801
-



At 30 June 2023
43,234
2,222
2,675
18,353
-
Page 9

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           5.Tangible assets (continued)


Hardware held with third parties
Total

£
£



Cost or valuation


At 1 July 2023
165,695
867,894


Additions
-
3,942



At 30 June 2024

165,695
871,836



Depreciation


At 1 July 2023
165,695
801,410


Charge for the year on owned assets
-
25,501



At 30 June 2024

165,695
826,911



Net book value



At 30 June 2024
-
44,925



At 30 June 2023
-
66,484


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
7,764
8,973



7.


Debtors

2024
2023
£
£


Trade debtors
43,902
170,497

Amounts owed by group undertakings
-
4,385

Other debtors
15,380
114,667

Prepayments and accrued income
73,497
103,988

Tax recoverable
145,219
215,883

277,998
609,420


Page 10

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
93,278
465,995



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
107,965
81,766

Amounts owed to group undertakings
1,470,182
975,481

Other taxation and social security
102,497
96,036

Other creditors
9,528
100,632

Accruals and deferred income
167,026
159,618

1,857,198
1,413,533


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amount to £129,391 (2023: £60,133). Contributions totalling £9,528 (2023: £9,633) were payable to the fund at the balance sheet date.

Page 11

 
SIPSYNERGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Controlling party

Throughout the year the Company has been controlled by Hosted Network Services Limited, the immediate parent company. 

The Directors believe there is no ultimate controlling party, for the following reasons:

The institutional investor position is managed by YFM Equity Partners LLP on behalf of three separate investment vehicles,
All of these investment vehicles are independent of each other,
None of them has a majority stake, 
The largest of these is BSC VCT which is listed on the LSE and invested in by thousands of retail investors.

Page 12