Company Registration No. 07410129 (England and Wales)
SYNPRO PROPERTIES LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
SYNPRO PROPERTIES LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
SYNPRO PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1
613
Investment property
5
3,796,630
3,629,982
3,796,631
3,630,595
Current assets
Debtors
6
-
0
170
Cash at bank and in hand
879,124
821,405
879,124
821,575
Creditors: amounts falling due within one year
7
(123,267)
(126,745)
Net current assets
755,857
694,830
Total assets less current liabilities
4,552,488
4,325,425
Provisions for liabilities
(146,269)
(145,636)
Net assets
4,406,219
4,179,789
SYNPRO PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
- 2 -
Capital and reserves
Called up share capital
100
100
Other reserves
561,435
490,755
Profit and loss reserves
3,844,684
3,688,934
Total equity
4,406,219
4,179,789

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 11 September 2024
Mr N Demetriou
Director
Company Registration No. 07410129
SYNPRO PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Synpro Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

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

Fixtures, fittings & equipment
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement in accordance with FRS 102 however a fair value reserve is shown within equity to allow users of the financial statements to distinguish between distributable and non-distributable reserves

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SYNPRO PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SYNPRO PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
16,637
Depreciation and impairment
At 1 April 2023
16,024
Depreciation charged in the year
612
At 31 March 2024
16,636
Carrying amount
At 31 March 2024
1
At 31 March 2023
613
5
Investment property
2024
£
Fair value
At 1 April 2023
3,629,982
Revaluations
166,648
At 31 March 2024
3,796,630

Investment property comprises £3,796,630. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
170

 

SYNPRO PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
27,557
23,804
Other creditors
95,710
102,941
123,267
126,745

 

8
Directors' transactions

No guarantees have been given or received during the year.

2024-03-312023-04-01false11 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr N Demetrioufalsefalse074101292023-04-012024-03-31074101292024-03-31074101292023-03-3107410129core:OtherPropertyPlantEquipment2024-03-3107410129core:OtherPropertyPlantEquipment2023-03-3107410129core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107410129core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107410129core:CurrentFinancialInstruments2024-03-3107410129core:CurrentFinancialInstruments2023-03-3107410129core:ShareCapital2024-03-3107410129core:ShareCapital2023-03-3107410129core:OtherMiscellaneousReserve2024-03-3107410129core:OtherMiscellaneousReserve2023-03-3107410129core:RetainedEarningsAccumulatedLosses2024-03-3107410129core:RetainedEarningsAccumulatedLosses2023-03-3107410129bus:Director12023-04-012024-03-3107410129core:FurnitureFittings2023-04-012024-03-31074101292022-04-012023-03-3107410129core:OtherPropertyPlantEquipment2023-03-3107410129core:OtherPropertyPlantEquipment2023-04-012024-03-31074101292023-03-3107410129bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107410129bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107410129bus:FRS1022023-04-012024-03-3107410129bus:AuditExemptWithAccountantsReport2023-04-012024-03-3107410129bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP