Company registration number 05993427 (England and Wales)
SYMBRO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SYMBRO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SYMBRO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
32,226
67,722
Tangible assets
4
470,767
539,614
502,993
607,336
Current assets
Stocks
53,930
41,851
Debtors
5
942,026
966,770
Cash at bank and in hand
338,581
185,119
1,334,537
1,193,740
Creditors: amounts falling due within one year
6
(864,625)
(850,690)
Net current assets
469,912
343,050
Total assets less current liabilities
972,905
950,386
Creditors: amounts falling due after more than one year
7
(89,160)
(102,888)
Provisions for liabilities
(102,924)
(114,036)
Net assets
780,821
733,462
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
780,621
733,262
Total equity
780,821
733,462
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
SYMBRO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
Mr H J Brown
Director
Company registration number 05993427 (England and Wales)
SYMBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Symbro Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Value House, Clovelly Road, Bideford, Devon, EX39 3HN.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
Restaurant income is recognised at the point of despatch of food and beverage items.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
15% per annum on cost
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the lease term
Plant and equipment
10% / 15% per annum on cost
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price.
SYMBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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 profit and loss account 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
107
103
SYMBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023
610,997
4,887
615,884
Disposals
(19,999)
(3,000)
(22,999)
At 31 December 2023
590,998
1,887
592,885
Amortisation and impairment
At 1 January 2023
543,473
4,689
548,162
Amortisation charged for the year
35,441
55
35,496
Disposals
(19,999)
(3,000)
(22,999)
At 31 December 2023
558,915
1,744
560,659
Carrying amount
At 31 December 2023
32,083
143
32,226
At 31 December 2022
67,524
198
67,722
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
38,142
1,924,946
1,963,088
Additions
28,021
28,021
Disposals
(3,024)
(103,047)
(106,071)
At 31 December 2023
35,118
1,849,920
1,885,038
Depreciation and impairment
At 1 January 2023
34,274
1,389,200
1,423,474
Depreciation charged in the year
1,172
90,343
91,515
Eliminated in respect of disposals
(3,023)
(97,695)
(100,718)
At 31 December 2023
32,423
1,381,848
1,414,271
Carrying amount
At 31 December 2023
2,695
468,072
470,767
At 31 December 2022
3,868
535,746
539,614
SYMBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,593
23,343
Amounts owed by group undertakings
439,288
273,497
Other debtors
492,145
669,930
942,026
966,770
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
186,992
170,509
Amounts owed to group undertakings
292,365
251,649
Taxation and social security
95,706
103,486
Other creditors
289,562
325,046
864,625
850,690
Other creditors include hire purchase obligations of £14,365 (2022: £13,171) which are secured on the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
89,160
102,888
Other creditors represent hire purchase obligations which are secured on the assets to which they relate.
8
Financial commitments, guarantees and contingent liabilities
Amounts not provided for in the balance sheet
Connected company debt of £736k (2022: £901k) is secured on the assets of this company.
SYMBRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
113,500
91,333
Between two and five years
298,875
154,667
In over five years
105,000
112,500
517,375
358,500
10
Parent company
Symbro Limited is a wholly owned subsidiary of ultimate parent company Symbro Group Limited, whose registered office is 2nd Floor Value House, Clovelly Road, Bideford, Devon, EX39 3HN.