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Company registration number: 06350530
Synergy yachting Ltd
Unaudited filleted financial statements
30 April 2024
Synergy yachting Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Synergy yachting Ltd
Directors and other information
Directors Mr P Scott
Mr T M B Ashwell
Mrs B W Scott
Mrs N F Ashwell
Secretary P Scott
Company number 06350530
Registered office Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
Business address Porth Daniel
Menai Bridge
Anglesey
LL59 5DE
Accountants Parker, O'Regan, Tann & Co
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
Synergy yachting Ltd
Chartered Certified accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Synergy yachting Ltd
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Synergy yachting Ltd for the year ended 30 April 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the board of directors of Synergy yachting Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Synergy yachting Ltd and state those matters that we have agreed to state to the board of directors of Synergy yachting Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Synergy yachting Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Synergy yachting Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Synergy yachting Ltd. You consider that Synergy yachting Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Synergy yachting Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Parker, O'Regan, Tann & Co
Chartered Certified Accountants
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
12 September 2024
Synergy yachting Ltd
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 636,068 679,714
Investments 6 150 150
_______ _______
636,218 679,864
Current assets
Stocks 80,520 82,384
Debtors 7 23,241 50,693
Cash at bank and in hand 33,802 104,759
_______ _______
137,563 237,836
Creditors: amounts falling due
within one year 8 ( 205,379) ( 281,440)
_______ _______
Net current liabilities ( 67,816) ( 43,604)
_______ _______
Total assets less current liabilities 568,402 636,260
Creditors: amounts falling due
after more than one year 9 ( 73,253) ( 108,142)
Provisions for liabilities ( 158,445) ( 132,029)
_______ _______
Net assets 336,704 396,089
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 336,702 396,087
_______ _______
Shareholders funds 336,704 396,089
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Mr T M B Ashwell
Director
Company registration number: 06350530
Synergy yachting Ltd
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Synergy Yachting Ltd, Bangor Business Centre, 2 Farrar Road, Bangor, Gwynedd, LL57 1LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 20% Straight line
Plant and machinery - 12.5% Straight line
Electric vehicles - 12.5% Straight line
Boats - 12.5% Reducing balance basis
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 12 ).
5. Tangible assets
Short leasehold property Plant and machinery Electric vehicles Boats Total
£ £ £ £ £
Cost
At 1 May 2023 33,189 216,272 109,040 757,809 1,116,310
Additions - 24,054 - 57,592 81,646
Disposals - ( 8,845) - ( 25,000) ( 33,845)
_______ _______ _______ _______ _______
At 30 April 2024 33,189 231,481 109,040 790,401 1,164,111
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 24,264 132,839 6,815 272,678 436,596
Charge for the year 6,638 19,215 13,630 65,562 105,045
Disposals - ( 6,827) - ( 6,771) ( 13,598)
_______ _______ _______ _______ _______
At 30 April 2024 30,902 145,227 20,445 331,469 528,043
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 2,287 86,254 88,595 458,932 636,068
_______ _______ _______ _______ _______
At 30 April 2023 8,925 83,433 102,225 485,131 679,714
_______ _______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2023 and 30 April 2024 150 150
_______ _______
Impairment
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 150 150
_______ _______
At 30 April 2023 150 150
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 10,093 17,063
Other debtors 13,148 33,630
_______ _______
23,241 50,693
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 49,641 63,172
Trade creditors 27,472 52,331
Corporation tax 19,633 24,490
Social security and other taxes 4,924 1,877
Other creditors 103,709 139,570
_______ _______
205,379 281,440
_______ _______
The loan from the Development Bank of Wales is secured by a debenture. The bank also holds personal guarantees from the directors.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 37,503 90,142
Other creditors 35,750 18,000
_______ _______
73,253 108,142
_______ _______
The loan from the Development Bank of Wales is secured by a debenture. The bank also holds personal guarantees from the directors.
10. Government grants
The amounts recognised in the for government grants are as follows:
2024 2023
£ £
Recognised in other operating income:
Government grants recognised directly in income 4,250 9,000
_______ _______