Registered number: 09942126 (England and Wales)
SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
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COMPANY INFORMATION
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ZEDRA Corporate Reporting Services (UK) Limited
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
REGISTERED NUMBER:09942126
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BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
REGISTERED NUMBER:09942126
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
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Capital contribution reserve
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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:
The notes on pages 4 to 8 form part of these financial statements.
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Capital contribution reserve
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Comprehensive income for the year
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Comprehensive income for the year
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies
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Basis of preparation of financial statements
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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.
Synthetik Applied Technologies UK Limited is in a net asset position of £84,659. The Company is reliant on its parent company, Synthetik Applied Technologies, LLC by way of its intercompany revenue agreement between the entities. Synthetik Applied Technologies, LLC is, in turn reliant on Wincrest Ventures L.P for its funding. In consideration of this reliance, a written confirmation has been obtained from Wincrest Ventures L.P, who have confirmed they will continue to provide financial support to the Group for at least 12 months from the date of signing these financial statements. For this reason, the director continues to adopt the going concern basis in preparing the financial statements.
The following principal accounting policies have been applied:
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Foreign currency translation
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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.
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover 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 turnover 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.
Other operating income represents costs borne by the UK recharged to the parent company.
Other operating income also includes grant income receivable. The Company recognises grant income using the performance model, recognising the income receivable in the period in which services are provided.
Interest income is recognised in profit or loss using the effective interest method.
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.
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.
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
Short-term creditors are measured at the transaction price.
Share premium account represents the excess of the issue price over the par value on shares issued less transaction costs arising on issue.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 13 September 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.
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The average monthly number of employees, including directors, during the year was 4 (2022 - 3).
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SYNTHETIK APPLIED TECHNOLOGIES UK LTD
(Formerly ABPS R&D Limited)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Capital contribution reserve
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During the year, the parent company, Synthetik Applied Technologies, LLC, made a capital contribution totalling £225,779 (2022: £NIL) to the Company. There is no intention for this amount to be repaid and has therefore been considered as a capital contribution.
Synthetik Applied Technologies, LLC is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 701 Brazos St, Austin, TX 78701, United States of America.
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Post balance sheet events
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There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
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