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Registration number: 11512364

Synapri Limited

Unaudited Filleted Financial Statements

for the Period from 1 May 2023 to 31 December 2023

 

Synapri Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Synapri Limited

Company Information

Director

J A Smith

Registered office

21-25 Imperial House
21-25 North Street
Bromley
BR1 1SD

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Synapri Limited
for the Period Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Synapri Limited for the period ended 31 December 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Synapri Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Synapri Limited and state those matters that we have agreed to state to the Board of Directors of Synapri Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Synapri Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Synapri Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Synapri Limited. You consider that Synapri Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Synapri Limited. 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 accounts.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

16 September 2024

 

Synapri Limited

(Registration number: 11512364)
Statement of Financial Position as at 31 December 2023

Note

2023
(8 Months)
£

2023
(12 Months)
£

Fixed assets

 

Tangible assets

4

42,943

49,211

Investments

5

100

100

 

43,043

49,311

Current assets

 

Debtors

6

2,508,231

2,041,766

Cash at bank and in hand

 

168,585

868,045

 

2,676,816

2,909,811

Creditors: Amounts falling due within one year

7

(1,533,106)

(1,590,983)

Net current assets

 

1,143,710

1,318,828

Net assets

 

1,186,753

1,368,139

Capital and reserves

 

Called up share capital

98

98

Capital redemption reserve

2

2

Retained earnings

1,186,653

1,368,039

Shareholders' funds

 

1,186,753

1,368,139

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

 

Synapri Limited

(Registration number: 11512364)
Statement of Financial Position as at 31 December 2023 (continued)

Approved and authorised by the director on 16 September 2024
 

J A Smith
Director

   
     
 

Synapri Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21-25 Imperial House
21-25 North Street
Bromley
BR1 1SD
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Synapri Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 December 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% reducing balance

Leasehold improvements

20% reducing balance

Office equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Synapri Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 December 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Synapri Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 26 (2023 - 29).

 

Synapri Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 December 2023 (continued)

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

11,345

30,736

31,958

74,039

Additions

-

298

1,598

1,896

At 31 December 2023

11,345

31,034

33,556

75,935

Depreciation

At 1 May 2023

1,860

10,948

12,020

24,828

Charge for the period

1,265

3,310

3,589

8,164

At 31 December 2023

3,125

14,258

15,609

32,992

Carrying amount

At 31 December 2023

8,220

16,776

17,947

42,943

At 30 April 2023

9,485

19,788

19,938

49,211

Included within the net book value of land and buildings above is £8,220 (2023 - £9,485) in respect of short leasehold land and buildings.
 

5

Investments

2023
(8 Months)
£

2023
(12 Months)
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 May 2023

100

Provision

Carrying amount

At 31 December 2023

100

At 30 April 2023

100

 

Synapri Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 December 2023 (continued)

5

Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2023

Subsidiary undertakings

Kinekta Limited

Kingfisher House
21-23 Elmfield Road
Bromley
Kent
BR1 1LT

United Kingdom

100%

100%

 

Synapri Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 December 2023 (continued)

6

Debtors

Current

Note

2023
(8 Months)
£

2023
(12 Months)
£

Trade debtors

 

1,507,694

1,543,062

Amounts owed by group undertakings

878,863

284,065

Prepayments

 

97,229

192,510

Other debtors

 

24,445

22,129

   

2,508,231

2,041,766

7

Creditors

Creditors: amounts falling due within one year

Note

2023
(8 Months)
£

2023
(12 Months)
£

Due within one year

 

Loans and borrowings

8

80,216

-

Trade creditors

 

62,434

44,757

Taxation and social security

 

552,789

563,763

Accruals and deferred income

 

837,667

974,663

Other creditors

 

-

7,800

 

1,533,106

1,590,983

8

Loans and borrowings

Current loans and borrowings

2023
(8 Months)
£

2023
(12 Months)
£

Bank overdrafts

80,216

-