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Registered number: 10071427 (England and Wales)














SYNDIGO UK LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SYNDIGO UK LTD
 
 
COMPANY INFORMATION


Directors
K A Iskandar 
A T O'Halloran 




Registered number
10071427



Registered office
Hardwick House
Prospect Place

Swindon

Wiltshire

England

SN1 3LJ




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
SYNDIGO UK LTD
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5


 
SYNDIGO UK LTD
REGISTERED NUMBER:10071427

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
550,704
209,923

Bank and cash balances
  
323,245
79,384

  
873,949
289,307

Creditors: amounts falling due within one year
 5 
(872,462)
(426,389)

Net current assets/(liabilities)
  
 
 
1,487
 
 
(137,082)

Total assets less current liabilities
  
1,487
(137,082)

  

Net assets/(liabilities)
  
1,487
(137,082)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,387
(137,182)

  
1,487
(137,082)


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: 

A T O'Halloran
Director

Date: 19 September 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
SYNDIGO UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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.

The following principal accounting policies have been applied:

 
1.2

Going concern

Syndigo UK Ltd remains reliant on continued support from its parent company, Syndigo LLC. The directors have assessed the expected future cash requirements of the Company in conjunction with the forecasts of the parent company for at least 12 months from the date of signing these financial statements, and have concluded that the required support remains available to the Company.
The Company has received written confirmation from its parent company that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Turnover

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 Company recognises turnover from two primary sources, an intercompany service agreement with its parent company and subscription sales to third parties. 

Rendering of services

Turnover is recognised on a cost plus 5% basis on specific central services costs, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised 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 intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

Sales to third parties are recognised as subscription services are provided to customers and when all of the critera noted above are met in relation to the sale. 

 
1.4

Debtors

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.

Page 2

 
SYNDIGO UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

  
1.6

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.7

Foreign currency translation

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
1.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
SYNDIGO UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.10

Taxation

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.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Dominic King FCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 6).


4.


Debtors

2023
2022
£
£


Trade debtors
89,824
166,813

Amounts owed by group undertakings
132,314
-

Other debtors
930
34,061

Prepayments and accrued income
327,636
9,049

550,704
209,923


Page 4

 
SYNDIGO UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,456
1,486

Amounts owed to group undertakings
-
170,040

Corporation tax
42,108
-

Other taxation and social security
103,705
-

Other creditors
85,275
471

Accruals and deferred income
638,918
254,392

872,462
426,389



6.

Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
        £
        £
Not later than one year

39,510

39,510
 
Later than one year

-

39,510
 

39,510

79,020
 


7.


Controlling party

Cloud9 Intermediate Holdings II, Inc. is the parent 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 New Castle, Delaware, USA.


8.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 5