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Registration number: SC206809

Synectics Consultancy Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Synectics Consultancy Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 7

 

Synectics Consultancy Ltd

(Registration number: SC206809)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

449

534

Current assets

 

Debtors

5

295,298

328,649

Cash at bank and in hand

 

200,512

181,445

 

495,810

510,094

Creditors: Amounts falling due within one year

6

(477,365)

(488,597)

Net current assets

 

18,445

21,497

Total assets less current liabilities

 

18,894

22,031

Provisions for liabilities

(85)

(101)

Net assets

 

18,809

21,930

Capital and reserves

 

Called up share capital

100

100

Retained earnings

18,709

21,830

Shareholders' funds

 

18,809

21,930

For the financial 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their 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 Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

 

Synectics Consultancy Ltd

(Registration number: SC206809)
Statement of Financial Position as at 30 April 2024

.........................................
Mrs FW Barton
Director

 

Synectics Consultancy Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
DD1 3DG
United Kingdom

2

Accounting policies

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 financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover relates to commissions received through financial consultancy and from letting agency fees. Income is accounted for on a receipts basis.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Synectics Consultancy Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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

Fixtures and fittings

15% straight line

Equipment

15% straight line

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.

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 agreement, 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.

 

Synectics Consultancy Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 9 (2023 - 8).

 

Synectics Consultancy Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

914

16,475

17,389

At 30 April 2024

914

16,475

17,389

Depreciation

At 1 May 2023

896

15,959

16,855

Charge for the year

5

80

85

At 30 April 2024

901

16,039

16,940

Carrying amount

At 30 April 2024

13

436

449

At 30 April 2023

18

516

534

5

Debtors

2024
£

2023
£

Prepayments

1,416

1,416

Other debtors

293,882

327,233

295,298

328,649

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

7,149

Taxation and social security

 

8,911

808

Accruals and deferred income

 

3,440

3,275

Other creditors

 

465,014

477,365

 

477,365

488,597

 

Synectics Consultancy Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

7,149

8

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividend of £377.77 (2023 - £400.00) per each Ordinary A

 

17,000

 

18,000

Final dividend of £286.67 (2023 - £355.55) per each Ordinary B

 

12,900

 

16,000

Final dividend of £1,769.33 (2023 - £1,000.00) per each Ordinary C

 

17,693

 

10,000

   

47,593

 

44,000

9

Related party transactions

Loans to shareholder

2024

Other related parties
£

Total
£

At start of period

208,134

208,134

Repaid

(8,310)

(8,310)

At end of period

199,824

199,824

2023

Other related parties
£

Total
£

At start of period

230,104

230,104

Repaid

(21,970)

(21,970)

At end of period

208,134

208,134