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Registration number: 03671355

Sympatec Limited
trading as Sympatec Ltd
Annual Report and
Financial Statements

31 December 2023

 

Sympatec Limited
trading as Sympatec Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Sympatec Limited
trading as Sympatec Ltd

Balance Sheet
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

43,044

93,104

Current assets

 

Stocks

5

474,138

349,119

Debtors

6

316,377

533,952

Cash at bank and in hand

 

1,676,808

1,634,116

 

2,467,323

2,517,187

Creditors: Amounts falling due within one year

7

(935,449)

(997,004)

Net current assets

 

1,531,874

1,520,183

Net assets

 

1,574,918

1,613,287

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,574,818

1,613,187

Shareholders' funds

 

1,574,918

1,613,287

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 Profit and Loss Account.

Approved and authorised by the Board on 18 October 2024 and signed on its behalf by:
 

.........................................
Dr Sebastian Stephan Rothele
Company secretary and director

Company Registration Number: 03671355

 

Sympatec Limited
trading as Sympatec Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit B2 Waterfold House
Waterfold Business Park
Bury
Lancashire
BL9 7BR

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.

Going concern

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

 

Sympatec Limited
trading as Sympatec Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 18 October 2024 was Peter G Nicol BSc FCA, who signed for and on behalf of Horsfield & Smith.

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

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 balance sheet 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

Motor Vehicles

20% Straight-line

 

Sympatec Limited
trading as Sympatec Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

Fixtures & Fittings

10% - 33.3% Straight-line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Sympatec Limited
trading as Sympatec Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

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.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 7 (2022 - 5).

 

Sympatec Limited
trading as Sympatec Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

292,701

143,446

436,147

Additions

14,399

(10,568)

3,831

Disposals

(283,694)

(29,844)

(313,538)

At 31 December 2023

23,406

103,034

126,440

Depreciation

At 1 January 2023

283,457

59,587

343,044

Charge for the year

17,404

29,463

46,867

Eliminated on disposal

(283,694)

(22,821)

(306,515)

At 31 December 2023

17,167

66,229

83,396

Carrying amount

At 31 December 2023

6,239

36,805

43,044

At 31 December 2022

9,244

83,860

93,104

5

Stocks

2023
£

2022
£

Other inventories

474,138

349,119

 

Sympatec Limited
trading as Sympatec Ltd

Notes to the Financial Statements
Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

266,702

527,077

Prepayments

28,944

6,875

Other debtors

20,731

-

 

316,377

533,952

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

12,550

3,092

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

731,841

646,828

Taxation and social security

 

36,883

163,673

Accruals and deferred income

 

154,175

190,323

Other creditors

 

-

(6,912)

 

935,449

997,004