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Registration number: 12459389

Syro Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

Syro Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Syro Solutions Ltd

Company Information

Directors

Mr S Wall

Mr R A Harvey

Registered office

Flat 4, Palmerston House
3 Aran Walk
Reading
Berkshire
RG2 0GF

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Syro Solutions Ltd

(Registration number: 12459389)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

53,729

58,386

Current assets

 

Debtors

5

87,000

56,786

Cash at bank and in hand

 

44,679

18,755

 

131,679

75,541

Creditors: Amounts falling due within one year

6

(54,704)

(69,330)

Net current assets

 

76,975

6,211

Total assets less current liabilities

 

130,704

64,597

Creditors: Amounts falling due after more than one year

6

(6,007)

(1,567)

Provisions for liabilities

(5,996)

(5,996)

Net assets

 

118,701

57,034

Capital and reserves

 

Called up share capital

2

2

Retained earnings

118,699

57,032

Shareholders' funds

 

118,701

57,034

 

Syro Solutions Ltd

(Registration number: 12459389)
Balance Sheet as at 5 April 2024

For the financial year ending 5 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 Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr S Wall
Director

.........................................
Mr R A Harvey
Director

 

Syro Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

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

The address of its registered office is:
Flat 4, Palmerston House
3 Aran Walk
Reading
Berkshire
RG2 0GF
England

These financial statements were authorised for issue by the Board on 29 November 2024.

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.

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.

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.

 

Syro Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

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:

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.

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 profit and loss account 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.

 

Syro Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

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 6 (2023 - 7).

 

Syro Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 6 April 2023

316

73,372

1,115

74,803

Additions

332

33,785

2,688

36,805

Disposals

-

(35,689)

-

(35,689)

At 5 April 2024

648

71,468

3,803

75,919

Depreciation

At 6 April 2023

32

16,274

111

16,417

Charge for the year

64

12,466

381

12,911

Eliminated on disposal

-

(7,138)

-

(7,138)

At 5 April 2024

96

21,602

492

22,190

Carrying amount

At 5 April 2024

552

49,866

3,311

53,729

At 5 April 2023

284

57,098

1,004

58,386

5

Debtors

Current

2024
£

2023
£

Trade debtors

83,312

54,894

Prepayments

1,688

1,892

Other debtors

2,000

-

 

87,000

56,786

 

Syro Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

2,492

1,698

Trade creditors

 

6,530

1,675

Taxation and social security

 

29,349

19,493

Accruals and deferred income

 

-

600

Other creditors

 

16,333

45,864

 

54,704

69,330

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

6,007

1,567

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

6,007

1,567

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

2,492

1,698