Company registration number 02395902 (England and Wales)
SINARA CONSULTANTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SINARA CONSULTANTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3 - 4
Notes to the financial statements
5 - 13
SINARA CONSULTANTS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,977,690
1,490,017
Tangible assets
5
2,462,944
2,482,588
4,440,634
3,972,605
Current assets
Debtors
6
396,317
386,638
Cash at bank and in hand
2,293,499
2,098,463
2,689,816
2,485,101
Creditors: amounts falling due within one year
7
(893,066)
(557,610)
Net current assets
1,796,750
1,927,491
Total assets less current liabilities
6,237,384
5,900,096
Provisions for liabilities
8
(834,640)
(587,626)
Net assets
5,402,744
5,312,470
Capital and reserves
Called up share capital
10
7,650
9,000
Revaluation reserve
11
1,440,746
1,453,404
Capital redemption reserve
11
1,350
-
0
Other reserves
12
19,853
4,329
Profit and loss reserves
3,933,145
3,845,737
Total equity
5,402,744
5,312,470

The notes on pages 5 to 13 form part of these financial statements.

SINARA CONSULTANTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 November 2024 and are signed on its behalf by:
2024-11-08
S P Dobb
Director
Company registration number 02395902 (England and Wales)
SINARA CONSULTANTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
9,000
1,467,074
-
0
13,573
3,088,733
4,578,380
Year ended 30 June 2023:
Profit
-
-
-
-
833,334
833,334
Other comprehensive income:
Tax relating to other comprehensive income
-
3,207
-
-
-
0
3,207
Total comprehensive income
-
3,207
-
-
833,334
836,541
Dividends
-
-
-
-
(90,000)
(90,000)
Other movements
-
(16,877)
-
(9,244)
13,670
(12,451)
Balance at 30 June 2023
9,000
1,453,404
-
0
4,329
3,845,737
5,312,470
SINARA CONSULTANTS LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Share capital
Revaluation reserve
Capital redemption reserve
Share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
- 4 -
Year ended 30 June 2024:
Profit
-
-
-
-
629,750
629,750
Other comprehensive income:
Tax relating to other comprehensive income
-
4,219
-
-
-
0
4,219
Total comprehensive income
-
4,219
-
-
629,750
633,969
Dividends
-
-
-
-
(153,000)
(153,000)
Own shares acquired
11
-
-
-
-
(402,000)
(402,000)
Redemption of shares
10
(1,350)
-
1,350
-
-
0
-
0
Other movements
-
(16,877)
-
15,524
12,658
11,305
Balance at 30 June 2024
7,650
1,440,746
1,350
19,853
3,933,145
5,402,744

The notes on pages 5 to 13 form part of these financial statements.

SINARA CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
1
Accounting policies
Company information

Sinara Consultants Limited is a private company limited by shares incorporated in England and Wales. The registered office is 63 Tanner Street, London, SE1 3PL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration receivable for goods and services provided from the principal activity of software development, consultancy and technical support.

 

Turnover is presented net of value added tax.

 

The company recognises revenue when the amount of revenue and related cost can be reliably measured.

 

Revenue from services is recognised when the services are rendered using the percentage of completion method based on actual service provided as a proportion of the total services to be performed.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.4
Intangible fixed assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Qualifying staff costs are reviewed for the time spent on project development with this resulting portion of the staff cost capitalised under intangible fixed assets.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line commencing a year after capitalisation
SINARA CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings - leasehold
1% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SINARA CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

SINARA CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -
1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income

on a straight line basis over the term of the relevant lease except where another more systematic basis is

more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amotisation of intangible fixed assets

Intangible assets are amortised over the expected useful economic life. In the case of the software costs currently held on the balance sheet, management feel this to be a five year period commencing the year after capitalisation. Management feel this is a reasonable and fair reflection of the period of time the software asset will be revenue generating whilst also accounting for the expected future updates that will be required in order to keep the platform in operational use.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
42
40
SINARA CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
4
Intangible fixed assets
Software
£
Cost
At 1 July 2023
1,738,635
Additions
835,400
At 30 June 2024
2,574,035
Amortisation and impairment
At 1 July 2023
248,618
Amortisation charged for the year
347,727
At 30 June 2024
596,345
Carrying amount
At 30 June 2024
1,977,690
At 30 June 2023
1,490,017

Intangible assets are made up of revenue software that has been developed internally.

SINARA CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
5
Tangible fixed assets
Land and buildings - leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 July 2023
2,500,000
269,866
145,558
2,915,424
Additions
-
0
16,265
11,026
27,291
Disposals
-
0
-
0
(24,483)
(24,483)
At 30 June 2024
2,500,000
286,131
132,101
2,918,232
Depreciation and impairment
At 1 July 2023
125,000
184,695
123,141
432,836
Depreciation charged in the year
25,000
16,006
4,063
45,069
Eliminated in respect of disposals
-
0
-
0
(22,617)
(22,617)
At 30 June 2024
150,000
200,701
104,587
455,288
Carrying amount
At 30 June 2024
2,350,000
85,430
27,514
2,462,944
At 30 June 2023
2,375,000
85,171
22,417
2,482,588

Land and buildings with a carrying amount of £2,500,000 were revalued at 30 June 2018 by the directors, on the basis of market value. The valuation was based on recent market transactions on arm's length terms for similar properties. The directors have reviewed the values of similar offices close by and believe that the valuation has not materially differed in value at the year end of 30 June 2024.

The revaluation surplus is disclosed in note 11.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Cost
812,290
812,290
Accumulated depreciation
(135,454)
(127,331)
Carrying value
676,836
684,959
SINARA CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
75,614
57,812
Corporation tax recoverable
-
0
51,560
Other debtors
320,703
277,266
396,317
386,638
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
94,045
64,148
Corporation tax
109,818
-
0
Other taxation and social security
266,572
266,585
Other creditors
422,631
226,877
893,066
557,610

Within other creditors there are defined pension scheme contributions due of £Nil (2023: £3,894)

8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
834,640
587,626
9
Share-based payment transactions

During the year, the company operated an EMI share options scheme. The company recognised total share-based payment expenses of £15,524 (2023 - income of £9,244) which related to equity settled share based payment transactions.

SINARA CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Share-based payment transactions
(Continued)
- 12 -
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023
559,000
476,517
0.53
0.22
Granted
591,804
559,000
0.60
0.53
Forfeited
(33,000)
(476,517)
0.49
0.22
Outstanding at 30 June 2024
1,117,804
559,000
0.57
0.53
Exercisable at 30 June 2024
-
0
-
0
-
0
-
0

The options outstanding at 30 June 2024 had an exercise price ranging from £0.10 to £0.60, and a remaining contractual life of 8 years. Options become exercisable on the date of an exit.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
7,650,000
9,000,000
7,650
9,000

The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights, they do not confer any rights of redemption.

 

On 25 October 2023, the company purchased it's own shares from a director. The number of shares purchased was 1,350,000 with a nominal value per share of 0.01p. The consideration paid for these shares amounted to £402,000. The shares were subsequently cancelled after acquisition. The company then cancelled these shares leaving a capital redemption reserve on the balance sheet totalling £1,350.

11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
1,453,404
1,467,074
Transfer to retained earnings
(16,877)
(16,877)
Tax on fair value adjustment to investments
4,219
3,207
At the end of the year
1,440,746
1,453,404
SINARA CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
12
Other reserves

The company operates an EMI share options scheme with opening reserves of £4,329. The company recognised total share-based payment expenses of £15,524 (2023 - income of £9,244) during the year, leaving total closing reserves of £19,853.

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Andrew Timms
Statutory Auditor:
UHY Hacker Young
Date of audit report:
8 November 2024
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