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Registered number: 11932695














SYON WEALTH LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  30 APRIL 2024

 
SYON WEALTH LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
SYON WEALTH LTD
REGISTERED NUMBER:11932695

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
156
221

Investments
 5 
58,600
58,600

  
58,756
58,821

Current assets
  

Debtors: amounts falling due within one year
 6 
151,409
105,908

Bank and cash balances
  
197,922
549,139

  
349,331
655,047

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(251,046)
(538,126)

Net current assets
  
 
 
98,285
 
 
116,921

  

Net assets
  
157,041
175,742


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
156,041
174,742

  
157,041
175,742


Page 1

 
SYON WEALTH LTD
REGISTERED NUMBER:11932695
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 7 October 2024.




Ohad Greenfeld
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SYON WEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Syon Wealth Ltd is a limited liability company registered in England and Wales. Its registered office address is at 12 Wycombe Gardens, London, NW11 8AL 
 The principal activity of the Company during the year was that of financial management services. 
The financial statements are presented in £ sterling, which is the functional currency of the Company.  
 

2.Accounting policies

 
2.1

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:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied in the year exclusive of trade discounts and excluding Value Added Tax. 
 
Revenue is recognised when a service is provided.

 
2.3

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 reporting date in the countries where the Company operates and generates income.

Page 3

 
SYON WEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 4

 
SYON WEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Basic Financial Instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. 
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method. 
Cash and cash equivalents comprise cash balances and call deposits. 
 

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
SYON WEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 May 2023
324



At 30 April 2024

324



Depreciation


At 1 May 2023
104


Charge for the year on owned assets
65



At 30 April 2024

169



Net book value



At 30 April 2024
155



At 30 April 2023
221


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
58,600



At 30 April 2024
58,600





6.


Debtors

2024
2023
£
£


Other debtors
100,154
100,154

Prepayments and accrued income
51,255
5,754

151,409
105,908


Page 6

 
SYON WEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
50,454
7,745

Other creditors
197,412
527,411

Accruals and deferred income
3,180
2,970

251,046
538,126



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


 
Page 7