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Registration number: 09110347

Synergy Design Consultancy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Synergy Design Consultancy Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Synergy Design Consultancy Ltd

Company Information

Directors

Mr Kulvinder Tak

Mrs Mandeep Kaur Tak

Registered office

56 Langley Rd
Merryhill
Wolverhampton
West Midlands
WV3 7LH

Accountants

Mr Satraj Suman ACMA 21 Babors Field
Bilston
Wolverhampton
West Midlands
WV14 9XS

 

Synergy Design Consultancy Ltd

(Registration number: 09110347)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,101

14,555

Current assets

 

Cash at bank and in hand

 

7,457

5,987

Creditors: Amounts falling due within one year

5

(9,854)

(6,675)

Net current liabilities

 

(2,397)

(688)

Total assets less current liabilities

 

6,704

13,867

Creditors: Amounts falling due after more than one year

5

(9,167)

(14,167)

Net liabilities

 

(2,463)

(300)

Capital and reserves

 

Called up share capital

6

5

5

Retained earnings

(2,468)

(305)

Shareholders' deficit

 

(2,463)

(300)

For the financial year ending 31 July 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 and 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 14 August 2024 and signed on its behalf by:
 

.........................................
Mr Kulvinder Tak
Director

 

Synergy Design Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
56 Langley Rd
Merryhill
Wolverhampton
West Midlands
WV3 7LH
England

These financial statements were authorised for issue by the Board on 14 August 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.

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.

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.

 

Synergy Design Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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

Office Equipment

25% Reducing Balance

Furniture and Fittings

25% Reducing Balance

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 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.

 

Synergy Design Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 1).

 

Synergy Design Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

40,633

40,633

Additions

616

616

At 31 July 2024

41,249

41,249

Depreciation

At 1 August 2023

26,078

26,078

Charge for the year

6,070

6,070

At 31 July 2024

32,148

32,148

Carrying amount

At 31 July 2024

9,101

9,101

At 31 July 2023

14,555

14,555

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,147

1,922

Taxation and social security

8,244

3,917

Other creditors

463

836

9,854

6,675

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

9,167

14,167

6

Share capital

Allotted, called up and fully paid shares

 

Synergy Design Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

5

5

5

5

       

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

9,167

14,167

8

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £4,800.00 (2023 - £6,500.00) per each Ordinary Shares

24,000

32,500

 

 

9

Related party transactions

 

Synergy Design Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

9,832