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REGISTERED NUMBER: 06777509 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

SYNC CHEM LTD

SYNC CHEM LTD (REGISTERED NUMBER: 06777509)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


SYNC CHEM LTD (REGISTERED NUMBER: 06777509)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,649,220 1,424,521
Tangible assets 5 280,639 80,100
1,929,859 1,504,621

CURRENT ASSETS
Stocks 160,000 120,000
Debtors 6 491,729 348,712
Cash at bank and in hand 189,044 168,250
840,773 636,962
CREDITORS
Amounts falling due within one year 7 773,235 583,734
NET CURRENT ASSETS 67,538 53,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,997,397

1,557,849

CREDITORS
Amounts falling due after more than one
year

8

(1,068,850

)

(748,467

)

PROVISIONS FOR LIABILITIES (52,500 ) (2,500 )
NET ASSETS 876,047 806,882

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 875,947 806,782
876,047 806,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SYNC CHEM LTD (REGISTERED NUMBER: 06777509)

BALANCE SHEET - continued
31 JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2025 and were signed on its behalf by:





S S Gill - Director


SYNC CHEM LTD (REGISTERED NUMBER: 06777509)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Sync Chem Ltd is a private limited company, limited by shares, registered in England. The company's registered number is 06777509. The company's registered office is Admiral House, Waterfront East, Brierley Hill, West Midlands, DY5 1XG.

The financial statements are presented in Sterling, which is the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill on the acquisition of businesses in 2010, 2016 and 2020 has not been amortised as the directors believe that the value is in excess of the price paid.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial liabilities, including trade and other debtors and creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts or payments discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SYNC CHEM LTD (REGISTERED NUMBER: 06777509)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023 1,424,521
Additions 224,699
At 31 January 2024 1,649,220
NET BOOK VALUE
At 31 January 2024 1,649,220
At 31 January 2023 1,424,521

SYNC CHEM LTD (REGISTERED NUMBER: 06777509)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 70,001 31,560 101,561
Additions 1 238,241 238,242
At 31 January 2024 70,002 269,801 339,803
DEPRECIATION
At 1 February 2023 - 21,461 21,461
Charge for year - 37,703 37,703
At 31 January 2024 - 59,164 59,164
NET BOOK VALUE
At 31 January 2024 70,002 210,637 280,639
At 31 January 2023 70,001 10,099 80,100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
as restated
£    £   
Trade debtors 314,149 236,542
Other debtors 177,580 112,170
491,729 348,712

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
as restated
£    £   
Bank loans and overdrafts 125,191 88,104
Trade creditors 567,699 412,262
Taxation and social security 20,724 79,661
Other creditors 59,621 3,707
773,235 583,734

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
as restated
£    £   
Bank loans 1,068,850 748,467

SYNC CHEM LTD (REGISTERED NUMBER: 06777509)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.1.24 31.1.23
as restated
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans 510,679 365,887

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
as restated
£    £   
Bank loans 1,194,041 836,571

The company's bank loans are secured by a fixed and floating charge over its assets and charges over the company's interest in property at Bushbury Road, Wolverhampton and Dudley Street, Sedgley and Showell Circus, Wolverhampton.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Bank loans are secured by way of an all monies guarantee, to a maximum of £867,250, given by two of the directors.