Registered number
09043744
Synectics Medical Limited
Filleted Accounts
31 May 2024
Synectics Medical Limited
Registered number: 09043744
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 160,285 139,361
Current assets
Stocks 825,001 559,431
Debtors 4 674,233 535,143
Cash at bank and in hand 96,152 305,979
1,595,386 1,400,553
Creditors: amounts falling due within one year 5 (692,616) (730,027)
Net current assets 902,770 670,526
Net assets 1,063,055 809,887
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,062,955 809,787
Shareholders' funds 1,063,055 809,887
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stuart Blyth
Director
Approved by the board on 15 February 2025
Synectics Medical Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance basis
Motor vehicles 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 - 68,789 241,839 310,628
Additions - 8,410 66,548 74,958
Disposals - - (12,450) (12,450)
At 31 May 2024 - 77,199 295,937 373,136
Depreciation
At 1 June 2023 - 42,269 128,998 171,267
Charge for the year - 6,986 44,832 51,818
On disposals - - (10,234) (10,234)
At 31 May 2024 - 49,255 163,596 212,851
Net book value
At 31 May 2024 - 27,944 132,341 160,285
At 31 May 2023 - 26,520 112,841 139,361
4 Debtors 2024 2023
£ £
Trade debtors 352,255 515,016
Other debtors 321,978 20,127
674,233 535,143
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 462,982 544,130
Taxation and social security costs 200,470 169,067
Other creditors 29,164 16,830
692,616 730,027
6 Related party transactions
In the year under review, the directors were owed, £17,844 by the Company. During the year, one of the directors acquired a short term loan of £300,000 from the Company but this has since been repaid.
7 Controlling party
The Company is controlled by the directors, who hold all the issued share capital of the Company.
8 Other information
Synectics Medical Limited is a private company limited by shares and incorporated in England. Its registered office is:
48 Fanshawe Crescent
Ware
Hertfordshire
SG12 0AS
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