Company Registration No. 13336882 (England and Wales)
Synergy Gate Automation and Barriers Limited
Unaudited accounts
for the year ended 30 April 2024
Synergy Gate Automation and Barriers Limited
Unaudited accounts
Contents
Synergy Gate Automation and Barriers Limited
Company Information
for the year ended 30 April 2024
Company Number
13336882 (England and Wales)
Registered Office
8 Percy Street
Rotherham
South Yorkshire
S65 1ED
Synergy Gate Automation and Barriers Limited
Statement of financial position
as at 30 April 2024
Tangible assets
83,328
15,579
Cash at bank and in hand
95,215
20,268
Creditors: amounts falling due within one year
(81,202)
(46,136)
Net current assets
91,863
36,547
Total assets less current liabilities
175,191
52,126
Creditors: amounts falling due after more than one year
(36,969)
-
Provisions for liabilities
Deferred tax
(16,022)
(1,249)
Called up share capital
2
2
Profit and loss account
122,198
50,875
Shareholders' funds
122,200
50,877
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 January 2025 and were signed on its behalf by
Oliver Ridgwick
Director
Company Registration No. 13336882
Synergy Gate Automation and Barriers Limited
Notes to the Accounts
for the year ended 30 April 2024
Synergy Gate Automation and Barriers Limited is a private company, limited by shares, registered in England and Wales, registration number 13336882. The registered office is 8 Percy Street, Rotherham, South Yorkshire, S65 1ED.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
In prior years, accounts for this company have been prepared in accordance with the provisions of FRS 105, The Financial Reporting Standard applicable to the Micro-entities Regime.
Whilst still eligible to prepare accounts in accordance with the provisions of FRS 105 this year, a decision has been made to change reporting standard due to the current and anticipated future growth of the company.
The comparable year's accounts have been restated to comply with the requirements of FRS 102 Section 1A.
These financial statements for the year ended 30 April 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 May 2022
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are prepared in sterling, which is this functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33.33% straight line
Motor vehicles
20% reducing balance
Computer equipment
25% reducing balance
Synergy Gate Automation and Barriers Limited
Notes to the Accounts
for the year ended 30 April 2024
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 substantive enacted by the reporting end date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2023
3,016
13,500
2,565
19,081
Additions
4,231
72,289
-
76,520
At 30 April 2024
7,247
85,789
2,565
95,601
At 1 May 2023
564
2,400
538
3,502
Charge for the year
1,650
6,639
482
8,771
At 30 April 2024
2,214
9,039
1,020
12,273
At 30 April 2024
5,033
76,750
1,545
83,328
At 30 April 2023
2,452
11,100
2,027
15,579
Synergy Gate Automation and Barriers Limited
Notes to the Accounts
for the year ended 30 April 2024
Amounts falling due within one year
Trade debtors
31,947
2,490
Accrued income and prepayments
40,286
52,963
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
9,825
-
Trade creditors
49,856
44,805
Taxes and social security
23,673
5,314
Loans from directors
(2,952)
(3,983)
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
36,969
-
Vehicles on Hire Purchase agreement are used as security and backed by a director's personal guarantee.
8
Deferred taxation
2024
2023
Accelerated capital allowances
16,022
1,249
Provision at start of year
1,249
451
Charged to the profit and loss account
14,773
798
Provision at end of year
16,022
1,249
Some reversals of deferred tax are anticipated next year as assets continue to depreciate.
During the year, the company made interest-free advances to a director amounting to £8,935 (2023: £8,336). These were repayable on demand.
The company received repayments of £5,983 (2023: £4,353).
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).
Synergy Gate Automation and Barriers Limited
Notes to the Accounts
for the year ended 30 April 2024
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 May 2022
30 April 2023
Capital and reserves (as previously stated)
36,636
52,126
Deferred tax liability
(452)
(1,249)
Capital and reserves (as restated)
36,184
50,877
Reconciliation of profit or loss for the year
30 April 2023
Profit for the year (as previously stated)
28,490
Profit for the year (as restated)
27,692