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SYNERGY MEDICAL EUROPE LIMITED

Registered Number
10559959
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

SYNERGY MEDICAL EUROPE LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

FAIRBOURN, Michael John
GREEN, Robert John

Registered Address

10559959 - COMPANIES HOUSE DEFAULT ADDRESS
Cardiff
CF14 8LH

Registered Number

10559959 (England and Wales)
SYNERGY MEDICAL EUROPE LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3-5,018
-5,018
Current assets
Stocks4-1,516,972
Debtors53,574,6991,943,590
Cash at bank and on hand36,1232,753,844
3,610,8226,214,406
Creditors amounts falling due within one year6(246,279)(5,547,463)
Net current assets (liabilities)3,364,543666,943
Total assets less current liabilities3,364,543671,961
Provisions for liabilities7-(1,255)
Net assets3,364,543670,706
Capital and reserves
Called up share capital100100
Profit and loss account3,364,443670,606
Shareholders' funds3,364,543670,706
The financial statements were approved and authorised for issue by the Board of Directors on 28 January 2025, and are signed on its behalf by:
FAIRBOURN, Michael John
Director
GREEN, Robert John
Director

Registered Company No. 10559959
SYNERGY MEDICAL EUROPE LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Software - 3 years Straight line

Straight line (years)
Vehicles4
Office Equipment3
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year38
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 January 2327,26360,69587,958
Disposals(27,263)(60,695)(87,958)
Depreciation and impairment
At 01 January 2323,20359,73782,940
Charge for year2,8117113,522
On disposals(26,014)(60,448)(86,462)
Net book value
At 31 December 23---
At 31 December 224,0609585,018
4.Stocks

2023

2022

££
Raw materials and consumables-1,516,972
Total-1,516,972
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables-1,354,136
Amounts owed by associates and joint ventures / participating interests3,400,000-
Other debtors174,699589,454
Total3,574,6991,943,590
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.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-13,266
Amounts owed to related parties-4,592,479
Taxation and social security238,423250,113
Payments received on account-110,987
Other creditors1,8565,773
Accrued liabilities and deferred income6,000574,845
Total246,2795,547,463
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.
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)-1,255
Total-1,255
8.Related party transactions
At the year-end, Amounts owed by/to group undertakings balance include £3,400,000 (2022: £Nil) due from Becton Dickinson Luxembourg Finance Ltd.
9.Parent-subsidiary relationships
During the Financial year, Targa International Hold Inc.(Parent Company) transferred its Interest in Synergy Medical Europe Limited to Becton Dickinson Dispensing Limited(" BD UK Dispensing " ) which is part of the BD group of companies. Synergy Medical Europe Limited sold its trade and assets to Becton Dickinson Dispensing Limited. From that date the company ceased trading.