Company registration number 05941100 (England and Wales)
SYNERGY GRAPHICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SYNERGY GRAPHICS LIMITED
COMPANY INFORMATION
Directors
Mr N Upton
Mrs G Upton
Secretary
Mrs G Upton
Company number
05941100
Registered office
Unit F2 Castle Vale Enterprise Park
Castle Vale
Birmingham
West Midlands
B6 6LJ
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
SYNERGY GRAPHICS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SYNERGY GRAPHICS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SYNERGY GRAPHICS LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Synergy Graphics Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Synergy Graphics Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Synergy Graphics Limited and state those matters that we have agreed to state to the board of directors of Synergy Graphics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Synergy Graphics Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Synergy Graphics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Synergy Graphics Limited. You consider that Synergy Graphics Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Synergy Graphics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
24 January 2025
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
SYNERGY GRAPHICS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
37,151
46,500
Current assets
Stocks
11,788
11,969
Debtors
5
50,498
99,012
Cash at bank and in hand
76,344
37,767
138,630
148,748
Creditors: amounts falling due within one year
6
(151,891)
(163,246)
Net current liabilities
(13,261)
(14,498)
Total assets less current liabilities
23,890
32,002
Creditors: amounts falling due after more than one year
7
(19,167)
(29,167)
Net assets
4,723
2,835
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
4,623
2,735
Total equity
4,723
2,835
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SYNERGY GRAPHICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr N Upton
Director
Company registration number 05941100 (England and Wales)
SYNERGY GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Synergy Graphics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit F2 Castle Vale Enterprise Park, Castle Vale, Birmingham, West Midlands, B6 6LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a 'going concern basis', which assumes that the company will continue to trade for the foreseeable future. The principal factor in making this assumption is that the director has confirmed he is committed to continuing his financial support of the company. No provision has therefore been made for the difference between asset values appearing in the balance sheet, and their realisable values should the company be wound up, nor for any costs of liquidation.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stock
Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
SYNERGY GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Average number of employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
60,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
60,000
Carrying amount
At 31 March 2024
At 31 March 2023
SYNERGY GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
113,887
1,402
12,995
128,284
Depreciation and impairment
At 1 April 2023
68,797
962
12,025
81,784
Depreciation charged in the year
9,018
88
243
9,349
At 31 March 2024
77,815
1,050
12,268
91,133
Carrying amount
At 31 March 2024
36,072
352
727
37,151
At 31 March 2023
45,090
440
970
46,500
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
48,577
98,130
Other debtors
1,921
882
50,498
99,012
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
33,867
33,885
Trade creditors
44,467
40,718
Taxation and social security
37,976
62,005
Other creditors
35,581
26,638
151,891
163,246
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19,167
29,167
SYNERGY GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
29,167
39,167
Bank overdrafts
23,867
23,885
Other loans
28,751
18,365
81,785
81,417
Payable within one year
62,618
52,250
Payable after one year
19,167
29,167
A bank loan of £29,167 (2023 - £39,167) is underwritten by the Government.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
50,195
106,977