REGISTERED NUMBER: 02947598 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
SYNOPTIX GROUP LIMITED |
REGISTERED NUMBER: 02947598 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
SYNOPTIX GROUP LIMITED |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
SYNOPTIX GROUP LIMITED |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Century Buildings |
14 St Mary's Parsonage |
Manchester |
M3 2DF |
BANKERS: | Metro Bank |
Audits Team |
One Southampton Row |
London |
WC1B 5HA |
SOLICITORS: |
Hardman Square |
No 1 Spinningfields |
Manchester |
M3 3EB |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
Principal activity |
Synoptix Group Limited (the "Company") acts as a holding company for Parkway Engineering Services Limited and Synoptix Limited. |
COMPANY NUMBER 07567392 |
REVIEW OF THE BUSINESS |
The Company is well-positioned to act as an intermediary supporting and driving forward the activities of its subsidiaries. |
Company performance and measurement |
Originally formed to act as an intermediate holding company, the Company has continued to perform this role in the stated period. The Directors believe that analysis using KPIs for the Company, other than those tabulated below, is neither necessary nor appropriate for an understanding of the development, performance or position of the Company. |
The development, performance and position of the group's subsidiaries are discussed in their individual annual reports and financial statements and will form no part of this report. |
Key performance indicators |
2024 | 2023 |
Profit/(Loss) on ordinary activities before tax (£) | 309,055 | 235,773 |
Net Assets | 4,381,367 | 3,086,714 |
The profit on ordinary activities before tax for the period ended 30 June 2024 is largely a reflection of dividends received from subsidiaries. |
PRINCIPAL RISKS AND UNCERTAINTIES |
These can largely be subsumed into the same risks and uncertainties to which the subsidiaries are exposed, ie market fluctuations which are largely outside our direct control. On a positive note, UK (and European) defence expenditure is currently expected to increase substantially in the next year or two, a fact which has already been responsible for an improvement in share prices for a number of blue chip companies in this sector. |
Synoptix Group Limited will continue to exercise prudence in relation to shareholder distributions and retains the resources to invest in the support and development of its subsidiary companies. |
ON BEHALF OF THE BOARD: |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the delivery of consultancy services in the engineering sector together with the provision of staff. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary £1 shares | 2000 | - 30 June 2024 |
A Ordinary £1 shares | 2000 | - 30 June 2024 |
Redeemable Preference Shares £1 shares | NIL |
The directors recommend that no final dividends be paid. |
The total distribution of dividends for the year ended 30 June 2024 will be £ 200,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Synoptix Group Limited |
Opinion |
We have audited the financial statements of Synoptix Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Synoptix Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Synoptix Group Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- we identified the significant laws and regulations applicable to the group which we considered could have a direct material effect on the financial statements or the operations of the group. Said laws and regulations include but are not limited to, the Companies Act 2006, taxation legislation and data protection, anti-bribery and employment legislation; |
- the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We also addressed the risk of fraud through management bias and override of controls by; |
- updating and reviewing our knowledge of the group, its officers and internal financial function, together with their systems and internal controls. This included making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We concluded that whilst the group had controls in place that were appropriate to its size and the nature of its activities, we could not rely on those systems and internal controls exclusively for the purposes of our audit work. We therefore adopted a substantive and transactional approach to our audit, seeking to verify figures in the balance sheet to third party evidence and transactions within the Income Statement to external independent documentation; |
- We did not review every transaction. However, we adopted an approach based on testing a sample of transactions. In choosing our sample, we tested transactions that were material in nature and in addition a random sample of other transaction. By choosing transactions of a material nature, our audit work is designed to detect material misstatements. The use of random testing on other transactions is designed to detect other irregularities and the operation of the group's internal control systems generally. If exceptions were noted, our audit work was expanded to test more transactions with a view to determining whether the exception was of an isolated nature; |
- We performed analytical procedures to identify any unusual or unexpected relationships; |
- We tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual transactions. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Synoptix Group Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Century Buildings |
14 St Mary's Parsonage |
Manchester |
M3 2DF |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Consolidated Income Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 11,209,303 | 10,610,504 |
Cost of sales | 6,282,097 | 6,414,169 |
GROSS PROFIT | 4,927,206 | 4,196,335 |
Administrative expenses | 3,628,227 | 2,762,888 |
1,298,979 | 1,433,447 |
Other operating income | 1,500 | 13,015 |
OPERATING PROFIT | 4 | 1,300,479 | 1,446,462 |
Interest receivable and similar income | 21,851 | 32,917 |
1,322,330 | 1,479,379 |
Interest payable and similar expenses | 5 | 44,037 | 26,459 |
PROFIT BEFORE TAXATION | 1,278,293 | 1,452,920 |
Tax on profit | 6 | (223,453 | ) | 238,611 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,501,746 | 1,123,476 |
Non-controlling interests | - | 90,833 |
1,501,746 | 1,214,309 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,501,746 | 1,214,309 |
OTHER COMPREHENSIVE INCOME |
Revaluation of investment property |
Release of revaluation reserve | - | (71,573 | ) |
Release of minority interest | (168,177 | ) | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(168,177 |
) |
(71,573 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,333,569 |
1,142,736 |
Total comprehensive income attributable to: |
Owners of the parent | 1,165,392 | 1,051,903 |
Non-controlling interests | 168,177 | 90,833 |
1,333,569 | 1,142,736 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Consolidated Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 24,646 | 12,329 |
Tangible assets | 10 | 244,653 | 266,757 |
Investments | 11 | 4,981 | 4,981 |
274,280 | 284,067 |
CURRENT ASSETS |
Stocks | 12 | 1,785,455 | 923,706 |
Debtors | 13 | 2,011,514 | 2,863,613 |
Cash at bank and in hand | 2,260,968 | 1,025,659 |
6,057,937 | 4,812,978 |
CREDITORS |
Amounts falling due within one year | 14 | 1,870,421 | 2,021,567 |
NET CURRENT ASSETS | 4,187,516 | 2,791,411 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,461,796 |
3,075,478 |
CREDITORS |
Amounts falling due after more than one year |
15 |
84,572 |
- |
NET ASSETS | 4,377,224 | 3,075,478 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 100 | 100 |
Other reserves | 18 | 25,848 | 25,848 |
Retained earnings | 18 | 4,351,276 | 3,217,707 |
SHAREHOLDERS' FUNDS | 4,377,224 | 3,243,655 |
NON-CONTROLLING INTERESTS | 19 | - | (168,177 | ) |
TOTAL EQUITY | 4,377,224 | 3,075,478 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by: |
Mr D R Durant - Director |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Company Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Other reserves | 18 |
Retained earnings | 18 | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 309,055 | 235,773 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Other |
capital | earnings | reserves |
£ | £ | £ |
Balance at 1 July 2022 | 100 | 2,663,963 | (258,397 | ) |
Changes in equity |
Dividends | - | (239,762 | ) | - |
Total comprehensive income | - | 793,506 | 258,397 |
100 | 3,217,707 | - |
Acquisition of non-controlling interest |
- |
- |
- |
Balance at 30 June 2023 | 100 | 3,217,707 | - |
Changes in equity |
Dividends | - | (200,000 | ) | - |
Total comprehensive income | - | 1,333,569 | - |
Balance at 30 June 2024 | 100 | 4,351,276 | - |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 25,848 | 2,431,514 | 305,990 | 2,737,504 |
Changes in equity |
Dividends | - | (239,762 | ) | (15,000 | ) | (254,762 | ) |
Total comprehensive income | - | 1,051,903 | 90,833 | 1,142,736 |
25,848 | 3,243,655 | 381,823 | 3,625,478 |
Acquisition of non-controlling interest |
- |
- |
(550,000 |
) |
(550,000 |
) |
Balance at 30 June 2023 | 25,848 | 3,243,655 | (168,177 | ) | 3,075,478 |
Changes in equity |
Dividends | - | (200,000 | ) | - | (200,000 | ) |
Total comprehensive income | - | 1,333,569 | 168,177 | 1,501,746 |
Balance at 30 June 2024 | 25,848 | 4,377,224 | - | 4,377,224 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,502,000 | 1,470,496 |
Interest paid | (3,053 | ) | (1,519 | ) |
Finance costs paid | (40,984 | ) | (24,940 | ) |
Tax paid | 97,427 | 8,914 |
Taxation refund | - | 19,041 |
Income tax paid | - | (10,170 | ) |
Net cash from operating activities | 1,555,390 | 1,461,822 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (15,210 | ) | (12,182 | ) |
Purchase of tangible fixed assets | (51,126 | ) | (261,337 | ) |
Sale of tangible fixed assets | 1 | 5,129 |
Sale of investment property | - | 270,000 |
Purchase of minority interest | - | (550,000 | ) |
Interest received | 21,851 | 32,917 |
Net cash from investing activities | (44,484 | ) | (515,473 | ) |
Cash flows from financing activities |
New loans in year | (4,665 | ) | (415,223 | ) |
Amount introduced by directors | 19,985 | 70,736 |
Amount withdrawn by directors | (90,917 | ) | - |
Equity dividends paid | (200,000 | ) | (239,762 | ) |
Dividends paid to minority interests | - | (15,000 | ) |
Net cash from financing activities | (275,597 | ) | (599,249 | ) |
Increase in cash and cash equivalents | 1,235,309 | 347,100 |
Cash and cash equivalents at beginning of year |
2 |
1,025,659 |
678,559 |
Cash and cash equivalents at end of year | 2 | 2,260,968 | 1,025,659 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
Profit before taxation | 1,278,293 | 1,452,920 |
Depreciation charges | 75,361 | 37,953 |
Loss/(profit) on disposal of fixed assets | 761 | (1,299 | ) |
Finance costs | 44,037 | 26,459 |
Finance income | (21,851 | ) | (32,917 | ) |
1,376,601 | 1,483,116 |
Increase in stocks | (861,749 | ) | (361,633 | ) |
Decrease/(increase) in trade and other debtors | 1,092,294 | (516,198 | ) |
(Decrease)/increase in trade and other creditors | (105,146 | ) | 865,211 |
Cash generated from operations | 1,502,000 | 1,470,496 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 2,260,968 | 1,025,659 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 1,025,659 | 678,559 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,025,659 | 1,235,309 | 2,260,968 |
1,025,659 | 1,235,309 | 2,260,968 |
Total | 1,025,659 | 1,235,309 | 2,260,968 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Synoptix Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The financial statements consolidate the financial statements of Synoptix Group Ltd and all of its subsidiary undertakings. |
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. |
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Management consider that there are no specific areas of significant estimation or judgement of a material nature to these financial statements. |
Turnover |
Turnover is accounted for as revenue when, and to the extent that, the company obtains a right to consideration in exchange for its performance of its obligations under the sales contract with the customer. The amount reported as revenue is the fair value of the right to consideration - usually the price specified in the contractual arrangement net of discounts and net of VAT, and after allowance for credit risk and other uncertainties. |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are initially recorded at cost. |
Work in progress |
Work in progress is recorded at selling price as adjusted for any provision for irrecoverable amounts. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Investments |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
Investments in subsidiaries and associates |
Investments in subsidiaries are initially recorded at cost, and subsequently stated at the net assets figure of the subsidiary entity. |
3. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries | 3,563,073 | 2,993,045 |
Social security costs | 382,012 | 337,078 |
Other pension costs | 335,100 | 127,259 |
4,280,185 | 3,457,382 |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Officers of the group | 5 | 5 |
Administration | 29 | 19 |
Direct labour | 38 | 36 |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration | 179,000 | 200,000 |
Directors' pension contributions to money purchase schemes | - | 25,000 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.6.24 | 30.6.23 |
£ | £ |
Other operating leases | 98,588 | 98,951 |
Depreciation - owned assets | 72,468 | 37,074 |
Loss/(profit) on disposal of fixed assets | 761 | (72,872 | ) |
Patents and licences amortisation | 2,893 | 878 |
Auditors' remuneration | 18,450 | 18,450 |
Other non- audit services | 19,980 | 50,347 |
Foreign exchange differences | - | 2,408 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.24 | 30.6.23 |
£ | £ |
Interest payable | 3,053 | 1,519 |
Other finance costs | 40,945 | 24,940 |
Corporation tax interest | 39 | - |
44,037 | 26,459 |
6. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax | 330,187 | 238,611 |
Under/Overprovision | (553,640 | ) | - |
Tax on profit | (223,453 | ) | 238,611 |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
£ | £ |
Profit before tax | 1,278,293 | 1,452,920 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.963 % (2023 - 20.481 %) |
319,100 |
297,573 |
Effects of: |
Expenses not deductible for tax purposes | 2,077 | (10,564 | ) |
Capital allowances in excess of depreciation | - | (52,467 | ) |
Depreciation in excess of capital allowances | 5,956 | - |
Adjustments to tax charge in respect of previous periods | (553,640 | ) | - |
Losses not available for group offset | 3,054 | 4,069 |
Total tax (credit)/charge | (223,453 | ) | 238,611 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
30.6.24 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of investment property |
Release of revaluation reserve |
Release of minority interest | (168,177 | ) | - | (168,177 | ) |
(168,177 | ) | - | (168,177 | ) |
30.6.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of investment property |
Release of revaluation reserve | (71,573 | ) | - | (71,573 | ) |
(71,573 | ) | - | (71,573 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary shares of £1 each |
Interim | 158,000 | 189,412 |
A Ordinary shares of £1 each |
Interim | 42,000 | 50,350 |
200,000 | 239,762 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1 July 2023 | 13,722 |
Additions | 15,210 |
At 30 June 2024 | 28,932 |
AMORTISATION |
At 1 July 2023 | 1,393 |
Amortisation for year | 2,893 |
At 30 June 2024 | 4,286 |
NET BOOK VALUE |
At 30 June 2024 | 24,646 |
At 30 June 2023 | 12,329 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 | 11,504 | 237,653 | 102,092 | 351,249 |
Additions | - | 771 | 50,355 | 51,126 |
Disposals | (712 | ) | - | (1,083 | ) | (1,795 | ) |
At 30 June 2024 | 10,792 | 238,424 | 151,364 | 400,580 |
DEPRECIATION |
At 1 July 2023 | 7,400 | 18,006 | 59,086 | 84,492 |
Charge for year | 926 | 33,062 | 38,480 | 72,468 |
Eliminated on disposal | (311 | ) | - | (722 | ) | (1,033 | ) |
At 30 June 2024 | 8,015 | 51,068 | 96,844 | 155,927 |
NET BOOK VALUE |
At 30 June 2024 | 2,777 | 187,356 | 54,520 | 244,653 |
At 30 June 2023 | 4,104 | 219,647 | 43,006 | 266,757 |
11. | FIXED ASSET INVESTMENTS |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Other investments not loans | 4,981 | 4,981 |
4,981 | 4,981 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Group |
Investments (neither listed nor unlisted) were as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Fixed asset investments | 4,981 | 4,981 |
Company |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 July 2023 |
Revaluations |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2015 | 809,969 |
Valuation in 2019 | 379,659 |
Valuation in 2020 | 355,000 |
Valuation in 2021 | 572,500 |
Valuation in 2022 | 452,500 |
Valuation in 2023 | 963,226 |
Valuation in 2024 | 1,185,498 |
Cost | 742,373 |
5,460,725 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: inside the United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: inside the United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: inside the United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
12. | STOCKS |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Work-in-progress | 1,785,455 | 923,706 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade debtors | 910,107 | 2,206,100 |
Bad debt provision | (20,321 | ) | (15,024 | ) | - | - |
Amounts owed by associates | 10,816 | 6,151 |
Other debtors | 668,694 | 494,902 |
Directors' current accounts | 13,183 | - | 13,183 | - |
Tax | 321,612 | 99,265 |
Section 419 taxation paid | 3,867 | 3,867 | - | - |
VAT | - | - |
Prepayments and accrued income | 103,556 | 68,352 |
2,011,514 | 2,863,613 |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade creditors | 356,276 | 422,994 |
Amounts owed to group undertakings | - | - |
Tax | 334,678 | 238,653 |
Income tax payable | 1,105 | 809 | 646 | 518 |
Social security and other taxes | 94,967 | 90,269 |
Pensions payable | 29,175 | 41,504 | - | - |
VAT | 319,119 | 271,545 | - | - |
Amount owed to pension fund | - | 77,166 | - | 77,166 |
Directors' current accounts | 41,985 | 99,734 | 41,985 | 92,712 |
Accruals and deferred income | 693,116 | 778,893 |
1,870,421 | 2,021,567 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Other creditors | 84,572 | - |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
30.6.24 | 30.6.23 |
£ | £ |
Within one year | 100,231 | 93,064 |
Between one and five years | 238,372 | 338,603 |
338,603 | 431,667 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 79 | 79 |
A Ordinary | £1 | 21 | 21 |
100 | 100 |
The ordinary shares of £1 each are voting shares and are entitled to receive dividends. With regard to the return of capital on winding up or exit, they shall be entitled to the first £770,000, thereafter any return shall be divided pari passu with the A ordinary shares. |
The A Ordinary shares of £1 each are voting shares and are entitled to receive dividends. They shall not be entitled to the first £770,000 on a return of capital or exit, thereafter any return shall be divided pari passu with the ordinary shares. |
SYNOPTIX GROUP LIMITED (REGISTERED NUMBER: 02947598) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
18. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 July 2023 | 3,217,707 | 25,848 | 3,243,555 |
Profit for the year | 1,501,746 | 1,501,746 |
Dividends | (200,000 | ) | (200,000 | ) |
Movement in the year | (168,177 | ) | - | (168,177 | ) |
At 30 June 2024 | 4,351,276 | 25,848 | 4,377,124 |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 July 2023 | ( |
) | 3,086,714 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Movement in the year | - | 1,185,498 | 1,185,498 |
At 30 June 2024 | 4,381,267 |
19. | NON-CONTROLLING INTERESTS |
10 ordinary shares of £1 each in Synoptix Limited, a subsidiary in the group, were owned by Mr A Millichamp until 30 June 2023. Mr Millichamp also owned 1Ordinary B share of £1 in Synoptix Limited until 30 June 2023. |
On 30 June 2023 Mr Millichamp sold his share-holdings in Synoptix Limited to Synoptix Group Limited and resigned his position as a director of Synoptix Limited. |
Synoptix is now a 100% subsidiary of the Synoptix Group Limited., |
20. | RELATED PARTY DISCLOSURES |
At the end of the period a loan of £13,183 (2023 - £Nil) was due to the company from a director. Interest has been charged on this loan at rate of 2.25% per annum. |