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Registered number: 07420137
Synergy Forward Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
GMH Accountants Limited
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 07420137
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 144,254 201,049
Tangible Assets 5 94,756 118,952
Investment Properties 6 690,000 960,395
Investments 7 240,000 99,000
1,169,010 1,379,396
CURRENT ASSETS
Debtors 8 93,148 141,740
Cash at bank and in hand 204,209 184,946
297,357 326,686
Creditors: Amounts Falling Due Within One Year 9 (315,792 ) (288,322 )
NET CURRENT ASSETS (LIABILITIES) (18,435 ) 38,364
TOTAL ASSETS LESS CURRENT LIABILITIES 1,150,575 1,417,760
Creditors: Amounts Falling Due After More Than One Year 10 (94,364 ) (411,290 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (153,263 ) (172,935 )
NET ASSETS 902,948 833,535
CAPITAL AND RESERVES
Called up share capital 13 180 180
Share premium account 138,428 138,428
Income Statement 764,340 694,927
SHAREHOLDERS' FUNDS 902,948 833,535
Page 1
Page 2
For the year ending 30 November 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
S J Wood
Director
D M Wood
Director
C Wood
Director
13/03/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Synergy Forward Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07420137 . The registered office is Block A, Unit 7b, Flemingate, Beverley, HU17 0NQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. Goodwill is amortised to the income statement over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance and 10% straight line
Computer Equipment 25% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of finance charges allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.9. Investments
Investments in subsidiaries, associates and jointly controlled entities are recognised at their fair value with changes in fair value recognised in the income statement.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 29)
32 29
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2023 327,977
As at 30 November 2024 327,977
Amortisation
As at 1 December 2023 126,928
Provided during the period 56,795
As at 30 November 2024 183,723
Net Book Value
As at 30 November 2024 144,254
As at 1 December 2023 201,049
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 December 2023 1,269 61,026 113,312 34,543 210,150
Additions - 19,000 221 7,515 26,736
Disposals - (34,989 ) - (10,816 ) (45,805 )
As at 30 November 2024 1,269 45,037 113,533 31,242 191,081
Depreciation
As at 1 December 2023 317 28,975 54,321 7,585 91,198
Provided during the period 238 10,044 11,384 8,131 29,797
Disposals - (21,103 ) - (3,567 ) (24,670 )
As at 30 November 2024 555 17,916 65,705 12,149 96,325
Net Book Value
As at 30 November 2024 714 27,121 47,828 19,093 94,756
As at 1 December 2023 952 32,051 58,991 26,958 118,952
6. Investment Property
2024
£
Fair Value
As at 1 December 2023 960,395
Disposals (300,000 )
Revaluations 29,605
As at 30 November 2024 690,000
7. Investments
Associates Joint Ventures Total
£ £ £
Cost
As at 1 December 2023 99,000 - 99,000
Additions - 61,660 61,660
Revaluations - 79,340 79,340
Transfers (99,000 ) 99,000 -
As at 30 November 2024 - 240,000 240,000
Provision
As at 1 December 2023 - - -
As at 30 November 2024 - - -
Net Book Value
As at 30 November 2024 - 240,000 240,000
As at 1 December 2023 99,000 - 99,000
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8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 16,101 25,739
Other debtors 77,047 116,001
93,148 141,740
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,500 6,588
Trade creditors 51,747 68,631
Bank loans and overdrafts 10,000 29,040
Other creditors 72,577 89,459
Taxation and social security 173,968 94,604
315,792 288,322
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,364 21,520
Bank loans 80,000 389,770
94,364 411,290
11. Secured Creditors
Included in creditors, the following amounts are secured
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,500 28,108
Bank loans and overdrafts 14,364 193,810
12. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,500 6,588
Later than one year and not later than five years 14,364 21,520
21,864 28,108
21,864 28,108
13. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 180 180
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14. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 46,536 42,602
Later than one year and not later than five years 173,887 158,350
Later than five years 48,125 72,625
268,548 273,577
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