REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 June 2024 |
for |
SYNOPTIX LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 June 2024 |
for |
SYNOPTIX LIMITED |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 17 |
SYNOPTIX LIMITED |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Century Buildings |
14 St Mary's Parsonage |
Manchester |
M3 2DF |
BANKERS: |
Audits Team |
One Southampton Row |
London |
WC1B 5HA |
SOLICITORS: |
Hardman Square |
No 1 Spinningfields |
Manchester |
M3 3EB |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report of the company for the year ended 30 June 2023. |
INTRODUCTION |
Whilst the principal activity of the company remains the provision of expert systems engineering services, our technology division is predicted to achieve MVP status for our AI Programme and anticipates this reaching market (with a partner company) before the end of the current financial year. This diversification into products, together with the growing asset value of our IP, will add a second string to our bow and, at the same time, enhance our methodologies for conducting core systems engineering commissions. |
COMPANY NUMBER 07567392 |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Strategic Report |
for the Year Ended 30 June 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Service Levels |
Synoptix' primary focus is to secure discrete packages of work, paid on completion/delivery which allow our engineering directorate to exercise complete control over methodology, outcomes and quality assurance. However, this level of autonomy is difficult to achieve with less mature clients and we do, therefore, offer more flexible arrangements - consultancy, T&M support - where appropriate, particularly in the early stages of engagement. The ultimate success of our business model, however, firmly rests on our ability to assist our clients in effecting this transition towards full trust/partnership and the fact that Fixed Price contracts now account for 90% of our T/O is testimony to our progress in this aim. |
State of economy |
Prompted by the continuing geopolitical turmoil, the incoming Labour government has recently made firm commitments to a staged increase in defence spending a trajectory, it seems likely, that will be matched by our European NATO partners, many of whom have companies on our client base. At the same time, outside Defence, other sectors are increasingly examining the potential benefits of Systems Engineering methodology, particularly in service and enterprise contexts, and we are adjusting our marketing activities to ensure these business opportunities are fully explored and captured. |
Reputation |
As one of the very few genuinely specialist providers of Systems Engineering expertise, Synoptix has already established an enviable reputation as a high-integrity exponent of this vital engineering discipline. Capitalising on this early success, we shall be expanding our marketing budget to promote increased awareness of our unique brand and will be investing substantial resources to ensure that our quality assurance keeps pace with our growth. |
Government Regulation |
Of all government regulations the controversial IR35 measures introduced in 2000 have had the most profound effect on recruitment and resourcing practise in the high-tech engineering sector. Since the public sector/private sector roll outs, 2017 and 2021, respectively, the marketplace is currently enjoying relative stability, though any substantive change in policy in this area would have an unstabilising effect on the sector. The government's proposed employment sector legislation will tend to depress the direct take up of PSC utilisation by our clients, which should increase our competitive advantage. |
Dependence on Personnel |
We have a rolling programme of recruitment for staff possessing traditional systems engineering skills and, in addition, regularly approve strategic appointments for specialists, eg AI, Machine language, etc., whose subject matter will soon be incorporated into these core methodologies. It is a fast-developing technological landscape in which maintaining the most effective skills balance requires constant attention. At the same time, due to the virtually limitless range of domains in which Synoptix may be invited to operate, we have a perennial requirement for subject matter experts, eg marine architects, radar specialists, etc, whom we cannot retain on permanent staff and these requirements are secured via both engagement of PSC specialists or through our numerous academic associations and partnerships. To date, we have demonstrated excellent judgement in maintaining stability and agility in equal measure, though our ratio of permanent to temporary personnel has shifted from 60:40 to 70:30 over the last two years, demonstrating a commitment to 'ownership' of know-how. |
Working from Home |
The Synoptix Board is aware that the current post-lockdown trend towards a perceived entitlement to WFH may, in the long term, have a deleterious impact on performance and has no immediate plan to vary our standard contract which requires full time attendance in the office and treats WFH as a discretionary arrangement. Senior managers certainly value the opportunity to focus on reports, etc, without constant interruption from their staff, whilst on the other hand, younger workers clearly suffer if deprived of mentorship, training and the creative buzz that can only be found in a busy office environment. As always, there are fewer problems with a highly motivated workforce such as ours, so keeping this level high is a priority for us all. In general terms, the trend back towards office attendance continues to grow. |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Strategic Report |
for the Year Ended 30 June 2024 |
STAKEHOLDER ENGAGEMENT |
Workforce |
Following a virtual doubling of staff numbers in a single year, we have recently experienced a period of stabilisation and consolidation. Our workforce continue to evidence application, dedication and loyalty to a brand of which they can justifiably be proud and we fully expect improved utilisation to deliver an optimum balance between job satisfaction and productivity. |
Supply Chain |
As noted above, Synoptix will always need to secure a proportion of its specialist resource via PSCs and we are acutely aware of the value of the collegiate relationship we maintain with these essential suppliers. |
Academic Partners |
Synoptix has now established four KTPs and has a burgeoning R&D programme which feeds technological innovation into it's the company's core skills capability. The cutting-edge work we are doing in AI enhanced object recognition, for example, is reaching fruition in both transportation and defence contexts and we are proud of our appetite for investment and collaboration in areas that will continue to shape systems engineering discipline for years to come. |
Clients |
We are understandably proud of the impressive customer base Synoptix has built since its formation in 2011, a list which includes a significant number of blue-chip partners who now rely on us as a dependable source of expertise and support in one of the most vital aspects of project delivery. In addition to a secure foothold in the defence industry we have recently started to make inroads into renewable energy and healthcare and fully expect these new sectors to grow at an increased pace. |
Communities/Environment |
Synoptix is a high-integrity player and will continue to observe its standards, regardless of size, turnover and market position. We espouse diversity, inclusivity and equality targets provided they are consistent with our primary commitment which is to the primacy of meritocratic values. We do not discriminate on grounds of ethnicity, sex, gender-orientation, or religion and will not tolerate differences of faith, belief or conscience to enter into and create potential conflicts in the workplace. |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Strategic Report |
for the Year Ended 30 June 2024 |
BUSINESS REVIEW |
Having recently relocated to a refurbished headquarters, overhauled our entire contract repertoire, introduced an interdepartmental requirement tracking and evaluation process, the Board is now focusing on a root and branch review of our Business Development and Marketing activities to ensure that we are clearly articulating the benefits of our services to a wider prospect base across the UK and beyond. In addition to replacing our outgoing Engineering Director, we have also appointed a Director of Technology and a Business Development Director, both internal promotions, which demonstrate the company's commitment to both diversify and expand. |
FINANCIAL KPIs |
Year | 2024 | 2023 |
Turnover | £10.8m | £10.2m |
Gross margin | 44.9% | 40.5% |
Operating Profit | 11.8% | 13.8% |
Debtor days | 29.9 days | 76.9 days |
Current ratio | 3.7:1 | 3.3:1 |
Competition |
As a high-capability provider of professional services, Synoptix possesses the know-how and expertise confidently to undertake Fixed Price contracts which will be paid upon completion and delivery of agreed objectives. Whilst there is a limited number of genuine providers in this category, the burgeoning consultancy sector is becoming crowded with operators (many displaced from the 'agency' streams) who offer less comprehensive T&M solutions, often at a lower cost, and it remains a constant challenge to differentiate our ourselves from these providers at the point of sale. Our current ratio of Fixed Price to T&M of 90:10 is clear evidence that our mission is succeeding. |
ON BEHALF OF THE BOARD: |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of consultancy services in the engineering sector |
DIVIDENDS |
Interim dividends per share on the Ordinary £1 shares were paid as follows: |
1200 | - 20 December 2023 |
2000 | - 28 June 2024 |
The directors recommend that no final dividend be paid on these shares. |
No interim dividend was paid on the A Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares. |
No interim dividend was paid on the B Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 30 June 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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). 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Report of the Directors |
for the Year Ended 30 June 2024 |
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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Synoptix Limited |
Opinion |
We have audited the financial statements of Synoptix Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2024 and of its 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
Report of the Independent Auditors to the Members of |
Synoptix Limited |
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 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 company or to cease operations, or have no realistic alternative but to do so. |
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 company which we considered could have a direct material effect on the financial statements or the operations of the company. 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 company'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 company, 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 company 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 company'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 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 |
Statutory Auditor |
Century Buildings |
14 St Mary's Parsonage |
Manchester |
M3 2DF |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Income Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,300,740 | 1,392,019 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,323,887 | 1,430,481 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | 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 LIMITED (REGISTERED NUMBER: 07567392) |
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 |
Finance costs paid | (40,945 | ) | (24,910 | ) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
573,590 |
Cash and cash equivalents at end of year | 2 | 2,008,337 | 971,309 |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Notes to the 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 |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 40,945 | 24,910 |
Finance income | (21,647 | ) | (32,666 | ) |
1,378,182 | 1,434,215 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 2,008,337 | 971,309 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 971,309 | 573,590 |
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 | 971,309 | 1,037,028 | 2,008,337 |
971,309 | 2,008,337 |
Total | 971,309 | 1,037,028 | 2,008,337 |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Synoptix Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 any allowance for credit risk and other uncertainties. |
Intangible fixed assets |
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Patents and licences - Over 10 years |
Intangible assets are initially recorded at cost. |
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. |
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 company operates a defined contribution pension scheme. Contributions payable to the company'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 int he assets of the company after deducting all of its liabilities. |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Officers of the company | 5 | 5 |
Administration | 29 | 19 |
Direct labour | 38 | 35 |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.6.24 | 30.6.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Patents and licences amortisation |
Auditors' remuneration |
Other non- audit services |
Foreign exchange differences |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.24 | 30.6.23 |
£ | £ |
Discounting charges |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
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 |
Over provision in prior years | (553,661 | ) | - |
Tax on profit | ( |
) |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Total tax (credit)/charge | (225,359 | ) | 236,498 |
7. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
10. | STOCKS |
30.6.24 | 30.6.23 |
£ | £ |
Work-in-progress |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Provision for bad debts | (20,321 | ) | (15,024 | ) |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
Tax |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Wages control account | 29,175 | 41,504 |
VAT | 313,469 | 266,790 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other creditors |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
Between one and five years |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
A Ordinary | £1 | 1 | 1 |
B Ordinary | £1 | 1 | 1 |
102 | 102 |
Ordinary A shares and Ordinary B shares have the right to receive a dividend and the right to participate in the capital of the company on winding up up to the par value. These two share classes do not entitle the holders to vote at general meetings. |
SYNOPTIX LIMITED (REGISTERED NUMBER: 07567392) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
17. | PARENT COMPANY |
Synoptix Group Limited is regarded by the directors as being the company's ultimate parent company. |
Mr D Durant, who owns 79% of that company is the ultimate controlling party |
18. | RELATED PARTY DISCLOSURES |
At the balance sheet date an amount of £85,875 (2023: £10,391)was due from Parkway Engineering Services Limited. |
At the balance sheet date an amount of £516,455 (2023: £104,329) was due from Synoptix Group Limited, the company's parent company. |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |