Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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92,737 | 126,885 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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2,139,217 | 1,678,373 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (31,012) | (69,631) | ||
Total assets less current liabilities | 61,725 | 57,254 | ||
Creditors: amounts falling due after more than one year | 8 |
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds/(deficit) |
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These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sintali Ltd (registered number:
T Saunders
Director |
E Polychroniadou
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Sintali Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Cardinal Point, Park Road, Rickmansworth, WD3 1RE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements for the year to 30 June 2023 are unaudited.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements reflect prior year adjustments, (note 2).
As with any start-up business, in order to meet its liabilities as they fall due, the Company is reliant on the availability of working capital and generation of profits and cash in the future. The company has net current liabilities of £31,012 at the balance sheet date, and total net assets of £61,725.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements, and they consider that the Company has adequate resources to continue operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements.
Accordingly, they have adopted the going concern basis of accounting in preparing the financial statements.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Where a contract has only been partially completed at the Statement of Financial Position date, revenue is recognised based on the stage of completion of the contract at the Statement of Financial Position date and included in debtors as accrued income. Where payments have been received in advance of the services provided, the amounts are recorded as deferred income as part of creditors due within one year.
Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Intangible assets are stated at cost, net of amortisation and any provision for impairment. The customer lists are amortised over their estimated useful life based on the stage of progress of the underlying projects.
Computer equipment |
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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.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
During the year, the directors recognised errors in the financial statements to 30 June 2023. The errors have been addressed in prior year adjustments and include the release of deferred income for closed projects and balance sheet presentational adjustments. The effect of these adjustments on the financial statement line items are as follows:
As previously reported | Adjustment | As restated | ||||
Year ended 30 June 2023 | £ | £ | £ | |||
Turnover | 546,909 | 18,972 | 565,881 | |||
Trade debtors | 171,985 | (26,792) | 145,193 | |||
Prepayments | 239,336 | 46,526 | 285,862 | |||
Accruals and deferred income | (1,686,728) | (762) | (1,687,490) | |||
Profit and loss account | (53,845) | 18,972 | (34,873) |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
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Additions |
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At 30 June 2024 |
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Accumulated amortisation | |||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 June 2023 |
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Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
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Additions |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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VAT recoverable |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Other loans (secured) |
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Accruals |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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Pensions
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £2,274 (2023: £1,035) were payable to the fund at the Statement of Financial Position date and are included in other creditors due within one year.
The audit report was signed on 26 March 2025 by Georgette Alicia Crisp BSc (Hons) FCA on behalf of MHA.