| REGISTERED NUMBER: |
| STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| SYNTIGA LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| SYNTIGA LIMITED |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 5 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 |
| SYNTIGA LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 8th Floor |
| Becket House |
| 36 Old Jewry |
| London |
| EC2R 8DD |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The director presents his strategic report for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| Syntiga Limited ("Syntiga") designs and develops a range of consumer goods, primarily focusing on the Gaming and Gifts category. The company distributes products through both Direct-to-Consumer (D2C) and Business-to-Business (B2B) wholesale channels. |
| During the year ended 30 September 2024, the company experienced a decline in turnover compared to the previous year. While the gross margin remained consistent, net profit was affected due to increased platform-related fees and other overheads. This period was utilized to reassess and enhance our e-commerce strategies to better position the company for future competitiveness. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Syntiga is exposed to several risks and uncertainties, which are actively managed: |
| Inflation and Economic Climate |
| Persistently high inflation and escalating operational costs pose significant challenges. The current economic climate has led to a shift in consumer behavior, with individuals prioritizing value and scrutinizing their spending choices. Global competition intensifies as international sellers with lower overhead costs gain access to our markets. |
| Liquidity Risk |
| Syntiga maintains a positive cash balance and has established credit terms with all trading partners, mitigating liquidity concerns. |
| Global Conflict and World Events |
| Ongoing global conflicts continue to affect shipping costs and shift consumer spending patterns and priorities. Given the unpredictable nature of these situations, accurately forecasting their exact impact remains challenging. In 2024, we paid even closer attention to global events, maintaining flexible supply chain and market plans. This allowed us to react quickly to emerging issues and sustain business operations despite the uncertainty. |
| Inventory Management |
| A substantial portion of stock has become obsolete or slow-moving. To address this, Syntiga is adopting a more proactive approach to inventory control, continuously updating stock forecasting procedures. By reducing inventory levels and implementing better reporting systems, the company aims to enhance operational efficiency and achieve substantial cost savings. Optimizing storage solutions and leveraging more cost-effective locations are also part of this strategy. |
| Advertising and Customer Acquistion Costs |
| In 2024, the digital advertising landscape became increasingly competitive, leading to a significant rise in customer acquisition costs. Factors such as intensified bidding for ad placements and increased platform fees have impacted the cost-effectiveness of marketing strategies. This necessitated a reevaluation of advertising channels and a shift towards more sustainable customer engagement approaches. |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FUTURE DEVELOPMENTS |
| The challenges of 2024 have necessitated a comprehensive re-evaluation of our strategic priorities, shaping our focus for the upcoming year and beyond. Building on our continuous efforts to modernize our technology stack, invest in employee training, and foster a positive work culture - initiatives that consistently enhance operational efficiency and contribute to a more enjoyable workplace - our future developments are now more acutely aligned with navigating the current competitive landscape and driving sustainable growth. |
| Moving forward, Syntiga will place significant emphasis on: |
| Targeted Product Innovation & Launch: We will intensify our efforts in rigorous product development and market-entry testing, ensuring new offerings are highly relevant and competitive in the gaming and gifts sector. This strategic focus aims to naturally attract customers and reduce our reliance on high-cost acquisition methods. |
| Advanced E-commerce Optimization: Leveraging the skills developed in 2024, we will deepen our focus on advanced e-commerce strategies to optimize marketing spend, enhance conversion rates, and improve the efficiency of our online channels. |
| Operational Agility & Cost Efficiency: Continuous refinement of our operational processes, including advanced inventory management and supply chain adaptability, will be paramount to mitigating escalating costs and maintaining healthy gross margins. This includes further optimizing storage solutions and leveraging cost-effective locations. |
| This strategic recalibration aims to build upon our current strengths while ensuring a clear path towards sustainable profitability and expansion of our product offerings in the dynamic consumer products sector. |
| RESULTS AND KEY PERFORMANCE INDICATORS |
| Syntiga performed in line with its objectives, despite a challenging operating environment. |
| The company employs generic performance indicators, such as profit before tax, shareholder funds, and the current asset ratio, to monitor performance. The director maintains a hands-on approach, negating the need for complex performance indicators. |
| 2024 | 2023 |
| Current asset ratio | 2.91 | 9.33 |
| CONCLUSION |
| The year 2024 significantly tested Syntiga's operational and financial resilience. Despite these challenges, the company maintained a respectable level of profitability, a testament to its robust processes and underlying financial strength. Crucially, this period also facilitated significant internal learning and skill development, particularly in advanced e-commerce strategies. With the deepened understanding of the evolving market and enhanced capabilities gained this year, Syntiga remains confident about its future and its ability to pursue new opportunities in the dynamic landscape ahead. |
| ON BEHALF OF THE BOARD: |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The director presents his report with the financial statements of the company for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the period under review was that of online selling of gaming accessories and other related consumer products.. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30 September 2024 will be £ |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is 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 he 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 company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SYNTIGA LIMITED |
| Opinion |
| We have audited the financial statements of Syntiga Limited (the 'company') for the year ended 30 September 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 September 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SYNTIGA LIMITED |
| 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 Director. |
| 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Except for the matter described in the basis for qualified opinion section of our report, 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 Director. |
| Arising solely from the limitation of scope of our work relating to inventory, referred to above: |
| - We have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
| - We were unable to determine whether adequate accounting records have been maintained. |
| 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: |
| - 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 director's remuneration specified by law are not made. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SYNTIGA 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: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the UK Governance Code, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. |
| We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries or the manipulation of accounting estimates. Audit procedures performed by the engagement team included: |
| - Inspecting correspondence with regulators and tax authorities; |
| - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
| - Evaluating management's controls designed to prevent and detect irregularities; |
| - Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and |
| - Challenging assumptions and judgements made by management in their critical accounting estimates. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| 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 |
| SYNTIGA 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 |
| 8th Floor |
| Becket House |
| 36 Old Jewry |
| London |
| EC2R 8DD |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 598,404 | 1,826,497 |
| Interest payable and similar expenses | 6 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Retained earnings | 15 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) |
| Loans to holding company | ( |
) | ( |
) |
| Tax paid in advance | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Amount introduced by directors | - | 23,626 |
| Amount withdrawn by directors | (2,147 | ) | - |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
780,199 |
| Cash and cash equivalents at end of year |
2 |
1,014,667 |
1,212,566 |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Operating profit |
| Depreciation charges |
| 556,024 | 1,822,639 |
| (Increase)/decrease in stocks | ( |
) |
| Decrease 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 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 1,014,667 | 1,212,566 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 1,212,566 | 780,199 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 1,212,566 | (197,899 | ) | 1,014,667 |
| 1,212,566 | ( |
) | 1,014,667 |
| Total | 1,212,566 | (197,899 | ) | 1,014,667 |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Syntiga Limited is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| GOING CONCERN |
| The company had a pre-tax profit of £594,517 (2023 - £1,822,400) for the year and had surplus shareholder funds of £2,016,585 (2023 - £2,757,432) at the balance sheet date. |
| The company continues to trade profitably with very strong liquidity. |
| Based on the above, the director is of the opinion the company will be able to meets its liabilities as they fall due for payment for the foreseeable future being a period of not less than 12 months following the approval of these financial statements. |
| Accordingly, the director is of the opinion the use of the going concern basis for preparation of the financial statements is appropriate. |
| TURNOVER |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is recognised on despatch of goods. |
| TANGIBLE FIXED ASSETS |
| Short leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer software | - |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| FINANCIAL INSTRUMENTS |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments. |
| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with 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. |
| Basic financial assets |
| Basic financial assets, which include trade and other receivable and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other payables and loans from related companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within on year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| FOREIGN CURRENCIES |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Rentals payable under the operating leases are charged against income on a straight line basis over the lease term. |
| 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. |
| LEASING |
| Rentals payable under the operating leases are charged against income on a straight line basis over the lease term. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| Europe |
| United States of America |
| Canada | 393,151 | 310,072 |
| Other | 50,186 | 58,534 |
| Asia - Pacific | 15,377 | 26,451 |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Warehouse | 4 | 4 |
| Administration | 4 | 4 |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Foreign exchange differences | ( |
) |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Interest on overdue tax |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | TAXATION - continued |
| RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Deferred tax credit | (2,092 | ) | (5,168 | ) |
| Effect of change in rate | - | (55,397 | ) |
| Prior year adjustment | (196 | ) | - |
| Total tax charge | 149,503 | 402,346 |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim |
| 9. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and | Motor | Computer |
| leasehold | fittings | vehicles | software | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Finished goods |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts | 29,250 | 27,103 |
| VAT |
| Prepayments |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 51,791 | - |
| Other creditors |
| Accrued expenses |
| 13. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 6,896 | 8,988 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Accelerated capital allowances | (2,092 | ) |
| - reversal |
| Balance at 30 September 2024 |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 10 | 10 |
| SYNTIGA LIMITED (REGISTERED NUMBER: 04537429) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 September 2024 |
| 16. | ULTIMATE PARENT COMPANY |
| SD International Limited (incorporated in Jersey ) is regarded by the director as being the company's ultimate parent company. |
| 17. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| At the balance sheet date £29,250 (2023 - £27,103) was owed to the company by the director, Mr Singh. The company charged interest totalling £645 (2023 - £531) on this loan. |
| 18. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by Mr. H Singh. |