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Registered number: 06528826









SYNAPTIQ HEALTH LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SYNAPTIQ HEALTH LIMITED
 
 
COMPANY INFORMATION


Director
C T Edmonds 




Registered number
06528826



Registered office
1010 Eskdale Road
Winnersh Triangle

Wokingham

 RG41 5TS




Independent auditors
FLB Audit LLP
Chartered Accountants & Statutory Auditors

1010 Eskdale Road

Winnersh Triangle

Wokingham

 RG41 5TS





 
SYNAPTIQ HEALTH LIMITED
 

CONTENTS



Page
Group strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Company balance sheet
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13 - 14
Notes to the financial statements
15 - 37


 
SYNAPTIQ HEALTH LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The director presents the Group Strategic Report for the year ended 31 December 2024.
Synaptiq Health Limited ("Synaptiq Health") is an independent healthcare consultancy & agency network headquartered in London. The principal aim of Synaptiq Health is to provide an external network brand identity, client and project referral, and shared centralised operational services to the three healthcare communications companies within its network; medical communications (Emotive), PR & Advocacy (Beyond) and market access/HEOR (Initiate). Although Synaptiq Health is a 100% shareholder of Emotive (Agency) Limited, it shares a common director with Initiate Consultancy Limited and Beyond PR (Agency) Ltd. 

Business review
 
Following the spinning-out of the PR & Advocacy division to create Beyond PR at the end of 2023 and amidst a challenging medical communications environment, Emotive experienced solid top-line revenue increase in 2024. Significant steps were taken to enhance efficiency resulting in gross and net profitability margin improvement which will continue to be seen further in coming years.
The Group experiences strong cashflows and maintains a substantial cash balance on hand, alongside a conservative dividend policy. Current cashflow forecasts, which allow for a degree of change and are sensitive to such, indicate that the Group will have sufficient cash reserves to pay all obligations within 12 months of signing the financial statements. In summary, the director is comfortable with the financial and operational performance during 2024. We expect this performance to be enhanced in 2025.

Principal risks and uncertainties
 
The main risk to the Group is the performance of its subsidiary company. As talent led businesses, their key risk lies in the ability to attract and retain exceptional talent who are, or can be, trained in the skills required for their work. The companies have taken significant steps to reduce this risk. There is also a risk to client revenue which is mitigated by ensuring a balanced portfolio approach to the company's clients with no single client or therapy area/product accounting for more than 20% of their total fee revenue.
We will continue to focus on working with the network companies to provide exceptional shared services and leveraging the full remit of services to win new business. We may also seek investment to further our ambitions if required.

Financial key performance indicators
 
We consider that our key performance indicators are those that communicate the financial performance and strengths of the group as a whole, those being sales growth of the trading company, gross profit and operating margin.

 



This report was approved by the board on 20 May 2025 and signed on its behalf.



C T Edmonds
Director

Page 1

 
SYNAPTIQ HEALTH LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,225,018 (2023 - £416,865).

The dividends declared to shareholders were £1,100,000 (2023 - £110,000).

Director

The director who served during the year was:

C T Edmonds 

Future developments

We will continue to focus on working with the network companies to provide exceptional shared services and leveraging the full remit of services to win new business. We will seek opportunities which may come through potential acquisitions which may add complementary services or geographical scale. We may also seek investment to further these ambitions if required.

Page 2

 
SYNAPTIQ HEALTH LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

On 31 January 2025, the company declared dividends to shareholders totalling £2,500,000.

Auditors

The auditorsFLB Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 May 2025 and signed on its behalf.
 





C T Edmonds
Director

Page 3

 
SYNAPTIQ HEALTH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYNAPTIQ HEALTH LIMITED
 

Opinion


We have audited the financial statements of Synaptiq Health Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
SYNAPTIQ HEALTH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYNAPTIQ HEALTH LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, 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 is 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SYNAPTIQ HEALTH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYNAPTIQ HEALTH LIMITED (CONTINUED)


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 an Auditors' report 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 Group financial statements.


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:

enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual results that may indicate risks of material misstatement due to fraud;
reading minutes of meetings;
assessing any management override of controls by testing journal entries and other adjustments and reviewing accounting estimates for indications of potential bias;
evaluating any transactions that are unusual or outside the normal course of business; and
maintaining alert to any fraud risks throughout the audit.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.


Page 6

 
SYNAPTIQ HEALTH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYNAPTIQ HEALTH LIMITED (CONTINUED)





Daniel Reid (FCA) (Senior statutory auditor)
  
for and on behalf of
FLB Audit LLP
 
Chartered Accountants
Statutory Auditors
  
1010 Eskdale Road
Winnersh Triangle
Wokingham
RG41 5TS

10 June 2025
Page 7

 
SYNAPTIQ HEALTH LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,973,460
9,282,571

Cost of sales
  
(4,229,008)
(4,585,867)

Gross profit
  
4,744,452
4,696,704

Administrative expenses
  
(2,770,341)
(2,955,767)

Exceptional administrative expenses
 13 
(325,000)
-

Operating profit
 5 
1,649,111
1,740,937

Amounts written off investments
  
-
(829,291)

Interest receivable and similar income
 9 
113,711
2,356

Interest payable and similar expenses
 10 
(11,639)
(22,477)

Profit before taxation
  
1,751,183
891,525

Tax on profit
 11 
(526,165)
(474,660)

Profit for the financial year
  
1,225,018
416,865

  

Foreign exchange (loss)/gain on consolidation
  
(8,013)
-

Other comprehensive income for the year
  
(8,013)
-

Total comprehensive income for the year
  
1,217,005
416,865

Profit for the year attributable to:
  

Owners of the parent Company
  
1,225,018
416,865

  
1,225,018
416,865

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,217,005
416,865

  
1,217,005
416,865

The notes on pages 15 to 37 form part of these financial statements.

Page 8

 
SYNAPTIQ HEALTH LIMITED
REGISTERED NUMBER: 06528826

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
-
1,000,000

Tangible assets
 15 
79,614
118,232

  
79,614
1,118,232

Current assets
  

Debtors: amounts falling due within one year
 17 
2,692,883
2,563,676

Cash at bank and in hand
 18 
3,649,204
3,204,408

  
6,342,087
5,768,084

Creditors: amounts falling due within one year
 19 
(2,063,279)
(2,552,677)

Net current assets
  
 
 
4,278,808
 
 
3,215,407

Total assets less current liabilities
  
4,358,422
4,333,639

Creditors: amounts falling due after more than one year
 20 
-
(83,329)

Provisions for liabilities
  

Deferred taxation
 23 
(15,255)
(24,148)

  
 
 
(15,255)
 
 
(24,148)

Net assets
  
4,343,167
4,226,162


Capital and reserves
  

Called up share capital 
 24 
1,723
1,723

Capital redemption reserve
 25 
21
21

Profit and loss account
 25 
4,341,423
4,224,418

Equity attributable to owners of the parent Company
  
4,343,167
4,226,162

  
4,343,167
4,226,162


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2025.


C T Edmonds
Director

The notes on pages 15 to 37 form part of these financial statements.

Page 9

 
SYNAPTIQ HEALTH LIMITED
REGISTERED NUMBER: 06528826

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
1,244
4,683

Investments
 16 
1,512,272
1,512,272

  
1,513,516
1,516,955

Current assets
  

Debtors: amounts falling due within one year
 17 
76,097
201,400

Cash at bank and in hand
 18 
242,884
1,130,796

  
318,981
1,332,196

Creditors: amounts falling due within one year
 19 
(64,867)
(152,099)

Net current assets
  
 
 
254,114
 
 
1,180,097

Total assets less current liabilities
  
1,767,630
2,697,052

  

Provisions for liabilities
  

Deferred taxation
 23 
-
(520)

  
 
 
-
 
 
(520)

Net assets
  
1,767,630
2,696,532


Capital and reserves
  

Called up share capital 
 24 
1,723
1,723

Capital redemption reserve
 25 
21
21

Profit and loss account brought forward
  
2,694,788
2,747,064

Profit for the year
  
171,098
57,724

Other changes in the profit and loss account

  

(1,100,000)
(110,000)

Profit and loss account carried forward
  
1,765,886
2,694,788

  
1,767,630
2,696,532


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2025.

C T Edmonds
Director

The notes on pages 15 to 37 form part of these financial statements.

Page 10

 
SYNAPTIQ HEALTH LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 January 2023
1,723
21
3,917,553
3,919,297
3,919,297


Comprehensive income for the year

Profit for the year
-
-
416,865
416,865
416,865
Total comprehensive income for the year
-
-
416,865
416,865
416,865


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(110,000)
(110,000)
(110,000)


Total transactions with owners
-
-
(110,000)
(110,000)
(110,000)



At 1 January 2024
1,723
21
4,224,418
4,226,162
4,226,162


Comprehensive income for the year

Profit for the year
-
-
1,225,018
1,225,018
1,225,018

Foreign exchange (loss)/gain on consolidation
-
-
(8,013)
(8,013)
(8,013)
Total comprehensive income for the year
-
-
1,217,005
1,217,005
1,217,005


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,100,000)
(1,100,000)
(1,100,000)


Total transactions with owners
-
-
(1,100,000)
(1,100,000)
(1,100,000)


At 31 December 2024
1,723
21
4,341,423
4,343,167
4,343,167


The notes on pages 15 to 37 form part of these financial statements.

Page 11

 
SYNAPTIQ HEALTH LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
1,723
21
2,747,064
2,748,808


Comprehensive income for the year

Profit for the year
-
-
57,724
57,724
Total comprehensive income for the year
-
-
57,724
57,724


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(110,000)
(110,000)


Total transactions with owners
-
-
(110,000)
(110,000)



At 1 January 2024
1,723
21
2,694,788
2,696,532


Comprehensive income for the year

Profit for the year
-
-
171,098
171,098
Total comprehensive income for the year
-
-
171,098
171,098


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,100,000)
(1,100,000)


Total transactions with owners
-
-
(1,100,000)
(1,100,000)


At 31 December 2024
1,723
21
1,765,886
1,767,630


The notes on pages 15 to 37 form part of these financial statements.

Page 12

 
SYNAPTIQ HEALTH LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,225,018
416,865

Adjustments for:

Amortisation of intangible assets
-
289,454

Depreciation of tangible assets
72,898
63,084

Impairments of fixed assets
-
829,291

Interest paid
11,639
22,477

Interest received
(113,711)
(2,356)

Taxation charge
526,165
474,660

(Increase) in debtors
(129,196)
(695,285)

(Increase)/decrease in amounts owed by joint ventures
(13)
130

(Decrease)/increase in creditors
(441,081)
1,075,398

Increase/(decrease)) in amounts owed to associates
-
(16,910)

Corporation tax (paid)
(474,706)
(455,721)

Exceptional loan write-off
325,000
-

Net cash generated from operating activities

1,002,013
2,001,087


Cash flows from investing activities

Sale of intangible assets
675,000
-

Purchase of tangible fixed assets
(34,280)
(53,106)

Interest received
113,711
2,356

Net cash from investing activities

754,431
(50,750)

Cash flows from financing activities

Repayment of loans
(200,009)
(200,000)

Dividends paid
(1,100,000)
(110,000)

Interest paid
(11,639)
(22,477)

Net cash used in financing activities
(1,311,648)
(332,477)

Net increase in cash and cash equivalents
444,796
1,617,860
Page 13

 
SYNAPTIQ HEALTH LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
3,204,408
1,586,548

Cash and cash equivalents at the end of year
3,649,204
3,204,408


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,649,204
3,204,408

3,649,204
3,204,408


Page 14

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Synaptiq Health Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registered office address is 1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 16

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 18

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Office equipment
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Page 20

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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 profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are
Page 21

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the period. The following are the areas where judgement has been exercised and/or there is considered to be a source of estimation uncertainty that may be regarded as giving rise to the risk of material adjustment to the carrying amounts of asset and liabilities within the next financial period.
Investments and goodwill
Judgement is required in determining whether there are any indicators of whether the carrying value of investments (company) or goodwill (group) is materially impaired. In the event that such indicators are identified, an estimation of the extent to which an impairment has arisen is then required. Such an estimation process takes into account the recoverable amount of such assets based on either their realisable value or the value of cashflows that will be generated therefrom. It has been determined that no indicators of impairment presently exist. 
Useful economic lives
Tangible and intangible fixed assets are amortised over their estimated useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are regularly assessed and may vary depending on several factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are considered. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 
Amounts owed by Group undertakings
Judgement is required in determining whether there are any indicators of whether the amounts due to the company from group undertakings are materially impaired. In the event that such indicators are identified an estimation of the extent to which an impairment has arisen is then required. Taking account of the group’s trading performance and wider financial position, it has been determined that no indicators of impairment presently exist.
Turnover
Revenue from services is accounted for using the stage of completion method. An estimate must be made by management of the stage of completion on projects. 
Bad debt provision
Bad debts are provided when recoverability is considered to be doubtful.

Page 23

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to healthcare communications consultancy and market research.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,274,858
3,446,305

United States
3,994,839
3,733,803

Rest of the world
1,703,763
2,102,463

8,973,460
9,282,571



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
16,124
51,073

Other operating lease rentals
227,594
238,735

Amortisation
-
289,454

Depreciation
72,898
63,084


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
21,210
16,385

Page 24

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,941,294
3,927,270
410,069
564,372

Social security costs
487,021
436,610
58,906
46,514

Cost of defined contribution scheme
227,867
314,246
28,604
21,137

4,656,182
4,678,126
497,579
632,023


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
1
1



Employees
65
71

66
72


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
154,081
156,506

Group contributions to defined contribution pension schemes
8,890
58,890

162,971
215,396


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
113,711
2,356

113,711
2,356

Page 25

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
11,639
22,477

11,639
22,477


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
391,870
398,790


391,870
398,790

Foreign tax


Foreign tax on income for the year
143,188
79,802

143,188
79,802

Total current tax
535,058
478,592

Deferred tax


Origination and reversal of timing differences
(8,893)
(3,932)

Total deferred tax
(8,893)
(3,932)


Tax on profit
526,165
474,660
Page 26

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,751,183
891,525


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
437,796
222,881

Effects of:


Non-tax deductible amortisation of goodwill and impairment
81,250
279,687

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,668
-

Non-taxable income
-
(15,000)

Other differences leading to an increase (decrease) in the tax charge
5,451
(12,908)

Total tax charge for the year
526,165
474,660


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




12.


Dividends

2024
2023
£
£


Ordinary B Shares
1,000,000
-


Ordinary D Shares
50,000
50,000


Ordinary E Shares
50,000
60,000

1,100,000
110,000

Page 27

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Exceptional items

2024
2023
£
£


Loan write-off
325,000
-

325,000
-

The loan write-off relates to amounts owed from a company with common shareholders arising from the sale of Beyond PR (Agency) Limited (see note 29 for further information).


14.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2024
3,618,391


Disposals
(1,000,000)



At 31 December 2024

2,618,391



Amortisation


At 1 January 2024
2,618,391



At 31 December 2024

2,618,391



Net book value



At 31 December 2024
-



At 31 December 2023
1,000,000



All of the Group's intangible fixed assets are held in the Parent Company

Page 28

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets

Group






Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
33,662
107,779
179,239
320,680


Additions
-
-
34,280
34,280



At 31 December 2024

33,662
107,779
213,519
354,960



Depreciation


At 1 January 2024
28,517
63,869
110,062
202,448


Charge for the year on owned assets
4,112
25,108
43,678
72,898



At 31 December 2024

32,629
88,977
153,740
275,346



Net book value



At 31 December 2024
1,033
18,802
59,779
79,614



At 31 December 2023
5,145
43,910
69,177
118,232

Page 29

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           15.Tangible fixed assets (continued)


Company






Fixtures and fittings
Computer equipment
Total

£
£
£

Cost or valuation


At 1 January 2024
18,495
2,500
20,995


Additions
-
260
260



At 31 December 2024

18,495
2,760
21,255



Depreciation


At 1 January 2024
13,812
2,500
16,312


Charge for the year on owned assets
3,699
-
3,699



At 31 December 2024

17,511
2,500
20,011



Net book value



At 31 December 2024
984
260
1,244



At 31 December 2023
4,683
-
4,683






Page 30

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1,512,272



At 31 December 2024
1,512,272





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Emotive (Agency) Limited
1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Spink Holdings Limited
1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS
Ordinary
100%
Beyond PR (Agency) Limited
1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS
Ordinary
100%
Emotive (Agency) Inc
919 North Market Street, Suite 950, Wilmington, New Castle, 19801
Ordinary
100%

On 19 January 2024, Spink Holdings Limited disposed of its shares in Beyond PR (Agency) Limited. On this date, Beyond PR (Agency) Limited ceased to be an indirect subsidiary undertaking.

Page 31

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,022,123
1,927,303
20,372
64,597

Amounts owed by group undertakings
7,804
-
47,529
126,020

Amounts owed by joint ventures and associated undertakings
94
81
-
-

Other debtors
65,701
53,255
-
-

Prepayments and accrued income
597,161
583,037
8,122
10,783

Deferred taxation
-
-
74
-

2,692,883
2,563,676
76,097
201,400



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,649,204
3,204,408
242,884
1,130,796

3,649,204
3,204,408
242,884
1,130,796



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
83,324
200,004
-
-

Trade creditors
114,181
129,580
3,744
60,460

Corporation tax
291,804
223,441
7,596
3,863

Other taxation and social security
122,185
149,923
20,632
31,038

Other creditors
33,548
30,911
3,018
4,820

Accruals and deferred income
1,418,237
1,818,818
29,877
51,918

2,063,279
2,552,677
64,867
152,099


Within bank loans due within one year is an amount of £83,324 (2023: £200,004) secured by way of a fixed and floating charge over the assets of the group. 

Page 32

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
-
83,329

-
83,329


Within bank loans due after more than one year is an amount of £Nil (2023: £83,329) secured by way of a fixed and floating charge over the assets of the group.


21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
83,324
200,004


83,324
200,004

Amounts falling due 1-2 years

Bank loans
-
83,329


-
83,329

Amounts falling due 2-5 years


83,324
283,333


Page 33

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Trade debtors
2,022,123
1,927,303
20,372
64,597

Intercompany balances
7,898
81
47,529
126,020

Accrued income
445,253
447,752
-
-

Other debtors
65,701
53,246
-
-

Financial assets that are debt instruments measured at amortised cost
2,540,975
2,428,382
67,901
190,617


Financial liabilities

Trade creditors
(114,181)
(129,580)
(3,744)
(60,460)

Bank loan
(83,324)
(283,333)
-
-

Accruals
(137,695)
(419,824)
(40,782)
(51,918)

Other creditors
(33,548)
(30,911)
(3,018)
(4,820)

Financial liabilities measured at amortised cost
(368,748)
(863,648)
(47,544)
(117,198)


23.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(24,148)
(28,080)


Charged to profit or loss
8,893
3,932



At end of year
(15,255)
(24,148)

Page 34

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
23.Deferred taxation (continued)

Company


2024
2023


£

£






At beginning of year
(520)
(2,148)


Charged to profit or loss
594
1,628



At end of year
74
(520)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(19,903)
(28,316)
(311)
(1,171)

Pension creditor
4,648
4,168
385
651

(15,255)
(24,148)
74
(520)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



91,021 (2023 - 91,021) Ordinary A shares of £0.01 each
910
910
10,200 (2023 - 10,200) Ordinary B shares of £0.01 each
102
102
56,405 (2023 - 56,405) Ordinary C shares of £0.01 each
564
564
4,200 (2023 - 4,200) Ordinary D shares of £0.01 each
42
42
1,156 (2023 - 1,156) Ordinary E shares of £0.01 each
12
12
9,318 (2023 - 9,318) Ordinary F shares of £0.01 each
93
93

1,723

1,723



25.


Reserves

Capital redemption reserve

Includes share capital repurchased by the company.

Profit and loss account

Includes all current and prior period retained earnings.

Page 35

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
26.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

3,204,408

444,796

3,649,204

Debt due after 1 year

(83,329)

83,329

-

Debt due within 1 year

(200,004)

87,174

(112,830)


2,921,075
615,299
3,536,374


27.


Pension commitments

The company operated a defined contributions pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £227,867 (2023: £314,245). Contributions totalling £29,506 (2023: £28,755) were payable to the fund at the balance sheet date and are included in other creditors.


28.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
59,540
192,408

Later than 1 year and not later than 5 years
17,792
17,792

77,332
210,200

29.


Related party transactions

The company has taken advantage of the exemption allowed by FRS 102 not to disclose transactions with other wholly owned members of the group.
During the year, the shares of Beyond PR (Agency) Limited, subsidiary company of Spink Holdings Limited, were sold to a company jointly owned by the ultimate controlling party for the consideration of £1,000,000. 


30.


Post balance sheet events

On 31 January 2025, the company declared dividends to shareholders totalling £2,500,000.

Page 36

 
SYNAPTIQ HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

31.


Controlling party

Ceriter Investments 2 Limited, a company registered in the United Kingdom, is the ultimate parent company, by virtue of its 54% shareholding in Synaptiq Health Limited.
The ultimate controlling party is C Edmonds, by virtue of his 36% shareholding in Synaptiq Health Limited and his 100% shareholding in Ceriter Investments 2 Limited. 
Consolidated Group financial statements for Ceriter Investments 2 Limited can be obtained from 1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS. 

 
Page 37