REGISTERED NUMBER: 06015644 (England and Wales)

SYNERGY AUTOMOTIVE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

Page

Balance Sheet

1

Notes to the Financial Statements

2

to

6

FIXED ASSETS

Intangible assets

4

242,338

101,810

Tangible assets

5

381,496

635,797

623,834

737,607

CURRENT ASSETS

Stocks

7,958

-

Debtors

6

3,454,725

2,720,493

Cash at bank and in hand

804,885

675,404

4,267,568

3,395,897

CREDITORS

Amounts falling due within one year

7

2,604,025

1,322,541

NET CURRENT ASSETS

1,663,543

2,073,356

TOTAL ASSETS LESS CURRENT LIABILITIES

2,287,377

2,810,963

PROVISIONS FOR LIABILITIES

-

38,317

NET ASSETS

2,287,377

2,772,646

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

2,286,377

2,771,646

SHAREHOLDERS' FUNDS

2,287,377

2,772,646

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd July 2025 and were signed on its behalf by:

A Whiteley - Director

1.	STATUTORY INFORMATION

Synergy Automotive Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

At the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis.

Turnover

Turnover from the sale of vehicles, vehicle sourcing fees, short term rental of vehicles and commission income associated with arranging contract hire and similar arrangements is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. The point of recognition can range from the date of the order, date of delivery or through to the expiry of the contract.

Intangible assets

Website and software development costs are capitalised when it is probable that future economic benefits attributable to them will flow to the entity.

Ongoing maintenance and research costs are expensed to the profit and loss account.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimate useful life of three years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant & Machinery etc - 25% to 33% on cost

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2024 - 42 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st April 2024

464,855

Additions

39,185

Reclassification/transfer

226,549

At 31st March 2025

730,589

AMORTISATION

At 1st April 2024

363,045

Charge for year

51,420

Reclassification/transfer

73,786

At 31st March 2025

488,251

NET BOOK VALUE

At 31st March 2025

242,338

At 31st March 2024

101,810

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2024

917,298

Additions

611,527

Disposals

(733,798

)

Reclassification/transfer

(226,549

)

At 31st March 2025

568,478

DEPRECIATION

At 1st April 2024

281,501

Charge for year

99,783

Eliminated on disposal

(120,516

)

Reclassification/transfer

(73,786

)

At 31st March 2025

186,982

NET BOOK VALUE

At 31st March 2025

381,496

At 31st March 2024

635,797

Website development has been reclassified as intangible assets at the yearend.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

277,644

351,188

Amounts owed by group undertakings

2,745,979

2,122,655

Other debtors

89,875

92,368

Tax

44,911

87,010

Deferred tax asset

153,480

-

Prepayments and accrued income

142,836

67,272

3,454,725

2,720,493

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

-

498,701

Trade creditors

184,812

205,070

Amounts owed to group undertakings

674,245

65,134

Corporation Tax

-

91,716

Social security and other taxes

160,729

159,032

VAT

140,797

59,016

Other creditors

1,112,423

59,100

Accruals and deferred income

331,019

184,772

2,604,025

1,322,541

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

-

498,701

Non-cancellable

operating leases

2025

2024

£

£

Within one year

84,335

87,735

Between one and five years

184,912

269,247

269,247

356,982

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

-

498,701

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Shaun Pullan ACCA (Senior Statutory Auditor)

for and on behalf of Thomas Coombs Limited

12.	CONTINGENT LIABILITIES

Synergy Automotive Limited is guarantor for a combined loan facility held by Synergy MID Limited. The remaining balance outstanding on the loan is £2,975,000 (2024: £3,354,167)

13.	RELATED PARTY DISCLOSURES

The company has also 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 group companies.

The balance owing from Newable Lending Limited at 31st March 2025 is £1,982,655 (2024: £2,122,655).

Interest was charged on the group balance at a rate between 1.15% and 2.95% above base rate per annum £124,195 (2024: £113,363).

The balance owing from Synergy MID Limited at 31st March 2025 is £763,324 (2024: £65,134 owed to Synergy MID Limited).

The balance owing to Newable Management Services Limited at 31st March 2025 is £550,000 (2024: £nil).

The balance owing to Newable Business Loans at 31st March 2025 is £124,245 (2024: £nil).

14.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Newable Lending Limited and the ultimate parent undertaking, and the smallest and largest group to consolidate these financial statements is Newable Partnership Limited. Both companies are incorporated in Great Britain and registered in England and Wales. Copies of the consolidated financial statements of Newable Partnership Limited can be obtained from 140 Aldersgate Street, London, EC1A 4HY.