REGISTERED NUMBER: 15118962 (England and Wales)

SYNERGY MID LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

Page

Balance Sheet

1

Notes to the Financial Statements

2

to

4

CURRENT ASSETS

Debtors

4

3,111,541

3,208,776

CREDITORS

Amounts falling due within one year

5

1,119,324

387,093

NET CURRENT ASSETS

1,992,217

2,821,683

TOTAL ASSETS LESS CURRENT LIABILITIES

1,992,217

2,821,683

CREDITORS

Amounts falling due after more than one year

6

2,625,000

3,004,167

NET LIABILITIES

(632,783

)

(182,484

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(632,883

)

(182,584

)

SHAREHOLDERS' FUNDS

(632,783

)

(182,484

)

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:

R C Thompson - Director

1.	STATUTORY INFORMATION

Synergy Mid Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

15118962

Registered office:

140 Aldersgate Street

London

EC1A 4HY

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.

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.

Going concern

The Company acknowledges it has a net deficit. These financial statements are prepared on a going concern basis. The Company is a wholly owned subsidiary of Newable Partnership Limited. A letter of support has been received from Newable Partnership Limited, the Company's parent undertaking, that confirms that Newable Partnership Limited will provide sufficient financial support to the Company to enable the Company's financial statements for the period ended 31 March 2025 to be prepared on a going concern basis of preparation. A detailed assessment of the Group's consideration of going concern is provided in the notes of the Newable Partnership Limited financial statements which are publicly available. The directors are confident that Newable Partnership Limited has sufficient funds to provide such support as may be required.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

2,999,189

3,064,323

Other debtors

112,352

144,453

3,111,541

3,208,776

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

350,000

350,000

Amounts owed to group undertakings

763,324

-

Other creditors

6,000

37,093

1,119,324

387,093

The company has a combined loan facility of £3,500,000. For further information see note 8.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

2,625,000

3,004,167

The Company holds a combined loan facility of £3,500,000. The first part of the facility of £1,750,000 is repayable in monthly instalments. The second part of £1,750,000 is repayable on termination. Both parts of the combined facility are for five years and are interest-bearing at 7.95% above the Bank of England base rate. The balances outstanding at 31 March 2025 were £1,225,000 (2024: £1,604,167) and £1,750,000 (2024: £1,750,000) respectively.

A debenture is held from Synergy Automotive Limited and Newable Partnership Limited over its assets as security.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

8.	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

9.	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 £2,938,328 (2024: £2,938,328).

The balance owing from Newable Management Services Limited at 31st March 2025 is £60,861 (2024: £60,861).

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

10.	ULTIMATE CONTROLLING PARTY

Newable Lending Limited is the immediate parent undertaking. 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 its website (www.newable.co.uk).