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Synthesis Research Limited
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Unaudited
Financial statements
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for the year ended 31 December 2024
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Registered number: 12038508
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Synthesis Research Limited - Registered number:12038508
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Statement of financial position
As at 31 December 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1
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Synthesis Research Limited - Registered number:12038508
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Statement of financial position (continued)
As at 31 December 2024
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 9 form part of these financial statements.
Page 2
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Synthesis Research Limited
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Notes to the financial statements
for the year ended 31 December 2024
Synthesis Research Limited is a private limited company limited by shares and incorporated in England & Wales on 7 June 2019. The address of the registered office is C/O Buzzacott LLP, 130 Wood Street, London, United Kingdom, EC2V 6DL and the principal place of business of the company is 2 Stephen Street, London W1T 1AN.
The principal activity of the company in the period under review was the provision of research and development services to Synthesis Investment Managment LLC, a company located in USA.
2.Significant accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified
within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the
Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Pound Sterling (£), which is also the functional currency.
The following principal accounting policies have been applied consistently throughout the year.
After reviewing the forecasts and projections the director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. The director has also confirmed that he will continue to provide any additional financial support necessary to ensure that
liabilities of the company are met as and when they fall due.The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company 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.
All revenue arose from services performed within United Kingdom.
All expenses have been accounted for on an accrual basis.
Page 3
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Synthesis Research Limited
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Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
The current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because it excluded items that are never taxable or deductible. The company's current tax liability is calculated using rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is provided in full on timing differences which result in an obligation at the statement of financial position date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rate and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be
recovered. Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Tangible 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:
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 Statement of other comprehensive income.
Short term debtors are measured at transaction price, less any impairment for bad and doubtful debts.
Page 4
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Synthesis Research Limited
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Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
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Cash and cash equivalents
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Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with financial institutions repayable without penalty on notice and other short term highly liquid investments with original maturity of 3 months or less and bank overdrafts.
Short term creditors are measured at the transaction price. Other financial creditors are measured initially at fair value, net of transaction costs.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between
an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position
when there is an 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.
Page 5
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Synthesis Research Limited
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Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
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Foreign currency translation
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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 the statement of comprehensive income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in
the Statement of comprehensive income. All other foreign exchange gains and losses are presented in the statement of comprehensive income.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the companies accounting policies, which are described in note 2, the director is required to make judgments, estimates and assumptions which affect the amounts reported for assets and liabilities as at the period-end date and amounts reported for revenues and expenses during the period. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. However, the nature of estimation means that actual outcomes could differ from those estimates.
There were no significant estimates or judgments made in the year.
The average monthly number of employees, including directors, during the year was 6 (2023 - 7).
Page 6
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Synthesis Research Limited
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Notes to the financial statements
for the year ended 31 December 2024
Page 7
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Synthesis Research Limited
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Notes to the financial statements
for the year ended 31 December 2024
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Due after more than one year
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 8
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Synthesis Research Limited
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Notes to the financial statements
for the year ended 31 December 2024
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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Losses and other deductions
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Page 9
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