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Registered number: 07613922 SIPSYNERGY LIMITED UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 JUNE 2025
SIPSYNERGY LIMITED REGISTERED NUMBER: 07613922 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 31,160 |  | 44,925
|  |  | 31,160 |  | 44,925
Current assets |  |  |  |  |
Stocks | 6 | 7,764 |  | 7,764 |
Debtors: amounts falling due within one year | 7 | 470,445 |  | 277,998 |
Cash at bank and in hand | 8 | 335,929 |  | 93,278 |
|  | 814,138 |  | 379,040 |
Creditors: amounts falling due within one year | 9 | (2,600,291) |  | (1,857,198) |
Net current liabilities |  |  | (1,786,153) |  | (1,478,158)
Total assets less current liabilities |  |  | (1,754,993) |  | (1,433,233)
Net liabilities |  |  | (1,754,993) |  | (1,433,233)
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Profit and loss account |  |  | (1,755,093) |  | (1,433,333)
|  |  | (1,754,993) |  | (1,433,233)
Page 1
SIPSYNERGY LIMITED REGISTERED NUMBER: 07613922 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The Directors consider 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 Directors acknowledge their 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. 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:
Mr N Young
Director
Date: 22 October 2025
The notes on pages 3 to 11 form part of these financial statements. Page 2
SIPSYNERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Sipsynergy Limited (registered number 07613922), is a limited liability company incorporated in England and Wales under the Companies Act. The address of its registered office and principal place of business is 17 East Links Tollgate, Chandler's Ford, Eastleigh, England, SO53 3TG. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have assessed the company’s financial position and cash flow forecasts. Taking into account the improving cash burn rate, the growing pipeline, and the continued support of YFM Equity Partners, they believe it remains appropriate to prepare the financial statements on a going concern basis.
| 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 are presented in the Statement of comprehensive income within ''administrative expenses''. Page 3
SIPSYNERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.4 | Revenue
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. Service revenue is recognised over the life of the contract and other charges are recognised in the month in which they are incurred by the customer. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. 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.
| 2.5 | Leases: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. Page 4
SIPSYNERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Pensions
Defined contribution pension plan 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 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 Company in independently administered funds.
| 2.9 | Taxation
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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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. Page 5
SIPSYNERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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. Amortisation is provided on the following bases:
|  |  |  | Computer software | - | 33% | per annum
| 2.11 | Tangible 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:
|  |  |  | Leasehold improvements | - | 10% per annum
|  |  |  | Plant and machinery | - | 25-33% per annum
|  |  |  | Fixtures and fittings | - | 25-33% per annum
|  |  |  | Office equipment | - | 33-50% per annum
|  |  |  | Computer equipment | - | 33% per annum
|  |  |  | Hardware held with third parties | - | 33-50% per annum
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. The Company enters into term contracts with customers that use hardware owned by the Company. With these term contracts being cancellable and the customer having the option to return the goods on completion of the contract, it is considered that the Company retains ownership of the hardware for the duration of the contract. The hardware is depreciated on a straight line basis over the term of contract. Page 6
SIPSYNERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | 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.
| 2.14 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, 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. Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form.
3. | Employees
| The average monthly number of employees, including directors, during the year was 20 (2024 - 25).
Page 7
SIPSYNERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 July 2024 | 8,828
| At 30 June 2025 | 8,828
| Amortisation |
| At 1 July 2024 | 8,828
| At 30 June 2025 | 8,828
| Net book value |
| At 30 June 2025 | -
| At 30 June 2024 | -
Page 8
SIPSYNERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Tangible assets
|  | Leasehold improvements | Plant and machinery | Fixtures and fittings | Office equipment
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 July 2024 | 76,066 | 116,508 | 17,633 | 100,459
| Additions | - | - | - | 2,289
| At 30 June 2025 | 76,066 | 116,508 | 17,633 | 102,748
| Depreciation |  |  |  |
| At 1 July 2024 | 42,101 | 116,508 | 16,474 | 90,658
| Charge for the year on owned assets | 9,268 | - | 536 | 6,250
| At 30 June 2025 | 51,369 | 116,508 | 17,010 | 96,908
| Net book value |  |  |  |
| At 30 June 2025 | 24,697 | - | 623 | 5,840
| At 30 June 2024 | 33,965 | - | 1,159 | 9,801
|  | Computer equipment | Hardware held with third parties | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 July 2024 | 395,475 | 165,695 | 871,836
| Additions | - | - | 2,289
| At 30 June 2025 | 395,475 | 165,695 | 874,125
| Depreciation |  |  |
| At 1 July 2024 | 395,475 | 165,695 | 826,911
| Charge for the year on owned assets | - | - | 16,054
| At 30 June 2025 | 395,475 | 165,695 | 842,965
| Net book value |  |  |
| At 30 June 2025 | - | - | 31,160
| At 30 June 2024 | - | - | 44,925
Page 9
SIPSYNERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 7,764 | 7,764
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 112,558 | 43,902
| Other debtors | 105,783 | 15,380
| Prepayments and accrued income | 89,531 | 73,497
| Tax recoverable | 162,573 | 145,219
|  | 470,445 | 277,998
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 335,929 | 93,278
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 83,268 | 107,965
| Amounts owed to group undertakings | 1,449,258 | 1,470,182
| Other taxation and social security | 63,083 | 102,497
| Other creditors | 11,843 | 9,528
| Accruals and deferred income | 992,839 | 167,026
|  | 2,600,291 | 1,857,198
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
Page 10
SIPSYNERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the 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 amount to £128,176 (2024: £129,391). Contributions totalling £11,843 (2024: £9,528) were payable to the fund at the balance sheet date.
12. | Controlling party
Throughout the year the Company has been controlled by Hosted Network Services Limited, the immediate parent company. The Directors believe there is no ultimate controlling party, for the following reasons: ∙The institutional investor position is managed by YFM Equity Partners LLP on behalf of three separate investment vehicles, ∙All of these investment vehicles are independent of each other, ∙None of them has a majority stake, ∙The largest of these is BSC VCT which is listed on the LSE and invested in by thousands of retail investors.
Page 11