Registration number: NI643818

Syndeo Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Syndeo Limited

Company Information

Directors

Oliver Lennon Mrs Catherine Ewings

Registered office

299 Ormeau Road BELFAST BT7 3GG

Accountants

McKeague Morgan & Company 27 College Gardens Belfast BT9 6BS

Syndeo Limited

(Registration number: NI643818)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	777,432	426,422
Tangible assets	5	41,528	30,496
		818,960	456,918
Current assets
Debtors	6	186,144	327,073
Cash at bank and in hand		1,049,244	933,886
		1,235,388	1,260,959
Creditors: Amounts falling due within one year	7	(384,916)	(346,568)
Net current assets		850,472	914,391
Total assets less current liabilities		1,669,432	1,371,309
Creditors: Amounts falling due after more than one year	7	(17,818)	(85,337)
Net assets		1,651,614	1,285,972
Capital and reserves
Called up share capital		1	1
Share premium reserve		451,886	451,886
Profit and loss account		1,199,727	834,085
Total equity		1,651,614	1,285,972

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Syndeo Limited

(Registration number: NI643818)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 5 December 2025 and signed on its behalf by:
 

.........................................

Oliver Lennon
Director

Syndeo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
299 Ormeau Road
BELFAST
BT7 3GG

These financial statements were authorised for issue by the Board on 5 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Syndeo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2	Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	20% Reducing balance
Leasehold improvements	10% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Development costs	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Syndeo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2	Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Syndeo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 12).

Syndeo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Internally generated software development costs  £	Total £
Cost or valuation
At 1 January 2024	568,562	568,562
Additions acquired separately	583,307	583,307
At 31 December 2024	1,151,869	1,151,869
Amortisation
At 1 January 2024	142,140	142,140
Amortisation charge	232,297	232,297
At 31 December 2024	374,437	374,437
Carrying amount
At 31 December 2024	777,432	777,432
At 31 December 2023	426,422	426,422

Syndeo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	30,949	19,981	50,930
Additions	-	19,095	19,095
At 31 December 2024	30,949	39,076	70,025
Depreciation
At 1 January 2024	10,897	9,537	20,434
Charge for the year	4,834	3,229	8,063
At 31 December 2024	15,731	12,766	28,497
Carrying amount
At 31 December 2024	15,218	26,310	41,528
At 31 December 2023	20,052	10,444	30,496

Included within the net book value of land and buildings above is £(1,739) (2023 - £Nil) in respect of freehold land and buildings and £16,958 (2023 - £20,053) in respect of short leasehold land and buildings.
 

6

Debtors

	2024 £	2023 £
Trade debtors	28,689	264,802
Prepayments	7,624	5,788
Other debtors	149,831	56,483
	186,144	327,073

Syndeo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

	Note	2024 £	2023 £
Due within one year
Bank loans and overdrafts	8	-	941
Trade creditors		18,000	52,000
Taxation and social security		5,440	24,450
Other creditors		6,440	4,620
Accruals and deferred income		355,036	264,557
		384,916	346,568
Due after one year
Loans and borrowings	8	-	6,519
Other non-current financial liabilities		17,818	78,818
		17,818	85,337

8	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	941

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	6,519