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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Syncron UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover represents amounts receivable for services net of VAT.

Turnover in respect of fixed fee licensing income is recognised from the commencement of initial testing, and spread evenly over the course of the contract.

Turnover in respect of consultancy and support work is recognised on the basis of time spent during the accounting period, to the extent that the value of the service provided is expected to be fully recoverable. In respect of any fixed price contracts, provision is made against any potentially loss making contracts in order to bring revenue recognised back into line with the stage of completion of the contract at the balance sheet date.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade debtors, balances due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. At the current and prior year end, all financial assets are receivable within one year.

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities, including trade creditors, accruals and deferred income are initially recognised at transaction price, and subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised. At the current and prior year end, all financial liabilities are payable within one year.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These are based on historical experience and other relevant factors. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.

In the judgement of the directors, key estimates are in respect of bad debts and revenue recognition for fixed price contracts. The company takes a prudent attitude to estimates in both areas.

The average monthly number of persons (including directors) employed by the company during the year was:42

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

The company has taken advantage of the exemption in FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

The ultimate parent company is Syncron AB, a company incorporated in Sweden. Syncron AB prepares consolidated financial statements and copies can be obtained from Syncron International AB, Ostra Jarnvagsgaten 27, SE-111, 20 Stockholm, Sweden. No single party is recognised as controlling the ultimate parent company, although Summit Partners SNC and Hektor Invest AS each hold a large, non controlling interest.