Company No: 03755559 (England and Wales)

Contents

• Company Information
• Directors' Report
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	T Huxley
	P Kapelus (Resigned 16 February 2025)
	B Nenot (Appointed 12 July 2024)
	E O'Keefe

REGISTERED OFFICE	264 Banbury Road
	Oxford
	OX2 7DY
	United Kingdom

COMPANY NUMBER

03755559 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	264 Banbury Road
	Oxford
	OX2 7DY
	United Kingdom

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company during the year was that of social performance and human rights consultancy and training services to international, private, public and not-for-profit clients predominantly in the mining, energy and infrastructure sectors.

GOING CONCERN

The directors have prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

BUSINESS REVIEW

2024 annual financial performance
2024 was a leaner year for Synergy UK, following the last couple of years. Sales were down 27% on the prior year, however a better mix of in-house and associate resourcing enabled an improved gross profit margin percentage. Lower overheads, down £45k compared to 2023, also helped reduce the impact of lower sales. Overall Synergy made a 16% Pre-Tax Profit on Sales (2023 11%), a good result considering the lower sales level.

Synergy Global Consulting - France
Synergy Global Consulting (France) SAS was established in 2019 and has grown steadily since then. In 2024 Sales increased 65% compared to 2023, with a Pre-tax Profit of 4% on Sales (prior year 5%). Synergy France continues to service France-based and Francophone international clients as well as Synergy’s group clients, with over 90% of sales being outside France.

Synergy Global Consulting – South Africa
Synergy Global Consulting Pty (SA) had a marginal dip in performance, following good years in 2021 and 2022, with Sales down by 6%. Less beneficial sales mix meant lower margins, so Synergy SA made a Pre-Tax Profit of 2% on sales (14% in 2023).

Synergy Global Consulting – Senegal
In July 2024, Synergy acquired OSIEC (Overseas Social Impact & Environmental Consultants), an established Senegalese consultancy, strengthening our presence in the region, our Francophone capacity, and our service offering in the energy sector. OSIEC was acquired for a small investment in deal costs, together with loan finance, conditional on successful ongoing performance.





Principal risks and uncertainties
Synergy’s strategy is to continue to build the company as a profitable and sustainable business which is a recognised leader in its field. As well as realising the opportunities in the market, the strategy addresses the principal risks and uncertainties facing the company. These include, but are not limited to:

Changing and uncertain market demands: During 2024 there has been ongoing global economic uncertainty and a range of challenges in some of the specific commodities, geographies, and sectors where Synergy operates. Alongside this, the consultancy sector globally is facing headwinds, and particularly so in the field of ESG / responsible business. The fact that performance held up remarkably well continues to be testament to the strong foundations Synergy has built in maintaining established reputation and relationships, ensuring a balanced portfolio of projects, coupled with adopting innovative approaches to new service offerings. 2024 again continued to see good progress in our strategy to address this market risk through: increasing focus on quality management; broadening our client, geographic and sector base; developing new service areas; more systematic approaches to learning; and improving our approaches to business development and communications. During 2024 Synergy also progressed its plan to broaden employee ownership and to establish local teams and partnerships in other geographic locations, notably with the Senegalese OSIEC team joining the Synergy group.

Staff issues: As a knowledge-based consulting firm, building an excellent team is a central pillar of Synergy’s strategy. Key risks in this area continue to include staff safety, well-being and satisfaction, as well as key staff retention and ongoing professional development. Synergy continued to invest during 2024 in supporting team well-being as well as staff training. Despite the apparent recent slowing down in market demand for social performance and human rights services, as well as the emerging impacts of artificial intelligence (AI) on the professional services marketplace, the jobs market remains highly competitive and therefore staff retention, development, welfare and recruitment, as well as enabling technologies, remain areas for Synergy to focus on.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

T Huxley
P Kapelus	(Resigned 16 February 2025)
B Nenot	(Appointed 12 July 2024)
E O'Keefe

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

Approved by the Board of Directors and signed on its behalf by:

E O'Keefe Director

04 November 2025

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	6,497		5,154
Investments	4	49,913		4,442
		56,410		9,596
Current assets
Debtors	5	1,277,916		615,058
Cash at bank and in hand		146,275		660,147
		1,424,191		1,275,205
Creditors: amounts falling due within one year	6	( 375,194)		( 432,451)
Net current assets		1,048,997		842,754
Total assets less current liabilities		1,105,407		852,350
Creditors: amounts falling due after more than one year	7	( 231,800)		( 17,365)
Provision for liabilities		( 1,625)		( 1,289)
Net assets		871,982		833,696
Capital and reserves
Called-up share capital	8	147		147
Share premium account		65,051		65,051
Profit and loss account		806,784		768,498
Total shareholder's funds		871,982		833,696

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Synergy Global Consulting Limited (registered number: 03755559) were approved and authorised for issue by the Board of Directors on 04 November 2025. They were signed on its behalf by:

E O'Keefe Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Synergy Global Consulting Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 264 Banbury Road, Oxford,, OX2 7DY, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		9

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	30,975		30,975
Additions	4,766		4,766
At 31 December 2024	35,741		35,741
Accumulated depreciation
At 01 January 2024	25,821		25,821
Charge for the financial year	3,423		3,423
At 31 December 2024	29,244		29,244
Net book value
At 31 December 2024	6,497		6,497
At 31 December 2023	5,154		5,154

4. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	4,442
Additions	45,471
At 31 December 2024	49,913
Carrying value at 31 December 2024	49,913
Carrying value at 31 December 2023	4,442

5. Debtors

	2024		2023
	£		£
Trade debtors	218,540		142,604
Amounts owed by Group undertakings	702,048		239,452
Other debtors	357,328		233,002
	1,277,916		615,058

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	28,538		10,077
Trade creditors	43,384		42,438
Amounts owed to Group undertakings	0		52,401
Corporation tax	35,417		83,499
Other taxation and social security	16,922		20,192
Other creditors	250,933		223,844
	375,194		432,451

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	231,800		17,365

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
147 Ordinary shares of £ 1.00 each	147		147

9. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating leases	8,229		7,965

10. Related party transactions

Transactions with owners holding a participating interest in the entity

	2024		2023
	£		£
Amount owed at the year-end by Synergy Global Group Ltd, the companies parent (2023 : owed to).	446		1,869

Transactions with entities in which the entity itself has a participating interest

	2024		2023
	£		£
Sales made by the company to Synergy Global Consulting (Pty) Ltd, it's 49% subsidiary during the year.	137,563		83,057
Amount owed at the year-end by Synergy Global Consulting (Pty) Ltd to the company (2023 : Owed by the company). This amount is shown in amounts owed by group companies. The loan is interest free and there is no date for repayment.	280,223		50,532
Amount owed at the year-end by Synergy Global Holdings (Pty) Ltd owns the remaining 51% shareholding in Synergy Global Consulting (Pty) Ltd. This amount is shown within other debtors. During the year interest of £... (2023 : £5,354) was charged.	47,576		42,933
Sales made by the company to Synergy Global Consulting (France) SAS, it's 100% subsidiary during the year.	33,178		18,780
Amount owed at the year-end by Synergy Global Consulting (France) SAS to the company. This amount is shown in amounts owed by group companies. The loan is interest free and there is no date for repayment.	244,586		239,452
Amount owed at the year-end by OSIEC - Senegal, it's 100% subsidiary. This amount is shown in amounts owed by group companies.	176,793		0

All transactions were made on an arms length basis.

11. Ultimate controlling party

The immediate parent company is Synergy Global Group Limited, a company incorporated in England and Wales. There is no ultimate controlling company.