Synaptec Ltd - Accounts to registrar (filleted) - small 18.2
Synaptec Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2018 |
| for |
| Synaptec Ltd |
| Synaptec Ltd (Registered number: SC472060) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2018 |
| Page |
| Company Information | 1 |
| Abridged Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 7 |
| Synaptec Ltd |
| Company Information |
| for the Year Ended 31 December 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 10 Newton Terrace |
| Charing Cross |
| Glasgow |
| G3 7PJ |
| Synaptec Ltd (Registered number: SC472060) |
| Abridged Statement of Financial Position |
| 31 December 2018 |
| 31.12.18 | 31.12.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Share premium | 6 |
| Retained earnings | 6 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Synaptec Ltd (Registered number: SC472060) |
| Abridged Statement of Financial Position - continued |
| 31 December 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Synaptec Ltd (Registered number: SC472060) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2018 |
| 1. | STATUTORY INFORMATION |
| Synaptec Ltd is a |
| and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any 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 to profit or loss over the estimated useful life economic lives as follows- |
| -Plant and machinery- Over 5 years on straight line basis |
| -Computer and equipment- 33% on cost. |
| Government grants |
| Grants are accounted for under the accruals model of accounting. Grants relating to expenditure on tangible fixed |
| assets are credited to profit or loss at the same rate as the depreciation on assets to which the grant relates. The |
| deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognized |
| in profit or loss in the same period as the related expenditure. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
| expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to |
| their existing location and condition . |
| Work-in-progress relates to the apportionment of overheads relating to future income yet to be recognized. |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is |
| reduced to its estimated selling price less costs to complete and sell. The impairment is recognized immediately |
| within profit and loss. |
| Taxation |
| 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 statement of financial position date. |
| Synaptec Ltd (Registered number: SC472060) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange |
| rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the |
| balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. |
| Foreign exchange differences arising on translation are recognized in profit or loss. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2018 |
| Additions |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| Synaptec Ltd (Registered number: SC472060) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
| value: | £ | £ |
| Ordinary | 0.001 | 158 | 158 |
| 6. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2018 | ( |
) | 350,904 |
| Profit for the year |
| At 31 December 2018 | ( |
) | 359,186 |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Synaptec Ltd |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual |
| unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
| a Statement of Financial Position. Readers are cautioned that the Abridged Statement of Comprehensive Income |
| and certain other primary statements and the Report of the Directors are not required to be filed with the |
| Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of Synaptec Ltd for the year ended 31 December 2018 which comprise the Abridged Statement of |
| Comprehensive Income, Abridged Statement of Financial Position, Statement of Changes in Equity and the related notes |
| from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
| This report is made solely to the Board of Directors of Synaptec Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Synaptec Ltd and state those matters that we have agreed to state to the Board of Directors of Synaptec Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Synaptec Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Synaptec Ltd. You consider that Synaptec Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Synaptec Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| 10 Newton Terrace |
| Charing Cross |
| Glasgow |
| G3 7PJ |