Syrap Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10712028

Syrap Ltd

Filleted Unaudited Financial Statements

31 March 2019

Syrap Ltd

Financial Statements

Year ended 31st March 2019

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Syrap Ltd

Officers and Professional Advisers

The board of directors	Mr Fennell
	Mrs Fennell

Registered office	St John's Chambers
	Love Street
	Chester
	CH1 1QN

Accountants	UHY Hacker Young
	Chartered Accountants
	St John's Chambers
	Love Street
	Chester
	Cheshire
	CH1 1QN

Syrap Ltd

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Syrap Ltd

Year ended 31st March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Syrap Ltd for the year ended 31st March 2019, which comprise the statement of financial position 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Syrap Ltd, as a body, in accordance with the terms of our engagement letter dated 18th August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Syrap Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Syrap Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Syrap 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 Syrap Ltd. You consider that Syrap 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 Syrap 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.

UHY Hacker Young Chartered Accountants

St John's Chambers Love Street Chester Cheshire CH1 1QN

16 December 2019

Syrap Ltd

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		572,589	368,096

Current assets

Debtors	6	7,448	5,373
Cash at bank and in hand		29,051	1,865
		---------	--------
		36,499	7,238

Creditors: amounts falling due within one year	7	101,755		102,680
		-----------		-----------
Net current liabilities			65,256	95,442
			-----------	-----------
Total assets less current liabilities			507,333	272,654

Creditors: amounts falling due after more than one year	8	522,945	300,538
		-----------	-----------
Net liabilities		( 15,612)	( 27,884)
		-----------	-----------

Syrap Ltd

Statement of Financial Position (continued)

31 March 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 15,712)	( 27,984)
	---------	---------
Shareholders deficit	( 15,612)	( 27,884)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31st March 2019 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 December 2019 , and are signed on behalf of the board by:

Mr Fennell	Mrs Fennell
Director	Director

Company registration number: 10712028

Syrap Ltd

Notes to the Financial Statements

Year ended 31st March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St John's Chambers, Love Street, Chester, CH1 1QN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis, despite the fact that liabilities exceed assets. The director has given an undertaking to support the company until it returns to a net assets position.

Investment property policy

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	10% reducing balance

Land and Buildings is comprised of freehold investment property which has not been depreciated as is held at fair value, per investment properties note.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1st April 2018	362,690	5,506	368,196
Additions	200,285	5,213	205,498
	-----------	---------	-----------
At 31st March 2019	562,975	10,719	573,694
	-----------	---------	-----------
Depreciation
At 1st April 2018	–	100	100
Charge for the year	–	1,005	1,005
	-----------	---------	-----------
At 31st March 2019	–	1,105	1,105
	-----------	---------	-----------
Carrying amount
At 31st March 2019	562,975	9,614	572,589
	-----------	---------	-----------
At 31st March 2018	362,690	5,406	368,096
	-----------	---------	-----------

6. Debtors

	2019	2018
	£	£
Other debtors	7,448	5,373
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	3,290
Other creditors	101,755	99,390
	-----------	-----------
	101,755	102,680
	-----------	-----------

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

	2019	2018
	£	£
Other creditors	522,945	300,538
	-----------	-----------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr Fennell	( 300,538)	( 222,406)	( 522,944)
	-----------	-----------	-----------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr Fennell	–	( 300,538)	( 300,538)
	--------	-----------	-----------