Synergy Financial Solutions Limited 30/06/2020 iXBRL

Synergy Financial Solutions Limited 30/06/2020 iXBRL

SYNERGY FINANCIAL SOLUTIONS LIMITED - Company Information

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Company registration number: 06763517
Synergy Financial Solutions Limited
Unaudited filleted financial statements
30 June 2020
Synergy Financial Solutions Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Synergy Financial Solutions Limited
Directors and other information
Director Mr A E Gioserano
Company number 06763517
Registered office Heritage Exchange
South Lane
Elland
HX5 0HG
Business address Heritage Exchange
South Lane
Elland
HX5 0HG
Accountants Hodgson Hey Limited
Heritage Exchange
South Lane
Elland
HX5 0HG
Bankers National Westminster Bank PLC
1 Victoria Place
Holbeck
Leeds
LS11 5AN
Aldermore Bank Plc
Springfield House
76 Wellington Street
Leeds
LS1 2AY
Synergy Financial Solutions Limited
Statement of financial position
30 June 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 182 -
_______ _______
182 -
Current assets
Debtors 5 283,333 2,140
Cash at bank and in hand 696,799 831,598
_______ _______
980,132 833,738
Creditors: amounts falling due
within one year 6 ( 72,412) ( 54,810)
_______ _______
Net current assets 907,720 778,928
_______ _______
Total assets less current liabilities 907,902 778,928
Creditors: amounts falling due
after more than one year 7 ( 50,000) -
_______ _______
Net assets 857,902 778,928
_______ _______
Capital and reserves
Called up share capital 1,001 1,001
Profit and loss account 856,901 777,927
_______ _______
Shareholders funds 857,902 778,928
_______ _______
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 August 2020 , and are signed on behalf of the board by:
Mr A E Gioserano
Director
Company registration number: 06763517
Synergy Financial Solutions Limited
Statement of changes in equity
Year ended 30 June 2020
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2018 1,001 675,594 676,595
Profit for the year 149,533 149,533
_______ _______ _______
Total comprehensive income for the year - 149,533 149,533
Dividends paid and payable ( 47,200) ( 47,200)
_______ _______ _______
Total investments by and distributions to owners - ( 47,200) ( 47,200)
_______ _______ _______
At 30 June 2019 and 1 July 2019 1,001 777,927 778,928
Profit for the year 126,803 126,803
_______ _______ _______
Total comprehensive income for the year - 126,803 126,803
Dividends paid and payable ( 47,829) ( 47,829)
_______ _______ _______
Total investments by and distributions to owners - ( 47,829) ( 47,829)
_______ _______ _______
At 30 June 2020 1,001 856,901 857,902
_______ _______ _______
Synergy Financial Solutions Limited
Notes to the financial statements
Year ended 30 June 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Synergy Financial Solutions Ltd, Heritage Exchange, South Lane, Elland, HX5 0HG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2019: 2 ).
5. Debtors
2020 2019
£ £
Other debtors 283,333 2,140
_______ _______
6. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 27,751 1,908
Corporation tax 29,660 35,075
Social security and other taxes 9,678 9,651
Other creditors 5,323 8,176
_______ _______
72,412 54,810
_______ _______
7. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 50,000 -
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr A E Gioserano ( 4,078) 329,431 ( 42,500) 282,853
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr A E Gioserano ( 2,187) 40,609 ( 42,500) ( 4,078)
_______ _______ _______ _______
9. Controlling party
The company was controlled throughout the year by the director who owns the majority of the issued share capital.