Cynergy UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05290700 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2020

for

Cynergy UK Limited

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

453,061

755,102

Tangible assets

5

750

5,028

453,811

760,130

CURRENT ASSETS

Debtors

6

390,171

220,704

Cash at bank and in hand

190,723

143,171

580,894

363,875

CREDITORS

Amounts falling due within one year

358,585

245,080

NET CURRENT ASSETS

222,309

118,795

TOTAL ASSETS LESS CURRENT LIABILITIES

676,120

878,925

CREDITORS

Amounts falling due after more than one year

600,000

1,000,000

NET ASSETS/(LIABILITIES)

76,120

(121,075

)

CAPITAL AND RESERVES

Allotted, called up and fully paid share capital

100

100

Retained earnings

76,020

(121,175

)

SHAREHOLDERS' FUNDS

76,120

(121,075

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 19 February 2021 and were signed by:

Mrs R J L Howard - Director

1.	STATUTORY INFORMATION

Cynergy UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

05290700

Registered office:

Ranyell House

10 Ellerbeck Way

Stokesley Business Park

Stokesley

Middlesbrough

TS9 5JZ

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been drawn up on a going concern basis which is based upon the continued support of the director.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful economic life of seven years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.

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 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2019

1,850,000

Disposals

(462,500

)

At 31 May 2020

1,387,500

AMORTISATION

At 1 June 2019

1,094,898

Amortisation for year

135,289

Eliminated on disposal

(295,748

)

At 31 May 2020

934,439

NET BOOK VALUE

At 31 May 2020

453,061

At 31 May 2019

755,102

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2019

31,773

Disposals

(9,553

)

At 31 May 2020

22,220

DEPRECIATION

At 1 June 2019

26,745

Charge for year

2,700

Eliminated on disposal

(7,975

)

At 31 May 2020

21,470

NET BOOK VALUE

At 31 May 2020

750

At 31 May 2019

5,028

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other debtors

209,145

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

-

1,437

Hire purchase contracts are secured on the assets to which they relate.