Synthesis Wealth Management Limited - Period Ending 2021-03-31
Synthesis Wealth Management Limited - Period Ending 2021-03-31
Registration number:
Synthesis Wealth Management Limited
(formerly
for the Period from 29 January 2020 to 31 March 2021
Synthesis Wealth Management Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Synthesis Wealth Management Limited
Company Information
Directors |
Jonathan Michael Barnes Samantha Skuse |
Registered office |
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Accountants |
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Synthesis Wealth Management Limited
Directors' Report for the Period from 29 January 2020 to 31 March 2021
The directors present their report and the financial statements for the period from 29 January 2020 to 31 March 2021.
Incorporation
The company was incorporated on
Change of company name
The company changed its name from
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is financial advice and planning.
Going concern
At the year end the company had net liabilities of £28,506 and it was therefore necessary to consider the appropriateness of preparing the accounts under the going concern basis.
This was the company’s first year of trade and investment was made into infrastructure, marketing and staffing. As well as reinvesting profits earned the directors loaned the company funds and the balance owed to them at the year end was £26,739. They have also confirmed their ongoing support of the business to enable it to meet its liabilities as they fall due.
It is therefore appropriate to apply the going concern basis.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Director
.........................................
Director
Synthesis Wealth Management Limited
(Registration number: 12431691)
Balance Sheet as at 31 March 2021
Note |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
2 |
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Profit and loss account |
(28,508) |
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Shareholders' deficit |
(28,506) |
For the financial period ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Synthesis Wealth Management Limited
(Registration number: 12431691)
Balance Sheet as at 31 March 2021
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Synthesis Wealth Management Limited
Notes to the Unaudited Financial Statements for the Period from 29 January 2020 to 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The company was formerly known as Synthesis Connected Wealth Limited.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Synthesis Wealth Management Limited
Notes to the Unaudited Financial Statements for the Period from 29 January 2020 to 31 March 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Synthesis Wealth Management Limited
Notes to the Unaudited Financial Statements for the Period from 29 January 2020 to 31 March 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Synthesis Wealth Management Limited
Notes to the Unaudited Financial Statements for the Period from 29 January 2020 to 31 March 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2021 |
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Depreciation |
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Charge for the period |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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Debtors |
2021 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
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Due within one year |
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Amounts due to related parties |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other payables |
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Accruals |
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Due after one year |
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Loans and borrowings |
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Synthesis Wealth Management Limited
Notes to the Unaudited Financial Statements for the Period from 29 January 2020 to 31 March 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
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No. |
£ |
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1.00 |
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1.00 |
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