Synetica Limited - Period Ending 2022-03-31
Synetica Limited - Period Ending 2022-03-31
Registration number:
Synetica Limited
for the Year Ended 31 March 2022
Synetica Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Synetica Limited
Company Information
Directors |
Mr Sean Williams Mr Richard Laxton Mrs Mary Maureen Williams Mrs Claire Louise Laxton Mr David Norman Mrs Sally Lamming |
Company secretary |
Mr Sean Williams |
Registered office |
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Synetica Limited
(Registration number: 06587747)
Balance Sheet as at 31 March 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
6 |
6 |
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Revaluation reserve |
50,000 |
50,000 |
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Retained earnings |
208,499 |
138,103 |
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Shareholders' funds |
258,505 |
188,109 |
For the financial year ending 31 March 2022 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. |
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.
Approved and authorised by the
Synetica Limited
(Registration number: 06587747)
Balance Sheet as at 31 March 2022
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Synetica Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital incorporated in England and the company registration number is 06587747.
The address of its registered office is:
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
This is the first year the company has adopted FRS102 Section 1A. There were no material adjustments required upon transition to FRS102 section 1A.
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.
Government grants
Grants are included in the profit and loss account on a receivable basis. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance related conditions are met. Where entitlement occurs before is received, the income is accrued.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Synetica Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Tax
The tax expense for the period comprises current and 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Fixtures and fittings |
15% Reducing balance |
Intangible assets
The internally generated software is held at fair value and reviewed annually for impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Going Concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Synetica Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2022 |
2021 |
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Depreciation expense |
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Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 April 2021 |
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At 31 March 2022 |
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Amortisation |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Intangible assets carried at revalued amounts
The fair value of the company's Computer Software was revalued by the directors on
Synetica Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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At 31 March 2021 |
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Stocks |
2022 |
2021 |
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Work in progress |
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Other inventories |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Synetica Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
9,793 |
7,892 |
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Due after one year |
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Loans and borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £