Synpulse UK Ltd
Synpulse UK Ltd
Registered number: 09987778
Financial Statements
For The Year Ended
30 June 2023
William Price & Co Limited
Chartered Accountants
Westbury Court Church Road
Westbury On Trym
Bristol
BS9 3EF
Synpulse UK Ltd
Financial Statements
For The Year Ended
30 June 2023
Financial Statements
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| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Synpulse UK Ltd
Balance Sheet
As At
30 June 2023
Balance Sheet
Registered number:
09987778
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (905,294) | (641,031) | |||
Synpulse UK Ltd
Balance Sheet (continued)
As At
30 June 2023
The financial statements were approved by the board of directors on 19 February 2024 and were signed on its behalf by:
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Synpulse UK Ltd
Notes to the Financial Statements
For The Year Ended
30 June 2023
Notes to the Financial Statements
1.
General Information
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
34 High Street
Westbury On Trym
Bristol
Avon
BS9 3DZ
England
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
These financial statements are company's separate financial statements.
These financial statements are prepared in sterling.
The accounts present information about the company only and not the group. The group qualifies as a small group and is therefore exempt from the requirement to prepare consolidated accounts.
2.2.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis. Synpulse UK Limited is supported by its parent company, Synpulse Holding AG.
2.3.
Significant judgements and estimations
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.
2.4.
Turnover
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.
Synpulse UK Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2023
2.5.
Intangible Fixed Assets and Amortisation - Other Intangible
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Development costs
Development costs are recognised as intangible fixed assets where it is probable that the expected future benefits of the asset will be attributable to the company and where the cost or value can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Amortisation method and rate
Licences Straight line over 5 years
Development costs Straight line over 5 years
2.6.
Foreign Currencies
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
2.7.
Pensions
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.
2.8.
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.
2.9.
Trade debtors
Trade debtors are amounts due from customers for 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.
Synpulse UK Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2023
2.10.
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.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 27 (2022: 16)
4.
Intangible Assets
| Other | Development Costs | Total | |
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5.
Investments
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Synpulse UK Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2023
Investments as of both 30th of June 2023 and 30th of June 2022 represent 1 ordinary share (50% of share capital) in the The Delegated Exchange Limited, the company registered in 1 Vincent Square, London, UK, SW1P 2PN. The principal activity of this company is business and domestic software development.
6.
Debtors
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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Trade debtors include amounts due from group undertakings of £755,671 and £452,908 as of 30 June 2023 and 30 June 2022, respectively.
7.
Creditors: Amounts Falling Due Within One Year
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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 |
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| Amounts owed to the parent company |
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Trade creditors include the amounts due to group undertakings of £2,307,773 and £246,309 as of 30 June 2023 and 30 June 2022, respectively.
9.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
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| Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £125,674
(2022 - £57,787).
Synpulse UK Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2023
10.
Pension Commitments
The company operates a defined contribution pension scheme for. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £22,217 (2022: £11,290) were due to the fund. They are included in Other Creditors.
11.
Related Party Transactions
The amount of interests payable to group undertakings is £22,688 and £6,766 in the years ended 30 June 2023 and 30 June 2022, respectively.
12.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13.
Parent and ultimate parent undertaking
The company's immediate parent is Synpulse Holding AG, incorporated in Switzerland.
These financial statements are available upon request from Sonnenbergstrasse 19
CH-6052
Hergiswil
14.
Audit Information
The auditors report on the account of Synpulse UK Ltd for the year ended 30 June 2023 was unqualified
The auditor's report was signed by
David Alan Oakensen, FCA (Senior Statutory Auditor)
(Senior Statutory Auditor)
for and on behalf of
William Price & Co Limited
, Statutory Auditor