Synome Limited - Period Ending 2015-05-31

Registration number: 06591880

Synome Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2015
 

Synome Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Synome Limited
(Registration number: 06591880)
Abbreviated Balance Sheet at 31 May 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					81,403			10,998
Current assets
Debtors					78,912			63,723
Cash at bank and in hand					168			-
					79,080			63,723
Creditors: Amounts falling due within one year					(47,901)			(66,157)
Net current assets/(liabilities)					31,179			(2,434)
Net assets					112,582			8,564
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					112,482			8,464
Shareholders' funds					112,582			8,564

For the year ending 31 May 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 24 March 2016 and signed on its behalf by:

.........................................
Mr L H Jensen
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
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Synome Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

These financial statements have been prepared on a going concern basis but it should be noted that the company has ceased trading, and the majority of its assets were sold at book value on 1 September 2015. Further, on a balance of probabilities, the legal challenge giving rise to a contingent liability as at the date of the signing of the balance sheet is likely to be successful in Synome Limited's favour so has not been taken into account.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants are credited to other operating income in the profit and loss account as the related expenditure is incurred. Where grants are received in advance they are included within Creditors until such time that the expenditure is incurred.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Lab equipment	20% straight line
Computer equipment	33.33% straight line
Office furniture	20% straight line

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Synome Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2014		114,114			114,114
Additions		107,476			107,476
At 31 May 2015		221,590			221,590
Depreciation
At 1 June 2014		103,116			103,116
Charge for the year		37,071			37,071
At 31 May 2015		140,187			140,187
Net book value
At 31 May 2015		81,403			81,403
At 31 May 2014		10,998			10,998

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

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