SYNAPTEC LTD - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC472060 (Scotland)

SYNAPTEC LTD

Unaudited Financial Statements for the Year Ended 31 December 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Booth

N A Ellis

P Niewczas

P J G Orr

D C N Pratt

SECRETARY:

P J G Orr

REGISTERED OFFICE:

204 George Street

Glasgow

G1 1XW

REGISTERED NUMBER:

SC472060 (Scotland)

FIXED ASSETS

Tangible assets

4

15,622

-

CURRENT ASSETS

Stocks

5

43,959

30,058

Debtors

6

30,093

58,100

Cash at bank

485,474

464,433

559,526

552,591

CREDITORS

Amounts falling due within one year

7

(224,086

)

(148,504

)

NET CURRENT ASSETS

335,440

404,087

TOTAL ASSETS LESS CURRENT LIABILITIES

351,062

404,087

CAPITAL AND RESERVES

Called up share capital

158

158

Share premium

401,487

401,487

Retained earnings

(50,583

)

2,442

351,062

404,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 11 September 2018 and were signed on its behalf by:

P J G Orr - Director

1.	STATUTORY INFORMATION

Synaptec Limited is a private company, limited by shares and registered in Scotland. The company's registered number and registered

office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting

policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK

and Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements

is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The directors believe that notwithstanding current year losses of £87,791, the company's financial statements should be prepared on a going

concern basis on the grounds that current and future sources of funding will be adequate to meet the company's needs for a period of at

least 12 months from the date of approval of these financial statements.

Turnover

Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably

measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax

and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

Interest receivable and payable

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the

manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows -

- Plant and machinery - Over 5 years on a straight line basis.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an

indication of a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable

amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is

recognised immediately as an expense within the profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes expenditure incurred in

acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition.

Work-in-progress relates to the apportionment of overheads relating to future income yet to be recognised.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its estimated selling

price less costs to complete and sell. The impairment loss is recognised immediately within profit or loss.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are

recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised

cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing

transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments

discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of

impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying

amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying

amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Government grants

Grants are accounted for under the accruals model of accounting. Grants relating to expenditure on tangible fixed assets are credited to

profit or loss at the same rate as the depreciation on assets to which the grant relates. The deferred element of grants is included in creditors

as deferred income. Grants of a revenue nature are recognised in profit or loss in the same period as the related expenditure.

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it

relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other

comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively

enacted at the balance sheet date.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences

arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances

are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or

substantively enacted at the balance sheet date.

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.

Research and development

Expenditure on research and development is written off as incurred.

Foreign currencies

Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the

transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional

currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the

company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment

obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by

employees.

3.	STAFF NUMBERS

The average number of employees during the year was 5 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

Additions

18,025

At 31 December 2017

18,025

DEPRECIATION

Charge for year

2,403

At 31 December 2017

2,403

NET BOOK VALUE

At 31 December 2017

15,622

5.

STOCKS

31.12.17

31.12.16

£

£

Work-in-progress

43,959

30,058

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

-

57,600

Other debtors

30,093

500

30,093

58,100

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

10,435

529

Social security and other taxes

6,730

17,424

Other creditors

1,970

130,551

Accruals and deferred income

204,951

-

224,086

148,504

8.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in

an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to

£10,895 (2016 - £8,387). Contributions totalling £1,970 (2016 - £23).