REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020 |
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SYNCRONICITY LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020 |
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SYNCRONICITY LIMITED |
SYNCRONICITY LIMITED (REGISTERED NUMBER: 03563803) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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Statement of Financial Position | 1 | to | 2 |
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Notes to the Financial Statements | 3 | to | 7 |
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SYNCRONICITY LIMITED (REGISTERED NUMBER: 03563803) |
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STATEMENT OF FINANCIAL POSITION |
31 MAY 2020 |
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31.5.20 | 31.5.19 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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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 LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
SYNCRONICITY LIMITED (REGISTERED NUMBER: 03563803) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SYNCRONICITY LIMITED (REGISTERED NUMBER: 03563803) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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1. | STATUTORY INFORMATION |
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SYNCRONICITY LIMITED is a
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Registered number: | 03563803 |
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Registered office: | Suite 2, First Floor |
Chase Golf Club |
Pottal Pool Road |
Penkridge |
Staffordshire |
ST19 5RN |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the entity. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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(i) Estimated useful lives and residual values of fixed assets |
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Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods. |
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Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost loss any accumulated amortisation and any accumulated impairment losses. |
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Development costs were being amortised evenly over their estimated useful life of three years. |
SYNCRONICITY LIMITED (REGISTERED NUMBER: 03563803) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
SYNCRONICITY LIMITED (REGISTERED NUMBER: 03563803) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Research and development |
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The company recognises intangible assets as an asset if and only if it is probable that the expected future economic benefits will flow to the company and where the cost of value of the asset can be measured reliably. |
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Development expenditure is recognised as an intangible asset in accordance with FRS 102, if and only if the company can demonstrate all of the following: |
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(a) The technical feasibility of completing the intangible asset so that it will be available for use of sale. |
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(b) Its intention to complete the intangible asset and use or sell it. |
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(c) Its ability to use or sell the intangible asset. |
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(d) How the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the |
intangible asset itself or, it is to be used internally, the usefulness of the intangible asset. |
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(e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. |
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(f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development. |
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Expenditure arising from research (or on the research phase of an internal project) and expenditure that does not meet the conditions of development expenditure above is recognised as an expense when it is incurred and written off to the profit and loss account. |
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Development costs that are recognised as an intangible asset are amortised straight line over the estimated period of sale for which these units are expected to be sold as. The amortisation commences when the intangible asset is available to use. |
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Development expenditure that is recognised as an intangible asset is reviewed at the end of each accounting period and where there is no commitment by a third party to purchase the asset at the end of its useful life or where there is not an active market for the asset and the residual value can not be determined by reference to that market; and it is not probable that such a market will exist at the end of the asset's useful life then the intangible asset is written off to the profit and loss account. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SYNCRONICITY LIMITED (REGISTERED NUMBER: 03563803) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
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COST |
At 1 June 2019 |
and 31 May 2020 |
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AMORTISATION |
At 1 June 2019 |
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Amortisation for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Short | and | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2019 |
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Additions |
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At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.20 | 31.5.19 |
£ | £ |
Trade debtors |
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Other debtors |
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SYNCRONICITY LIMITED (REGISTERED NUMBER: 03563803) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.20 | 31.5.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | RELATED PARTY DISCLOSURES |
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All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material. |