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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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SYNERGY CAPITAL UK LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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SYNERGY CAPITAL UK LIMITED |
SYNERGY CAPITAL UK LIMITED (REGISTERED NUMBER: 03874266) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SYNERGY CAPITAL UK LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
SYNERGY CAPITAL UK LIMITED (REGISTERED NUMBER: 03874266) |
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BALANCE SHEET |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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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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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Revaluation reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her responsibilities for: |
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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. |
SYNERGY CAPITAL UK LIMITED (REGISTERED NUMBER: 03874266) |
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BALANCE SHEET - continued |
31 December 2017 |
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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 director on
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SYNERGY CAPITAL UK LIMITED (REGISTERED NUMBER: 03874266) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Synergy Capital UK Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates and |
these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the |
period of the revision and future periods if the revision affects both current and future periods. |
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The items in the financial statements where these judgements and estimates have been made include the useful |
economic life of tangible fixed assets, the depreciation of these assets and the recoverability of debtors. |
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Revenue |
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, |
and is recognised as follows: |
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Rental income: in the rental period. |
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Sales of fixed assets: on completion of the transaction. |
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Tangible fixed assets |
Tangible fixed assets held for the Company's own use are stated at cost less accumulated depreciation and |
accumulated impairment losses. |
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Depreciation is provided at the following annual rates in order to write off each asset over its useful life or, if |
held under a finance lease, over the lease term, whichever is the shorter. |
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Freehold property | - | straight line over 50 years |
Fixtures and fittings | - | straight line over 5 years |
Motor vehicles | - | straight line over 7 years |
Computer equipment | - | straight line over 3 years |
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The cost of land included in freehold property has not been depreciated. |
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Impairment review |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is |
any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable |
amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not |
possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the |
cash-generating unit to which the asset belongs. |
SYNERGY CAPITAL UK LIMITED (REGISTERED NUMBER: 03874266) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities such as trade and other debtors and creditors, bank loans, third party loans, related party |
loans and investments in non-puttable shares. |
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For financial assets measured at amortise cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original |
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any |
impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an asset's carrying amount and best estimate, which is an approximation of the amount that the company would |
receive for the asset if it were to be sold at the balance sheet date. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences between the carrying amounts of assets and |
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. |
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the |
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset |
to be recovered. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which |
the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or |
substantively enacted by the end of the reporting period.' |
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Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in existence for |
the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its |
financial statements. |
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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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SYNERGY CAPITAL UK LIMITED (REGISTERED NUMBER: 03874266) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Cost or valuation at 31 December 2017 is represented by: |
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Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2016 | 1,351,767 | - | - | - | 1,351,767 |
Cost | 1,553,997 | 22,556 | 14,878 | 11,682 | 1,603,113 |
2,905,764 | 22,556 | 14,878 | 11,682 | 2,954,880 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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SYNERGY CAPITAL UK LIMITED (REGISTERED NUMBER: 03874266) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 1,401 | - |
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Deferred |
tax |
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Accelerated capital allowances | 1,401 |
Balance at 31 December 2017 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary shares | £1 | 250 | 250 |
SYNERGY CAPITAL UK LIMITED (REGISTERED NUMBER: 03874266) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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10. | RELATED PARTY DISCLOSURES |
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Foodhaven Limited |
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At the balance sheet date, Foodhaven Limited, a subsidiary company, owed the company £1,121,169 (2016: |
£1,166,045). |
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During the period under review, the company made additional loans totalling £460,888 to Foodhaven Limited |
and two properties, with a net book value of £505,764, were transferred to Synergy Capital UK Limited in |
exchange for a reduction in the level of debt. |
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The loan is interest free, repayable on demand and has been included in other debtors. |
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Key management personnel |
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During the year under review, the company owed key management personnel £1,760,744 (2016: £2,954,377) |
During the year the company repaid loans of £1,193,633.The loan is interest free, repayable on demand and |
included in other creditors. |