SYNAPSE INFORMATION LIMITED | |
UNAUDITED FINANCIAL STATEMENTS | |
FOR THE YEAR ENDED 31 DECEMBER 2016 | |
SYNAPSE INFORMATION LIMITED | |||
FINANCIAL STATEMENTS | |||
FOR THE YEAR ENDED 31 DECEMBER 2016 | |||
DIRECTOR | |||
Mr B Donnelly | |||
REGISTERED OFFICE | |||
33 Ludgate Hill Birmingham B3 1EH |
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COMPANY REGISTERED NUMBER | |||
07574175 | |||
BANKERS | |||
HSBC Bank plc 44 - 52 Lattimore Road St Albans AL1 3XL |
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SOLICITORS | |||
Geldards LLP Number One Pride Place Pride Park Derby DE24 8QR |
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ACCOUNTANTS | |||
Pointon Young | |||
Chartered Accountants | |||
33 Ludgate Hill Birmingham B3 1EH |
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CONTENTS | |||
Pages | |||
2-3 | Statement of Financial Position | ||
4-9 | Notes to the Financial Statements | ||
page 1 | |
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Company registered number: |
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STATEMENT OF FINANCIAL POSITION AT |
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Note | 2016 | 2015 | |||
£ | £ | £ | |||
FIXED ASSETS | |||||
Intangible assets |
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Property, plant and equipment |
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CURRENT ASSETS | |||||
Debtors |
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Cash at bank and in hand |
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CREDITORS: Amounts falling due within one year |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | ( |
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PROVISIONS FOR LIABILITIES | ( |
( |
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NET ASSETS | £ |
£ |
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CAPITAL AND RESERVES | |||||
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS | £ |
£ |
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The notes on pages 4-9 form part of these financial statements | |
page 2 | |
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Company registered number: |
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STATEMENT OF FINANCIAL POSITION AT |
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Note | 2016 | 2015 | |||
£ | £ | £ |
In approving these financial statements as director of the company I hereby confirm the following: | |||
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. | |||
The financial statements were approved and authorised for issue by the board of directors on |
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Signed on behalf of the board of directors | |||
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The notes on pages 4-9 form part of these financial statements | |
page 3 | |
SYNAPSE INFORMATION LIMITED | |||
NOTES TO THE ACCOUNTS | |||
FOR THE YEAR ENDED 31 DECEMBER 2016 |
1. | SIGNIFICANT ACCOUNTING POLICIES | ||
1a. | Statement of compliance | |||
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Registered office: | ||||
Birmingham B3 1EH |
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These financial statements are the first financial statements that comply with FRS 102. The date of transition is 1 January 2015. | ||||
Information on the impact of the first-time adoption of FRS 102 is set out below. | ||||
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on the equity or profit or loss. | ||||
Basis of accounting | ||||
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1c. | Revenue recognition | |||
Turnover is measured at fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the revenue recognition of turnover are as follows: | ||||
Rendering of services | ||||
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. | ||||
When the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
The notes on pages 4-9 form part of these financial statements | |
page 4 | |
SYNAPSE INFORMATION LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 31 DECEMBER 2016 |
1. | SIGNIFICANT ACCOUNTING POLICIES (CONT.) |
1d. | Taxation | |||
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Intangible assets | ||||
Research and development is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. | ||||
Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows: | ||||
Intangible type | Useful life | |||
Development expenditure | five yrs | |||
Provision is made for any impairment. |
1f. | Property, plant and equipment | ||
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Fixtures, fittings and equipment |
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1g. | Short term debtors and creditors | |||
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1h. | Cash and cash equivalents | |||
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The notes on pages 4-9 form part of these financial statements | |
page 5 | |
SYNAPSE INFORMATION LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 31 DECEMBER 2016 |
1. | SIGNIFICANT ACCOUNTING POLICIES (CONT.) |
1i. | Interest bearing borrowings | |||
All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the transaction price including transaction costs. After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. | ||||
1j. | Leased assets | |||
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1k. | Foreign currencies | |||
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1l. | Employee benefits | |||
When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. | ||||
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1m. | Provisions | |||
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The notes on pages 4-9 form part of these financial statements | |
page 6 | |
SYNAPSE INFORMATION LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 31 DECEMBER 2016 |
2. | DIRECTORS AND EMPLOYEES | ||
The average weekly number of employees during the year were as follows: | |||
2016 | 2015 | ||
No. | No. | ||
Management and administration |
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Production and sales |
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3. | INTANGIBLE FIXED ASSETS | ||
Development | |||
Costs | Total | ||
£ | £ | ||
Cost | |||
Additions |
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At 31 December 2016 |
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Amortisation | |||
At 31 December 2016 |
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Net Book Amounts | |||
At 31 December 2016 | £ |
£ |
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The notes on pages 4-9 form part of these financial statements | |
page 7 | |
SYNAPSE INFORMATION LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 31 DECEMBER 2016 |
4. | PROPERTY, PLANT AND EQUIPMENT | ||
Fixtures & | |||
Equipment | Total | ||
£ | £ | ||
Cost | |||
At 1 January 2016 |
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Additions other than through business combinations |
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At 31 December 2016 |
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Depreciation | |||
At 1 January 2016 |
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For the year |
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At 31 December 2016 |
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Net Book Amounts | |||
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS | 2016 | 2015 |
£ | £ | ||
Trade debtors |
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UK Corporation tax |
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Other debtors |
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£ |
£ |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
2016 | 2015 | ||
£ | £ | ||
Bank loans and overdrafts | 143,883 | 59,362 | |
Trade creditors |
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Other taxes and social security |
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Other creditors |
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Accruals and deferred income |
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£ |
£ |
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The notes on pages 4-9 form part of these financial statements | |
page 8 | |
SYNAPSE INFORMATION LIMITED | |||
NOTES TO THE ACCOUNTS (CONT.) | |||
FOR THE YEAR ENDED 31 DECEMBER 2016 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR | ||
2016 | 2015 | ||
£ | £ | ||
Bank loans and overdrafts |
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Other creditors |
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£ |
£ |
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Analysis of borrowings: | |||
Due within five years: | |||
within 1 year | |||
bank |
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within 1-2 years | |||
bank |
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within 2-5 years | |||
bank |
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£311,670 | £162,695 | ||
The company has granted a charge on all its assets to secure bank loans of £139,286 (2015 -£59,524). |
The notes on pages 4-9 form part of these financial statements | |
page 9 |