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REGISTERED NUMBER: 09164342 (England and Wales)










REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

SYMPHONY VENTURES LTD

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


SYMPHONY VENTURES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2018







DIRECTORS: J Chapman
J Holder





REGISTERED OFFICE: 35 Great St. Helen's
London
EC3A 6AP





BUSINESS ADDRESS: Hogarth House
136 High Holborn
London
WC1V 6PX





REGISTERED NUMBER: 09164342 (England and Wales)





AUDITORS: Galloways
Statutory Auditor
30 New Road
Brighton
East Sussex
BN1 1BN

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2018


The directors present their report with the financial statements of the company for the year ended 31 December 2018.

Symphony, a Sykes company, is the leading specialist consulting, implementation, and managed services firm focused on 'Future of
Work' technologies. We are global leaders in enterprise digital transformation leveraging Robotic Process Automation (RPA),
Artificial Intelligence (AI), and Robotic Business Process Outsourcing (R-BPO).

Symphony provides its customers with a full suite of services focused on Digital Operations, including training, hosting, and the
provision of our AI-enabled platforms to provide clients with the ability to work more efficiently and effectively. Symphony has
clients in more than 25 countries in every major industry and works with a roster of leading software providers including Automation
Anywhere (AA), Blue Prism, UiPath, Thoughtonomy, NICE Systems, eNate, ABBYY and Celaton. In response to changing market
trends, the company continues to expand its digital ecosystem of tools to offer expanded solutions for clients.

Symphony is the largest global professional services firm specialising on this enterprise automation sphere. Symphony Ventures Ltd
has offices in the United Kingdom, but its subsidiaries have offices in the United States, Poland and India.

REVIEW OF BUSINESS
2018 was a further year of sustained growth and change in the business. The most significant event was the acquisition by Sykes
Inc, a US Nasdaq listed company, of the entire Symphony group on 1 November 2018. We expect there to be limited impact in the
actual business undertaken, but with opportunities to work with other parts of the Sykes group and potentially with other long-term
Sykes' clients. However, we now have the security of a $40 billion market value company behind us securing working capital
support for the next phase of growth.

Total revenue for 2018 was £10.6 million, a 29% increase on 2017 (£8.2 million). Headcount for Symphony Ventures Ltd fell from
69 at the end of 2017 to 61 at the end of 2018 but this was offset by an increase in the headcount of our subsidiaries as there was an
increase in the volume of work carried out on our behalf by the teams in India and Poland. India heads essentially doubled from 20
at the end of 2017 to 39 at the end of 2018.

Gross profit fell from £3.2 million to £1.7 million reflecting several factors. Firstly, there was a significant increase in software sales,
which has a notably lower margin. This went from 11% of turnover to 33%, reflecting the increase demand of the software products
Symphony sells to its clients. The second major impact reflected the growth of the offshore teams, where significant training is
required when they join, increasing the overall costs without benefiting the turnover until the new joiners are ready to work directly
for clients. The third major impact reflects two periods in the year of lower activity, where the staff were recruited in order to
complete a higher volume of client work, but due to delays in certain projects some staff were non-billable for a period. These
factors led to an overall margin % fall from 39% to 16%.

The increase in other administrative costs from £4.4 million to £4.7 million, was driven by the exceptional costs associated with the
refinancing work, which culminated in the takeover offer from Sykes.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors who have held office during the period from 1 January 2018 to the date of this report are as follows:

D R Poole - resigned 1 November 2018
D M Brain - resigned 1 November 2018
P Baker - resigned 1 November 2018
I P Barkin - resigned 1 November 2018
H Alty - resigned 1 November 2018
W J C Thomas - resigned 1 November 2018
J Chapman - appointed 1 November 2018
J Holder - appointed 1 November 2018


SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2018

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law
and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected
to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they
are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that
period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in
business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of
which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order
to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Galloways, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J Chapman - Director


23 September 2019

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SYMPHONY VENTURES LTD


Opinion
We have audited the financial statements of Symphony Ventures Ltd (the 'company') for the year ended 31 December 2018 which
comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a
summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable
law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from
the date when the financial statements are authorised for issue.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the
Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in
our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other
information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is
consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not
identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our
opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take
advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the
Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SYMPHONY VENTURES LTD


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due
to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them
in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the
opinions we have formed.




COLIN YOUNG (Senior Statutory Auditor)
for and on behalf of Galloways
Statutory Auditor
30 New Road
Brighton
East Sussex
BN1 1BN

24 September 2019

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2018

2018 2017
Notes £    £   

TURNOVER 10,579,599 8,161,837

Cost of sales 8,917,030 4,997,644
GROSS PROFIT 1,662,569 3,164,193

Administrative expenses 4,685,055 4,439,512
OPERATING LOSS (3,022,486 ) (1,275,319 )

Interest receivable and similar income 1,959 620
(3,020,527 ) (1,274,699 )

Interest payable and similar expenses 181,326 77,935
LOSS BEFORE TAXATION (3,201,853 ) (1,352,634 )

Tax on loss 5 (484,045 ) 2,524
LOSS FOR THE FINANCIAL YEAR (2,717,808 ) (1,355,158 )

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

BALANCE SHEET
31 DECEMBER 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 2,483 4,966
Tangible assets 8 1,991 44,370
Investments 9 3,277 3,283
7,751 52,619

CURRENT ASSETS
Debtors 10 2,408,060 2,186,519
Cash at bank 396,203 1,838,139
2,804,263 4,024,658
CREDITORS
Amounts falling due within one year 11 4,702,274 1,474,636
NET CURRENT (LIABILITIES)/ASSETS (1,898,011 ) 2,550,022
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,890,260

)

2,602,641

CREDITORS
Amounts falling due after more than one year 12 - (2,169,808 )

PROVISIONS FOR LIABILITIES 14 - (8,430 )
NET (LIABILITIES)/ASSETS (1,890,260 ) 424,403

CAPITAL AND RESERVES
Called up share capital 15 378 346
Share premium 16 1,462,374 1,425,904
Share-based payment reserve 16 - 5,342
Capital contribution reserve 16 366,643 -
Retained earnings 16 (3,719,655 ) (1,007,189 )
SHAREHOLDERS' FUNDS (1,890,260 ) 424,403

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 September 2019 and were signed on its behalf by:





J Chapman - Director


SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1 January 2017 263 456,870 25,988

Changes in equity
Total comprehensive income - (1,355,158 ) -
Issue of share capital 83 - 1,399,916
Dividends - (108,901 ) -
Balance at 31 December 2017 346 (1,007,189 ) 1,425,904

Changes in equity
Total comprehensive income - (2,712,466 ) -
Issue of share capital 32 - 36,470
Balance at 31 December 2018 378 (3,719,655 ) 1,462,374
Share-based Capital
payment contribution Total
reserve reserve equity
£    £    £   

Balance at 1 January 2017 9,901 - 493,022

Changes in equity
Total comprehensive income (4,559 ) - (1,359,717 )
Issue of share capital - - 1,399,999
Dividends - - (108,901 )
Balance at 31 December 2017 5,342 - 424,403

Changes in equity
Total comprehensive income (5,342 ) - (2,717,808 )
Capital contribution - 366,643 366,643
Issue of share capital - - 36,502
Balance at 31 December 2018 - 366,643 (1,890,260 )

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018


1. STATUTORY INFORMATION

Symphony Ventures Ltd is a private company, limited by shares , registered in England and Wales. The company's registered
number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
At 31 December 2018, the company has has net liabilities of £1,890,260 (2017: Net assets of £424,403) and made a loss of
£2,717,808 in the year (2017: £1,355,158). The directors forecasts for 2019 and 2020 show the company returning to profit
and this together with the support of the Sykes group, following its acquisition of the company in late 2018, the directors
have a reasonable expectation that the company will continue in operations for the foreseeable future and that it is
appropriate that the financial statements continue to be prepared on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Symphony Ventures Ltd as an individual company and do not contain
consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the
Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly
owned subsidiaries within the group.

Turnover
Turnover represents revenue in respect of software sales, consulting, service and training contracts, net of discounts and
value added tax. Revenue for the sale of software is recognised when the company has transferred the risks and rewards of
ownership to the customer.

Revenue from long term consulting, support and training contracts is recognised by reference to the stage of completion of
the contract determined by the value of services provided at the balance sheet date as a proportion of the total value of the
contract. Where the amount of revenue is contingent on future events, this is only recognised where the amount of revenue
can be measured reliably and it is probable economic benefits will be received. Revenue recognised at the balance sheet date
which has not been invoiced is included in debtors as amounts recoverable on contracts.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any
accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33.3% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, less impairment.


SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


2. ACCOUNTING POLICIES - continued
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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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
Research and development expenditure is written off in the profit and loss account in the period in which it is incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.
Exchange differences are taken into account in arriving at the operating result.

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.

Share options
During the year, the Company operated EMI, CSOP, and non-advantaged share option schemes for certain employees,
engaging in equity settled share based payment transactions in respect of services received. Details of the options within the
scheme are set out in Note 19: Share based payment transactions.

It is the policy of the Company to grant share options that have an exercise price representing fair market value at the date of
grant. Fair market values have been determined by the Board of Directors' taking into account the performance of the
Company and other relevant factors.The method of valuation used is the maintainable earning basis.

Provisions and contingencies
Provisions are recognised in the financial statements when the company has an obligation at the reporting date as a result of
a past event and it is probable that there will be a requirement to transfer economic benefits in settlement, and the amount of
the obligation can be estimated reliably. Significant judgement is required in both the determination of probability and the
determination as to whether the amount can be reliably estimated. In the event the Company determines that an obligation is
not probable, but is reasonably possible, and it is able to develop a reasonable range of a possible loss, the Company will
include disclosures related to such a contingent liability as appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2017 - 53 ) .

4. EXCEPTIONAL ITEMS

Exceptional items of £197,838 (2017: £363,244) are included within administrative expenses in the company's income
statement. These represent costs relating to the raising of funds during the year.

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


5. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2018 2017
£    £   
Current tax:
UK corporation tax (480,235 ) -
Foreign tax 4,620 -
Total current tax (475,615 ) -

Deferred tax (8,430 ) 2,524
Tax on loss (484,045 ) 2,524

During the year, the company claimed and received tax credits in respect of research and development activities conducted in
the years ended 31 December 2016 (£177,752) and 31 December 2017 (£302,483).

6. DIVIDENDS
2018 2017
£    £   
Ordinary shares of 0.1p each
Interim - 108,901

7. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2018
and 31 December 2018 7,449
AMORTISATION
At 1 January 2018 2,483
Amortisation for year 2,483
At 31 December 2018 4,966
NET BOOK VALUE
At 31 December 2018 2,483
At 31 December 2017 4,966

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


8. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2018 4,133 94,557 98,690
Additions - 833 833
Disposals - (63,631 ) (63,631 )
At 31 December 2018 4,133 31,759 35,892
DEPRECIATION
At 1 January 2018 2,389 51,931 54,320
Charge for year 398 17,145 17,543
Eliminated on disposal - (37,962 ) (37,962 )
At 31 December 2018 2,787 31,114 33,901
NET BOOK VALUE
At 31 December 2018 1,346 645 1,991
At 31 December 2017 1,744 42,626 44,370

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2018 3,283
Disposals (6 )
At 31 December 2018 3,277
NET BOOK VALUE
At 31 December 2018 3,277
At 31 December 2017 3,283

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Company Class of shares Shareholding
Symphony Ventures Inc. Ordinary 100%
Symphony Ventures SP Zoo Ordinary 100%
Sym RPA Private Ltd Ordinary 99%


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 1,407,919 1,384,275
Amounts owed by group undertakings 604,591 623,065
Other debtors 56,811 46,307
Tax - 7
Amount recoverable on contracts 109,400 102,000
Prepayments 229,339 30,865
2,408,060 2,186,519

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade creditors 705,442 262,225
Amounts owed to group undertakings 3,211,623 92,715
Social security and other taxes 189,544 127,374
Pension 19,875 12,669
Wages Control - 4,907
VAT 165,430 255,845
Other creditors 13,468 53,326
Unsecured loans - 67,686
Directors' loan accounts - 72,909
Accruals and deferred income 396,892 524,980
4,702,274 1,474,636

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2018 2017
£    £   
Other loans - 2-5 years - 723,269
Other loans more 5yrs instal - 1,446,539
- 2,169,808

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal - 1,446,539

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2018 2017
£    £   
Within one year 251,419 101,545
Between one and five years 143,606 -
395,025 101,545

14. PROVISIONS FOR LIABILITIES
2018 2017
£    £   
Deferred tax
Accelerated capital allowances - 8,430

Deferred
tax
£   
Balance at 1 January 2018 8,430
Unused amounts reversed during year (8,430 )
Balance at 31 December 2018 -

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: £    £   
5,905,173 Ordinary 0.00005p 295 263
656,250 Ordinary B 0.00005p 33 33
49,343,750 Ordinary C 0.000001p 49 49
900,000 Ordinary D 0.000001p 1 1
378 346

Shares were issued during the year as follows:

Cash at premium
655,173 Ordinary shares of 0.00005p for £36,502.20

16. RESERVES
Share-based Capital
Retained Share payment contribution
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 January 2018 (1,007,189 ) 1,425,904 5,342 - 424,057
Deficit for the year (2,717,808 ) (2,717,808 )
Transfer 5,342 - (5,342 ) - -
Capital contribution - - - 366,643 366,643
Cash share issue - 36,470 - - 36,470
At 31 December 2018 (3,719,655 ) 1,462,374 - 366,643 (1,890,638 )

The transfer from the Share-based payment reserve to Retained earnings results from the execution of all issued share
options.

17. CONTINGENT LIABILITIES

The Company has begun discussions with the HMRC regarding the value assigned to granted share options under an EMI
scheme. At the time the options were issued the valuation of the shares did not consider the potential acquisition of the
Company. In the event that the options are determined to have been granted at a discount or to be non-tax advantaged, they
would be subject to income tax and national insurance contributions. The maximum income tax and national insurance
liability exposure is estimated at £1.57 million, of which £367,000 is Employers National Insurance and other charges.

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed amounts to the following directors. These were interest free and repayable on
demand.

2018 2017
Mr D Poole £nil £19,792
Mr D Brain £nil £22,629
Mr I Barkin £nil £20,053
Mr P Baker £nil £10,435

19. POST BALANCE SHEET EVENTS

On 7th March 2019, SEI International Services Sarl (the immediate parent company) made an additional capital contribution
of £3,623,316 in order to allow the repayment of amounts owed to group undertakings of the same amount.

Of the settled liability, £2,822,132 was included in creditors falling due within one year at the balance sheet date.

SYMPHONY VENTURES LTD (REGISTERED NUMBER: 09164342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


20. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is Sykes Inc.

21. SHARE-BASED PAYMENT TRANSACTIONS

During the year, the company made available EMI, CSOP, and non-advantaged schemes in which options were issued to
employees and consultants.

On 31 October 2018, all outstanding share options were exercised, resulting in the issue of 655,173 Ordinary shares.

The following share-based payment transactions took place in the year:




Brought
forward


Granted


Exercised/lapsed

Carried
Forward
Exercise
Period
(years)
Weighted average
Exercise Price per
ordinary share
Brought forward
options:

EMI(13 recipients) 133,560 - 133,560 - 3-10 £0.07487
CSOP(33
recipients)

59,300

-

59,300

-

3-10

£0.07450

22 March 2018
options:

EMI(13 recipients) 54,284 54,284 3-10 £0.06320
CSOP(21
recipients)

-

24,994

24,994


3-10

£0.06320

30 April 2018
CSOP(75
recipients)

-

270,301

270,301

-

3-10

£0.06320

1 August 2018
options:

EMI(53 recipients) - 225,791 225,791 - 3-10 £0.05000
Non-advantaged(73
recipients)

-

256,668

256,668

-

3-10

£0.05000
Total 192,860 832,038 1,024,898 -

The expense recognised in profit and loss account in respect of share options is £nil (2017: credit £4,559).