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Registration number: 09626212

Dynamically1 Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Dynamically1 Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Dynamically1 Ltd

Company Information

Director

Mr P Brown

Registered office

2 Lea Close
Clitheroe
Lancashire
BB7 2RS

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Dynamically1 Ltd
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dynamically1 Ltd for the year ended 30 June 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Dynamically1 Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Dynamically1 Ltd and state those matters that we have agreed to state to the Board of Directors of Dynamically1 Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dynamically1 Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dynamically1 Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dynamically1 Ltd. You consider that Dynamically1 Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dynamically1 Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

12 March 2024

 

Dynamically1 Ltd

(Registration number: 09626212)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

17,898

14,991

Current assets

 

Debtors

5

146,611

121,294

Cash at bank and in hand

 

7,634

5,900

 

154,245

127,194

Creditors: Amounts falling due within one year

6

(137,449)

(96,417)

Net current assets

 

16,796

30,777

Total assets less current liabilities

 

34,694

45,768

Creditors: Amounts falling due after more than one year

6

(12,917)

(17,917)

Provisions for liabilities

(4,475)

(2,848)

Net assets

 

17,302

25,003

Capital and reserves

 

Called up share capital

100

1

Retained earnings

17,202

25,002

Shareholders' funds

 

17,302

25,003

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 March 2024
 

.........................................
Mr P Brown
Director

 

Dynamically1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Lea Close
Clitheroe
Lancashire
BB7 2RS

These financial statements were authorised for issue by the director on 12 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Dynamically1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2022 - 2).

 

Dynamically1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

17,632

17,632

Additions

5,080

5,080

At 30 June 2023

22,712

22,712

Depreciation

At 1 July 2022

2,641

2,641

Charge for the year

2,173

2,173

At 30 June 2023

4,814

4,814

Carrying amount

At 30 June 2023

17,898

17,898

At 30 June 2022

14,991

14,991

5

Debtors

2023
£

2022
£

Prepayments

2,633

2,071

Other debtors

143,978

119,223

146,611

121,294

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

5,000

5,000

Trade creditors

 

1,000

-

Taxation and social security

 

129,753

89,721

Accruals and deferred income

 

1,696

1,696

 

137,449

96,417

 

Dynamically1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

12,917

17,917

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,917

17,917

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,000

8

Related party transactions

Transactions with the director

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr P Brown

119,223

169,645

(144,890)

143,978

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr P Brown

87,847

155,964

(124,588)

119,223

         
       

 

This loan in unsecured, repayable on demand and interest is charged at the official rate.