REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Applied Dynamics International Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Applied Dynamics International Limited |
Applied Dynamics International Limited (Registered number: 01682794) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
Applied Dynamics International Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
Applied Dynamics International Limited (Registered number: 01682794) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Applied Dynamics International Limited (Registered number: 01682794) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Applied Dynamics International Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis. |
The financial statements are presented in sterling (£) and cover the period to 31st December each year. |
Going concern |
The accounts have been prepared on a going concern basis. This assumes that the company will receive the continued support of its holding company for a period of at least one year from the date the accounts were approved. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
Turnover represents net invoiced sales relating to maintenance contracts and hardware sales. During the year £631,076 of turnover related to overseas sales (2022: £525,000). |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery and equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are stated at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at undiscounted cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at undiscounted cost. |
Applied Dynamics International Limited (Registered number: 01682794) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
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. |
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. Forward foreign currency purchases are initially recognised at fair value on the date they are entered into and are subsequently remeasured at their fair value. Changes in the fair value are recognised in the income statement with the corresponding entry being a derivative asset or liability in the balance sheet. |
Leasing commitments |
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term. |
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. |
Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Applied Dynamics International Limited (Registered number: 01682794) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Improvements | machinery | Fixtures |
to | and | and | Computer |
property | equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Applied Dynamics International Limited (Registered number: 01682794) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | FINANCIAL INSTRUMENTS |
Exposure to foreign currency, credit, liquidity and market risks arise in the normal course of company's business. These risks are limited by the company's financial management policies and practices described below. |
Foreign currency risk |
The company has exposure to foreign currency risks as some of the company's purchases and sales are in a denomination other than sterling. The risk is limited by selling and buying foreign currency as and when the exchange rate favours the company. |
Credit risk |
The company has exposure to credit risks predominantly emanating from its customers. The company's exposure and its customers' credit worthiness is continually monitored so that any potential problems are detected at an early stage. |
Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. |
Market risk |
There is a market risk associated with the fluctuation in demand for the services and products provided by the company. Most of this is mitigated by monitoring the markets continually to ensure that overheads and costs are tailored to the demand for the services and products offered. |
The company holds no derivative financial instruments at the year end. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 150,000 | 150,000 |
10. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2023 | 2022 |
£ | £ |
Amounts owed by parent company | 175,382 | 90,465 |
Sales to parent company | 627,000 | 525,000 |
Expenses rebilled to parent company | 229,505 | 172,531 |
Payments received from parent company | 787,000 | 709,536 |
Payments made to parent company | 90,287 | 94,000 |
These amounts are interest free, repayable upon demand and are included in amounts owed to or by group undertakings. |
11. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent company is Applied Dynamics International Inc, a company incorporated in the USA, which holds 100% of the issued share capital. |
The group financial statements are available from Applied Dynamics International Inc, 3800 Stone School Road, Ann Arbor, MI 48108-2414, USA. |
The group is controlled by the director Mr S James. |