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Registration number: 13628333

Dynamic Code Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Dynamic Code Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

Dynamic Code Ltd

Company Information

Director

E K F Erhardt Winiarski

Registered office

Sweden House
5 Upper Montagu Street
London
W1H 2AG

Independent auditors

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Dynamic Code Ltd

(Registration number: 13628333)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Receivables

4

796

27,278

Cash at bank and in hand

 

49,058

11,526

 

49,854

38,804

Payables: Amounts falling due within one year

5

(37,953)

(362,220)

Net assets/(liabilities)

 

11,901

(323,416)

Equity

 

Called up share capital

6

1

1

Retained earnings

11,900

(323,417)

Shareholders' funds/(deficit)

 

11,901

(323,416)

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

The financial statements of Dynamic Code Ltd were approved and authorised for issue by the director on 12 July 2024
 

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

E K F Erhardt Winiarski
Director

 

Dynamic Code Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

Dynamic Code Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The company has ceased to trade during the year and consequently the going concern concept is no longer appropriate. Therefore the director has not prepared these financial statements on a going concern basis. No adjustment has arisen as a result of ceasing to apply the going concern concept.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and are subject to an insignificant risk of change in value.

 

Dynamic Code Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Receivables

Receivables 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 receivables 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.

Payables

Payables 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.

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

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.

Defined contribution pension obligation

The company contributes into defined contribution pension schemes for the benefit of its employees. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

4

Receivables

2023
£

2022
£

Other receivables

796

27,278

 

Dynamic Code Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

5

Payables

2023
£

2022
£

Due within one year

Trade payables

-

18,417

Amount owed to parent undertaking

34,453

333,183

Social security and other taxes

-

5,652

Other payables

-

1,468

Accruals

3,500

3,500

37,953

362,220

The amount owed to parent undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

6

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

7

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

 

Dynamic Code Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

8

Parent and ultimate parent undertaking

The company's immediate parent is Dynamic Code AB, incorporated in Sweden.

 The most senior parent entity producing publicly available financial statements is Dynamic Code AB. These financial statements are available upon request from Wallenbergs gata 1, 583 30 Linköping, Sweden.

9

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements other than the cessation of the company's trade.

10

Audit report

The Independent Auditor's Report was unqualified. We draw attention to Note 2 to the financial statements which explains that the company has ceased to trade during the year and therefore the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter. The name of the Senior Statutory Auditor who signed the audit report on 12 July 2024 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.