Fyne Dynamics Limited 04156803 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the manufacture of medical products. Digita Accounts Production Advanced 6.30.9574.0 true true 04156803 2023-02-01 2024-01-31 04156803 2024-01-31 04156803 bus:OrdinaryShareClass1 2024-01-31 04156803 core:CurrentFinancialInstruments 2024-01-31 04156803 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 04156803 core:Non-currentFinancialInstruments 2024-01-31 04156803 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 04156803 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 04156803 core:OfficeEquipment 2024-01-31 04156803 core:PlantMachinery 2024-01-31 04156803 bus:SmallEntities 2023-02-01 2024-01-31 04156803 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04156803 bus:FilletedAccounts 2023-02-01 2024-01-31 04156803 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04156803 bus:RegisteredOffice 2023-02-01 2024-01-31 04156803 bus:CompanySecretary1 2023-02-01 2024-01-31 04156803 bus:Director1 2023-02-01 2024-01-31 04156803 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 04156803 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04156803 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-01 2024-01-31 04156803 core:FurnitureFittings 2023-02-01 2024-01-31 04156803 core:OfficeEquipment 2023-02-01 2024-01-31 04156803 core:PlantMachinery 2023-02-01 2024-01-31 04156803 countries:EnglandWales 2023-02-01 2024-01-31 04156803 2023-01-31 04156803 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 04156803 core:OfficeEquipment 2023-01-31 04156803 core:PlantMachinery 2023-01-31 04156803 2022-02-01 2023-01-31 04156803 2023-01-31 04156803 bus:OrdinaryShareClass1 2023-01-31 04156803 core:CurrentFinancialInstruments 2023-01-31 04156803 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 04156803 core:Non-currentFinancialInstruments 2023-01-31 04156803 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 04156803 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 04156803 core:OfficeEquipment 2023-01-31 04156803 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04156803

Fyne Dynamics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Fyne Dynamics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Fyne Dynamics Limited

Company Information

Director

John Peter McNaughton

Company secretary

Linda Mary McNaughton

Registered office

72 Kingsland
Harlow
Essex
CM18 6XL

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Fyne Dynamics Limited

(Registration number: 04156803)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

(327)

Tangible assets

5

1,093

1,058

 

1,093

731

Current assets

 

Stocks

6

51,871

44,351

Debtors

7

94,874

82,653

Cash at bank and in hand

 

62,770

23,076

 

209,515

150,080

Creditors: Amounts falling due within one year

8

(37,165)

(18,562)

Net current assets

 

172,350

131,518

Total assets less current liabilities

 

173,443

132,249

Creditors: Amounts falling due after more than one year

8

(53,368)

(57,387)

Net assets

 

120,075

74,862

Capital and reserves

 

Called up share capital

9

11,071

11,071

Share premium reserve

106,679

106,679

Retained earnings

2,325

(42,888)

Shareholders' funds

 

120,075

74,862

For the financial year ending 31 January 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 October 2024
 

 

Fyne Dynamics Limited

(Registration number: 04156803)
Balance Sheet as at 31 January 2024

.........................................
John Peter McNaughton
Director

 

Fyne Dynamics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
72 Kingsland
Harlow
Essex
CM18 6XL

These financial statements were authorised for issue by the director on 29 October 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover 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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fyne Dynamics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Plant and machinery

25% reducing balance basis

Fixtures and fittings

33.33% straight line basis

Office equipment

25% reducing balance basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and trademarks

Straight line over 16 years

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.

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.

 

Fyne Dynamics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 0).

 

Fyne Dynamics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 February 2023

13,715

13,715

At 31 January 2024

13,715

13,715

Amortisation

At 1 February 2023

14,042

14,042

Amortisation charge

(327)

(327)

At 31 January 2024

13,715

13,715

Carrying amount

At 31 January 2024

-

-

At 31 January 2023

(327)

(327)

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

104,775

5,163

109,938

Additions

-

399

399

At 31 January 2024

104,775

5,562

110,337

Depreciation

At 1 February 2023

104,240

4,640

108,880

Charge for the year

134

230

364

At 31 January 2024

104,374

4,870

109,244

Carrying amount

At 31 January 2024

401

692

1,093

At 31 January 2023

535

523

1,058

6

Stocks

 

Fyne Dynamics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Work in progress

197

5,490

Other inventories

51,674

38,861

51,871

44,351

7

Debtors

Current

2024
£

2023
£

Trade debtors

47,462

39,425

Prepayments

-

668

Other debtors

47,412

42,560

 

94,874

82,653

 

Fyne Dynamics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

30,221

12,396

Taxation and social security

5,369

4,591

Accruals and deferred income

1,575

1,575

37,165

18,562

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

53,368

57,387

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

11,071

11,071

11,071

11,071

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

53,368

57,387