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Registration number: 10160931

Dymatec Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Dymatec Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Dymatec Ltd

Company Information

Directors

Mr Jeremy David Newton

Mr Vaughn Newton

Mr Carlos Newton

Registered office

Units 11-14 Cemetery Road
Houghton Regis
Luton
Bedfordshire
LU5 5QH

Accountants

T B Tax Services
Bridge House
Pattenden Lane
Marden
Kent
TN12 9QJ

 

Dymatec Ltd

(Registration number: 10160931)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,944,044

2,185,796

Tangible assets

5

185,884

99,852

 

2,129,928

2,285,648

Current assets

 

Stocks

6

1,464,870

1,650,000

Debtors

7

1,651,459

1,317,154

Cash at bank and in hand

 

159,224

158,749

 

3,275,553

3,125,903

Creditors: Amounts falling due within one year

8

(870,213)

(959,368)

Net current assets

 

2,405,340

2,166,535

Total assets less current liabilities

 

4,535,268

4,452,183

Creditors: Amounts falling due after more than one year

8

(1,727,816)

(1,675,804)

Net assets

 

2,807,452

2,776,379

Capital and reserves

 

Called up share capital

9

600

600

Retained earnings

2,806,852

2,775,779

Shareholders' funds

 

2,807,452

2,776,379

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 December 2024 and signed on its behalf by:
 

 

Dymatec Ltd

(Registration number: 10160931)
Balance Sheet as at 30 April 2024

.........................................
Mr Jeremy David Newton
Director

.........................................
Mr Vaughn Newton
Director

 
     
 

Dymatec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Units 11-14 Cemetery Road
Houghton Regis
Luton
Bedfordshire
LU5 5QH
United Kingdom

These financial statements were authorised for issue by the Board on 23 December 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.

 

Dymatec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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

Hire Plant & Machinery

25% reducing balance

Equipment

25% reducing balance

Office Equipment

25% reducing balance

Motor Vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

R&D Costs

25% reducing balance

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.

 

Dymatec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Dymatec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 directors) during the year, was 21 (2023 - 21).

4

Intangible assets

Goodwill
 £

R&D Equipment
 £

Total
£

Cost or valuation

At 1 May 2023

1,200,000

1,337,162

2,537,162

Additions acquired separately

-

5,124

5,124

At 30 April 2024

1,200,000

1,342,286

2,542,286

Amortisation

At 1 May 2023

-

351,366

351,366

Amortisation charge

-

246,876

246,876

At 30 April 2024

-

598,242

598,242

Carrying amount

At 30 April 2024

1,200,000

744,044

1,944,044

At 30 April 2023

1,200,000

985,796

2,185,796

The aggregate amount of research and development expenditure recognised as an expense during the period is £(2,136) (2023 - £852).
 

 

Dymatec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 May 2023

109,753

93,633

1,800

22,489

Additions

-

-

-

743

Disposals

-

-

-

-

At 30 April 2024

109,753

93,633

1,800

23,232

Depreciation

At 1 May 2023

-

70,644

1,665

16,413

Charge for the year

-

5,747

-

1,608

Eliminated on disposal

-

-

-

-

At 30 April 2024

-

76,391

1,665

18,021

Carrying amount

At 30 April 2024

109,753

17,242

135

5,211

At 30 April 2023

5,266

22,989

180

6,076

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

168,512

396,187

Additions

11,100

11,843

Disposals

(8,200)

(8,200)

At 30 April 2024

171,412

399,830

Depreciation

At 1 May 2023

103,171

191,893

Charge for the year

15,381

22,736

Eliminated on disposal

(683)

(683)

At 30 April 2024

117,869

213,946

Carrying amount

At 30 April 2024

53,543

185,884

At 30 April 2023

65,341

99,852

Included within the net book value of land and buildings above is £109,753 (2023 - £5,266) in respect of freehold land and buildings.
 

 

Dymatec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Stocks

2024
£

2023
£

Other inventories

1,464,870

1,650,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,593,106

1,227,895

Other debtors

58,353

89,259

 

1,651,459

1,317,154

 

Dymatec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

83,116

-

Trade creditors

 

200,163

381,162

Taxation and social security

 

212,034

79,206

Accruals and deferred income

 

155,900

5,000

Other creditors

 

219,000

494,000

 

870,213

959,368

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,727,816

1,675,804

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary of £1 each

200

200

200

200

B Ordinary of £1 each

200

200

200

200

C Ordinary of £1 each

200

200

200

200

 

600

600

600

600

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

1,727,816

1,675,804

 

Dymatec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

83,116

-