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COMPANY REGISTRATION NUMBER: SC659307
Dyneval Limited
Filleted Unaudited Financial Statements
30 April 2024
Dyneval Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed Assets
Intangible assets
5
1,177,357
852,292
Tangible assets
6
51,703
57,648
------------
---------
1,229,060
909,940
Current Assets
Stocks
141,767
184,486
Debtors
7
35,650
39,612
Cash at bank and in hand
364,368
490,988
---------
---------
541,785
715,086
Creditors: amounts falling due within one year
8
145,913
116,226
---------
---------
Net Current Assets
395,872
598,860
------------
------------
Total Assets Less Current Liabilities
1,624,932
1,508,800
Creditors: amounts falling due after more than one year
9
152,158
22,917
------------
------------
Net Assets
1,472,774
1,485,883
------------
------------
Capital and Reserves
Called up share capital
2,493
2,493
Share premium account
1,638,138
1,638,138
Profit and loss account
( 167,857)
( 154,748)
------------
------------
Shareholders Funds
1,472,774
1,485,883
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dyneval Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Dr T Wood
Director
Company registration number: SC659307
Dyneval Limited
Notes to the Financial Statements
Year Ended 30 April 2024
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3rd Floor, City Point, 65 Haymarket Terrace, Edinburgh, EH12 5HD.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The Directors have prepared detailed forecasts, inclusive of sensitivity analysis and as at the date of signing the accounts, the company was on track to fulfil the forecasted commercial traction. On this basis and with the ongoing support of the shareholder base, the Directors believe that the company can continue trading for a period of at least 12 months from the date of signing these financial statements and therefore the financial statements have been prepared on a going concern basis.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and Development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
SaaS Units
-
33% reducing balance
Equipment
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 13 ).
5. Intangible Assets
Development costs
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 May 2023
859,139
37,962
897,101
Additions
349,664
8,521
358,185
------------
--------
------------
At 30 April 2024
1,208,803
46,483
1,255,286
------------
--------
------------
Amortisation
At 1 May 2023
44,809
44,809
Charge for the year
33,120
33,120
------------
--------
------------
At 30 April 2024
77,929
77,929
------------
--------
------------
Carrying amount
At 30 April 2024
1,130,874
46,483
1,177,357
------------
--------
------------
At 30 April 2023
814,330
37,962
852,292
------------
--------
------------
6. Tangible Assets
Plant and machinery
SaaS units
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
45,356
14,875
26,944
87,175
Additions
12,750
1,771
14,521
--------
--------
--------
---------
At 30 April 2024
45,356
27,625
28,715
101,696
--------
--------
--------
---------
Depreciation
At 1 May 2023
19,319
2,903
7,305
29,527
Charge for the year
8,592
6,522
5,352
20,466
--------
--------
--------
---------
At 30 April 2024
27,911
9,425
12,657
49,993
--------
--------
--------
---------
Carrying amount
At 30 April 2024
17,445
18,200
16,058
51,703
--------
--------
--------
---------
At 30 April 2023
26,037
11,972
19,639
57,648
--------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
8,436
8,589
Other debtors
27,214
31,023
--------
--------
35,650
39,612
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,923
12,645
Social security and other taxes
8,217
27,933
Other creditors
113,773
75,648
---------
---------
145,913
116,226
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
152,158
22,917
---------
--------
10. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Dr T Wood
( 72)
( 72)
Dr V Martinez
( 455)
( 455)
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----
( 527)
( 527)
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----