Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01truefalseNon-trading company44falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13246135 2023-04-01 2024-03-31 13246135 2022-04-01 2023-03-31 13246135 2024-03-31 13246135 2023-03-31 13246135 c:Director1 2023-04-01 2024-03-31 13246135 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 13246135 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 13246135 d:CurrentFinancialInstruments 2024-03-31 13246135 d:CurrentFinancialInstruments 2023-03-31 13246135 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13246135 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13246135 d:ShareCapital 2024-03-31 13246135 d:ShareCapital 2023-03-31 13246135 d:RetainedEarningsAccumulatedLosses 2024-03-31 13246135 d:RetainedEarningsAccumulatedLosses 2023-03-31 13246135 c:FRS102 2023-04-01 2024-03-31 13246135 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13246135 c:FullAccounts 2023-04-01 2024-03-31 13246135 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13246135 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 13246135 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 13246135










DYNAMO RECOVERIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024


 
DYNAMO RECOVERIES LIMITED
REGISTERED NUMBER: 13246135

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,163,699
2,861,676

  
5,163,699
2,861,676

Current assets
  

Debtors: amounts falling due within one year
 5 
1
67,469

  
1
67,469

Creditors: amounts falling due within one year
 6 
(6,522,234)
(3,846,977)

Net current liabilities
  
 
 
(6,522,233)
 
 
(3,779,508)

Total assets less current liabilities
  
(1,358,534)
(917,832)

  

Net liabilities
  
(1,358,534)
(917,832)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,358,535)
(917,833)

  
(1,358,534)
(917,832)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
DYNAMO RECOVERIES LIMITED
REGISTERED NUMBER: 13246135
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Jacquelyn James-Varga
Director

Date: 20 March 2025

The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
DYNAMO RECOVERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Dynamo Recoveries Limited is a private company limited by shares, incorporated in the United Kingdom. The registered office is, 60 Churchill Square, Kings Hill, West Malling, ME19 4YU. Its principal activity is that of a non-trading company.
The Company's functional and presentational currency is GBP rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that, having reviewed the Company's cash requirements for the next 12 months from the date of signing the financial statements, they have formed a judgement that the Company has reasonable expectations that adequate resources will be made available by the shareholders so as to continue operations for the foreseeable future.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. A useful life of five years has been determined as appropriate by the directors.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash
Page 3

 
DYNAMO RECOVERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 4 (2023 - 4).

Page 4

 
DYNAMO RECOVERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Intangible assets



Development expenditure

£



Cost


At 1 April 2023
3,427,713


Additions
2,612,444



At 31 March 2024

6,040,157



Amortisation


At 1 April 2023
566,037


Charge for the period on owned assets
310,421



At 31 March 2024

876,458



Net book value



At 31 March 2024
5,163,699




5.


Debtors

2024
2023
£
£


Trade debtors
-
67,468

Other debtors
1
1

1
67,469


Page 5

 
DYNAMO RECOVERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
117,303
-

Trade creditors
7,200
6,000

Other creditors
6,064,043
3,649,698

Accruals and deferred income
333,688
191,279

6,522,234
3,846,977



7.


Contingent assets

In respect of the litigation against Greenberg Traurig LLP, the directors still consider it likely that compensation will be paid to the entity but the court has stayed the case, meaning the directors consider it impracticable to value the claim in 2024 (2023: £7,601,155). 
In respect of the litigation against Mr Nix (2023: £5,322,483) the directors no longer consider it likely that compensation is to be paid to the entity. 
The directors have caused the company to commence a second piece of litigation against Mr Nix and consider it likely that compensation is to be paid to the entity but consider it impracticable to value the claim in 2024. 
No inflow of economic benefit has been recognised during the financial year in respect of any of the litigation referred to above, as the receipt of the compensation is not virtually certain as it is dependent on the outcome of each case.


8.


Related party transactions

Following net movements in the year of £2,414,345 (2023: £2,176,088), at the balance sheet date, Dynamo Recoveries Limited owed £6,064,043 (2023: £3,649,698) to a creditor connected with the directors. This balance is included in other creditors. The loan was unsecured and repayable on demand.


9.


Controlling party

The company was under the control of Ms Rebekah Mercer by virtue of her shareholding.
 
Page 6