Dynistics_Limited - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Dynistics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Red Roofs, Greenway, Hutton Mount, Shenfield, Essex, CM13 2NR.

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

At 31 December 2018 the company had a net liability position of £24,588. The company will be supported by the parent company and other group companies and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

All of the company's financial assets and liabilities are basic and measured at amortised cost.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

The average monthly number of persons (including directors) employed by the company during the year was 12 (2017: 13).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The immediate parent company is Hearn Capital Limited, a company incorporated in England and Wales.

The ultimate parent company is Influential (Holdings) Limited, a company incorporated in England and Wales.

Neither the immediate nor the ultimate parent companies prepare group financial statements as the group is considered to be small.

Influential (Holdings) Limited is not under the control of any one entity or individual.

During the year under review dividends amounting to £75,000 (2017: £190,000) were paid to Hearn Capital Limited, the immediate parent company.

Included in amounts due to group undertakings is an amount of £nil (2017: £100,000) due to Hearn Capital Limited, the immediate parent company.

During the year the company purchased goods and services amounting to £39,580 (2017: £62,881) from Influential Software Services Limited, a company related by virtue of common control. Included within creditors due within one year is an amount of £11,081 (2017: £8,234) due to Influential Software Services Limited.