Dyalog Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05322189

Dyalog Limited

Audited Financial Statements for the Year Ended 31st December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Kromberg

Dr G W Hetrodt

A Bianchi

SECRETARY:

Mrs A Christensen

REGISTERED OFFICE:

4 High Street

Alton

Hampshire

GU34 1BU

REGISTERED NUMBER:

05322189

AUDITORS:

Sheen Stickland

Chartered Accountants

Statutory Auditors

4 High Street

Alton

Hampshire

GU34 1BU

FIXED ASSETS

Intangible assets

4

108,000

121,500

Tangible assets

5

7,727

8,936

Investments

6

1,501

1,501

117,228

131,937

CURRENT ASSETS

Debtors

7

393,380

529,051

Cash at bank and in hand

1,040,804

819,950

1,434,184

1,349,001

CREDITORS

Amounts falling due within one year

8

(751,078

)

(712,679

)

NET CURRENT ASSETS

683,106

636,322

TOTAL ASSETS LESS CURRENT LIABILITIES

800,334

768,259

CAPITAL AND RESERVES

Called up share capital

10

67,800

67,800

Share premium

11

76,700

76,700

Capital redemption reserve

11

64,000

64,000

Other reserves

11

(113,007

)

(122,536

)

Retained earnings

11

704,841

682,295

SHAREHOLDERS' FUNDS

800,334

768,259

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19th February 2020 and were signed on its behalf by:

M J Kromberg - Director

1.	STATEMENT OF COMPLIANCE

Dyalog Limited is a company limited by shares and is incorporated in England, registration number

05322189. The registered office is 4 High Street, Alton, Hampshire, GU34 1BU.

The financial statements are presented in sterling which is the functional currency of the company

and rounded to the nearest pound.

The financial statements have been prepared in compliance with FRS 102 as it applied to the

financial statements for the year ended 31st December 2019.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A

"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in

the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been

prepared under the historic cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Dyalog Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt

under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated

financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose

related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents amounts invoiced during the year after making any necessary adjustments for

amounts invoiced in advance.

Goodwill

Goodwill was acquired on the transfer of the net assets and trade from the subsidiary undertaking.

Goodwill is fully amortised as at 31st December 2016. Amortisation was being charged over 10

years.

Intangible fixed assets

Intangible fixed assets, being intellectual property rights to software, are being amortised over the

assets estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised when Dyalog Limited becomes party to the

contractual provisions of the financial instrument.

Cash and cash equivalents

These comprise cash at bank.

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for

estimated irrecoverable amounts are recognised in the Profit and Loss account when there is

objective evidence that the asset is impaired.

Creditors

Creditors are not interest bearing and are stated at their nominal value.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate

of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving

at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1st January 2019

and 31st December 2019

1,263,568

135,000

1,398,568

AMORTISATION

At 1st January 2019

1,263,568

13,500

1,277,068

Charge for year

-

13,500

13,500

At 31st December 2019

1,263,568

27,000

1,290,568

NET BOOK VALUE

At 31st December 2019

-

108,000

108,000

At 31st December 2018

-

121,500

121,500

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st January 2019

54,716

38,471

93,187

Additions

-

3,324

3,324

At 31st December 2019

54,716

41,795

96,511

DEPRECIATION

At 1st January 2019

53,624

30,627

84,251

Charge for year

364

4,169

4,533

At 31st December 2019

53,988

34,796

88,784

NET BOOK VALUE

At 31st December 2019

728

6,999

7,727

At 31st December 2018

1,092

7,844

8,936

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2019

and 31st December 2019

1,501

NET BOOK VALUE

At 31st December 2019

1,501

At 31st December 2018

1,501

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Dyalog 2002 Limited

Registered office: 4 High Street, Alton, Hampshire, GU34 1BU

Nature of business: Dormant

%

Class of shares:

holding

Ordinary £1

100.00

2019

2018

£

£

Aggregate capital and reserves

1,500

1,500

Dyalog SIP Trustees Limited

Registered office: Minchens Court Minchens Lane, Bramley, Tadley, Hampshire, RG26 5BH

Nature of business: Trustee of Share Incentive Plan

%

Class of shares:

holding

Ordinary £1

100.00

2019

2018

£

£

Aggregate capital and reserves

1

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

279,257

420,855

Other debtors

19,449

25,027

VAT

11,467

14,431

Prepayments and accrued income

83,207

68,738

393,380

529,051

Also included in other debtors is £19,449 (2018: £19,440) relating to monies held as a rent deposit, a

legal charge is held over this debtor.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

5,474

13,264

Amounts owed to group undertakings

1,501

1,501

Amounts owed to participating interests

36,903

-

Tax

25,268

32,234

Other creditors

4,625

1,019

Accruals

45,608

51,145

Deferred income

631,699

613,516

751,078

712,679

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

38,665

38,665

Between one and five years

57,998

96,663

96,663

135,328

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

59,500

Ordinary shares

£1

59,500

59,500

8,300

A Ordinary shares

£1

8,300

8,300

67,800

67,800

11.

RESERVES

Capital

Retained

Share

redemption

Other

earnings

premium

reserve

reserves

Totals

£

£

£

£

£

At 1st January 2019

682,295

76,700

64,000

(122,536

)

700,459

Profit for the year

287,873

-

-

-

287,873

Dividends

(265,327

)

-

-

-

(265,327

)

SIP shares

-

-

-

9,529

9,529

At 31st December 2019

704,841

76,700

64,000

(113,007

)

732,534

The other reserves relate to shares held in trust by Dyalog SIP Trustee Limited on behalf of a Share

Incentive Plan Trust. The ultimate beneficiary of the Share Incentive Plan Trust are the employees of

Dyalog Limited.

During the year £19,486 (2018: £11,475) was released to the profit and loss account from equity, as

a result of 713 (2018: 705) shares being awarded to employees. In addition the equity account was

increased by £9,957, as a result of 562 shares being forfeited by an employee that left the company

during the year.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Harriet Sergeant (Senior Statutory Auditor)

for and on behalf of Sheen Stickland

13.	POST BALANCE SHEET EVENTS

Since March 2020, the outbreak of Covid-19 has caused material disruptions to businesses around

the world, leading to an economic slowdown. Global equity markets have experienced significant

volatility and weakness. At the date these financial statements were authorised for issue, the

company had not been significantly affected. The company continues to monitor and review the

situation but it estimates the impact on the business will be limited.

The company believes it has sufficient cash reserves for the foreseeable future to withstand any

potential cashflow or operational downturn caused by the impact of Covid-19 and the related

lockdown.

14.	SHARE-BASED PAYMENT TRANSACTIONS

The Dyalog Limited Share Incentive Plan is open to all employees of the company who have been in

employment for more than 18 months. Each employee can be awarded up to £3,600 worth of free

shares in any tax year. Issues of shares may be dependent on employee performance and targets are

agreed with employees on an individual basis.

In 2019, 713 (2018: 705) shares were awarded to 11 (2018: 11) employees at a value of £27.33

(2018: £16.28) per share.

15.	RELATED PARTY DISCLOSURES

Insight Systems APL

A minority shareholder of Dyalog Limited.

During the year Dyalog Limited was charged £435,164 (2018: £451,368) in respect of management

expenses.

As at 31st December 2019 Dyalog Limited owed Insight Systems APL £36,903 (2018: £Nil)