Dinghy Tech Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10802742 (England and Wales)

Financial Statements for the Year Ended 31 January 2020

for

Dinghy Tech Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A G M Stevens

J D R Twining

E C A Woodcock

M A Castellucci

G McKernan

REGISTERED OFFICE:

9 Miller Court

Severn Drive

Tewkesbury Business Park

Tewkesbury

Gloucestershire

GL20 8DN

REGISTERED NUMBER:

10802742 (England and Wales)

SENIOR STATUTORY AUDITOR:

Charles Hinitt FCCA

AUDITORS:

Charles Hinitt & Associates Limited

Chartered Certified Accountants &

Statutory Auditors

48 Belle Vue Terrace

Malvern

Worcestershire

WR14 4QG

FIXED ASSETS

Intangible assets

4

138,717

-

Tangible assets

5

1,263

3,429

139,980

3,429

CURRENT ASSETS

Debtors

-

10,285

Cash at bank

23,949

7,580

23,949

17,865

CREDITORS

Amounts falling due within one year

861,298

566,896

NET CURRENT LIABILITIES

(837,349

)

(549,031

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(697,369

)

(545,602

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(697,370

)

(545,603

)

(697,369

)

(545,602

)

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 January 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 6 October 2020 and were signed on its behalf by:

J D R Twining - Director

1.	STATUTORY INFORMATION

Dinghy Tech Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost

Taxation

Taxation for the year comprises current and deferred 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 or deferred 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.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development

expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be

demonstrated.

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.

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.

Going concern

The Directors are required to prepare the statutory financial statements on the going concern basis unless it is

inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the

Directors have also considered the Company’s ability to meet its liabilities as they fall due.

The Directors have also paid special attention to the recent COVID-19 outbreak and the potential associated

impact on the Company.

The Directors have therefore reviewed the current and future financial position of the Company, its cash flows,

and its liquidity position, specifically in respect of the above and the potential disruption to the business arising

from a prolonged period of economic downturn, and any impact that this may have on the future of the industry

both on the markets specifically targeted by the company and the industry as a whole.

Although it is not possible to reliably forecast the length or severity of the COVID-19 outbreak, at the date of

approval of the financial statements, the Directors were confident that the existing reserves and support from

within the Kingsbridge Group together with external facilities will provide sufficient headroom to meet the

forecast cash requirements that may arise from a downturn in activity as a result of the COVID-19 pandemic.

As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern

basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

161,930

At 31 January 2020

161,930

AMORTISATION

Amortisation for year

23,213

At 31 January 2020

23,213

NET BOOK VALUE

At 31 January 2020

138,717

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2019

and 31 January 2020

6,498

DEPRECIATION

At 1 February 2019

3,069

Charge for year

2,166

At 31 January 2020

5,235

NET BOOK VALUE

At 31 January 2020

1,263

At 31 January 2019

3,429

6.	SECURED DEBTS

Royal Bank of Scotland held a fixed and floating charge over the assets of the company together with certain

intellectual property and trademarks owned by the Kingsbridge Group. The charge was satisfied on 16 April

2020.

Ares Capital Corporation hold a fixed and floating charges over the assets and undertakings of the Company.

The charge was created on 5 June 2020 and registered at Companies House on 8 June 2020.

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

The Report of the Auditors was unqualified.

Charles Hinitt FCCA (Senior Statutory Auditor)

for and on behalf of Charles Hinitt & Associates Limited

8.	RELATED PARTY DISCLOSURES

Intercompany - Dinghy Limited

The immediate parent company owning 100% of Dinghy Tech Limited.

At the balance sheet date Dinghy Tech Limited owed £548,056 to Dinghy Limited (2019 : £548,056) which was

included in Creditors Due Within One Year.

The loan carries no liability to interest and is repayable on demand.

Intercompany - Kingsbridge Risk Solutions Limited

A member of the Kingsbridge Group.

At the balance sheet date Dinghy Tech Limited owed £305,950 to Kingsbridge Risk Solutions Limited (2019 :

£16,000). This is included within Creditors Due Within One Year.

The loan carries no liability to interest and is repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Dinghy Limited.

The ultimate controlling party is Kingsbridge Group Limited.