Dyaco UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11232048 (England and Wales)

Financial Statements for the Year Ended 31 December 2019

for

Dyaco UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr M Lin

REGISTERED OFFICE:

Unit 5 Featherstone Road Mill Square

Wolverton Mill

Milton Keynes

Buckinghamshire

MK12 5ZD

REGISTERED NUMBER:

11232048 (England and Wales)

AUDITORS:

Crouchers Limited

Chartered Accountants & Statutory Auditors

2 Copperhouse Court

Caldecotte Business Park

Milton Keynes

Buckinghamshire

MK7 8NL

FIXED ASSETS

Tangible assets

4

117,509

22,043

CURRENT ASSETS

Stocks

1,341,171

1,208,027

Debtors

5

1,219,041

879,025

Cash at bank and in hand

144,054

178,527

2,704,266

2,265,579

CREDITORS

Amounts falling due within one year

6

3,745,036

2,167,141

NET CURRENT (LIABILITIES)/ASSETS

(1,040,770

)

98,438

TOTAL ASSETS LESS CURRENT LIABILITIES

(923,261

)

120,481

CREDITORS

Amounts falling due after more than one year

7

150,000

1,064,995

NET LIABILITIES

(1,073,261

)

(944,514

)

CAPITAL AND RESERVES

Called up share capital

1,850,000

100

Retained earnings

(2,923,261

)

(944,614

)

(1,073,261

)

(944,514

)

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 director and authorised for issue on 4 December 2020 and were signed by:

Mr M Lin - Director

1.	STATUTORY INFORMATION

Dyaco UK 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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, 20% on cost and at varying rates on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

Going concern

As at 31st December 2019, the company recorded net current liabilities of £923,261 and incurred a net loss of (£1,978,647) during the year . The financial statements have been prepared on going concern basis as the ultimate holding company Dyaco International Inc.will continue to provide such financial support as is necessary to the company to enable the Company to meet it liabilities as and when they fall due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2019

-

23,793

23,793

Additions

100,303

19,312

119,615

At 31 December 2019

100,303

43,105

143,408

DEPRECIATION

At 1 January 2019

-

1,750

1,750

Charge for year

12,310

11,839

24,149

At 31 December 2019

12,310

13,589

25,899

NET BOOK VALUE

At 31 December 2019

87,993

29,516

117,509

At 31 December 2018

-

22,043

22,043

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

(Unaudited)

£

£

Trade debtors

699,203

696,414

Advance payment to suppliers

123,099

-

Other debtors

227,897

3,974

VAT

117,770

58,374

Prepayments and accrued income

51,072

120,263

1,219,041

879,025

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

(Unaudited)

£

£

Trade creditors

258,376

131,972

Amounts owed to group undertakings

3,324,420

1,868,176

Social security and other taxes

56,780

27,308

Pension Cotrol

6,706

6,692

Accruals & deferred income

98,754

132,993

3,745,036

2,167,141

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

(Unaudited)

£

£

Amounts owed to group undertakings

150,000

1,064,995

8.	LEASING AGREEMENTS

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

31.12.19

31.12.18

(Unaudited)

£

£

Within one year

85,000

-

Between one and five years

276,250

-

361,250

-

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

The Report of the Auditors was unqualified.

Darren Croucher (Senior Statutory Auditor)

for and on behalf of Crouchers Limited

10.	RELATED PARTY DISCLOSURES

The immediate and ultimate parent undertaking and controlling party is Dyaco International Inc. which prepares group financial statements. Dyaco International Inc is registered company of Taiwan address 12F, No. 111, Song Jiang Road Chung-Shan District Taipei, 104 Taiwan.

All the intercompany transactions in the year are carried out under normal market condition. As at 31st December 2019 the company owed £3,474,420 (£2,933,171 - 2018) to Dyaco International Inc.

11.	POST BALANCE SHEET EVENTS

On 11th March 2020, the World Health Organisation raised the public health emergency caused by the outbreak of COVID-19 to an international pandemic. The rapid evolution of events, nationally and internationally, represents an unprecedented health crisis, which will impact the macroeconomic environment and the evolution of business. The Group operates in the UK and internationally, which is affected by the pandemic. The business is not significantly impacted by government restrictions on its own working practices or the operations of its customers. Current performance does not indicate a significant adverse effect that would have a detrimental impact on the business's revenues, profits and cash flows.

On 30th November 2020, the company converted £2.5m of debt due to its Parent Company into a 5 year fixed interest loan. Interest is charged at 2.62%.

12.	ULTIMATE CONTROLLING PARTY

Dyaco International Inc owns 100% of the issued share capital of Dyaco UK Limited, and as a result have ultimate control over the company.