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

REGISTERED NUMBER: 05322189

Dyalog Limited

Audited Financial Statements for the Year Ended 31st December 2020

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

94,500

108,000

Tangible assets

5

5,124

7,727

Investments

6

1,501

1,501

101,125

117,228

CURRENT ASSETS

Debtors

7

511,347

393,380

Cash at bank and in hand

1,080,636

1,040,804

1,591,983

1,434,184

CREDITORS

Amounts falling due within one year

8

(861,495

)

(751,078

)

NET CURRENT ASSETS

730,488

683,106

TOTAL ASSETS LESS CURRENT LIABILITIES

831,613

800,334

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

(98,652

)

(113,007

)

Retained earnings

11

721,765

704,841

SHAREHOLDERS' FUNDS

831,613

800,334

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 and authorised for issue on 8th March 2021 and were signed on its behalf by:

M J Kromberg - Director

1.	STATEMENT OF COMPLIANCE

Dyalog Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 4 High Street, Alton, Hampshire, GU34 1BU. The registration number is 05322189.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

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.

Covid-19 had a limited impact on the company overall during the financial year.

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 the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents

These comprise cash at bank and other short term liquid investments.

Debtors

Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. 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

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

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 (2019 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1st January 2020

and 31st December 2020

1,263,568

135,000

1,398,568

AMORTISATION

At 1st January 2020

1,263,568

27,000

1,290,568

Charge for year

-

13,500

13,500

At 31st December 2020

1,263,568

40,500

1,304,068

NET BOOK VALUE

At 31st December 2020

-

94,500

94,500

At 31st December 2019

-

108,000

108,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st January 2020

54,716

41,795

96,511

Additions

-

1,887

1,887

Disposals

-

(4,357

)

(4,357

)

At 31st December 2020

54,716

39,325

94,041

DEPRECIATION

At 1st January 2020

53,988

34,796

88,784

Charge for year

364

4,126

4,490

Eliminated on disposal

-

(4,357

)

(4,357

)

At 31st December 2020

54,352

34,565

88,917

NET BOOK VALUE

At 31st December 2020

364

4,760

5,124

At 31st December 2019

728

6,999

7,727

6.	FIXED ASSET INVESTMENTS

Share in

group

undertakings

£

COST

At 1st January 2020

and 31st December 2020

1,501

NET BOOK VALUE

At 31st December 2020

1,501

At 31st December 2019

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

2020

2019

£

£

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

2020

2019

£

£

Aggregate capital and reserves

1

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

403,761

279,257

Other debtors

19,449

19,449

Social security debtor

121

-

VAT

9,600

11,467

Prepayments and accrued income

78,416

83,207

511,347

393,380

Also included in other debtors is £19,449 (2019: £19,449) relating to monies held as a rent deposit, a legal charge is held over this debtor.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

5,097

5,474

Amounts owed to group undertakings

1,501

1,501

Amounts owed to participating interests

148,625

36,903

Tax

32,104

25,268

Other creditors

867

4,625

Accruals

46,450

45,608

Deferred income

626,851

631,699

861,495

751,078

9.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

46,665

46,665

Between one and five years

19,333

57,998

65,998

104,663

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

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 2020

704,841

76,700

64,000

(113,007

)

732,534

Profit for the year

284,519

-

-

-

284,519

Dividends

(267,595

)

-

-

-

(267,595

)

SIP shares

-

-

-

14,355

14,355

At 31st December 2020

721,765

76,700

64,000

(98,652

)

763,813

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 £19,131 (2019: £19,486) was released to the profit and loss account from equity, as a result of 700 (2019: 713) shares being awarded to employees. In addition the equity account was increased by £4,776 as a result of 192 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.

David Sanders (Senior Statutory Auditor)

for and on behalf of Sheen Stickland

13.	POST BALANCE SHEET EVENTS

Since the date these financial statements were approved there has not been any additional impact as a result of Covid-19 from that disclosed in the basis of preparation note.

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 2020, 700 (2019: 713) shares were awarded to 11 (2019: 11) employees at a value of £27.33 (2019: £27.33) per share.

15.	RELATED PARTY DISCLOSURES

Insight Systems APL

A minority shareholder of Dyalog Limited.

During the year Dyalog Limited made sales to Insight Systems APL totalling £5,356 (2019: £6,057).

During the year Dyalog Limited was charged £435,410 (2019: £435,164) in respect of management expenses.

As at 31st December 2020 Dyalog Limited owed Insight Systems APL £148,625 (2019: £36,903).