Dyalog Limited - Accounts to registrar (filleted) - small 18.2
Dyalog Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Dyalog Limited |
Audited Financial Statements for the Year Ended 31st December 2021 |
Dyalog Limited (Registered number: 05322189) |
Contents of the Financial Statements |
for the Year Ended 31st December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Dyalog Limited |
Company Information |
for the Year Ended 31st December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
4 High Street |
Alton |
Hampshire |
GU34 1BU |
Dyalog Limited (Registered number: 05322189) |
Balance Sheet |
31st December 2021 |
2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Capital redemption reserve | 11 |
Other reserves | 11 | (98,652 | ) |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
Dyalog Limited (Registered number: 05322189) |
Notes to the Financial Statements |
for the Year Ended 31st December 2021 |
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 |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Dyalog Limited (Registered number: 05322189) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
Dyalog Limited (Registered number: 05322189) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1st January 2021 |
and 31st December 2021 |
AMORTISATION |
At 1st January 2021 |
Charge for year |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2021 |
DEPRECIATION |
At 1st January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
6. | FIXED ASSET INVESTMENTS |
Share in |
group |
undertakings |
£ |
COST |
At 1st January 2021 |
and 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
Dyalog Limited (Registered number: 05322189) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
6. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 4 High Street, Alton, Hampshire, GU34 1BU |
Nature of business: |
% |
Class of shares: | holding |
2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
Registered office: Minchens Court Minchens Lane, Bramley, Tadley, Hampshire, RG26 5BH |
Nature of business: |
% |
Class of shares: | holding |
2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
Social security debtor | 121 | 121 |
VAT |
Prepayments and accrued income |
Also included in other debtors is £19,449 (2020: £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 |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 120,993 | 148,625 |
Tax |
Other creditors |
Accruals |
Deferred income | 621,333 | 626,851 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
Between one and five years |
Dyalog Limited (Registered number: 05322189) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary shares | £1 | 61,800 | 59,500 |
(2020 - 59,500 ) |
A Ordinary shares | £1 | 6,000 | 8,300 |
67,800 | 67,800 |
2,300 Ordinary shares shares of £1 each were allotted as fully paid |
During the year 2,300 A Ordinary shares were cancelled. |
11. | RESERVES |
Capital |
Retained | Share | redemption | Other |
earnings | premium | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1st January 2021 | ( |
) | 763,812 |
Profit for the year | - | - | - |
Dividends | ( |
) | - | - | - | ( |
) |
Purchase of own shares | (89,700 | ) | - | 2,300 | 81,654 | (5,746 | ) |
Cash share issue | - | 73,025 | - | - | 73,025 |
SIP shares | - | - | - | 16,999 | 16,999 |
At 31st December 2021 | 1,045,447 |
The other reserves related 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 £16.999 (2020: £19,131) was released to the profit and loss account from equity, as a result of 622 (2020: 700) shares being awarded to employees.The remaining balance on the Other reserves was cleared by proceeds for the Trust generated by the buyback of shares by the company at a purchase cost of £89,700. That balance is represented as a purchase of own shares against the Retained earnings of the company. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |
Dyalog Limited (Registered number: 05322189) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
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 2021, 622 (2020: 700) shares were awarded to 10 (2020 11) employees at a value of £27.33 (2020: £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 £2,573 (2020 £5,356). |
During the year Dyalog Limited was charged £399,116 (2020: £435,410) in respect of management expenses. |
As at 31st December 2021 Dyalog Limited owed Insight Systems APL £120,993 (2020: £148,625). |