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

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


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REGISTERED NUMBER: 05322189 (England and Wales)















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: 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 (England and Wales)





AUDITORS: Sheen Stickland
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 81,000 94,500
Tangible assets 5 2,660 5,124
Investments 6 1,501 1,501
85,161 101,125

CURRENT ASSETS
Debtors 7 572,163 511,347
Cash at bank and in hand 1,353,632 1,080,636
1,925,795 1,591,983
CREDITORS
Amounts falling due within one year 8 (897,709 ) (861,495 )
NET CURRENT ASSETS 1,028,086 730,488
TOTAL ASSETS LESS CURRENT LIABILITIES 1,113,247 831,613

CAPITAL AND RESERVES
Called up share capital 10 67,800 67,800
Share premium 11 149,725 76,700
Capital redemption reserve 11 66,300 64,000
Other reserves 11 - (98,652 )
Retained earnings 11 829,422 721,765
SHAREHOLDERS' FUNDS 1,113,247 831,613

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 18th February 2022 and were signed on its behalf by:





M J Kromberg - Director


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
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.

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 12 (2020 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st January 2021
and 31st December 2021 1,263,568 135,000 1,398,568
AMORTISATION
At 1st January 2021 1,263,568 40,500 1,304,068
Charge for year - 13,500 13,500
At 31st December 2021 1,263,568 54,000 1,317,568
NET BOOK VALUE
At 31st December 2021 - 81,000 81,000
At 31st December 2020 - 94,500 94,500

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st January 2021 54,716 39,325 94,041
Additions 1,425 - 1,425
Disposals - (1,749 ) (1,749 )
At 31st December 2021 56,141 37,576 93,717
DEPRECIATION
At 1st January 2021 54,352 34,565 88,917
Charge for year 507 3,382 3,889
Eliminated on disposal - (1,749 ) (1,749 )
At 31st December 2021 54,859 36,198 91,057
NET BOOK VALUE
At 31st December 2021 1,282 1,378 2,660
At 31st December 2020 364 4,760 5,124

6. FIXED ASSET INVESTMENTS
Share in
group
undertakings
£   
COST
At 1st January 2021
and 31st December 2021 1,501
NET BOOK VALUE
At 31st December 2021 1,501
At 31st December 2020 1,501

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:

Dyalog 2002 Limited
Registered office: 4 High Street, Alton, Hampshire, GU34 1BU
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 100.00
2021 2020
£    £   
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
2021 2020
£    £   
Aggregate capital and reserves 1 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 431,011 403,761
Other debtors 69,499 19,449
Social security debtor 121 121
VAT 5,426 9,600
Prepayments and accrued income 66,106 78,416
572,163 511,347

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 2 -
Trade creditors 8,169 5,097
Amounts owed to group undertakings 1,501 1,501
Amounts owed to participating interests 120,993 148,625
Tax 72,635 32,104
Other creditors 1,494 867
Accruals 71,582 46,450
Deferred income 621,333 626,851
897,709 861,495

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 28,933 46,665
Between one and five years - 19,333
28,933 65,998

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: £    £   
61,800 Ordinary shares £1 61,800 59,500
(2020 - 59,500 )
6,000 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 at a premium of 31.75 per share during the year.

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 721,765 76,700 64,000 (98,653 ) 763,812
Profit for the year 455,571 - - - 455,571
Dividends (258,214 ) - - - (258,214 )
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 829,422 149,725 66,300 - 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.

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.

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).