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

REGISTERED NUMBER: 11232048 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

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

78,581

87,472

CURRENT ASSETS

Stocks

2,774,148

1,290,749

Debtors

5

1,060,349

958,857

Cash at bank and in hand

361,911

676,202

4,196,408

2,925,808

CREDITORS

Amounts falling due within one year

6

4,817,580

2,396,322

NET CURRENT (LIABILITIES)/ASSETS

(621,172

)

529,486

TOTAL ASSETS LESS CURRENT LIABILITIES

(542,591

)

616,958

CREDITORS

Amounts falling due after more than one year

7

2,650,000

2,650,000

NET LIABILITIES

(3,192,591

)

(2,033,042

)

CAPITAL AND RESERVES

Called up share capital

1,850,000

1,850,000

Retained earnings

(5,042,591

)

(3,883,042

)

(3,192,591

)

(2,033,042

)

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 28 September 2022 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, 15% 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 2021, the company recorded net liabilities of (£3,192,591) and incurred a net loss of (£1,159,549) 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 (2020 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2021

100,303

-

50,329

150,632

Additions

2,142

25,000

4,940

32,082

Disposals

-

-

(8,790

)

(8,790

)

At 31 December 2021

102,445

25,000

46,479

173,924

DEPRECIATION

At 1 January 2021

34,172

-

28,988

63,160

Charge for year

21,548

1,736

14,753

38,037

Eliminated on disposal

-

-

(5,854

)

(5,854

)

At 31 December 2021

55,720

1,736

37,887

95,343

NET BOOK VALUE

At 31 December 2021

46,725

23,264

8,592

78,581

At 31 December 2020

66,131

-

21,341

87,472

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

840,085

537,181

Advance payment to suppliers

48,391

12,304

Other debtors

79,000

79,000

VAT

60,507

277,921

Prepayments and accrued income

32,366

52,451

1,060,349

958,857

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

49,556

65,229

Advance payment from customers

87,081

86,409

Amounts owed to group undertakings

4,634,922

2,072,188

Social security and other taxes

18,388

20,194

Pension Control

3,706

4,580

Accruals & deferred income

23,927

147,722

4,817,580

2,396,322

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Amounts owed to group undertakings

2,650,000

2,650,000

8.	LEASING AGREEMENTS

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

31.12.21

31.12.20

£

£

Within one year

85,000

85,000

Between one and five years

106,250

191,250

191,250

276,250

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 course of business. As at 31st December 2021 the company owed £7,284,922 (2020- £4,722,188) to Dyaco International Inc.

11.	POST BALANCE SHEET EVENTS

In August 2022, Dyaco International Inc board approved to convert £5,150,000 of intercompany debt balance to equity. On 12 August 2022, Dyaco UK Limited issued £5,150,000 of ordinary share capital to convert its intercompany debt with parent company Dyaco International Inc to equity.

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.