Company No: 11807396 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	50,504		33,386
		50,504		33,386
Current assets
Debtors	4	64,095		119,864
Cash at bank and in hand		142,872		348,947
		206,967		468,811
Creditors: amounts falling due within one year	5	( 58,827)		( 112,284)
Net current assets		148,140		356,527
Total assets less current liabilities		198,644		389,913
Creditors: amounts falling due after more than one year	6	( 49,576)		( 41,036)
Provision for liabilities		( 12,626)		( 8,347)
Net assets		136,442		340,530
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		136,342		340,430
Total shareholder's funds		136,442		340,530

For the financial year ending 05 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of DynamIQ Labs Ltd (registered number: 11807396) were approved and authorised for issue by the Director on 27 July 2023. They were signed on its behalf by:

Adam Wilding-Webb Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

DynamIQ Labs Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, England, United Kingdom. The registered number of the company is 11807396.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Vehicles	25 % reducing balance
Office equipment	25 % reducing balance
Computer equipment	2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 06 April 2022	43,325		5,146		4,665		53,136
Additions	49,354		2,726		1,354		53,434
Disposals	( 43,325)		0		0		( 43,325)
At 05 April 2023	49,354		7,872		6,019		63,245
Accumulated depreciation
At 06 April 2022	14,442		1,293		4,015		19,750
Charge for the financial year	7,824		1,316		1,182		10,322
Disposals	( 17,331)		0		0		( 17,331)
At 05 April 2023	4,935		2,609		5,197		12,741
Net book value
At 05 April 2023	44,419		5,263		822		50,504
At 05 April 2022	28,883		3,853		650		33,386

4. Debtors

	2023		2022
	£		£
Trade debtors	48,344		21,963
Amounts owed by Group undertakings	4,858		0
Amounts owed by director	10,893		97,901
	64,095		119,864

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	4,657		4,531
Trade creditors	236		4,983
Amounts owed to Parent undertakings	0		300
Accruals	2,650		2,100
Corporation tax	30,629		77,877
Other taxation and social security	15,047		15,421
Obligations under finance leases and hire purchase contracts	5,608		7,072
	58,827		112,284

6. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	11,175		16,303
Obligations under finance leases and hire purchase contracts	38,401		24,733
	49,576		41,036

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.01 each	100		100

8. Related party transactions

Transactions with the entity's director

During the period the director maintained a loan account with the company. Advances of £22,591 (2022: £80,000) and repayments of £110,454 (2022: £177,447) were made on the loan. At the period end the director owed the company £10,893 (2022: £97,901). Interest of £855 was charged on the loans at the approved rate when overdrawn and there are no set repayment terms.