Dynamic Signal Processing Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02671169 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

DYNAMIC SIGNAL PROCESSING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P A Cossins

Mrs D L Cossins

SECRETARY:

Mr P A Cossins

REGISTERED OFFICE:

15 Plantagenet House

Kingsclere Park

Kingsclere

Newbury

Berkshire

RG20 4SW

REGISTERED NUMBER:

02671169 (England and Wales)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

262,513

277,974

262,513

277,974

CURRENT ASSETS

Stocks

52,541

39,701

Debtors

7

93,728

113,532

Cash at bank

226,486

344,658

372,755

497,891

CREDITORS

Amounts falling due within one year

8

153,060

224,943

NET CURRENT ASSETS

219,695

272,948

TOTAL ASSETS LESS CURRENT LIABILITIES

482,208

550,922

PROVISIONS FOR LIABILITIES

-

2,742

NET ASSETS

482,208

548,180

CAPITAL AND RESERVES

Called up share capital

9

70

70

Capital redemption reserve

30

30

Retained earnings

482,108

548,080

SHAREHOLDERS' FUNDS

482,208

548,180

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 27 November 2020 and were signed on its behalf by:

Mr P A Cossins - Director

1.	STATUTORY INFORMATION

Dynamic Signal Processing Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax, amended for uninvoiced sales at the period end.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% straight line

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% straight line and 15% on reducing balance

All fixed assets are initially recorded at 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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2019

and 31 March 2020

34,052

AMORTISATION

At 1 April 2019

and 31 March 2020

34,052

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

313,946

275,359

7,491

46,110

642,906

Additions

5,586

-

537

1,051

7,174

Disposals

-

(96,755

)

-

-

(96,755

)

At 31 March 2020

319,532

178,604

8,028

47,161

553,325

DEPRECIATION

At 1 April 2019

66,609

249,685

6,395

42,243

364,932

Charge for year

6,391

1,887

245

738

9,261

Eliminated on disposal

-

(83,381

)

-

-

(83,381

)

At 31 March 2020

73,000

168,191

6,640

42,981

290,812

NET BOOK VALUE

At 31 March 2020

246,532

10,413

1,388

4,180

262,513

At 31 March 2019

247,337

25,674

1,096

3,867

277,974

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

84,990

98,430

Other debtors

8,738

15,102

93,728

113,532

Included in other debtors is £1,705 (2019: £1,624) in relation to prepayments and accrued income.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

6,815

82,321

Taxation and social security

2,798

2,845

Other creditors

143,447

139,777

153,060

224,943

Included in other creditors is £7,346 (2019: £6,351) in relation to accruals and deferred income.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

70

Ordinary

£1

70

70