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

REGISTERED NUMBER: 02992131 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

iDynamics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H Page

P C Unsworth

R R Unsworth

SECRETARY:

J H Page

REGISTERED OFFICE:

Unit F2

102 Kirkstall Road

Leeds

West Yorkshire

LS3 1JA

REGISTERED NUMBER:

02992131 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Sterling House

1 Sheepscar Court

Meanwood Road

Leeds

West Yorkshire

LS7 2BB

BANKERS:

Natwest Bank PLC

8 Park Row

Leeds

LS1 5HD

FIXED ASSETS

Tangible assets

5

6,547

1,776

CURRENT ASSETS

Stocks

170

203

Debtors

6

99,023

104,711

Cash at bank and in hand

399,444

481,898

498,637

586,812

CREDITORS

Amounts falling due within one year

7

162,596

219,797

NET CURRENT ASSETS

336,041

367,015

TOTAL ASSETS LESS CURRENT LIABILITIES

342,588

368,791

PROVISIONS FOR LIABILITIES

8

1,309

355

NET ASSETS

341,279

368,436

CAPITAL AND RESERVES

Called up share capital

9

31,398

31,398

Capital redemption reserve

2

2

Retained earnings

309,879

337,036

SHAREHOLDERS' FUNDS

341,279

368,436

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2021 and were signed on its behalf by:

J H Page - Director

1.	STATUTORY INFORMATION

iDynamics 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.	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.

Going Concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue is recognised when a binding commitment is made by the customer, delivery has occured, the fee is determinable and collectibility is probable. Revenue from IT support operations are accounted for as subscriptions, with billings recorded as unearned revenue and recognised as revenue rateably over the billing coverage period.

Tangible fixed assets

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

Improvements to property

-

Over the term of the lease

Computer equipment

-

3 to 5 years

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 Statement of Income and Retained Earnings, 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.

Research and development

Research and development is an essential element of developing software in collaboration with our customers, extending the capability of existing delivered programs and finding new and innovative ways of delivering features and services that provide customers with market-leading software. The time incurred on research and development may or may not be recovered through customer billings, but in either case is written off as incurred. The aggregate effect is to increase the knowledge base of the business, reinforce the exclusive customer relationships we have and provide an enhanced platform for new enhancements in the future.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the profit and loss account.

Pension costs and other post-retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Long-term contracts

The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover from such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous periods. Provision is made for any losses as soon as they are foreseen.

Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included within debtors and represent turnover recognised in excess of payments on account.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 7 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

to

Computer

property

equipment

Totals

£

£

£

COST

At 1 April 2020

-

62,939

62,939

Additions

1,300

8,485

9,785

At 31 March 2021

1,300

71,424

72,724

DEPRECIATION

At 1 April 2020

-

61,163

61,163

Charge for year

195

4,819

5,014

At 31 March 2021

195

65,982

66,177

NET BOOK VALUE

At 31 March 2021

1,105

5,442

6,547

At 31 March 2020

-

1,776

1,776

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

10,789

28,502

Amounts owed by group undertakings

7,813

-

Amounts recoverable on contract

12,130

62,238

Other debtors

68,291

13,971

99,023

104,711

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

23,200

51,500

Amounts owed to group undertakings

18,914

100,000

Taxation and social security

39,213

24,816

Other creditors

81,269

43,481

162,596

219,797

8.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

Accelerated capital allowances

954

355

Deferred tax

355

-

1,309

355

Deferred

tax

£

Balance at 1 April 2020

355

Provided during year

954

Balance at 31 March 2021

1,309

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

5,998

Ordinary

1

5,998

5,998

9,070

A Ordinary

1

9,070

9,070

16,330

B Ordinary

1

16,330

16,330

31,398

31,398

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,042 (2020: £7,836). Contributions totalling £1,647 (2020: £1,622) were payable to the fund at the period end and are included in other creditors.

11.	RELATED PARTY TRANSACTIONS

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.

No transactions with related parties were undertaken such as are required to be disclosed under Section 1A of FRS 102.

12.	ULTIMATE PARENT UNDERTAKING

The ultimate parent company is iDigital Investments Holdings Limited, a company registered in England and Wales at 102 Unit F2, 102 Kirkstall Road, Leeds, LS3 1JA The immediate parent company is iDigital Investments Limited, a company registered in England and Wales at the same address.