Dynamix Limited - Filleted accounts

Registered number

02413574

Dynamix Limited

(A company limited by guarantee)

Unaudited Filleted Accounts

30 April 2018

Dynamix Limited
Registered number:		02413574
Balance Sheet
as at 30 April 2018

Notes			2018			2017
£				£
Fixed assets
Tangible assets	4		100,878			104,868

Current assets
Stocks		300			309
Debtors	5	23,809			20,072
Cash at bank and in hand		248			1,130
		24,357			21,511

Creditors: amounts falling due within one year	6	(29,045)			(23,932)

Net current liabilities			(4,688)			(2,421)

Total assets less current liabilities			96,190			102,447

Creditors: amounts falling due after more than one year	7		(74,602)			(77,175)

Accruals and deferred income	9		(17,604)			(18,067)

Net assets			3,984			7,205

Capital and reserves
Profit and loss account			3,984			7,205

Shareholders' funds			3,984			7,205

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.



P Burton
Director
Approved by the board on 8 November 2018

Dynamix Limited
Notes to the Accounts
for the year ended 30 April 2018


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Plant and machinery	over 3 to 10 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Legal and financial framework

	Dynamix Limited a company, limited by guarantee, incorporated under the Companies Act on 15 August 1989. Dynamix Limited has no share capital and in the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.


3	Employees			2018		2017
Number					Number

	Average number of persons employed by the company			8		12


4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 May 2017	136,498		44,941		181,439
	Additions	-		27		27
	At 30 April 2018	136,498		44,968		181,466

	Depreciation
	At 1 May 2017	32,908		43,663		76,571
	Charge for the year	2,730		1,287		4,017
	At 30 April 2018	35,638		44,950		80,588

	Net book value
	At 30 April 2018	100,860		18		100,878
	At 30 April 2017	103,590		1,278		104,868


5	Debtors			2018		2017
£					£

	Trade debtors			23,025		17,153
	Other debtors			784		2,919
				23,809		20,072


6	Creditors: amounts falling due within one year			2018		2017
£					£

	Bank loans and overdrafts			8,014		1,062
	Trade creditors			3,207		7,002
	Other taxes and social security costs			(338)		1,186
	Other creditors			18,162		14,682
				29,045		23,932


7	Creditors: amounts falling due after one year			2018		2017
£					£

	Bank loans			74,602		77,175


8	Loans			2018		2017
£					£
	Creditors include:
	Instalments falling due for payment after more than five years			61,685		61,986


	Secured bank loans			78,237		79,771

	The loan is secured on the freehold property.


9	Accruals and deferred income			2018		2017
£					£
	Deferred government grants
	At 1 May 2017			18,067		18,530
	Received in year			-		-
	Released to profit and loss account			(463)		(463)

	At 30 April 2018			17,604		18,067


10	Other financial commitments			2018		2017
£					£

	Total future minimum payments under non-cancellable operating leases			-		2,382


11	Controlling party

	The company is under the ultimate control of its members acting as a body.


12	Other information

	Dynamix Limited is a private company limited by guarantee and incorporated in England. Its registered office is:
	Unit 4D Cwm Road
	Hafod
	Swansea
	SA1 2AY