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COMPANY REGISTRATION NUMBER: 05202069
TON UK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
TON UK LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
Fixed assets
Investments
5
4,771,759
4,371,759
Current assets
Debtors
6
710,606
628,902
Creditors: amounts falling due within one year
7
2,353,892
1,503,998
-------------
-------------
Net current liabilities
1,643,286
875,096
-------------
-------------
Total assets less current liabilities
3,128,473
3,496,663
-------------
-------------
Net assets
3,128,473
3,496,663
-------------
-------------
Capital and reserves
Called up share capital
8
1,769
1,769
Share premium account
4,834,794
4,834,794
Profit and loss account
( 1,708,090)
( 1,339,900)
-------------
-------------
Shareholders funds
3,128,473
3,496,663
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TON UK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 31 August 2022 , and are signed on behalf of the board by:
D C Titterton
Director
Company registration number: 05202069
TON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor Chandos House, 26 North Street, Brighton, East Sussex, BN1 1EB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made use of the government's furlough scheme during the year as a result of the COVID-19 pandemic. The directors have confirmed that, in their opinion, the COVID-19 pandemic will not affect the company's ability to continue in business as a going concern for the foreseeable future.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2021
4,371,759
Additions
400,000
-------------
At 31 December 2021
4,771,759
-------------
Impairment
At 1 January 2021 and 31 December 2021
-------------
Carrying amount
At 31 December 2021
4,771,759
-------------
At 31 December 2020
4,371,759
-------------
The company owns 100% of the issued share capital of Intelligent Positioning Ltd (a company incorporated in England & Wales), 99.99% of the issued share capital of Pi Software Solutions Pty Ltd (a company incorporated in India), 100% of the issued share capital of Blenheim Digital Ltd (a company incorporated in England & Wales) and 100% of Intelligent Positioning Inc (a company incorporated in the United States of America).
Aggregate capital and reserves
Intelligent Positioning Ltd - at 31/12/21 £1,285,785 (31/12/20: £1,306,709)
Pi Software Solutions Pty Ltd - at 31/03/21 £21,932 (31/03/20: £10,408)
Blenheim Digital Ltd - at 31/12/21 £1 (31/12/20: £1)
Intelligent Positioning Inc - at 31/12/21 £(258,626) (31/12/20: £(310,613))
Profit and (loss) for the period
Intelligent Positioning Ltd - 2021 £(420,924) (2020: £(502,646))
Pi Software Solutions Pty Ltd - 2021 £11,524 (2020: £(11,020))
Blenheim Digital Ltd - 2021 £nil (2020: £nil)
Intelligent Positioning Inc - 2021 £51,987
6. Debtors
2021
2020
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
709,606
627,902
Other debtors
1,000
1,000
----------
----------
710,606
628,902
----------
----------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Social security and other taxes
7,275
3,998
Other loans
2,159,999
1,500,000
Other creditors
186,618
-------------
-------------
2,353,892
1,503,998
-------------
-------------
8. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 0.01 each
107,579
1,076
107,579
1,076
Ordinary A shares of £ 0.01 each
7,956
80
7,956
80
Ordinary B shares of £ 0.01 each
49,916
499
49,916
499
Ordinary C shares of £ 0.01 each
11,439
114
11,439
114
----------
-------
----------
-------
176,890
1,769
176,890
1,769
----------
-------
----------
-------
9. Related party transactions
At the balance sheet date the company was owed £321,782 by Intelligent Positioning Limited, a wholly owned subsidiary (2020: £240,078). At the balance sheet date the company was owed £1,000 by its subsidiary, Pi Software Solutions Pty Limited, which is incorporated in India (2020: £1,000). At the balance sheet date the company was owed £387,824 by its wholly owned subsidiary, Intelligent Positioning Inc, which is incorporated in the United States of America (2020: £387,824).