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Registration number: 11640378

Toraphene Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Toraphene Limited
(Registration number: 11640378)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Toraphene Limited
(Registration number: 11640378)

Company Information

Directors

Gaute Juliussen

Christopher Daniel Gallaher

Max Fredric Von Rettig

Lars Tomasgaard

Ingrid Williams

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Toraphene Limited
(Registration number: 11640378)

Balance Sheet as at 31 December 2022

Note

2022
£

(As restated)

2021
£

Fixed assets

 

Intangible assets

4

928,595

653,662

Tangible assets

5

49,399

14,903

Investments

1

-

 

977,995

668,565

Current assets

 

Stocks

7

17,696

-

Debtors

8

163,640

87,875

Cash at bank and in hand

 

90,541

369,349

 

271,877

457,224

Creditors: Amounts falling due within one year

9

(291,029)

(88,598)

Net current (liabilities)/assets

 

(19,152)

368,626

Net assets

 

958,843

1,037,191

Capital and reserves

 

Called up share capital

1,747

1,747

Share premium reserve

1,558,186

1,558,186

Other reserves

193,453

241,929

Profit and loss account

(794,543)

(764,671)

Total equity

 

958,843

1,037,191

 

Toraphene Limited
(Registration number: 11640378)

Balance Sheet as at 31 December 2022

For the financial year ending 31 December 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
Gaute Juliussen
Director

 

Toraphene Limited
(Registration number: 11640378)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Toraphene Limited
(Registration number: 11640378)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Prior period errors

Due to an error in applying the correct accounting policy a prior period adjustment has been made to recognise an intangible asset. Identifiable development expenditure should be capitalised to the extent that the technical, commercial, and financial feasibility can be demonstrated. In prior periods this expenditure was incorrectly written off against profits in the period in which it is incurred.

To present more reliable and more relevant information to stakeholders, an adjustment has been made to recognise the historic costs as an intangible asset in line with the relevant accounting standards (FRS102 Section 18).

The effect of this change is to recognise an intangible asset within the balance comparatives at the year-end 31 December 2021 at a NBV of £505,424. A corresponding adjustment has been made to the brought forward and carried forward profit and loss reserves.

A second adjustment has been made to correct a prior period error in relation to an overstated other debtor balance. As a result of the adjustment the other debtor balance has reduced by £57,110 with a corresponding increase in costs recognised to the profit and loss account in the period.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Toraphene Limited
(Registration number: 11640378)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

7 Years straightline method

IT equipment

4 Years straightline method

Office Equipment

5 years straightline method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Development costs

Development expenditure is written off in the financial year in which it is incurred unless it relates to the development of a new or substantially improved product.

Such expenditure is capitalised as an intangible asset in the Balance Sheet at cost and is amortised through the Profit and Loss account only when the following criteria have been met.

• The technical feasibility and economic viability of the product has been proven.
• The decision to complete the development has been taken.
• The project costs can be reliably measured.

Subsequent development expenditure is capitalised only where it either enhances the economic benefits of the development asset or replaces part of the existing asset. Any remaining costs associated with the asset replaced are expensed.

 

Toraphene Limited
(Registration number: 11640378)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

20 Years straightline method

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Toraphene Limited
(Registration number: 11640378)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Toraphene Limited
(Registration number: 11640378)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Trademarks, patents and licenses
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2022

156,040

505,424

661,464

Additions internally developed

28,720

252,225

280,945

At 31 December 2022

184,760

757,649

942,409

Amortisation

At 1 January 2022

7,802

-

7,802

Amortisation charge

6,012

-

6,012

At 31 December 2022

13,814

-

13,814

Carrying amount

At 31 December 2022

170,946

757,649

928,595

At 31 December 2021

148,238

505,424

653,662

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

3,496

16,375

19,871

Additions

3,181

42,172

45,353

At 31 December 2022

6,677

58,547

65,224

Depreciation

At 1 January 2022

874

4,094

4,968

Charge for the year

2,010

8,847

10,857

At 31 December 2022

2,884

12,941

15,825

Carrying amount

At 31 December 2022

3,793

45,606

49,399

At 31 December 2021

-

14,903

14,903

 

Toraphene Limited
(Registration number: 11640378)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Investments

2022
£

2021
£

Investments in subsidiaries

1

-

Subsidiaries

£

Cost or valuation

Additions

1

Provision

Carrying amount

At 31 December 2022

1

7

Stocks

2022
£

2021
£

Other stocks

17,696

-

8

Debtors

2022
£

(As restated)

2021
£

Trade debtors

40

-

Other debtors

162,241

87,875

Prepayments and accrued income

1,359

-

Total current trade and other debtors

163,640

87,875

 

Toraphene Limited
(Registration number: 11640378)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Creditors

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

24,996

10,660

Amounts owed to group undertakings and undertakings in which the company has a participating interest

48,671

63,518

Other creditors

 

214,362

-

Accrued expenses

 

3,000

14,420

 

291,029

88,598