Company Registration No. 07268989 (England and Wales)
TUNE TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
TUNE TECHNOLOGIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
TUNE TECHNOLOGIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S Ibitoye
Mrs A O Ibitoye
Company number
07268989
Registered office
20-22 Wenlock Road
London
United Kingdom
N1 7GU
Accountants
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
TUNE TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2022
30 June 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
408
498
Current assets
Debtors
4
-
0
19,958
Cash at bank and in hand
19
152
19
20,110
Creditors: amounts falling due within one year
5
(115,431)
(126,316)
Net current liabilities
(115,412)
(106,206)
Total assets less current liabilities
(115,004)
(105,708)
Creditors: amounts falling due after more than one year
6
-
0
(7,750)
Net liabilities
(115,004)
(113,458)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(116,004)
(114,458)
Total equity
(115,004)
(113,458)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

TUNE TECHNOLOGIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022
30 June 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
Mr S Ibitoye
Director
Company Registration No. 07268989
The notes on pages 4 to 8 form part of these financial statements
TUNE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
1
Accounting policies
Company information

Tune Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20-22 Wenlock Road, London, United Kingdom, N1 7GU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The company has in recent years reported losses as a result of its development activities into new proprietary web and mobile based applications. The nature of these technologically demanding developments means that the company incurs costs throughout the development phase, until the product is completed and can then be taken to market, to generate income for the company. The company's accounting policy is to expense all costs associated with the developments, as there are inherent uncertainties as to the eventual successful completion of the development and successful market launch.

 

In assessing the appropriateness of the going concern basis, the Directors have considered the cash flows the company expects to incur over the next 12 months, and the resources available to the company and its Directors. At the balance sheet date the company is dependant upon the continued support of the Directors and companies connected to the Directors. The directors have a reasonable expectation that such support will continue for at least the next 12 months, and that the company will therefore be able to continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
18% reducing balance
TUNE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

 

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

TUNE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 6 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
2
TUNE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021 and 30 June 2022
2,077
Depreciation and impairment
At 1 July 2021
1,579
Depreciation charged in the year
90
At 30 June 2022
1,669
Carrying amount
At 30 June 2022
408
At 30 June 2021
498
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
19,958
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,624
2,500
Taxation and social security
-
0
15,815
Other creditors
105,807
108,001
115,431
126,316
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
-
0
7,750
TUNE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
7
Related party transactions

In the directors view there were no transactions in the period requiring disclosure in accordance with Section 1AC.35 of FRS 102.

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