Registered number |
TOMTOM LIMITED | |
Annual Report and Audited Accounts | |
Contents | |
Page | |
Company information | 1 |
Director's report | 2 |
Independent auditor's report | 3-5 |
Profit and loss account | 6 |
Statement of comprehensive income | 7 |
Balance sheet | 8 |
Statement of changes in equity | 9 |
Notes to the Financial Statements | 10-17 |
Company Information |
Director |
Auditors |
KZ Auditors |
22 Arthur Road |
Chadwell Health, |
Greater London |
RM6 4NL |
Registered office |
63 Elizabeth Street |
London |
United Kingdom |
SW1W 9PP |
Registered number |
Registered number: | |||||||
Director's Report | |||||||
The director presents his report and accounts for the year ended |
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Principal Activities: | |||||||
The principal activities of Tomtom Limited (the "company") include the following: - Retail sales of tobacco products in specialised stores; - Other retail sales of food and drinks in specialised stores; and - Licensed restaurants |
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Directors | |||||||
Mr. Jose Abelardo Cure Barrios served as a Director till his resignation on 26 Apr 2022. The following person was appointed as the new Director of the company as of 26 April 2022: |
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Director's responsibilities |
The Director is responsible for preparing the report and accounts in accordance with applicable law and regulations. | |||||||
Company law requires the director to prepare accounts for each financial year. Under that law, the director has elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the accounts unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the director is required to: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; |
● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, |
● | prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the accounts comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||
Disclosure of information to auditors |
The director at the date of approving this report is aware, there is no relevant audit information of which the company's auditor is unaware. Additionally, the director has taken all the necessary steps that he ought to has taken as director in order to make himself aware of all relevant information and to establish that the company's auditor is aware of that information. |
Small company provisions | |||||||
This report was approved by the board on |
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Mr. Munir Khalil Ali | |||||||
Director | |||||||
TOMTOM LIMITED | ||
Independent auditor's report | ||
to the member of TOMTOM LIMITED | ||
Opinion |
We have audited the accounts of TOMTOM LIMITED (the 'company') for the year ended 31 December 2022 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 ' Reduced Disclosure Framework ' (United Kingdom Generally Accepted Accounting Practice). | ||
In our opinion the accounts: | ||
● | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion | ||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | ||
Material Uncertainity relating to going concern | ||
We draw attention to the note going concern on page 10 in the financial statements, which indicates that the company incurred a net loss of £409,226 during the year ended 31 December 2022 and, as of that date, the company's current liabilities exceeded its total assets by £1,769,318. These conditions, along with other matters as set forth in the going concern note on page 8 indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. | ||
Other information | ||
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. | ||
We have nothing to report in this regard. | ||
Opinions on other matters prescribed by the Companies Act 2006 | ||
In our opinion, based on the work undertaken in the course of the audit: | ||
● | the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and | |
● | the directors’ report has been prepared in accordance with applicable legal requirements. | |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. | ||
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: | ||
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |
● | the accounts are not in agreement with the accounting records and returns; or | |
● | certain disclosures of directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit; or | |
● | the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors | ||
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the director determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. | ||
In preparing the accounts, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | ||
Auditor’s responsibilities for the audit of the accounts | ||
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the accounts is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. | ||
Extent to which the audit was considered capable of detecting irregularities, including fraud | ||
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: | ||
● | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; | |
● | we identified the laws and regulations applicable to the company through discussions with director and other management, and from our commercial knowledge and experience of the financial services sector; | |
● | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation; | |
● | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and | |
● | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. | |
We assessed the an susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: | ||
● | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; | |
● | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and | |
● | understanding the design of the company's remuneration policies. | |
To address the risk of fraud through management bias and override of controls, we: | ||
● | performed analytical procedures to identify any unusual or unexpected relationships; | |
● | tested journal entries to identify unusual transactions; | |
● | assessed whether judgements and assumptions made in determining the accounting estimates; | |
● | investigated the rationale behind significant or unusual transactions. | |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: | ||
● | agreeing financial statement disclosures to underlying supporting documentation; | |
● | reading the minutes of meetings of those charged with governance; | |
● | enquiring of management as to actual and potential litigation and claims; and | |
● | reviewing correspondence with HMRC, relevant regulators. | |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or through collusion. | ||
Use of our report | ||
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. | ||
(Senior Statutory Auditor) | 22 Arthur Road | |
for and on behalf of | Chadwell Health, | |
Greater London | ||
Statutory Auditor | ||
RM6 4NL | ||
Profit and Loss Account | ||||||||
for the year ended |
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Notes | 2022 | 2021 | ||||||
£ | £ | |||||||
Turnover | 3.1 | |||||||
Cost of sales | ( |
( |
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Gross profit | ||||||||
Administrative expenses | ( |
( |
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Other operating income | ||||||||
Operating loss | 3.3 | ( |
( |
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Interest payable | 3.4 | ( |
( |
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Loss before taxation on ordinary activities | ( |
( |
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Tax on loss | - | - | ||||||
Loss for the financial year | ( |
( |
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Statement of comprehensive income | |||||||
for the year ended |
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2022 | 2021 | ||||||
£ | £ | ||||||
Loss for the financial year | ( |
( |
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Other comprehensive income | - | - | |||||
Total comprehensive income for the year | ( |
( |
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Balance Sheet | |||||||
as at |
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Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 | ||||||
Investments | 5 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | ( |
( |
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Creditors: amounts falling due after more than one year | 8 | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholder's funds | ( |
( |
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Mr. Munir Khalil Ali | |||||||
Director | |||||||
Approved by the board on |
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Statement of Changes in Equity | |||||||
for the year ended |
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Share | Profit | Total | |||||
capital | and loss | ||||||
account | |||||||
Notes | £ | £ | £ | ||||
At 1 January 2021 | ( |
( |
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Loss for the financial year | 10 | (218,197) | (218,197) | ||||
At 31 December 2021 | 1 | (1,360,093) | (1,360,092) | ||||
At 1 January 2022 | ( |
( |
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Loss for the financial year | 10 | ( |
( |
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At 31 December 2022 | ( |
( |
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Notes to the Financial Statements | |||||||
for the year ended |
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1 | Statutory Information | ||||||
Tomtom Limited is a private company, limited by shares, registered in England and Wales, registration number 03404280. The registered office is 63 Elizabeth Street, London, SW1W 9PP, United Kingdom. | |||||||
Compliance with accounting standards | |||||||
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework applicable in the UK and Republic of Ireland (FRS 101), applicable accounting standards and the requirements of the Companies Act 2006. 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 company has taken advantage of the following disclosure exemptions under FRS101: the requirements of IAS 7 Statement of Cash Flows; the requirements of IFRS7 Financial Instruments: Disclosures; and the requirements in IAS 24 Related Party Disclosures to disclose related part transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member. |
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2 | Accounting policies | ||||||
Basis of preparation | |||||||
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. Tomtom Limited is a wholly owned subsidiary of a BNK Capital for General Trading SPC and the results of Tomtom Limited are included in the consolidated financial statements of BNK Capital for General Trading Al-Qibla, Block 6, Salah Al-Deen st, Al-Qibla National Company Complex, Floor 1, Office 15, State of Kuwait. |
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Going Concern | |||||||
The company incurred a net loss of £409,226 (2021: £218,197) during the year ended 31 December 2022 and as of that date the company's total liabilities exceeded its total assets by £1,769,318 (2021: £1,360,092). The accounts have been prepared on a going concern basis, as group management and ultimately controlling party has given the assurance that the group will continue to support the operational existence for the foreseeable future. Thus, the director continued to adopt the going concern basis of accounting in preparing the financial statements. | |||||||
Turnover | |||||||
Tangible fixed assets | |||||||
Plant and machinery | 25% reducing balance | ||||||
Leasehold land and buildings | over the lease term | ||||||
Computer equipment | 25% on cost | ||||||
Refurbishments | over 7 years | ||||||
Fixtures and Fittings | 25% reducing balance | ||||||
Investments | |||||||
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long-term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
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Impairment of Fixed Assets | |||||||
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. | |||||||
Stocks | |||||||
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognise as an impairment loss in profit or loss. Reversals of impairment losses are also recognise in profit or loss. |
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Cash at bank and in hand | |||||||
Cash at bank and in hand 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. | |||||||
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. | |||||||
Financial liabilities | |||||||
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognise 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. The management decided to reclassify the intercompany loan due more than more to less than one year including comparative. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Equity instruments | |||||||
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognise as liabilities once they are no longer at the discretion of the company. | |||||||
Employee benefits | |||||||
The costs of short-term employee benefits are recognise as a liability and an expense, unless those costs are required to be recognise as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognise in the period in which the employee s services are received. Termination benefits are recognise immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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Retirement benefits | |||||||
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. | |||||||
Leased assets | |||||||
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognise a right-of-use asset and a lease liability at the lease commencement date. Current right-of-use asset is included within land and building leasehold. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other land and building leasehold. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. |
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Leased liabilities | |||||||
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the company s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. | |||||||
Government grants | |||||||
A grant that specifies performance conditions is recognise in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognise in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognise as a liability. | |||||||
Judgements and key sources of estimation uncertainity | |||||||
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognise in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. | |||||||
3.1 | Turnover | ||||||
An analysis of turnover by geographic market is given below: | |||||||
2022 | 2021 | ||||||
£ | £ | ||||||
United Kingdom | 1,503,230 | 904,227 | |||||
3.2 | Employees & Director | 2022 | 2021 | ||||
Number | Number | ||||||
Wages and Salaries | 431,654 | 358,268 | |||||
Social Security Costs | 34,833 | 27,270 | |||||
Pension Costs | 7,700 | 7,368 | |||||
Director Remuneration | - | - | |||||
Total Employee Costs | 474,187 | 392,906 | |||||
Average number of persons employed by the company | |||||||
The company operates a contribution pension scheme on behalf of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs represent contributions payable by the company to the fund. | |||||||
3.3 | Operating Loss | ||||||
The operating loss is reported after charging the following: | 2022 | 2021 | |||||
£ | £ | ||||||
Depreciation Owned Assets | 138,106 | 109,999 | |||||
Depreciation ROU Assets | 108,933 | 118,746 | |||||
Auditor's Remuneration | 6,500 | 6,500 | |||||
Foreign Currency Exchange Losses | 32,768 | - | |||||
3.4 | Interest Payable and Similar Charges | 2022 | 2021 | ||||
£ | £ | ||||||
Interest Expense - Lease liabilities | 20,313 | 26,640 | |||||
Interest Expense | 75,414 | 45,046 | |||||
95,727 | 71,686 | ||||||
3.5 | Taxation | 2022 | 2021 | ||||
£ | £ | ||||||
Current Tax | - | - | |||||
The charge for the year can be reconciled to the loss per the income statement as follows: | |||||||
2022 | 2021 | ||||||
£ | £ | ||||||
Loss before taxation | (409,226) | (218,197) | |||||
Loss on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 19% (2021: 19%) | (77,753) | (41,457) | |||||
Taxation impact of factors affecting tax charge: | |||||||
Effect of expenses not deductible in determining taxable profit | 208 | 498 | |||||
Unutilised tax losses carried forward | 68,087 | 41,765 | |||||
Capital allowances claimed during the year | (37,479) | (44,268) | |||||
Depreciation on assets not qualifying for tax allowances | 46,937 | 43,462 | |||||
Taxation charge for the year | - | - | |||||
The company has tax losses carried forward as at 31 December 2022 of £1,630,939 (2021: 1,272,590). A deferred tax asset has not been recognised in respect of the losses due to the uncertainty as to the timing of future taxable profits. | |||||||
4 | Tangible fixed assets | ||||||
Leasehold Land and buildings | Plant and machinery etc | Total | |||||
£ | £ | £ | |||||
Cost | |||||||
At 1 January 2022 | |||||||
Additions | - | ||||||
At 31 December 2022 | |||||||
Depreciation | |||||||
At 1 January 2022 | |||||||
Charge for the year | |||||||
At 31 December 2022 | |||||||
Net book value | |||||||
At 31 December 2022 | |||||||
At 31 December 2021 | |||||||
5 | Investments | Investments in subsidiary undertakings | |||||
£ | |||||||
Cost | |||||||
Valuation at 1 January 2022 | |||||||
Valuation at 31 December 2022 | |||||||
Investment in subsidiaries are accounted for at cost less impairment in the individual financial statements. Coffee & Bread Limited, incorporated in United Kingdom, is a wholly owned subsidiary of Tomtom Limited, which has been dormant through the entire year. | |||||||
6 | Debtors: amounts falling due within one year | 2022 | 2021 | ||||
£ | £ | ||||||
Trade debtors | |||||||
Other debtors | |||||||
Accrued Income and Prepayments | 32,342 | 9,246 | |||||
7 | Creditors: amounts falling due within one year | 2022 | 2021 | ||||
£ | £ | ||||||
Bank loans and overdrafts | - | ||||||
Trade creditors | |||||||
Accruals | 1,500 | 35,797 | |||||
Taxation and social security costs | |||||||
Other creditors | |||||||
8 | Creditors: amounts falling due after more than one year | 2022 | 2021 | ||||
£ | £ | ||||||
Bank loans | |||||||
ROU Lease Liability | 300,920 | 413,786 | |||||
Bank loan is an unsecured loan at an interest rate of 2.5% per annum. The loan is repayable within 6 years from the date of the drawdown of the loan. | |||||||
9 | Share Capital | 2022 | 2021 | ||||
Number of shares in issue | 1 | 1 | |||||
Odrinary share capital in issue | £1 | £1 | |||||
10 | Retained Earnings | £ | |||||
At 1 Jan 2021 | (1,141,896) | ||||||
Profit (loss) during the year | (218,197) | ||||||
As at 31 Dec 2021 | (1,360,093) | ||||||
At 1 Jan 2022 | (1,360,093) | ||||||
Profit (loss) during the year | (409,226) | ||||||
As at 31 Dec 2022 | (1,769,319) | ||||||
11 | Related party transactions | ||||||
An amount of £563,615 (2021: £nil) was due to Al-Thiqa Restaurants Company SPC, based in the State of Kuwait and is included within other creditors, which carries interest at a rate in the range of 2.5% - 4.5% per annum. Al-Thiqa Restaurants Company SPC is under common ownership with Tomtom Limited. Except for related party disclosures noted above, the company has taken advantage of the exception under FRS101 not to disclose transactions with fellow group companies which are wholly owned by BNK Holdings K.S.C.C. |
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12 | Controlling party | ||||||
The smallest group in which the results of Tomtom Ltd are consolidated is that headed by BNK Capital for General Trading SPC, whose registered address is at Al-Qibla, Block 6, Salah Al-Deen Street, Al-Qibla National Company Complex, Floor 1, Office 15, State of Kuwait. The largest group in which the results of Tomtom Ltd are consolidated is that headed by BNK Holdings K.S.C.C., whose registered address is at Al Hamra Tower, 69th floor, Abdulaziz Al Saqr Street, P.O. Box 1196, Safat 13012, State of Kuwait, where the group financial statements are available. Mr. Bader Nasser Mohamed Al Kharafi is the ultimate controlling party of the company by virtue of his majority shareholding in BNK Holdings K.S.C.C. |
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13 | Events after the reporting date | ||||||
There are no subsequent events to report. |