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Registration number: 04605085

Tofana Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Tofana Limited

Contents

Company Information

1

Profit and Loss Account

2

Statement of Comprehensive Income

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 10

 

Tofana Limited

Company Information

Director

N R Hogan

Company secretary

LEA SECRETARIES LIMITED

Registered office

5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

 

Tofana Limited

Profit and Loss Account for the Year Ended 31 December 2022

Note

2022

2021

Turnover

 

38,252

61,288

Gross profit

 

38,252

61,288

Administrative expenses

 

122,610

103,478

Operating profit

 

160,862

164,766

Interest payable and similar expenses

 

(37)

(2,509)

Profit before tax

160,825

162,257

Tax on profit

 

(29,785)

(30,837)

Profit for the financial year

 

131,040

131,420

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Tofana Limited

Statement of Comprehensive Income for the Year Ended 31 December 2022

2022

2021

Profit for the year

131,040

131,420

Total comprehensive income for the year

131,040

131,420

 

Tofana Limited

(Registration number: 04605085)
Balance Sheet as at 31 December 2022

Note

2022

2021

Fixed assets

 

Investment property

4

480,278

581,298

Investments

5

553,943

553,943

 

1,034,221

1,135,241

Current assets

 

Debtors

6

11,357

13,719

Cash at bank and in hand

 

293,104

232,615

 

304,461

246,334

Creditors: Amounts falling due within one year

7

(23,788)

(27,721)

Net current assets

 

280,673

218,613

Total assets less current liabilities

 

1,314,894

1,353,854

Creditors: Amounts falling due after more than one year

7

(92,620)

(262,620)

Net assets

 

1,222,274

1,091,234

Capital and reserves

 

Called up share capital

623,130

623,130

Other reserves

195,835

195,835

Retained earnings

403,309

272,269

Shareholders' funds

 

1,222,274

1,091,234

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.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 November 2023
 

 

Tofana Limited

(Registration number: 04605085)
Balance Sheet as at 31 December 2022

.........................................
N R Hogan
Director

 

Tofana Limited

Statement of Changes in Equity for the Year Ended 31 December 2022

Share capital

Redenomination reserve

Profit and loss account

Total

At 1 January 2022

623,130

195,835

272,269

1,091,234

Profit for the year

-

-

131,040

131,040

Total comprehensive income

-

-

131,040

131,040

At 31 December 2022

623,130

195,835

403,309

1,222,274

Share capital

Redenomination reserve

Profit and loss account

Total

At 1 January 2021

623,130

195,835

140,849

959,814

Profit for the year

-

-

131,420

131,420

Total comprehensive income

-

-

131,420

131,420

At 31 December 2021

623,130

195,835

272,269

1,091,234

 

Tofana Limited

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 and Wales.

The address of its registered office is:
5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
United Kingdom

These financial statements were authorised for issue by the director on 30 November 2023.

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.

The functional and presentational currency is Euros. Last year currency was Sterling and all items have been translated into the new currency using the exchange rate at the date of change. The resulting translated amounts for non-monetary items are treated as their historical cost.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Tofana Limited

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

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

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.

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.

 

Tofana Limited

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

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.

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.

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 the director) during the year, was 1 (2021 - 1).

4

Investment properties

2022

At 1 January

581,298

Acquired through business combinations

8,849

Disposals

(109,869)

At 31 December

480,278

There has been no valuation of investment property by an independent valuer.

5

Investments

2022

2021

Investments in associates

553,943

553,943

 

Tofana Limited

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

Associates

Cost

At 1 January 2022

553,943

Provision

Carrying amount

At 31 December 2022

553,943

At 31 December 2021

553,943

6

Debtors

Current

2022

2021

Trade debtors

2,200

900

Prepayments

9,157

12,819

 

11,357

13,719

7

Creditors

Creditors: amounts falling due within one year

2022

2021

Due within one year

Trade creditors

5,437

7,275

Taxation and social security

14,906

14,294

Accruals and deferred income

3,445

6,152

23,788

27,721

Creditors: amounts falling due after more than one year

2022

2021

Due after one year

Other non-current financial liabilities

92,620

262,620

Other creditors include a loan of €92,620 (2021: €262,620) from shareholders. The loan is interest free and repayable on demand.