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Registration number: 4547211

Toniq Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Toniq Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Toniq Ltd

Company Information

Directors

Mr Colin Williams

Mrs S J Williams

Registered office

Unit 3
Wheal Rose Business Park
Roche Road
Bugle
Cornwall
PL26 8PP

Accountants

Peter Williams & Co
Chartered Certified Accountants
Latham Park
St Blazey Road
Par
Cornwall
PL24 2HY

 

Toniq Ltd

(Registration number: 4547211)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

200,000

200,000

Tangible assets

5

7,608

11,360

 

207,608

211,360

Current assets

 

Stocks

6

58,818

58,818

Debtors

7

829

1,106

 

59,647

59,924

Creditors: Amounts falling due within one year

8

(291,964)

(287,306)

Net current liabilities

 

(232,317)

(227,382)

Total assets less current liabilities

 

(24,709)

(16,022)

Creditors: Amounts falling due after more than one year

8

(1,660)

(2,145)

Net liabilities

 

(26,369)

(18,167)

Capital and reserves

 

Called up share capital

9

50,000

50,000

Other reserves

200,000

200,000

Retained earnings

(276,369)

(268,167)

Shareholders' deficit

 

(26,369)

(18,167)

For the financial year ending 30 September 2023 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. 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 Board on 4 April 2024 and signed on its behalf by:
 

 

Toniq Ltd

(Registration number: 4547211)
Balance Sheet as at 30 September 2023

.........................................
Mr Colin Williams
Director

 

Toniq Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Unit 3
Wheal Rose Business Park
Roche Road
Bugle
Cornwall
PL26 8PP

These financial statements were authorised for issue by the Board on 4 April 2024.

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.

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.

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.

 

Toniq Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 & Machinery

25% reducing balance method

Fixtures & Fittings

25% reducing balance method

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Toniq Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 0 (2022 - 0).

 

Toniq Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 October 2022

200,000

200,000

At 30 September 2023

200,000

200,000

Amortisation

Carrying amount

At 30 September 2023

200,000

200,000

At 30 September 2022

200,000

200,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

27,634

27,634

At 30 September 2023

27,634

27,634

Depreciation

At 1 October 2022

16,274

16,274

Charge for the year

3,752

3,752

At 30 September 2023

20,026

20,026

Carrying amount

At 30 September 2023

7,608

7,608

At 30 September 2022

11,360

11,360

6

Stocks

2023
£

2022
£

Raw materials and consumables

45,818

45,818

Finished goods and goods for resale

13,000

13,000

58,818

58,818

 

Toniq Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

829

1,106

 

829

1,106

 

Toniq Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

11,808

12,003

Trade creditors

 

1,900

1,706

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

30,712

31,054

Taxation and social security

 

3,554

4,230

Accruals and deferred income

 

600

600

Other creditors

 

243,390

237,713

 

291,964

287,306

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,660

2,145

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

50,000

50,000

50,000

50,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,660

2,145

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

11,808

12,003