REGISTERED NUMBER: 05041914 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
TOKLON LIMITED |
REGISTERED NUMBER: 05041914 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
TOKLON LIMITED |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
TOKLON LIMITED |
COMPANY INFORMATION |
For The Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & statutory auditor |
61 Macrae Road |
Ham Green |
Bristol |
BS20 0DD |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
GROUP STRATEGIC REPORT |
For The Year Ended 30 June 2023 |
INTRODUCTION |
The directors present their strategic report for the year to 30 June 2023. |
During the year the group was engaged on a major project for the development and sale of land, the sale of which was partially completed in September 2022. The effect of this land sale was to repay the majority of bank borrowing owed by the company, the holding company and the subsidiary companies. |
REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS |
The directors consider the key performance indicators of the company to be turnover and the operating profit. |
The Group's principal projects are the redevelopment of the Swindon and Poole stadium sites. Delays have occurred due to planning issues exacerbated by the Covid 19 pandemic and other factors. |
In parallel with this development, the company has negotiated the sale of certain parcels of land held by the group and such negotiations are substantially complete at the date of this report. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is exposed to the following risks: |
- Going concern and liquidity risk |
The group is exposed to a variety of financial risks which result from both its operating and investing activities. This section describes the company's objectives and policies and procedures for managing those risks. Further quantitative information is provided throughout the financial statements. |
Going concern and liquidity risk |
The board is responsible for coordinating the company's risk management and focuses on actively securing the group's short to medium term cash flows. Long term financial investments are managed to generate lasting returns. The directors have reviewed group cashflow forecasts which show that the cash generated from operations together with the group bank facilities, third party and director loans will provide sufficient working capital for at least 12 months from the date of approval of these financial statements.The group bank facilities have been extended to 30 April 2024 to facilitate the repayment of debt from property sales. |
At the date of this report, the company and group are operating within significantly reduced bank facilities, and projections prepared by the directors show bank borrowings fully repaid by 31 May 2024. |
Liquidity risk |
The group seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities. |
Interest rate risk |
The group finances its operations through retained profits, short term borrowings and the use of overdraft facilities. When short term borrowings or overdrafts are used, variable rates of interest apply. Neither fixed rate instruments nor interest rate swaps have been used. |
The group does not actively engage in the trading of financial assets and has no financial derivatives. |
The group and company strategy for the future includes the continued sale of property assets and trading on a debt-free basis. |
ON BEHALF OF THE BOARD: |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
REPORT OF THE DIRECTORS |
For The Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
GOING CONCERN |
The board is responsible for coordinating the group's risk management and focuses on actively securing the group's short to medium term cash flows. Long term financial investments are managed to generate lasting returns. The directors have reviewed group cashflow forecasts which show that the cash generated from operations together with the group bank facilities, third party and director loans will provide sufficient working capital for at least 12 months from the date of approval of these financial statements.The group bank facilities have been extended to 30 April 2024 to facilitate the repayment of debt from property sales. |
At the date of this report, the company and group are operating within significantly reduced bank facilities, and projections prepared by the directors show bank borrowings fully repaid by 31 May 2024. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
REPORT OF THE DIRECTORS |
For The Year Ended 30 June 2023 |
AUDITORS |
The auditors, Elliott Bunker Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TOKLON LIMITED |
Opinion |
We have audited the financial statements of TokLon Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements 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. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements 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. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 financial statements 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TOKLON LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TOKLON LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Fraud and breaches of laws and regulations - ability to detect |
Identifying and reporting of risks of material misstatement due to fraud |
To identify risks of material misstatement due to fraud we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
- Reviewing the minutes of board meetings. |
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. |
As required by auditing standards and taking into account possible pressures to meet targets and our overall knowledge of the control environment, we performed procedures to assess the risks of management override of controls. To address the pervasive risk as it related to management override of controls, we: - |
-performed analytical procedures to identify any unusual or unexpected relationships; |
- reviewed material journal entries and agreed these to supporting documentation where appropriate; |
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions |
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations |
We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the property and leisure sector; |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably: |
- 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 and data protection, anti-bribery, 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. |
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 including the Health and Safety Executive, and the company’s legal advisors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TOKLON LIMITED |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and the board and inspection of regulatory and legal correspondence, if any. Therefore, if any breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. |
Limitations to the ability of the audit to detect fraud or breaches of laws and regulation |
Owing to the inherent limitation of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. |
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement, and therefore we are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. |
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. |
- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- | Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TOKLON LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants & statutory auditor |
61 Macrae Road |
Ham Green |
Bristol |
BS20 0DD |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
CONSOLIDATED |
INCOME STATEMENT |
For The Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 9,477,395 | 6,131,193 |
Cost of sales | (6,048,191 | ) | (2,337,404 | ) |
GROSS PROFIT | 3,429,204 | 3,793,789 |
Administrative expenses | (2,228,746 | ) | (2,115,373 | ) |
1,200,458 | 1,678,416 |
Other operating income |
- furlough claims | 3,617 | 72,434 |
Other operating costs | (846,900 | ) | - |
OPERATING PROFIT | 5 | 357,175 | 1,750,850 |
Interest receivable and similar income | 811 | - |
357,986 | 1,750,850 |
Interest payable and similar expenses | 6 | (35,437 | ) | (182,592 | ) |
PROFIT BEFORE TAXATION | 322,549 | 1,568,258 |
Tax on profit | 7 | - | - |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 322,549 | 1,568,258 |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
For The Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 322,549 | 1,568,258 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
322,549 |
1,568,258 |
Total comprehensive income attributable to: |
Owners of the parent | 322,549 | 1,568,258 |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
CONSOLIDATED BALANCE SHEET |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | (1,139,024 | ) | (2,278,052 | ) |
Tangible assets | 10 | 2,233,606 | 5,460,897 |
Investments | 11 | - | - |
1,094,582 | 3,182,845 |
CURRENT ASSETS |
Stocks | 12 | 2,985,572 | 6,854,653 |
Debtors | 13 | 842,096 | 643,884 |
Cash at bank and in hand | 228,953 | 97,202 |
4,056,621 | 7,595,739 |
CREDITORS |
Amounts falling due within one year | 14 | 5,061,778 | 10,605,641 |
NET CURRENT LIABILITIES | (1,005,157 | ) | (3,009,902 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
89,425 |
172,943 |
CREDITORS |
Amounts falling due after more than one year |
15 |
38,675 |
49,270 |
NET ASSETS | 50,750 | 123,673 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 100 | 100 |
Retained earnings | 19 | 50,650 | 123,573 |
SHAREHOLDERS' FUNDS | 50,750 | 123,673 |
The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by: |
C A Osborne - Director |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
COMPANY BALANCE SHEET |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Company's profit/(loss) for the financial year | 11,394,705 | (83,792 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 | 100 | (1,444,685 | ) | (1,444,585 | ) |
Changes in equity |
Total comprehensive income | - | 1,568,258 | 1,568,258 |
Balance at 30 June 2022 | 100 | 123,573 | 123,673 |
Changes in equity |
Total comprehensive income | - | (72,923 | ) | (72,923 | ) |
Balance at 30 June 2023 | 100 | 50,650 | 50,750 |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,739,067 | 5,166,985 |
Interest paid | (35,437 | ) | (182,592 | ) |
Net cash from operating activities | 1,703,630 | 4,984,393 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (54,154 | ) | (343,403 | ) |
Transfer of intangible fixed assets | (1,534,500 | ) | - |
Sale of tangible fixed assets | 8,335 | - |
Transfer of fixed asset investments | 3,181,146 | - |
Interest received | 811 | - |
Net cash from investing activities | 1,601,638 | (343,403 | ) |
Cash flows from financing activities |
New loans in year | - | 157,721 |
Loan repayments in year | (2,593,758 | ) | (4,889,450 | ) |
Government grants | - | 40,302 |
Provisions | - | (25,000 | ) |
Net cash from financing activities | (2,593,758 | ) | (4,716,427 | ) |
Increase/(decrease) in cash and cash equivalents | 711,510 | (75,437 | ) |
Cash and cash equivalents at beginning of year |
2 |
(688,630 |
) |
(613,193 |
) |
Cash and cash equivalents at end of year | 2 | 22,880 | (688,630 | ) |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 30 June 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 322,549 | 1,568,258 |
Depreciation charges | 98,783 | 99,855 |
Profit on disposal of fixed assets | (6,819 | ) | - |
Government grants | - | (40,302 | ) |
Finance costs | 35,437 | 182,592 |
Finance income | (811 | ) | - |
449,139 | 1,810,403 |
Decrease/(increase) in stocks | 3,869,081 | (2,347,612 | ) |
(Increase)/decrease in trade and other debtors | (198,212 | ) | 2,530,143 |
(Decrease)/increase in trade and other creditors | (2,380,941 | ) | 3,174,051 |
Cash generated from operations | 1,739,067 | 5,166,985 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 228,953 | 97,202 |
Bank overdrafts | (206,073 | ) | (785,832 | ) |
22,880 | (688,630 | ) |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 97,202 | 146 |
Bank overdrafts | (785,832 | ) | (613,339 | ) |
(688,630 | ) | (613,193 | ) |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 30 June 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 97,202 | 131,751 | 228,953 |
Bank overdrafts | (785,832 | ) | 579,759 | (206,073 | ) |
(688,630 | ) | 711,510 | 22,880 |
Debt |
Debts falling due within 1 year | (2,610,000 | ) | 2,583,163 | (26,837 | ) |
Debts falling due after 1 year | (49,270 | ) | 10,595 | (38,675 | ) |
(2,659,270 | ) | 2,593,758 | (65,512 | ) |
Total | (3,347,900 | ) | 3,305,268 | (42,632 | ) |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
TokLon Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases. |
The financial statements reflect an adjustment to the fair values previously recognised in respect of land and development stock where awkward assets are sold during the accounting period. |
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 January 2015. |
Certain subsidiary companies have decided to exempt themselves from the audit requirement under Section 479A of the Companies Act 2006: |
- BS Estates Limited (registered no. 01696540); B.S.G. Developments Limited (registered no. 02029285); Poole Stadium Limited (registered no. 03066878); Synchronised Software Limited (registered no. 13008230; BS Properties Limited (registered no. 02040276). |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. |
Estimates and underlying assumptions are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be records, with corresponding effect on profit or loss, when, and if, better information is obtained. |
Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment within the next financial year are included below. |
Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate sot the following: |
Provisions |
In recognising provisions, the company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of records amounts as compared to initial estimates. |
Development stocks |
Management applies judgement at each balance sheet date to estimate the net realisable value of development stock, taking into account the most reliable evidence at each reporting date. |
Impairment of non-financial assets |
Where there are indicators of impairment of individual amounts, management perform impairment tests based on fair value less cost to sell. |
Going concern |
Management have estimated the timing of, and proceeds from, the sale of development stock in determining their going concern assessment. |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The board is responsible for coordinating the company and group's risk management and focuses on actively securing the company's short to medium term cash flows. Long term financial investments are managed to generate lasting returns. The directors have reviewed group cashflow forecasts which show that the cash generated from operations together with the group bank facilities, third party and director loans will provide sufficient working capital for at least 12 months from the date of approval of these financial statements, but the Group's banker has shown reluctance to commit support for the whole of the forthcoming year. The group's bank facilities have been extended to 30 April 2024 to facilitate the repayment of debt from property sales. |
After making suitable enquiries, the directors have formed a judgment, at the time of approving the financial statements, that there is reasonable expectation that the company, with the support of Group and its remaining trading businesses will have adequate resources to enable the company to remain a going concern for a period of at least twelve months from the date of approval of the financial statements. |
At the date of this report, the negotiations of property sales and development work required are on target to repay the bank by 31 May 2024. The company and group are actively engaged in securing alternative finance if the asset realisation program is delayed. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- The group has transferred the significant risks and rewards of ownership to the buyer; |
- The group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- The amount of revenue can be measured reliably; |
- It is probable that the group will receive the consideration due under the transaction; and |
- The costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the group will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Income from sale of properties is recognised where legal contractual obligations are entered into during the period. |
The proportion of gross income retained by the group from tote betting and gaming activities is recognised at the time the transaction is completed. |
Rental income is recognised in the period to which it relates. |
Intangible assets |
Goodwill arising on business combinations is capitalised and classified as an asset on the balance sheet. Provision is made for any impairment. The goodwill is realised as the underlying assets are sold. |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated deprecation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
On consolidation, a fair value review is carried out by the directors and this is adjusted on an annual basis where appropriate (note 11 to these financial statements). |
Depreciation is not provided on all freehold operating properties where the directors are of the opinion that the buildings concerned are currently sufficiently well maintained to ensure that the residual values of such properties, which are appraised on the basis of prices prevailing at the times of acquisition or subsequent valuation, are not less than the carrying values an accordingly annual depreciation or amortisation would not be material to the consolidated financial statements. In accordance with FRS 102 an impairment review has been carried out to confirm that the residual values of these properties are higher than their carrying value. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Leasehold property - unexpired term of the lease |
Plant & machinery - 2 - 7 years |
Assets under construction - not depreciated |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss. |
Valuation of investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
The assets of the plan are held separately from the Group in independently administered funds. |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price. Less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more then three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Interest income |
Interest income is recognised in profit or loss using the effective interest method. |
Borrowing costs |
All borrowing costs are recognised in profit or loss in the year in which they are incurred. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Stadia & other leisure | 3,350,142 | 5,991,477 |
Property | 6,127,253 | 139,716 |
9,477,395 | 6,131,193 |
All turnover arose within the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,082,527 | 1,058,385 |
Social security costs | 82,300 | 82,424 |
Other pension costs | 61,655 | 38,244 |
1,226,482 | 1,179,053 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Full time and part time |
2023 | 2022 |
£ | £ |
Directors' remuneration | 80,232 | 81,318 |
Directors' pension contributions to money purchase schemes | 16,355 | 17,846 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 2 |
The highest paid director received remuneration of £80,232 (2021: £77,632). |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 9,109 | 29,920 |
Depreciation - owned assets | 98,783 | 99,855 |
Profit on disposal of fixed assets | (6,819 | ) | - |
Auditors' remuneration | 19,000 | 16,000 |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
5. | OPERATING PROFIT - continued |
Exceptional items | Year Ended | Year Ended |
30.6.2023 | 30.06.22 |
£ | £ |
Exceptional items |
- furlough claims/other income | 3,617 | 69,304 |
Year Ended | Year Ended |
30.6.2023 | 30.06.22 |
£ | £ |
Exceptional items - property development costs (note 22) |
846,900 |
- |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 35,007 | 182,592 |
Other interest | 430 | - |
35,437 | 182,592 |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 June 2023 nor for the year ended 30 June 2022. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 322,549 | 1,568,258 |
Profit multiplied by the standard rate of corporation tax in the UK of 20.500 % (2022 - 19 %) |
66,123 |
297,969 |
Effects of: |
Expenses not deductible for tax purposes | 1,000 | 2,000 |
Utilisation of tax losses | (67,123 | ) | (299,969 | ) |
average rate |
an increase in tax charge |
Total tax charge | - | - |
Tax losses of approximately £5.3 million are available at 30 June 2023 to relieve against future income (2022:£5.3 million). |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2022 | (8,013,000 | ) |
Disposals | 4,006,500 |
At 30 June 2023 | (4,006,500 | ) |
AMORTISATION |
At 1 July 2022 | (5,734,948 | ) |
Eliminated on disposal | 2,867,472 |
At 30 June 2023 | (2,867,476 | ) |
NET BOOK VALUE |
At 30 June 2023 | (1,139,024 | ) |
At 30 June 2022 | (2,278,052 | ) |
The balance on goodwill results from the fair-value accounting adopted on the original purchase of the subsidiary companies. This will be released to reserves when the underlying assets have been disposed of. The land sales during the year resulting a charge to reserves of £395,472 (see note 19). |
10. | TANGIBLE FIXED ASSETS |
Group |
Assets |
Freehold | Long | Plant and | under |
property | leasehold | machinery | construction | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 | 2,276,754 | 2,762,565 | 3,844,261 | 2,082,378 | 10,965,958 |
Additions | 4,800 | - | 49,354 | - | 54,154 |
Disposals | (1,485,000 | ) | - | (5,904 | ) | (1,696,146 | ) | (3,187,050 | ) |
At 30 June 2023 | 796,554 | 2,762,565 | 3,887,711 | 386,232 | 7,833,062 |
DEPRECIATION |
At 1 July 2022 | - | 1,721,813 | 3,783,248 | - | 5,505,061 |
Charge for year | - | 68,644 | 30,139 | - | 98,783 |
Eliminated on disposal | - | - | (4,388 | ) | - | (4,388 | ) |
At 30 June 2023 | - | 1,790,457 | 3,808,999 | - | 5,599,456 |
NET BOOK VALUE |
At 30 June 2023 | 796,554 | 972,108 | 78,712 | 386,232 | 2,233,606 |
At 30 June 2022 | 2,276,754 | 1,040,752 | 61,013 | 2,082,378 | 5,460,897 |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
As set out in accounting policies note 2 to these financial statements, a fair value approach is adopted on consolidation which is reviewed annually by the directors. The uplift reflected at 30 June 2022 was £1.155 million which the directors considered reasonable and this was released during the year as the underlying land was sold. |
11. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
Additions | 3,708,736 |
Disposals | (3,708,736 | ) |
At 30 June 2023 | - |
NET BOOK VALUE |
At 30 June 2023 | - |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Subsidiary undertakings |
The following were subsidiary undertakings of the company: |
Name |
Registered office |
Principal activity |
Class of shares |
Holding |
Gaming International Limited |
Abbey Stadium, Lady Lane, Blunsdon, Swindon, SN25 4DN |
Stadium management and racing operations |
Ordinary | 100% |
BS Estates Limited | Abbey Stadium, Lady Lane, Blunsdon, Swindon, SN25 4DN |
Property development | Ordinary | 100% |
B.S.G Developments Limited |
Abbey Stadium, Lady Lane, Blunsdon, Swindon, SN25 4DN |
Property development | Ordinary | 100% |
Poole Stadium Limited | Abbey Stadium, Lady Lane, Blunsdon, Swindon, SN25 4DN |
Stadium management and racing operations |
Ordinary | 100% |
MK Markets Limited | Abbey Stadium, Lady Lane, Blunsdon, Swindon, SN25 4DN |
Dormant | Ordinary | 100% |
Synchronised Software Limited |
6 Beaconsfield Road, Clifton. Bristol BS8 2TS |
Dormant | Ordinary | 100% |
BS Properties Limited | Abbey Stadium, Lady Lane, Blunsdon, Swindon, SN25 4DN |
Sale of land | Ordinary | 100% |
All subsidiaries are incorporated in England and Wales and are held indirectly through Gaming International Limited. |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Consumables | 6,479 | 7,124 |
Development stock | 2,979,093 | 6,847,529 |
2,985,572 | 6,854,653 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 614,526 | 281,117 |
Other debtors | 83,582 | 132,759 |
VAT | 27,402 | 34,011 |
Prepayments and accrued income | 116,586 | 195,997 |
842,096 | 643,884 |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Debentures (see note 16) | 21,837 | 21,837 |
Bank loans and overdrafts (see note 16) | 211,073 | 3,070,266 |
Other loans (see note 16) | - | 303,729 |
Trade creditors | 596,175 | 291,201 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 41,373 | 48,424 |
Other creditors | 3,557,289 | 6,332,569 |
Accruals and deferred income | 634,031 | 537,615 |
5,061,778 | 10,605,641 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) | 38,675 | 44,630 |
Other loans (see note 16) | - | 4,640 |
38,675 | 49,270 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Debentures | 21,837 | 21,837 | 21,837 | 21,837 |
Bank overdrafts | 206,073 | 785,832 |
Bank loans | 5,000 | 2,284,434 |
Other loans | - | 303,729 |
232,910 | 3,395,832 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 38,675 | 44,630 |
Other loans - 1-2 years | - | 4,640 | - |
38,675 | 49,270 |
The bank overdrafts are secured by means of a fixed and floating charge over assets of the group. |
The £50,000 bank loan was provided under the Government "Bounce-back" scheme and is unsecured. |
Amounts owed to group undertakings are interest free and repayable on demand. |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 110,000 | 110,000 |
Between one and five years | 440,000 | 440,000 |
In more than five years | 1,100,000 | 1,210,000 |
1,650,000 | 1,760,000 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
19. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 July 2022 | 123,573 |
Profit for the year | 322,549 |
Movement (see note 10) | (395,472 | ) |
At 30 June 2023 | 50,650 |
20. | CONTINGENT LIABILITIES |
The company and its subsidiary undertakings have provided unlimited guarantees and right of set-off in respect of the group loan and overdraft facilities. The potential liability at 30 June 2023 was £206,000 (2022:£3,070,266) |
21. | PENSION COMMITMENTS |
The group operates two defined contributions pension schemes. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £61,655 (2022: £38,244). |
TOKLON LIMITED (REGISTERED NUMBER: 05041914) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30 June 2023 |
22. | RELATED PARTY DISCLOSURES |
Riviera Stadium Limited is incorporated in England and Wales and is controlled by Mr C A Osborne who is a director of Riviera Stadium Limited. |
This company was engaged in property development and also held a controlling interest in the Torquay United Association Football Club Limited (TUAFC). |
Property funding partners of the company withdrew financial support during March 2024 and the result of this was that TUAFC appointed an Administrator on 5 April 2024. |
Funds advanced by a group company of £846,900 for property development purposes were written-off to profit during the year.This is treated as an exceptional cost (note 5). |
OFSO Limited is a company incorporated in England and Wales and is controlled by Mr C A Osborne and his immediate family members. At 30 June 2023 a balance of £45,000 was due to OFSO Limited (2022:£45,000 due to OFSO Limited).This balance is interest free and repayable on demand. |
Supercarco Limited is a company incorporated in England and Wales and controlled by Mr C A Osborne. As 30 June 2023 a balance of £60,000 was due to Supercarco (2022:£20,000). |
The group recharged property expenses to Truespeed Limited of £19,354 (2022: £97,647). There was no debt at the end of the year end. The company is related due to common directorship of the company. |
Mr W A Glass is a director of a group company and of The Greyhound Board of Great Britain Limited (GBGB). |
At 30 June 2023 that company owed GBGB £31,740 (2022: £25,872) and paid charges to GBGB of £189,518 during the year. |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is C A Osborne. |