Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-282024-02-282023-02-23falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.0trueBusiness and domestic software development.2true 14685404 2023-02-22 14685404 2023-02-23 2024-02-28 14685404 2022-02-23 2023-02-22 14685404 2024-02-28 14685404 c:Director1 2023-02-23 2024-02-28 14685404 d:CurrentFinancialInstruments 2024-02-28 14685404 d:Non-currentFinancialInstruments 2024-02-28 14685404 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-28 14685404 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-28 14685404 d:ShareCapital 2023-02-23 2024-02-28 14685404 d:ShareCapital 2024-02-28 14685404 d:RetainedEarningsAccumulatedLosses 2023-02-23 2024-02-28 14685404 d:RetainedEarningsAccumulatedLosses 2024-02-28 14685404 c:OrdinaryShareClass1 2023-02-23 2024-02-28 14685404 c:OrdinaryShareClass1 2024-02-28 14685404 c:FRS102 2023-02-23 2024-02-28 14685404 c:AuditExempt-NoAccountantsReport 2023-02-23 2024-02-28 14685404 c:FullAccounts 2023-02-23 2024-02-28 14685404 c:PrivateLimitedCompanyLtd 2023-02-23 2024-02-28 14685404 e:PoundSterling 2023-02-23 2024-02-28 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14685404









TONK LABS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 FEBRUARY 2024

 
TONK LABS LIMITED
REGISTERED NUMBER: 14685404

BALANCE SHEET
AS AT 28 FEBRUARY 2024

2024
Note
£

  

CURRENT ASSETS
  

Stocks
  
211,828

Debtors: amounts falling due within one year
 4 
4,095

Cash at bank and in hand
  
2,368,874

  
2,584,797

Creditors: amounts falling due within one year
 5 
(8,891)

NET CURRENT ASSETS
  
 
 
2,575,906

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,575,906

Creditors: amounts falling due after more than one year
 6 
(2,778,925)

  

NET (LIABILITIES)/ASSETS
  
(203,019)


CAPITAL AND RESERVES
  

Called up share capital 
  
80

Profit and loss account
  
(203,099)

  
(203,019)


Page 1

 
TONK LABS LIMITED
REGISTERED NUMBER: 14685404
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H Kingdon
Director

Date: 30 July 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
TONK LABS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£



Loss for the period
-
(203,099)
(203,099)

Shares issued during the period
80
-
80


AT 28 FEBRUARY 2024
80
(203,099)
(203,019)

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
TONK LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

1.


GENERAL INFORMATION

Tonk Labs Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 64 Nile Street, London, England, N1 7SR.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company incurred a loss for the financial period and had net liabilities of £203,019 as at 28 February 2024 The financial statements have been prepared on the going concern basis, which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Given the investment received, together with the development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
TONK LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover comprises business and domestic software development provided during this period, exclusive of Value Added Tax. Turnover is recognised as the fair value of the consideration received or receivable and is recognised in the Profit and Loss Account in the period to which it relates.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
TONK LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

INVENTORY

Cryptocurrency used by the company during its normal course of business is accounted for as inventory pursuant to a notice published by the ICAEW technical advisory service. The company receives payment in the form of cryptocurrency these funds are used to make payments in the course of business.The only Cryptocurrencies held by the company are pegged to the US dollar. It is therefore not holding cryptocurrencies as an investment with a view to long-term capital appreciation.
At each balance sheet date, any residual inventory balance is assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to sell. Any gains or losses in the period are recognised immediately in profit or loss for the period.

 
2.9

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.

 
2.10

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 than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

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.


3.


EMPLOYEES



The average monthly number of employees, including directors, during the period was 2.


4.


DEBTORS

2024
£


Other debtors
3,575

Prepayments and accrued income
520

4,095


Page 6

 
TONK LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

5.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
£

Trade creditors
1,856

Other creditors
4,660

Accruals and deferred income
2,375

8,891



6.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
£

Other loans
2,772,588

Other creditors
6,337

2,778,925


Other loans comprise simple agreements for future equity (SAFE) £2,627,588. These will convert to equity in the event of a qualifying round or liquidity event.
Other loans represents an agreement for future equity £145,000. This will convert to equity on a qualifying event as outlined by the agreement. Otherwise, conversion to equity will occur at the longstop date, being 3 years from the date of the agreement, if the qualifying event has not occurred before then.
Other creditors comprise token warrants with an expiration date of ten years from the date of agreement, the warrants protect investors rights to a potential purchase of future tokens but not a commitment to do so.


7.


SHARE CAPITAL

2024
£
ALLOTTED, CALLED UP AND FULLY PAID


800,000 Ordinary shares of £0.0001 each
80


On incorporation, 800,000 £0.0001 Ordinary shares were issued at par.

 
Page 7