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COMPANY REGISTRATION NUMBER: 05202069
TON UK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
TON UK LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
5
5,151,759
5,051,759
Current assets
Debtors
6
236,844
225,851
Creditors: amounts falling due within one year
7
4,657
2,521,834
----------
-------------
Net current assets/(liabilities)
232,187
( 2,295,983)
-------------
-------------
Total assets less current liabilities
5,383,946
2,755,776
-------------
-------------
Net assets
5,383,946
2,755,776
-------------
-------------
Capital and reserves
Called up share capital
8
2,415
1,769
Share premium account
7,906,950
4,834,794
Profit and loss account
( 2,525,419)
( 2,080,787)
-------------
-------------
Shareholders funds
5,383,946
2,755,776
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TON UK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
D C Titterton
Director
Company registration number: 05202069
TON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor Chandos House, 26 North Street, Brighton, East Sussex, BN1 1EB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
5,051,759
Additions
100,000
-------------
At 31 December 2023
5,151,759
-------------
Impairment
At 1 January 2023 and 31 December 2023
-------------
Carrying amount
At 31 December 2023
5,151,759
-------------
At 31 December 2022
5,051,759
-------------
The company owns 100% of the issued share capital of Intelligent Positioning Ltd (a company incorporated in England & Wales), 99.99% of the issued share capital of Pi Software Solutions Pty Ltd (a company incorporated in India), 100% of the issued share capital of Blenheim Digital Ltd (a company incorporated in England & Wales) and 100% of Intelligent Positioning Inc (a company incorporated in the United States of America).
2023
2022
£
£
Aggregate capital and reserves:
Intelligent Positioning Ltd - at 31/12/23
1,101,302
1,375,730
Pi Software Solutions Pty Ltd - at 31/03/23
37,693
29,993
Blenheim Digital Ltd - at 31/12/23
1
1
Intelligent Positioning Inc - at 31/12/23
(249,459)
(264,801)
Profit/(loss) for the period
Intelligent Positioning Ltd
(374,428)
(190,055)
Pi Software Solutions Pty Ltd
7,700
8,061
Intelligent Positioning Inc
15,342
(6,175)
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
235,844
224,851
Other debtors
1,000
1,000
----------
----------
236,844
225,851
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
4,657
2,635
Other loans
2,160,000
Other creditors
359,199
-------
-------------
4,657
2,521,834
-------
-------------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
107,579
1,076
107,579
1,076
Ordinary A shares of £ 0.01 each
7,956
80
7,956
80
Ordinary B shares of £ 0.01 each
49,916
499
49,916
499
Ordinary C shares of £ 0.01 each
11,439
114
11,439
114
Ordinary D shares of £ 0.01 each
64,643
646
----------
-------
----------
-------
241,533
2,415
176,890
1,769
----------
-------
----------
-------
Loans payable at the prior year end totalling £2,160,000 were converted into 48,309 ordinary £0.01 'D' shares on the 27th April 2023 at a premium of £44.70 per share. On the same date, accumulated interest on these loans totalling £412,945 was converted into 7,388 ordinary £0.01 'D' shares at a premium of £55.88 per share. An additional 8,946 ordinary £0.01 'D' shares were issued on the 27th April 2023 for new investment totalling £500,000 at a premium of £55.88 per share.
9. Related party transactions
At the balance sheet date the company was owed £10,993 by Intelligent Positioning Limited, a wholly owned subsidiary (2022: £nil). At the balance sheet date the company was owed £1,000 by its subsidiary, Pi Software Solutions Pty Limited, which is incorporated in India (2022: £1,000). At the balance sheet date the company was owed £224,851 by its wholly owned subsidiary, Intelligent Positioning Inc, which is incorporated in the United States of America (2022: £224,851).