Company registration number 07885004 (England and Wales)
TNC TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TNC TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TNC TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
88,889
471,020
Current assets
Debtors
6
64,686
64,689
Cash at bank and in hand
1,551
2,218
66,237
66,907
Creditors: amounts falling due within one year
7
(1,259,434)
(1,195,789)
Net current liabilities
(1,193,197)
(1,128,882)
Net liabilities
(1,104,308)
(657,862)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,104,408)
(657,962)
Total equity
(1,104,308)
(657,862)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
N M Cole
C A Giles
Director
Director
Company Registration No. 07885004
TNC TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
TNC Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.3
Intangible fixed assets other than goodwill
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Domain names
10% on cost
Development costs will be amortised evenly over their estimated useful life once development has been completed. Trade mark and logo design costs will be amortised evenly over their estimated useful life once the projects have been completed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% on cost
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TNC TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Taxation
The tax expense represents tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
TNC TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
3
4
Intangible fixed assets
Other
Domain names
Total
£
£
£
Cost
At 1 January 2023
461,690
19,323
481,013
Additions
70,041
70,041
At 31 December 2023
531,731
19,323
551,054
Amortisation and impairment
At 1 January 2023
9,993
9,993
Amortisation charged for the year
1,932
1,932
Impairment losses
450,240
450,240
At 31 December 2023
450,240
11,925
462,165
Carrying amount
At 31 December 2023
81,491
7,398
88,889
At 31 December 2022
461,690
9,330
471,020
5
Tangible fixed assets
Computers
£
Cost
At 1 January 2023 and 31 December 2023
10,911
Depreciation and impairment
At 1 January 2023 and 31 December 2023
10,911
Carrying amount
At 31 December 2023
At 31 December 2022
TNC TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
64,585
64,588
Other debtors
101
101
64,686
64,689
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,355
8,426
Taxation and social security
4,462
3,944
Other creditors
1,245,617
1,183,419
1,259,434
1,195,789
8
Related party transactions
At 31 December 2023 there were related party balances with entities that one or more of the shareholders and directors of the Company have a participating interest as follows:
Amounts due from related parties of £64,587 (2022: £64,587), and amounts owed to related parties of £1,241,964 (2022: £1,181,404).