Company registration number 11118407 (England and Wales)
LONE AND TONTO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LONE AND TONTO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
LONE AND TONTO LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
139,707
102,590
Tangible assets
4
23,329
20,804
Investments
5
1
19,998
163,037
143,392
Current assets
Stocks
122,454
181,252
Debtors
6
51,415
185,698
Cash at bank and in hand
76,367
58,750
250,236
425,700
Creditors: amounts falling due within one year
7
(2,021,749)
(1,031,472)
Net current liabilities
(1,771,513)
(605,772)
Net liabilities
(1,608,476)
(462,380)
Capital and reserves
Called up share capital
8
1,121
1,117
Share premium account
1,206,662
1,174,174
Profit and loss reserves
(2,816,259)
(1,637,671)
Total equity
(1,608,476)
(462,380)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.

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 director acknowledges his 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 and signed by the director and authorised for issue on 23 September 2024
J S Minhas
Director
Company registration number 11118407 (England and Wales)
LONE AND TONTO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Lone and Tonto Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Black Fox Advisers Limited, Fletchers Business Centre, Grendon Road, Polesworth, B78 1NS.

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
Going concern

The financial statements have been prepared on a going concern basis as the director is of the opinion that sufficient funds are available to enable the company to continue to trade. Shareholders will not seek repayments of loans until such time permits this.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business 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 of assets less their residual values over their useful lives when the assets are brought into use on the following bases:

Patents and licences
Over 10 years
Development costs
Over 10 years
Brand design
Over 10 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

LONE AND TONTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computers
25% straight line
Website costs
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LONE AND TONTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

 

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LONE AND TONTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
2
3
Intangible fixed assets
Patents and licences
Development costs
Brand design
Total
£
£
£
£
Cost
At 1 January 2023
27,168
63,324
33,350
123,842
Additions
-
0
53,084
1,647
54,731
Disposals
-
0
(6,502)
-
0
(6,502)
At 31 December 2023
27,168
109,906
34,997
172,071
Amortisation and impairment
At 1 January 2023
7,466
4,549
9,237
21,252
Amortisation charged for the year
2,717
5,046
3,349
11,112
At 31 December 2023
10,183
9,595
12,586
32,364
Carrying amount
At 31 December 2023
16,985
100,311
22,411
139,707
At 31 December 2022
19,702
58,775
24,113
102,590
LONE AND TONTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
Website costs
Total
£
£
£
Cost
At 1 January 2023
11,282
24,196
35,478
Additions
11,148
-
0
11,148
Disposals
(117)
-
0
(117)
At 31 December 2023
22,313
24,196
46,509
Depreciation and impairment
At 1 January 2023
4,006
10,668
14,674
Depreciation charged in the year
3,674
4,839
8,513
Eliminated in respect of disposals
(7)
-
0
(7)
At 31 December 2023
7,673
15,507
23,180
Carrying amount
At 31 December 2023
14,640
8,689
23,329
At 31 December 2022
7,276
13,528
20,804
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
19,998
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 January 2023 & 31 December 2023
19,998
Impairment
At 1 January 2023
-
Impairment losses
19,997
At 31 December 2023
19,997
Carrying amount
At 31 December 2023
1
At 31 December 2022
19,998
LONE AND TONTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,214
2,469
Corporation tax recoverable
-
0
25,000
Other debtors
37,573
21,589
Prepayments and accrued income
8,628
136,640
51,415
185,698
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
90,263
97,622
Taxation and social security
7,010
3,468
Other creditors
1,902,726
836,594
Accruals and deferred income
21,750
93,788
2,021,749
1,031,472
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
100,000
100,000
100
100
Ordinary B shares of 0.1p each
1,020,765
1,016,500
1,021
1,017
1,120,765
1,116,500
1,121
1,117

On 2 February 2023 3,562 Ordinary B shares of £0.001 each were issued at a premium of £7.61 each.

 

On 17 March 2023 706 Ordinary B shares of £0.001 each were issued at a premium of £7.61 each.

9
Financial commitments, guarantees and contingent liabilities

In the event of a default on the company's credit card payments, National Westminster Bank PLC has a fixed charge over £5,000 cash held in deposit.

10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
58,144
-
0
LONE AND TONTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities holding a participating interest in the company
1,898,173
834,124

The amounts due are interest free and repayable on demand.

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