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Company No: 06046168 (England and Wales)

TONKIN RECOVERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TONKIN RECOVERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TONKIN RECOVERY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
TONKIN RECOVERY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,892,101 1,930,526
1,892,101 1,930,526
Current assets
Stocks 1,812 7,672
Debtors 5 438,469 918,171
Cash at bank and in hand 49,492 113,167
489,773 1,039,010
Creditors: amounts falling due within one year 6 ( 1,149,818) ( 1,414,193)
Net current liabilities (660,045) (375,183)
Total assets less current liabilities 1,232,056 1,555,343
Creditors: amounts falling due after more than one year 7 ( 598,795) ( 631,066)
Provision for liabilities ( 354,675) ( 356,513)
Net assets 278,586 567,764
Capital and reserves
Called-up share capital 8 1,000 1,000
Share premium account 253,745 253,745
Profit and loss account 23,841 313,019
Total shareholder's funds 278,586 567,764

For the financial 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 financial statements of Tonkin Recovery Limited (registered number: 06046168) were approved and authorised for issue by the Board of Directors on 14 August 2024. They were signed on its behalf by:

Mr J C H Tonkin
Director
TONKIN RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TONKIN RECOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tonkin Recovery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 77 Fore Street, Bugle, St Austell, Cornwall, PL26 8PD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 10 % reducing balance
Vehicles 20 - 25 years straight line
Office equipment 10 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 51 49

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 540,414 540,414
At 31 December 2023 540,414 540,414
Accumulated amortisation
At 01 January 2023 540,414 540,414
At 31 December 2023 540,414 540,414
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 499,067 224,661 3,012,256 53,267 38,931 3,828,182
Additions 39,165 25,005 437,088 0 15,167 516,425
Disposals 0 ( 10,126) ( 348,115) ( 24,944) ( 29,024) ( 412,209)
At 31 December 2023 538,232 239,540 3,101,229 28,323 25,074 3,932,398
Accumulated depreciation
At 01 January 2023 119,931 82,197 1,632,188 30,089 33,251 1,897,656
Charge for the financial year 10,085 15,164 326,313 1,596 3,672 356,830
Disposals 0 ( 7,465) ( 161,753) ( 17,721) ( 27,250) ( 214,189)
At 31 December 2023 130,016 89,896 1,796,748 13,964 9,673 2,040,297
Net book value
At 31 December 2023 408,216 149,644 1,304,481 14,359 15,401 1,892,101
At 31 December 2022 379,136 142,464 1,380,068 23,178 5,680 1,930,526

5. Debtors

2023 2022
£ £
Trade debtors 207,906 389,077
Amounts owed by Group undertakings 0 309,407
Prepayments 158,283 79,331
Other debtors 72,280 140,356
438,469 918,171

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 50,000 71,165
Trade creditors 265,288 515,130
Amounts owed to Group undertakings 25,927 0
Amounts owed to directors 81,560 82,686
Accruals 171,277 17,206
Taxation and social security 317,986 222,640
Obligations under finance leases and hire purchase contracts (secured) 107,775 423,781
Other creditors 130,005 81,585
1,149,818 1,414,193

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 81,839 244,178
Obligations under finance leases and hire purchase contracts (secured) 516,956 386,888
598,795 631,066

Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
150 Ordinary A shares of £ 1.00 each 150 150
650 Ordinary B shares of £ 1.00 each 650 650
100 Ordinary C shares of £ 1.00 each 100 100
100 Ordinary D shares of £ 1.00 each 100 100
1,000 1,000