Tinnitech Limited 10541606 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is investment in medical patents. Digita Accounts Production Advanced 6.30.9574.0 true true 10541606 2023-11-01 2024-10-31 10541606 2024-10-31 10541606 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 10541606 bus:SmallEntities 2023-11-01 2024-10-31 10541606 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 10541606 bus:FilletedAccounts 2023-11-01 2024-10-31 10541606 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 10541606 bus:RegisteredOffice 2023-11-01 2024-10-31 10541606 bus:Director1 2023-11-01 2024-10-31 10541606 bus:Director7 2023-11-01 2024-10-31 10541606 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 10541606 countries:UnitedKingdom 2023-11-01 2024-10-31 10541606 2023-10-31 10541606 2022-11-01 2023-10-31 10541606 2023-10-31 10541606 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 iso4217:GBP xbrli:pure

Registration number: 10541606

Tinnitech Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2024

 

Tinnitech Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 5

 

Tinnitech Limited

Company Information

Directors

F. Alecce

U. Soleri

Registered office

5th Floor
86 Jermyn Street
London
SW1Y 6AW

 

Tinnitech Limited

(Registration number: 10541606)
Abridged Balance Sheet as at 31 October 2024

Note

2024

2023

Fixed assets

 

Intangible assets

4

139,630

78,947

Current assets

 

Stocks

-

16,000

Cash at bank and in hand

 

164,887

75

 

164,887

16,075

Creditors: Amounts falling due within one year

(434,807)

(45,325)

Net current liabilities

 

(269,920)

(29,250)

Total assets less current liabilities

 

(130,290)

49,697

Accruals and deferred income

 

(3,207)

(3,046)

Net (liabilities)/assets

 

(133,497)

46,651

Capital and reserves

 

Called up share capital

3,442

3,442

Share premium

132,673

132,673

Retained earnings

(269,612)

(89,464)

Shareholders' (deficit)/funds

 

(133,497)

46,651

For the financial year ending 31 October 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Tinnitech Limited

(Registration number: 10541606)
Abridged Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 17 January 2025 and signed on its behalf by:
 

.........................................

F. Alecce

Director

.........................................

U. Soleri

Director

 

Tinnitech Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
5th Floor
86 Jermyn Street
London
SW1Y 6AW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Euro which is the functional currency of the company and are rounded to the nearest whole Euro.

Going concern

The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Tinnitech Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

4

Intangible assets

Total

Cost or valuation

At 1 November 2023

139,630

At 31 October 2024

139,630

Carrying amount

At 31 October 2024

139,630

At 31 October 2023

78,947

Patents and licenses will be amortised at 25% straight-line when management deem them usable.