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COMPANY REGISTRATION NUMBER: 08861845
Tonik Rok Limited
Filleted Unaudited Financial Statements
31 January 2024
Tonik Rok Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
7,095
13,481
Investments
6
4,675,933
3,435,001
------------
------------
4,683,028
3,448,482
Current assets
Debtors
7
208,072
76,713
Cash at bank and in hand
121,602
55,841
---------
---------
329,674
132,554
Creditors: amounts falling due within one year
8
5,461,646
3,758,917
------------
------------
Net current liabilities
5,131,972
3,626,363
------------
------------
Total assets less current liabilities
( 448,944)
( 177,881)
---------
---------
Net liabilities
( 448,944)
( 177,881)
---------
---------
Capital and reserves
Called up share capital
3
3
Profit and loss account - non-distributable
782,292
806,404
Profit and loss account - distributable
( 1,231,239)
( 984,288)
------------
---------
Shareholders deficit
( 448,944)
( 177,881)
------------
---------
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 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tonik Rok Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr D Krok
Director
Company registration number: 08861845
Tonik Rok Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First Floor, 1 Duchess Street, London, England, W1W 6AN.
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.
Going concern
The directors have confirmed that they will not seek repayment of the amount owed to them by the company of £4,475,532 (2023: £3,165,532) at the financial year end and will continue to provide financial support to enable the company to meet its liabilities as and when they fall due in the twelve months from the date of approval of these financial statements. It is on this basis that the directors have continued to adopt the going concern basis in preparing the financial statements notwithstanding that the company has net current liabilities of £5,131,972 (2023: £3,626,363) as at 31 January 2024.
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.
Revenue recognition
Turnover represents rents receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
2
2
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
59,578
50,918
Social security costs
430
717
Other pension costs
1,405
1,125
--------
--------
61,413
52,760
--------
--------
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
54,433
21,279
75,712
--------
--------
--------
Depreciation
At 1 February 2023
51,175
11,056
62,231
Charge for the year
2,130
4,256
6,386
--------
--------
--------
At 31 January 2024
53,305
15,312
68,617
--------
--------
--------
Carrying amount
At 31 January 2024
1,128
5,967
7,095
--------
--------
--------
At 31 January 2023
3,258
10,223
13,481
--------
--------
--------
6. Investments
Shares in group undertakings
Investment property
Total
£
£
£
Cost / Valuation
At 1 February 2023
1
3,435,000
3,435,001
Additions
1,304,587
1,304,587
Disposals
( 120,000)
( 120,000)
Revaluations
56,345
56,345
----
------------
------------
At 31 January 2024
1
4,675,932
4,675,933
----
------------
------------
Impairment
At 1 February 2023 and 31 January 2024
----
------------
------------
Carrying amount
At 31 January 2024
1
4,675,932
4,675,933
----
------------
------------
At 31 January 2023
1
3,435,000
3,435,001
----
------------
------------
Investment property comprises of a portfolio of rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors.
7. Debtors
2024
2023
£
£
Trade debtors
43,850
692
Other debtors
164,222
76,021
---------
--------
208,072
76,713
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,499
22,914
Social security and other taxes
1,108
1,208
Other creditors
5,443,039
3,734,795
------------
------------
5,461,646
3,758,917
------------
------------
9. Profit and loss account non-distributable
The following movements on the profit and loss account non-distributable are included within profit and loss account - non-distributable in the statement of changes in equity:
2024
2023
£
£
At start of year
806,404
667,719
Reclassification from profit and loss account distributable to profit and loss account non-distributable
(24,112)
138,685
---------
---------
At end of year
782,292
806,404
---------
---------