Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302023-10-01falseProperty development and real estate management.22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03834262 2023-10-01 2024-09-30 03834262 2022-10-01 2023-09-30 03834262 2024-09-30 03834262 2023-09-30 03834262 2022-10-01 03834262 c:Director1 2023-10-01 2024-09-30 03834262 d:FreeholdInvestmentProperty 2024-09-30 03834262 d:FreeholdInvestmentProperty 2023-09-30 03834262 d:CurrentFinancialInstruments 2024-09-30 03834262 d:CurrentFinancialInstruments 2023-09-30 03834262 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 03834262 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 03834262 d:ShareCapital 2024-09-30 03834262 d:ShareCapital 2023-09-30 03834262 d:ShareCapital 2022-10-01 03834262 d:InvestmentPropertiesRevaluationReserve 2024-09-30 03834262 d:InvestmentPropertiesRevaluationReserve 2023-09-30 03834262 d:InvestmentPropertiesRevaluationReserve 2022-10-01 03834262 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 03834262 d:RetainedEarningsAccumulatedLosses 2024-09-30 03834262 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 03834262 d:RetainedEarningsAccumulatedLosses 2023-09-30 03834262 d:RetainedEarningsAccumulatedLosses 2022-10-01 03834262 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 03834262 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 03834262 c:FRS102 2023-10-01 2024-09-30 03834262 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 03834262 c:FullAccounts 2023-10-01 2024-09-30 03834262 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03834262 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 03834262










TONENEST LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
TONENEST LIMITED
REGISTERED NUMBER:03834262

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
773,380
773,380

  
773,380
773,380

Current assets
  

Debtors: amounts falling due within one year
 5 
29,319,867
28,977,185

Cash at bank and in hand
 6 
24,854
30,835

  
29,344,721
29,008,020

Creditors: amounts falling due within one year
 7 
(459,714)
(476,516)

Net current assets
  
 
 
28,885,007
 
 
28,531,504

Total assets less current liabilities
  
29,658,387
29,304,884

Provisions for liabilities
  

Deferred tax
 8 
(193,345)
(193,345)

  
 
 
(193,345)
 
 
(193,345)

Net assets
  
29,465,042
29,111,539


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
580,035
580,035

Profit and loss account
  
28,884,907
28,531,404

  
29,465,042
29,111,539


Page 1

 
TONENEST LIMITED
REGISTERED NUMBER:03834262
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Valik
Director

Date: 27 June 2025

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
TONENEST LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
100
580,035
28,368,290
28,948,425


Comprehensive income for the year

Profit for the year
-
-
163,114
163,114



At 1 October 2023
100
580,035
28,531,404
29,111,539


Comprehensive income for the year

Profit for the year
-
-
353,503
353,503


At 30 September 2024
100
580,035
28,884,907
29,465,042


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
TONENEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Tonenest Limited (3834262) is a private company limited by shares, incorporated in England and Wales. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.3

Investment property

IInvestment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
 
Page 4

 
TONENEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Page 5

 
TONENEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.



3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
TONENEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
773,380



At 30 September 2024
773,380

The 2024 valuations were made by the directors, on an open market value for existing use basis.




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as £Nil (2023: £Nil)


5.


Debtors

2024
2023
£
£


Trade debtors
108,033
2,213

Amounts owed by group undertakings
29,209,696
28,930,491

Other debtors
2,138
5,197

Prepayments and accrued income
-
39,284

29,319,867
28,977,185



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
24,854
30,835


Page 7

 
TONENEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
418,088
463,482

Other taxation and social security
10,661
-

Other creditors
5,903
4,695

Accruals and deferred income
25,062
8,339

459,714
476,516



8.


Deferred taxation




2024


£






At beginning of year
(193,345)



At end of year
(193,345)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value adjustment
(193,345)
(193,345)

 
Page 8