Company No: 06046168 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	2,106,443		1,892,101
		2,106,443		1,892,101
Current assets
Stocks		5,935		1,812
Debtors	5	412,721		438,469
Cash at bank and in hand		174,643		49,492
		593,299		489,773
Creditors: amounts falling due within one year	6	( 1,513,487)		( 1,425,117)
Net current liabilities		(920,188)		(935,344)
Total assets less current liabilities		1,186,255		956,757
Creditors: amounts falling due after more than one year	7	( 325,468)		( 323,496)
Provision for liabilities	8	( 406,244)		( 354,675)
Net assets		454,543		278,586
Capital and reserves
Called-up share capital	9	1,000		1,000
Share premium account		253,745		253,745
Profit and loss account		199,798		23,841
Total shareholder's funds		454,543		278,586

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Tonkin Recovery Limited (registered number: 06046168) were approved and authorised for issue by the Board of Directors on 01 September 2025. They were signed on its behalf by:

Mr J C H Tonkin Director

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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.

Leases

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.

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

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	50		51

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2024	540,414		540,414
Disposals	( 540,414)		( 540,414)
At 31 December 2024	0		0
Accumulated amortisation
At 01 January 2024	540,414		540,414
Disposals	( 540,414)		( 540,414)
At 31 December 2024	0		0
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2024	538,232		239,540		3,101,229		28,323		25,074		3,932,398
Additions	41,344		42,690		539,769		0		8,189		631,992
Disposals	0		0		( 215,000)		0		0		( 215,000)
At 31 December 2024	579,576		282,230		3,425,998		28,323		33,263		4,349,390
Accumulated depreciation
At 01 January 2024	130,016		89,896		1,796,748		13,964		9,673		2,040,297
Charge for the financial year	11,392		17,141		311,344		1,436		4,816		346,129
Disposals	0		0		( 143,479)		0		0		( 143,479)
At 31 December 2024	141,408		107,037		1,964,613		15,400		14,489		2,242,947
Net book value
At 31 December 2024	438,168		175,193		1,461,385		12,923		18,774		2,106,443
At 31 December 2023	408,216		149,644		1,304,481		14,359		15,401		1,892,101

5. Debtors

	2024		2023
	£		£
Trade debtors	163,272		207,906
Prepayments	177,012		158,283
Other debtors	72,437		72,280
	412,721		438,469

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	0		50,000
Trade creditors	313,187		265,288
Amounts owed to Group undertakings	373,114		25,927
Amounts owed to directors	0		81,560
Accruals	37,626		171,277
Corporation tax	11,298		95,132
Other taxation and social security	116,153		222,854
Obligations under finance leases and hire purchase contracts	332,597		383,074
Other creditors	329,512		130,005
	1,513,487		1,425,117

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

	2024		2023
	£		£
Bank loans	0		81,839
Obligations under finance leases and hire purchase contracts	325,468		241,657
	325,468		323,496

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 354,675)		( 356,513)
(Charged)/credited to the Statement of Income and Retained Earnings	( 51,569)		1,838
At the end of financial year	( 406,244)		( 354,675)

9. Called-up share capital

	2024		2023
	£		£
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

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts owed to directors	0		82,686
	0		0

Other related party transactions

The company has taken advantage of the disclosure exemption contained in FRS102 1A section 33.1A and not disclosed transactions with 100% owned group companies.