Tonik Rok Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08861845

Tonik Rok Limited

Filleted Unaudited Financial Statements

31 December 2024

Tonik Rok Limited

Statement of Financial Position

31 December 2024

	31 Dec 24	31 Jan 24
Note	£	£

Fixed assets

Tangible assets	5	2,621	7,095
Investments	6	6,430,001	4,675,933
		------------	------------
		6,432,622	4,683,028

Current assets

Debtors	7	69,704	208,072
Cash at bank and in hand		25,067	121,602
		--------	---------
		94,771	329,674

Creditors: amounts falling due within one year	8	6,439,391	5,461,646
		------------	------------
Net current liabilities		6,344,620	5,131,972
		------------	------------
Total assets less current liabilities		88,002	( 448,944)

Provisions	118,281	–
	---------	---------
Net liabilities	( 30,279)	( 448,944)
	---------	---------

Capital and reserves

Called up share capital	3	3
Profit and loss account - non-distributable	1,470,076	782,292
Profit and loss account - distributable	( 1,500,358)	( 1,231,239)
	------------	------------
Shareholders deficit	( 30,279)	( 448,944)
	------------	------------

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 period ending 31 December 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 period 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 December 2024

These financial statements were approved by the board of directors and authorised for issue on 24 December 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

Period from 1 February 2024 to 31 December 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 £4,826,584 (31 January 2024: £4,475,532) 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 £6,344,620 (31 January 2024: £5,131,972) as at 31 December 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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 (see hedge accounting policy). 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.

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 period, including the director, amounted to:

	31 Dec 24	31 Jan 24
	No.	No.
Production staff	2	2
	----	----

The aggregate payroll costs incurred during the period, relating to the above, were:

	Period from
	1 Feb 24 to	Year to
	31 Dec 24	31 Jan 24
	£	£
Wages and salaries	51,809	59,578
Social security costs	830	430
Other pension costs	1,161	1,405
	--------	--------
	53,800	61,413
	--------	--------

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 February 2024 and 31 December 2024	54,433	21,279	75,712
	--------	--------	--------
Depreciation
At 1 February 2024	53,305	15,312	68,617
Charge for the period	456	4,018	4,474
	--------	--------	--------
At 31 December 2024	53,761	19,330	73,091
	--------	--------	--------
Carrying amount
At 31 December 2024	672	1,949	2,621
	--------	--------	--------
At 31 January 2024	1,128	5,967	7,095
	--------	--------	--------

6. Investments

	Shares in group undertakings	Investment property	Total
	£	£	£
Cost / Valuation
At 1 February 2024	1	4,675,932	4,675,933
Additions	–	895,300	895,300
Revaluations	–	858,768	858,768
	----	------------	------------
At 31 December 2024	1	6,430,000	6,430,001
	----	------------	------------
Impairment
At 1 February 2024 and 31 December 2024	–	–	–
	----	------------	------------

Carrying amount
At 31 December 2024	1	6,430,000	6,430,001
	----	------------	------------
At 31 January 2024	1	4,675,932	4,675,933
	----	------------	------------

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

	31 Dec 24	31 Jan 24
	£	£
Trade debtors	36,880	43,850
Other debtors	32,824	164,222
	--------	---------
	69,704	208,072
	--------	---------

8. Creditors: amounts falling due within one year

	31 Dec 24	31 Jan 24
	£	£
Trade creditors	2,201	17,499
Social security and other taxes	1,220	1,108
Other creditors	6,435,970	5,443,039
	------------	------------
	6,439,391	5,461,646
	------------	------------

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:

	31 Dec 24	31 Jan 24
	£	£
At start of period	782,292	806,404
Reclassification from profit and loss account distributable to profit and loss account non-distributable	687,784	(24,112)
	------------	---------
At end of period	1,470,076	782,292
	------------	---------

10. Director's advances, credits and guarantees

Included in current liabilities is a loan from Mr D Krok , a director, of £2,446,084 (31 January 2024: £2,270,532). The loan incurs interest of Bank of England Base rate +4.5% and is repayable on demand. Included in current liabilities is a loan from Mrs S Krok, a director, of £2,380,500 (31 January 2024: £2,205,000). The loan incurs interest of Bank of England Base rate +4.5% and is repayable on demand.