Tiney Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11194291 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Tiney Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr E P Read

Mr B H Wigdortz

Ms H Masri

Ms S Ashman

SECRETARY:

Mrs N B Wigdortz

REGISTERED OFFICE:

International House,

12 Constance Street,

London

E16 2DQ

REGISTERED NUMBER:

11194291 (England and Wales)

ACCOUNTANTS:

flinder effect limited

Certified Chartered Accountants (ACCA)

94 West Street

Crawley

West Sussex

RH11 8AW

FIXED ASSETS

Intangible assets

5

942

1,286

Tangible assets

6

20,761

9,782

21,703

11,068

CURRENT ASSETS

Stocks

14,938

-

Debtors

7

157,233

52,883

Cash at bank

2,925,662

497,317

3,097,833

550,200

CREDITORS

Amounts falling due within one year

8

(117,682

)

(14,485

)

NET CURRENT ASSETS

2,980,151

535,715

TOTAL ASSETS LESS CURRENT LIABILITIES

3,001,854

546,783

CAPITAL AND RESERVES

Called up share capital

9

2

2

Share premium

6,703,199

1,763,190

Retained earnings

(3,701,347

)

(1,216,409

)

3,001,854

546,783

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2021 and were signed on its behalf by:

Mr B H Wigdortz - Director

1.	STATUTORY INFORMATION

Tiney Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going Concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Potential sources of uncertainty noted by the directors include the COVID-19 pandemic. However at the date of this report it is not possible to reliably determine the effects that this will have on the company.The directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the company accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

Straight line over 4 years

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value if the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial instruments

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditor are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

Whilst the business has been loss making in the financial year, the Directors regularly review the cash position and forecast and believe there are sufficient funds to pay liabilities as they fall due. As such, the Directors agree the going concern basis is the appropriate method to prepare these financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2019 - 13 ) .

5.	INTANGIBLE FIXED ASSETS

Patents and

licences

£

COST

At 1 January 2020

and 31 December 2020

2,299

AMORTISATION

At 1 January 2020

1,013

Amortisation for year

344

At 31 December 2020

1,357

NET BOOK VALUE

At 31 December 2020

942

At 31 December 2019

1,286

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

248

12,154

12,402

Additions

82

16,059

16,141

At 31 December 2020

330

28,213

28,543

DEPRECIATION

At 1 January 2020

41

2,579

2,620

Charge for year

72

5,090

5,162

At 31 December 2020

113

7,669

7,782

NET BOOK VALUE

At 31 December 2020

217

20,544

20,761

At 31 December 2019

207

9,575

9,782

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

157,233

52,883

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

77,927

4,327

Taxation and social security

-

3,635

Other creditors

39,755

6,523

117,682

14,485

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number

Class

Nominalvalue:

2020£

2019£

1,371,279

Ordinary

£0.000001

£1.37

£1.37

225,573

Seed

£0.000001

£0.23

£0.22

510,242

Series Seed 1

£0.000001

£0.51

15,556

Deferred

£0.000001

£0.01

£2.12

£1.59

510,242 Series Seed 1 shares of £0.000001 each were allotted as fully paid at a premium of £9.46 per share during the period.

18,507 Ordinary shares of £0.000001 each were allotted as fully paid at a premium of £9.46 per share during the period.