Tiney Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11194291 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

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)

71-75 Shelton Street

Covent Garden

London

WC2H 9JQ

FIXED ASSETS

Intangible assets

5

-

263

Tangible assets

6

30,968

32,142

Investments

7

16,050

-

47,018

32,405

CURRENT ASSETS

Stocks

44,985

14,210

Debtors

8

739,105

372,547

Cash at bank

951,680

2,424,089

1,735,770

2,810,846

CREDITORS

Amounts falling due within one year

9

(140,264

)

(121,352

)

NET CURRENT ASSETS

1,595,506

2,689,494

TOTAL ASSETS LESS CURRENT LIABILITIES

1,642,524

2,721,899

CREDITORS

Amounts falling due after more than one year (including convertible debt)

10

(1,670,224

)

-

NET (LIABILITIES)/ASSETS

(27,700

)

2,721,899

CAPITAL AND RESERVES

Called up share capital

2

2

Share premium

10,140,431

9,704,584

Retained earnings

(10,168,133

)

(6,982,687

)

SHAREHOLDERS' FUNDS

(27,700

)

2,721,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2023 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.

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 42 (2021 - 42 ) .

5.	INTANGIBLE FIXED ASSETS

Patents and

licences

£

COST

At 1 January 2022

and 31 December 2022

2,299

AMORTISATION

At 1 January 2022

2,036

Amortisation for year

263

At 31 December 2022

2,299

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

263

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2022

498

54,522

55,020

Additions

200

17,935

18,135

At 31 December 2022

698

72,457

73,155

DEPRECIATION

At 1 January 2022

237

22,641

22,878

Charge for year

141

19,168

19,309

At 31 December 2022

378

41,809

42,187

NET BOOK VALUE

At 31 December 2022

320

30,648

30,968

At 31 December 2021

261

31,881

32,142

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

16,050

At 31 December 2022

16,050

NET BOOK VALUE

At 31 December 2022

16,050

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

739,105

372,547

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

40,354

25,352

Taxation and social security

72,441

64,264

Other creditors

27,469

31,736

140,264

121,352

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The other creditors balance is a convertible loan note which is measured at fair value through profit or loss using the effective interest rate method. The effective rate of interest used is 9% per annum and the coupon interest rate is 5%. On recognition this resulted in Fair Value gain of £141,024 which has been recognised in the profit and loss account.

11.	SHARE-BASED PAYMENT TRANSACTIONS

Approved Options

The Company operates an Approved EMI Share Option Plan where certain employees are granted options to purchase shares in the company. On exercise of the options by the employees, the Company issues new shares.

Since scheme inception in Feb-2019 options have been granted regularly at various exercise prices.The vesting schedule varies with each grant.

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year under the Approved EMI Share Option Plan.

The Company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the scheme the Company have in place.

Approved options

2022

2022

2021

2021

No.

WAEP

No.

WAEP

Outstanding as at 1st January

167,091

£0.50632

60,000

£0.000001

Granted during the year

107,079

£0.85000

107,091

£0.79

Lapsed during the year

40,141

£0.50632

Outstanding at 31 December

144,029

£0.54708

167,091

£0.506323

Exercisable at 31 December

19,119

£0.79

0

£0.00

Unapproved Options

The company also operate an unapproved share option plan for certain individuals. Under this plan, individuals are granted options over Ordinary shares with options vesting under differing schedules. Again, options under this plan have been granted at an exercise price equal to the fair value of the shares under option at the time of grant and therefore no expense is recognised in the financial statements for the options granted under this plan.

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year under the Unapproved Share Option Plan.

The Company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the scheme the Company have in place.

Unapproved options

2022

2022

2021

2021

No.

WAEP

No.

WAEP

Outstanding as at 1st January

36,249

£0.79

36,249

£0.79

Granted during the year

Lapsed during the year

Outstanding at 31 December

36,249

£0.79

36,249

£0.79

Exercisable at 31 December

0

£0.00

0

£0.00