ACCOUNTS - Final Accounts


Caseware UK (AP4) 2014.0.91 2014.0.91 2016-03-312016-03-312015-04-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrue 06936481 2015-04-01 2016-03-31 06936481 2016-03-31 06936481 2015-03-31 06936481 c:CompanySecretary1 2015-04-01 2016-03-31 06936481 c:Director1 2015-04-01 2016-03-31 06936481 c:RegisteredOffice 2015-04-01 2016-03-31 06936481 c:Agent1 2015-04-01 2016-03-31 06936481 d:OfficeEquipment 2015-04-01 2016-03-31 06936481 d:OfficeEquipment 2016-03-31 06936481 d:OfficeEquipment 2015-03-31 06936481 d:OfficeEquipment d:OwnedOrFreeholdAssets 2015-04-01 2016-03-31 06936481 d:ComputerEquipment 2015-04-01 2016-03-31 06936481 d:ComputerEquipment 2016-03-31 06936481 d:ComputerEquipment d:OwnedOrFreeholdAssets 2015-04-01 2016-03-31 06936481 d:OwnedOrFreeholdAssets 2015-04-01 2016-03-31 06936481 d:CurrentFinancialInstruments 2016-03-31 06936481 d:CurrentFinancialInstruments 2015-03-31 06936481 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 06936481 d:CurrentFinancialInstruments d:WithinOneYear 2015-03-31 06936481 d:ShareCapital 2016-03-31 06936481 d:ShareCapital 2015-03-31 06936481 d:RetainedEarningsAccumulatedLosses 2016-03-31 06936481 d:RetainedEarningsAccumulatedLosses 2015-03-31 06936481 c:FRS102 2015-04-01 2016-03-31 06936481 c:AuditExempt-NoAccountantsReport 2015-04-01 2016-03-31 06936481 c:FullAccounts 2015-04-01 2016-03-31 06936481 c:PrivateLimitedCompanyLtd 2015-04-01 2016-03-31 iso4217:GBP xbrli:pure

Registered number: 06936481










TAGENT LTD








UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

 
TAGENT LTD
 

COMPANY INFORMATION


Director
Talent Nyatsanza 




Company secretary
Tagutswa Nyatsanza



Registered number
06936481



Registered office
Wharf House
Victoria Quays

Wharf Street

Sheffield

S2 5SY




Accountants
Shipleys Tax Planning

Wharf House

Victoria Quays

Wharf Street

Sheffield

S2 5SY




Bankers
HSBC
1 Bank Street

Castleford

West Yorkshire

WF10 1EA





 
TAGENT LTD
 

CONTENTS



Page
Director's report
 
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that she gives a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to:

·select suitable accounting policies for the Company's financial statements and then apply them consistently;

·make judgments and accounting estimates that are reasonable and prudent;

·prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable her to ensure that the financial statements comply with the Companies Act 2006She is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

During the year under review the principal activity of the company was the provision of health social care services.
The director considers the performance of the business to be satisfactory and future prospects to be reasonable.


 
TAGENT LTD
REGISTERED NUMBER: 06936481

BALANCE SHEET
AS AT 31 MARCH 2016

2016
2015
Note
£
£

Fixed assets
  

Tangible assets
 4 
248
143

  
248
143

Current assets
  

Debtors: amounts falling due within one year
 5 
24,029
22,298

Cash at bank and in hand
 6 
433
1,996

  
24,462
24,294

Creditors: amounts falling due within one year
 7 
(14,685)
(11,246)

Net current assets
  
 
 
9,777
 
 
13,048

Total assets less current liabilities
  
10,025
13,191

  

Net assets
  
10,025
13,191


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
9,925
13,091

  
10,025
13,191


The director considers 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 Companies Act 2006.

The director acknowledges her 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 on 29 December 2016.





Talent Nyatsanza
Page 1

 
TAGENT LTD
REGISTERED NUMBER: 06936481

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2016

Director
The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TAGENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016

1.


General information

Tagent Ltd is a company domiciled in England & Wales, registration number 06936481. The registered office is Wharf House, Victoria Quays, Wharf Street, Sheffield, S2 5SY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
·the amount of revenue can be measured reliably;
·it is probable that the Company will receive the consideration due under the contract;
·the stage of completion of the contract at the end of the reporting period can be measured reliably; and
·the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
TAGENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
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 only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Page 4

 
TAGENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016

2.Accounting policies (continued)

 
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 the Statement of comprehensive income 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

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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.10

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.11

Taxation

Tax is recognised in the Statement of comprehensive income, 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 1 (2015 - 1).

Page 5

 
TAGENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2015
191
-
191


Additions
-
229
229



At 31 March 2016

191
229
420



Depreciation


At 1 April 2015
48
-
48


Charge for the period on owned assets
48
76
124



At 31 March 2016

96
76
172



Net book value



At 31 March 2016
95
153
248



At 31 March 2015
143
-
143


5.


Debtors

2016
2015
£
£


Trade debtors
1,466
750

Other debtors
22,563
21,548

24,029
22,298



6.


Cash and cash equivalents

2016
2015
£
£

Cash at bank and in hand
433
1,996

433
1,996


Page 6

 
TAGENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016

7.


Creditors: Amounts falling due within one year

2016
2015
£
£

Corporation tax
14,373
10,343

Other taxation and social security
212
303

Accruals and deferred income
100
600

14,685
11,246



8.


Financial instruments

2016
2015
£
£

Financial assets


Financial assets measured at fair value through profit or loss
433
1,996

433
1,996





Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


9.


Related party transactions

During the year the company loaned the director £12,174. Interest has been charged at 3.5% and the relevant tax charge applied. At the balance sheet date other debtors included £22,563 (2015: £20,920) as amounts owed by the director.


10.


Controlling party

The company is controlled by the director Mrs T Nyatsanza.

Page 7
 


 
TAGENT LTD


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016

11.


First time adoption of FRS 102

The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2014. The impact of the transition to FRS 102 is as follows:

As previously stated
1 April
2014
Effect of transition
1 April
2014
FRS 102
(as restated)
1 April
2014
As previously stated
31 March
2015
Effect of transition
31 March
2015
FRS 102
(as restated)
31 March
2015
Note
£
£
£
£
£
£

Fixed assets
  
-
-
-
-
144
144

Current assets
  
-
11,652
11,652
-
24,294
24,294

Creditors: amounts falling due within one year
  
-
(11,605)
(11,605)
-
(11,247)
(11,247)

Net current assets
  
 
-
 
47
 
47
 
-
 
13,047
 
13,047

Total assets less current liabilities
  
 
-
 
47
 
47
 
-
 
13,191
 
13,191

Net  assets
  
 
-
 
47
 
47
 
-
 
13,191
 
13,191

Capital and reserves
  
-
47
47
-
13,191
13,191
Page 8
 
TAGENT LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016

           11.First time adoption of FRS 102 (continued)

As previously stated
31 March
2015
Effect of transition
31 March
2015
FRS 102
(as restated)
31 March
2015
Note
£
£
£

Turnover
  
-
72,525
72,525

  
 
-
 
72,525
 
72,525

Administrative expenses
  
-
(20,582)
(20,582)

Operating profit
  
 
-
 
51,943
 
51,943

Interest receivable and similar income
  
-
1
1

Interest payable and similar charges
  
-
(84)
(84)

Taxation
  
-
(9,715)
(9,715)

Profit on ordinary activities after taxation and for the financial year
  
 
-
 
42,145
 
42,145

Explanation of changes to previously reported profit and equity:

1

There has been no material change in previously reported profit and equity since adopting FRS 102.


Page 9