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

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


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REGISTERED NUMBER: 08857117 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

FOR

ASSETTAGZ LIMITED

ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ASSETTAGZ LIMITED

COMPANY INFORMATION
for the year ended 31 January 2021







DIRECTORS: G E R Hampson
H L Kantelia
L King





SECRETARY: B J Burton





REGISTERED OFFICE: Unit 2
Charnwood Edge Business Park
Syston Road
Cossington
Leicestershire
LE7 4UZ





REGISTERED NUMBER: 08857117 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

BALANCE SHEET
31 January 2021

2021 2020
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 3,834
Tangible assets 5 1,614 2,077
1,614 5,911

CURRENT ASSETS
Debtors 6 57,678 25,374
Cash at bank 142,655 5,882
200,333 31,256
CREDITORS
Amounts falling due within one year 7 (251,493 ) (158,535 )
NET CURRENT LIABILITIES (51,160 ) (127,279 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(49,546

)

(121,368

)

CREDITORS
Amounts falling due after more than one
year

8

(50,000

)

-
NET LIABILITIES (99,546 ) (121,368 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (99,646 ) (121,468 )
(99,546 ) (121,368 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2021 and were signed on its behalf by:



G E R Hampson - Director


ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2021


1. STATUTORY INFORMATION

AssetTagz 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. ACCOUNTING POLICIES

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

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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

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.

Rendering of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Intellectual property is being amortised evenly over its estimated useful life of 4 years.

ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2021


2. ACCOUNTING POLICIES - continued

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

Tangible fixed assets 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment - 25.00%reducing balance
Computer equipment- 33.33%straight line

The asset's 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 profit or loss.

Financial instruments
The Company only enters into basic financial instrument 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.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2021


2. ACCOUNTING POLICIES - continued

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Intellectual
property
£   
COST
At 1 February 2020
and 31 January 2021 19,012
AMORTISATION
At 1 February 2020 15,178
Amortisation for year 3,834
At 31 January 2021 19,012
NET BOOK VALUE
At 31 January 2021 -
At 31 January 2020 3,834

ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2021


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2020 125 4,068 4,193
Additions - 916 916
At 31 January 2021 125 4,984 5,109
DEPRECIATION
At 1 February 2020 64 2,052 2,116
Charge for year 12 1,367 1,379
At 31 January 2021 76 3,419 3,495
NET BOOK VALUE
At 31 January 2021 49 1,565 1,614
At 31 January 2020 61 2,016 2,077

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 52,724 12,021
Other debtors - 733
Directors' current accounts 4,092 10,886
Corporation tax repayable - 1,734
Prepayments and accrued income 862 -
57,678 25,374

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 7,556 9,883
Social security and other taxes 47,004 14,257
Other creditors 5,247 1,108
Accruals and deferred income 191,686 133,287
251,493 158,535

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 50,000 -

9. OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet amount to £200 (2020 £611).

ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2021


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2021 and 31 January 2020:

2021 2020
£    £   
H L Kantelia
Balance outstanding at start of year 3,040 -
Amounts advanced 4,300 8,640
Amounts repaid (5,416 ) (5,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,924 3,040

G E R Hampson
Balance outstanding at start of year 6,750 (4,980 )
Amounts advanced 5,001 16,730
Amounts repaid (10,625 ) (5,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,126 6,750

L King
Balance outstanding at start of year 1,096 (6,452 )
Amounts advanced 4,241 14,684
Amounts repaid (4,295 ) (7,136 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,042 1,096