ASSETTAGZ_LIMITED - Accounts


Company registration number 08857117 (England and Wales)
ASSETTAGZ LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
ASSETTAGZ LIMITED
COMPANY INFORMATION
Directors
Mr G E R Hampson
Mr A T Halls
(Appointed 25 January 2022)
Mr J F Barry
(Appointed 25 January 2022)
Company number
08857117
Registered office
Unit 2 Charnwood Edge Business Park
Syston Road
Cossington
Leicestershire
LE7 4UZ
Auditor
Carter Backer Winter LLP
66 Prescot Street
London
E1 8NN
Business address
Harborough Innovation Centre
Wellington Way
Market Harborough
Leicestershire
LE16 7WB
ASSETTAGZ LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
ASSETTAGZ LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2022
- 1 -

The directors present their annual report and financial statements for the period ended 31 March 2022.

Principal activities

The principal activity of the company continued to be that of software development.

Results and dividends

The profit for the year, after taxation, amounted to £21,543 (2021: £21,822).

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr G E R Hampson
Mr A T Halls
(Appointed 25 January 2022)
Mr J F Barry
(Appointed 25 January 2022)
Mr H L Kantelia
(Resigned 26 August 2021)
L King
(Resigned 25 January 2022)

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give 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 directors are required to:

 

  • select suitable accounting policies and then apply them consistently;

  • make judgements 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Auditor

CBW Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

ASSETTAGZ LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give 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 directors are required to:

 

  •     select suitable accounting policies and then apply them consistently;

  •     make judgements 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr A T Halls
Director
24 March 2023
ASSETTAGZ LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASSETTAGZ LIMITED
- 3 -
Opinion

We have audited the financial statements of AssetTagz Limited (the 'company') for the period ended 31 March 2022 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

  •     give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the period then ended;

  •     have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

  •     have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

  • the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

  • the directors' report has been prepared in accordance with applicable legal requirements.

ASSETTAGZ LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASSETTAGZ LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

  •     adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

  •     the financial statements are not in agreement with the accounting records and returns; or

  •     certain disclosures of remuneration specified by law are not made; or

  •     we have not received all the information and explanations we require for our audit; or

  •     the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

ASSETTAGZ LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASSETTAGZ LIMITED
- 5 -

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of services for computer software systems and solutions. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

  • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 

  • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 

  • understanding the design of the company’s remuneration policies. 

 

To address the risk of fraud through management bias and override of controls, we: 

  • performed analytical procedures to identify any unusual or unexpected relationships; 

  • tested journal entries to identify unusual transactions; 

  • assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and 

  • investigated the rationale behind significant or unusual transactions. 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

  • agreeing financial statement disclosures to underlying supporting documentation; 

  • reading the minutes of meetings of those charged with governance; 

  • enquiring of management as to actual and potential litigation and claims; and 

  • reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors. 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The comparative figures to the period ended 31 January 2021 have not been subject to an audit.

ASSETTAGZ LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASSETTAGZ LIMITED
- 6 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Rose (Senior Statutory Auditor)
For and on behalf of CBW Audit Limited
24 March 2023
Daniel Rose
Statutory Auditor
66 Prescot Street
London
E1 8NN
ASSETTAGZ LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2022
- 7 -
Period
Year
ended
ended
31 March
31 January
2022
2021
£
£
Turnover
590,130
419,517
Cost of sales
(63,109)
(56,993)
Gross profit
527,021
362,524
Administrative expenses
(507,396)
(385,446)
Other operating income
1,909
46,068
Operating profit
21,534
23,146
Interest receivable and similar income
9
31
Interest payable and similar expenses
-
0
(1,355)
Profit before taxation
21,543
21,822
Tax on profit
-
0
-
0
Profit for the financial period
21,543
21,822
ASSETTAGZ LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 8 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,673
1,614
Current assets
Debtors
6
208,917
57,678
Cash at bank and in hand
58,613
142,655
267,530
200,333
Creditors: amounts falling due within one year
7
(348,206)
(251,493)
Net current liabilities
(80,676)
(51,160)
Total assets less current liabilities
(78,003)
(49,546)
Creditors: amounts falling due after more than one year
8
-
0
(50,000)
Net liabilities
(78,003)
(99,546)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(78,103)
(99,646)
Total equity
(78,003)
(99,546)
The financial statements were approved by the board of directors and authorised for issue on 24 March 2023 and are signed on its behalf by:
Mr A T Halls
Director
Company Registration No. 08857117
ASSETTAGZ LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2020
100
(121,468)
(121,368)
Year ended 31 January 2021:
Profit and total comprehensive income for the year
-
21,822
21,822
Balance at 31 January 2021
100
(99,646)
(99,546)
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
21,543
21,543
Balance at 31 March 2022
100
(78,103)
(78,003)
ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 10 -
1
Accounting policies
Company information

AssetTagz Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Charnwood Edge Business Park, Syston Road, Cossington, Leicestershire, LE7 4UZ.

1.1
Reporting period

The financial statements represent an accounting period from 01 February 2021 to 31 March 2022, as a result the comparative figures in the accounts are not directly comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Going concern

At the balance sheet date the company has net liabilities of £true78,003 (2021: £99,546) which suggests the going concern basis may not be appropriate. However, a company connected to the ultimate beneficial owner has given formal assurance that they will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The directors therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 11 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual property
Life over 4 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance
Computers
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 12 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
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 constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 13 -
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 the 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 creditors 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 measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 14 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
2021
Number
Number
Total
5
5
3
Directors' remuneration
2022
2021
£
£
Remuneration paid to directors
260,237
234,190
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
101,207
102,297
4
Intangible fixed assets
Intellectual property
£
Cost
At 1 February 2021
19,012
Disposals
(19,012)
At 31 March 2022
-
0
Amortisation and impairment
At 1 February 2021
19,012
Disposals
(19,012)
At 31 March 2022
-
0
Carrying amount
At 31 March 2022
-
0
At 31 January 2021
-
ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 15 -
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At February 2021
107
4,984
5,091
Additions
-
0
7,903
7,903
Disposals
-
0
(3,821)
(3,821)
At 31 March 2022
107
9,066
9,173
Depreciation and impairment
At 1 February 2021
58
3,419
3,477
Depreciation charged in the period
18
3,695
3,713
Eliminated in respect of disposals
-
0
(690)
(690)
At 31 March 2022
76
6,424
6,500
Carrying amount
At 31 March 2022
31
2,642
2,673
At 31 January 2021
49
1,565
1,614
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
200,682
52,724
Other debtors
994
4,954
Prepayments and accrued income
7,241
-
0
208,917
57,678
ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 16 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,761
7,556
Taxation and social security
15,989
47,004
Deferred income
320,973
188,486
Other creditors
83
5,247
Accruals
7,400
3,200
348,206
251,493

Deferred income is contracted revenue and not repayable to customers. The accounts recognise the income over the period of the contract on a straight line basis, being the time in which the contract is serviced. The amount is not repayable to customers but merely an estimation of the income yet to be earned on the contract.

8
Creditors: amounts falling due after more than one year
2022
2020
£
£
Bank loans and overdrafts
-
0
50,000
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Events after the reporting date

On 29 November 2022 Leo Lion Ltd acquired 100% of the share capital of AssetTagz Limited. Post year end the directors consider the ultimate controlling party at the year end to be Mr L J Sullivan, by virtue of his 100% shareholding in Leo Lion Ltd.

ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 17 -
11
Parent company

As at 31 March 2022 AssetTagz Limited is a wholly owned subsidiary of Construction Industry Solutions Limited, a company incorporated in England and Wales, by virtue of its 100% shareholding of the company.

 

 

The directors considered the ultimate parent undertaking at the year end to be CSB Holdings Limited, a company incorporated in England and Wales, by virtue of its 100% shareholding of the immediate parent company.

 

The directors consider the ultimate controlling party at the year end to be Mr L J Sullivan, by virtue of his majority shareholding in CSB Holdings Limited.

 

The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by Construction Industry Solutions Limited. The accounts are available from The Old School, School Lane, Stratford St. Mary, Colchester, Essex, England, CO7 6LZ.

 

After the year end Construction Industry Solutions Limited sold its entire shareholding in AssetTagz Limited. For further information please see the events after the reporting period date note.

2022-03-312021-02-01falseCCH SoftwareCCH Accounts Production 2022.300Mr G E R HampsonMr A T HallsMr J F BarryMr H L KanteliaL King088571172021-02-012022-03-3108857117bus:Director12021-02-012022-03-3108857117bus:Director22021-02-012022-03-3108857117bus:Director32021-02-012022-03-3108857117bus:Director42021-02-012022-03-3108857117bus:Director52021-02-012022-03-3108857117bus:RegisteredOffice2021-02-012022-03-31088571172022-03-31088571172020-02-012021-01-3108857117core:RetainedEarningsAccumulatedLosses2020-02-012021-01-3108857117core:RetainedEarningsAccumulatedLosses2021-02-012022-03-31088571172021-01-3108857117core:FurnitureFittings2022-03-3108857117core:ComputerEquipment2022-03-3108857117core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3108857117core:CurrentFinancialInstrumentscore:WithinOneYear2021-01-3108857117core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3108857117core:Non-currentFinancialInstrumentscore:AfterOneYear2021-01-3108857117core:CurrentFinancialInstruments2022-03-3108857117core:CurrentFinancialInstruments2021-01-3108857117core:ShareCapital2022-03-3108857117core:ShareCapital2021-01-3108857117core:RetainedEarningsAccumulatedLosses2022-03-3108857117core:RetainedEarningsAccumulatedLosses2021-01-3108857117core:ShareCapital2020-01-3108857117core:RetainedEarningsAccumulatedLosses2020-01-31088571172020-01-3108857117core:IntangibleAssetsOtherThanGoodwill2021-02-012022-03-3108857117core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-02-012022-03-3108857117core:FurnitureFittings2021-02-012022-03-3108857117core:ComputerEquipment2021-02-012022-03-3108857117core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-01-3108857117core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3108857117core:FurnitureFittings2021-01-31088571172021-01-3108857117core:Non-currentFinancialInstruments2022-03-3108857117core:Non-currentFinancialInstruments2021-01-3108857117bus:PrivateLimitedCompanyLtd2021-02-012022-03-3108857117bus:FRS1022021-02-012022-03-3108857117bus:Audited2021-02-012022-03-3108857117bus:FullAccounts2021-02-012022-03-31xbrli:purexbrli:sharesiso4217:GBP