ASSETTAGZ_LIMITED - Accounts


Company registration number 08857117 (England and Wales)
ASSETTAGZ LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ASSETTAGZ LIMITED
COMPANY INFORMATION
Directors
A T Halls
J F Barry
G E R Hampson
Company number
08857117
Registered office
Unit 2
Charnwood Edge Business Park
Syston Road
Cossington
Leicestershire
LE7 4UZ
Auditor
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
ASSETTAGZ LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ASSETTAGZ LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,792
2,673
Current assets
Debtors
4
221,287
208,917
Cash at bank and in hand
145,836
58,613
367,123
267,530
Creditors: amounts falling due within one year
5
(374,598)
(348,206)
Net current liabilities
(7,475)
(80,676)
Net liabilities
(1,683)
(78,003)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(1,783)
(78,103)
Total equity
(1,683)
(78,003)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 22 December 2023 and are signed on its behalf by:
..............................................
A T Halls
Director
Company registration number 08857117 (England and Wales)
ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
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
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, The principal accounting policies adopted are set out below.                

1.2
Going concern

At the balance sheet date the company had net liabilities of £true1,683 (2022: £78,003). 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 on the basis of confirmed support by the parent company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

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.

1.4
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 YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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
20% reducing balance
Computers
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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.7
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.

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 YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

1.10
Retirement benefits

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

 

 

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
1
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
107
9,066
9,173
Additions
-
0
7,497
7,497
At 31 March 2023
107
16,563
16,670
Depreciation and impairment
At 1 April 2022
76
6,424
6,500
Depreciation charged in the year
6
4,372
4,378
At 31 March 2023
82
10,796
10,878
Carrying amount
At 31 March 2023
25
5,767
5,792
At 31 March 2022
31
2,642
2,673
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
148,834
200,682
Other debtors
61,565
8,235
210,399
208,917
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
10,888
-
0
Total debtors
221,287
208,917
ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
604
3,761
Amounts owed to group undertakings
86,920
-
0
Taxation and social security
-
0
15,989
Deferred income
276,538
320,973
Other creditors
227
83
Accruals
10,309
7,400
374,598
348,206
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Mark Newborough
Statutory Auditor:
Ashgates Corporate Services Limited
8
Parent company

The company's immediate parent is Leo Lion Limited, incorporated in England.

 

The ultimate parent is Leo Lion Limited, incorporated in England.

 

These financial statements are available upon request from Companies House, Crown Way, Cardiff, CH14 3UZ.

2023-03-312022-04-01false22 December 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedA T HallsJ F BarryG E R Hampson088571172022-04-012023-03-3108857117bus:Director12022-04-012023-03-3108857117bus:Director22022-04-012023-03-3108857117bus:Director32022-04-012023-03-3108857117bus:RegisteredOffice2022-04-012023-03-31088571172023-03-31088571172022-03-3108857117core:FurnitureFittings2023-03-3108857117core:ComputerEquipment2023-03-3108857117core:FurnitureFittings2022-03-3108857117core:ComputerEquipment2022-03-3108857117core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3108857117core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3108857117core:CurrentFinancialInstruments2023-03-3108857117core:CurrentFinancialInstruments2022-03-3108857117core:ShareCapital2023-03-3108857117core:ShareCapital2022-03-3108857117core:RetainedEarningsAccumulatedLosses2023-03-3108857117core:RetainedEarningsAccumulatedLosses2022-03-3108857117core:FurnitureFittings2022-04-012023-03-3108857117core:ComputerEquipment2022-04-012023-03-31088571172021-04-012022-03-3108857117core:FurnitureFittings2022-03-3108857117core:ComputerEquipment2022-03-31088571172022-03-3108857117core:WithinOneYear2023-03-3108857117core:WithinOneYear2022-03-3108857117core:AfterOneYear2023-03-3108857117core:AfterOneYear2022-03-3108857117bus:PrivateLimitedCompanyLtd2022-04-012023-03-3108857117bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3108857117bus:FRS1022022-04-012023-03-3108857117bus:Audited2022-04-012023-03-3108857117bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP