ASSETTAGZ_LIMITED - Accounts


Company Registration No. 08857117 (England and Wales)
ASSETTAGZ LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
ASSETTAGZ LIMITED
COMPANY INFORMATION
Directors
Mr G E R Hampson
Mr H L Kantelia
Secretary
Mrs B Burton
Company number
08857117
Registered office
Harborough Innovation Centre
Airfield Business Park
Wellington Way
Market Harborough
Leics
LE16 7WB
Accountants
Clear & Lane Limited
340 Melton Road
Leicester
LE4 7SL
ASSETTAGZ LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ASSETTAGZ LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,093
-
Tangible assets
4
302
-
18,395
-
Current assets
Debtors
5
53,271
-
Cash at bank and in hand
85
100
53,356
100
Creditors: amounts falling due within one year
6
(76,296)
-
Net current (liabilities)/assets
(22,940)
100
Total assets less current liabilities
(4,545)
100
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(4,645)
-
Total equity
(4,545)
100

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

For the financial year ended 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 6 April 2017 and are signed on its behalf by:
Mr H L Kantelia
Director
Company Registration No. 08857117
ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 2 -
1
Accounting policies
Company information

Assettagz Limited is a private company limited by shares incorporated in England and Wales. The registered office is Harborough Innovation Centre, Airfield Business Park, Wellington Way, Market Harborough, Leics, LE16 7WB.

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 a mounts in these financial statements are rounded to the nearest £. 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.

These financial statements for the year ended 31 January 2017 are the first financial statements of Assettagz Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102. are the first financial statements of Assettagz Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT . Revenue is recognised as contracted activity for services progresses.represents amounts receivable for goods and services net of VAT. Revenue is recognised as contracted activity for services progresses.

1.3
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 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:.

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
25% straight line
1.4
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.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, fittings & equipment
20% reducing balance
Computer equipment
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.

ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 3 -
1.5
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. 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.

1.6
Financial instruments

The C ompany only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties. 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 a n 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.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 and loans from banks and other third parties.

 

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.

Basic financial assets

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.

Basic financial liabilities

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.

1.7
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.

 

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.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the lease . including any lease incentives received, are charged to income on a straight line basis over the term of the lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2016 - 0).

ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 4 -
3
Intangible fixed assets
Intellectual Property
£
Cost
At 1 February 2016
-
Additions
19,012
At 31 January 2017
19,012
Amortisation and impairment
At 1 February 2016
-
Amortisation charged for the year
919
At 31 January 2017
919
Carrying amount
At 31 January 2017
18,093
At 31 January 2016
-
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 February 2016
-
-
-
Additions
125
200
325
At 31 January 2017
125
200
325
Depreciation and impairment
At 1 February 2016
-
-
-
Depreciation charged in the year
6
17
23
At 31 January 2017
6
17
23
Carrying amount
At 31 January 2017
119
183
302
At 31 January 2016
-
-
-
ASSETTAGZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 5 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
29,368
-
Other debtors
23,358
-
Prepayments and accrued income
545
-
53,271
-
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
36,270
-
Other taxation and social security
12,982
-
Other creditors
13,194
-
Accruals and deferred income
13,850
-
76,296
-
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
80 Ordinary A shares of £1 each
80
80
20 Ordinary B shares of £1 each
20
20
100
100
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