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 2018

FOR

ASSETTAGZ LIMITED

ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2018










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ASSETTAGZ LIMITED

COMPANY INFORMATION
for the year ended 31 January 2018







DIRECTORS: G E R Hampson
H L Kantelia
L King





SECRETARY: B J Burton





REGISTERED OFFICE: Harborough Innovation Centre
Wellington Way
Airfield Business Park
Market Harborough
Leicestershire
LE16 7WB





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 2018

2018 2017
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 13,340 18,093
Tangible assets 5 212 302
13,552 18,395

CURRENT ASSETS
Debtors 6 175,560 53,271
Cash at bank 24,201 85
199,761 53,356
CREDITORS
Amounts falling due within one year 7 213,165 76,296
NET CURRENT LIABILITIES (13,404 ) (22,940 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

148

(4,545

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 48 (4,645 )
148 (4,545 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 7 November 2018 and were signed on its behalf
by:





H L Kantelia - Director


ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2018


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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 2018


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.

ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2018


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 (2017 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Intellectual
property
£
COST
At 1 February 2017
and 31 January 2018 19,012
AMORTISATION
At 1 February 2017 919
Amortisation for year 4,753
At 31 January 2018 5,672
NET BOOK VALUE
At 31 January 2018 13,340
At 31 January 2017 18,093

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 February 2017
and 31 January 2018 125 200 325
DEPRECIATION
At 1 February 2017 6 17 23
Charge for year 24 66 90
At 31 January 2018 30 83 113
NET BOOK VALUE
At 31 January 2018 95 117 212
At 31 January 2017 119 183 302

ASSETTAGZ LIMITED (REGISTERED NUMBER: 08857117)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2018


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£ £
Trade debtors 73,479 29,368
Other debtors 1,678 -
Directors' current accounts 96 23,358
Prepayments 100,307 545
175,560 53,271

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£ £
Bank loans and overdrafts 783 -
Trade creditors 22,102 36,269
Tax 1,478 -
Social security and other taxes 28,530 12,982
Other creditors 117 757
Directors' current accounts 27,438 12,438
Accruals and deferred income 132,717 13,850
213,165 76,296