Company Registration No. 04099389 (England and Wales)
TAGTRONICS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
31 March 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
TAGTRONICS LTD
COMPANY INFORMATION
Director
Mr M P Williams
Company number
04099389
Registered office
5 Anchor Court
Commercial Road
Darwen
Lancashire
BB3 0DB
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
TAGTRONICS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TAGTRONICS LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,000
2,000
Tangible assets
4
5,832
7,381
6,832
9,381
Current assets
Stocks
1,808
1,723
Debtors
5
505,750
542,169
Cash at bank and in hand
119,421
279,687
626,979
823,579
Creditors: amounts falling due within one year
6
(109,531)
(112,931)
Net current assets
517,448
710,648
Total assets less current liabilities
524,280
720,029
Provisions for liabilities
(1,458)
(1,845)
Net assets
522,822
718,184
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
522,722
718,084
Total equity
522,822
718,184
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
TAGTRONICS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 September 2023
Mr M P Williams
Director
Company Registration No. 04099389
TAGTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Tagtronics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Anchor Court, Commercial Road, Darwen, Lancashire, BB3 0DB.
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
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.
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.
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
10% on reducing balance
Computers
33% on cost
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.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TAGTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.7
Employee 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.
1.8
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
TAGTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
20,000
Amortisation and impairment
At 1 April 2022
18,000
Amortisation charged for the year
1,000
At 31 March 2023
19,000
Carrying amount
At 31 March 2023
1,000
At 31 March 2022
2,000
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
17,731
17,295
35,026
Additions
1,128
1,128
At 31 March 2023
17,731
18,423
36,154
Depreciation and impairment
At 1 April 2022
12,384
15,261
27,645
Depreciation charged in the year
540
2,137
2,677
At 31 March 2023
12,924
17,398
30,322
Carrying amount
At 31 March 2023
4,807
1,025
5,832
At 31 March 2022
5,347
2,034
7,381
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,685
11,912
Amounts owed by group undertakings
448,043
501,043
Other debtors
47,022
29,214
505,750
542,169
TAGTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,884
16,681
Taxation and social security
85,037
85,126
Other creditors
20,610
11,124
109,531
112,931
7
Operating lease commitments
Lessee
At the balance sheet date, the company has operating lease commitments totalling £52,917 (2022 - £38,233).
8
Related party transactions
At the reporting date the company was due £348,043 (2022 - £401,043) from a fellow subsidiary and £100,000 (2022 - £100,000) from its parent company.