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Registration number: 07554648

Tagg & Connell Ltd

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 31 December 2023

 

Tagg & Connell Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Tagg & Connell Ltd

Company Information

Directors

LA Wilson

C J Emirali

Registered office

Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

Bankers

Lloyds Bank Plc
Hammersmith Broadway
21/25 King Street
Hammersmith
London
W6 9HW

Accountants

Ritchie Phillips LLP
Chartered Accountants
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tagg & Connell Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tagg & Connell Ltd for the year ended 31 December 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Tagg & Connell Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Tagg & Connell Ltd and state those matters that we have agreed to state to the Board of Directors of Tagg & Connell Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tagg & Connell Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tagg & Connell Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Tagg & Connell Ltd. You consider that Tagg & Connell Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Tagg & Connell Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Ritchie Phillips LLP
Chartered Accountants
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

20 September 2024

 

Tagg & Connell Ltd

(Registration number: 07554648)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

127,022

131,933

Current assets

 

Stocks

5

9,336

7,858

Debtors

6

112,953

10,302

Cash at bank and in hand

 

48,446

100,926

 

170,735

119,086

Creditors: Amounts falling due within one year

7

(234,568)

(179,886)

Net current liabilities

 

(63,833)

(60,800)

Total assets less current liabilities

 

63,189

71,133

Creditors: Amounts falling due after more than one year

7

(623,367)

(473,367)

Net liabilities

 

(560,178)

(402,234)

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

349,300

349,300

Retained earnings

(910,478)

(752,534)

Shareholders' deficit

 

(560,178)

(402,234)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
LA Wilson
Director

 

Tagg & Connell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL
England

The principal place of business is:
10 Greek Street
London
W1D 4DH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

As at 31 December 2023, the company's liabilities exceeded its assets. However, the company has the support of its directors and shareholders who have agreed to provide additional finance if necessary. Whilst this agreement is not contractual, the directors are of the opinion that it will provide sufficient resources to enable the company to continue trading for the forseeable future and therefore the accounts have been provided on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Grants are accounted for under the accruals method. Grants of a revenue nature are recognised as "other income" within the profit and loss account in the same period as the related expenditure.

 

Tagg & Connell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

Over the period of the lease

Fixtures and fittings

Over 5 years on a straight line basis

Restaurant and kitchen equipment

Over 5 years on a straight line basis

Office equipment

Over 4 years on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are not interest bearing and are stated at their nominal value.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Tagg & Connell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 8).

4

Tangible assets

Short leasehold
£

Furniture, fittings and equipment
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

161,631

141,829

3,050

306,510

Additions

6,690

13,753

175

20,618

Disposals

-

(5,394)

-

(5,394)

At 31 December 2023

168,321

150,188

3,225

321,734

Depreciation

At 1 January 2023

88,448

83,079

3,050

174,577

Charge for the year

8,417

17,083

29

25,529

Eliminated on disposal

-

(5,394)

-

(5,394)

At 31 December 2023

96,865

94,768

3,079

194,712

Carrying amount

At 31 December 2023

71,456

55,420

146

127,022

At 31 December 2022

73,183

58,750

-

131,933

 

Tagg & Connell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Other inventories

9,336

7,858

6

Debtors

2023
£

2022
£

Trade debtors

83,717

-

Prepayments

29,236

10,103

Other debtors

-

199

112,953

10,302

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,000

10,000

Trade creditors

 

94,771

84,712

Taxation and social security

 

79,050

46,870

Accruals and deferred income

 

38,585

19,841

Other creditors

 

12,162

18,463

 

234,568

179,886

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

623,367

473,367

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £581,250 (2022 - £656,250).

 

Tagg & Connell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Included within creditors is a loan from a director of £281,200 (2022 - £382,200). The director advanced £nil (2022 - £165,000) to the company during the year and £101,000l (2022 - £nil) was repaid to the director during the year. The loan is interest free and unsecured.

Also included within creditors is a loan from a shareholder of £83,000 (2022 - £83,000). The loan is interest free and unsecured.

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,167

24,167

Other borrowings

609,200

449,200

623,367

473,367

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000