Company Registration No. 04099389 (England and Wales)
TAGTRONICS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
31 March 2024
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 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
1,000
Tangible assets
4
9,886
5,832
9,886
6,832
Current assets
Stocks
1,220
1,808
Debtors
5
432,121
505,750
Cash at bank and in hand
130,791
119,421
564,132
626,979
Creditors: amounts falling due within one year
6
(116,266)
(109,531)
Net current assets
447,866
517,448
Total assets less current liabilities
457,752
524,280
Provisions for liabilities
(2,349)
(1,458)
Net assets
455,403
522,822
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
455,303
522,722
Total equity
455,403
522,822

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 2024 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 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 September 2024
Mr M P Williams
Director
Company registration number 04099389 (England and Wales)
TAGTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 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, has now been fully 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 2024
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:

2024
2023
Number
Number
Total
10
10
TAGTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
20,000
Amortisation and impairment
At 1 April 2023
19,000
Amortisation charged for the year
1,000
At 31 March 2024
20,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
1,000
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
17,731
18,423
36,154
Additions
-
0
6,339
6,339
At 31 March 2024
17,731
24,762
42,493
Depreciation and impairment
At 1 April 2023
12,924
17,398
30,322
Depreciation charged in the year
486
1,799
2,285
At 31 March 2024
13,410
19,197
32,607
Carrying amount
At 31 March 2024
4,321
5,565
9,886
At 31 March 2023
4,807
1,025
5,832
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,952
10,685
Amounts owed by group undertakings
397,043
448,043
Other debtors
28,126
47,022
432,121
505,750
TAGTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,883
3,884
Taxation and social security
80,653
85,037
Other creditors
14,730
20,610
116,266
109,531
7
Operating lease commitments
Lessee

At the balance sheet date, the company has operating lease commitments totalling £46,594 (2023 - £52,917).

8
Related party transactions

At the reporting date the company was due £297,043 (2023 - £348,043) from a fellow subsidiary and £100,000 (2023 - £100,000) from its parent company.

 

 

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