Registered number
08868648
Tap London Limited
Filleted Financial Statements
31 January 2024
Tap London Limited
Registered number: 08868648
Statement of Financial Position
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 14,365 20,211
Current assets
Debtors 4 1,805,235 1,344,666
Cash at bank and in hand 1,262,892 1,620,775
3,068,127 2,965,441
Creditors: amounts falling due within one year 5 (573,000) (372,288)
Net current assets 2,495,127 2,593,153
Net assets 2,509,492 2,613,364
Capital and reserves
Called up share capital 1,200 1,200
Profit and loss account 2,508,292 2,612,164
Shareholders' funds 2,509,492 2,613,364
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. Thedirectors' report and statement of income and retained earnings have not been delivered to the Registrar of Companies.
A Haines
Director
Approved by the board on 25 October 2024
Tap London Limited
Notes to the Financial Statements
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services of information technology consultancy. Turnover is recognised in the financial statements in the period the services are provided.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as this is considered immaterial.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to statement of income and retained earnings.
Pensions
The company operates a money purchase pension scheme. Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 36 30
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 112,564
Additions 11,075
At 31 January 2024 123,639
Depreciation
At 1 February 2023 92,353
Charge for the year 16,921
At 31 January 2024 109,274
Net book value
At 31 January 2024 14,365
At 31 January 2023 20,211
4 Debtors 2024 2023
£ £
Trade debtors 1,195,297 902,205
Rent deposit 44,266 41,760
Intercompany loan 559,422 375,000
Other debtors 6,250 25,701
1,805,235 1,344,666
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 10,895 6,376
Taxation and social security costs 333,088 312,501
Other creditors 229,017 53,411
573,000 372,288
6 Related party
TAP London Limited is a wholly owned subsidiary of TAP London Holdings Limited incorporated 20 October 2021, a related party of TAP Holdings USA incorporated 20 October 2021, and TAP CXM SLU incorporated in Spain in October 2023.
7 Other information
Tap London Limited is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor
2 Woodberry Grove
Finchley
London
N12 0NR
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