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Registered number: 08049838
Tap2Tag Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Raymarsh Ford Limited
Chartered Accountants
41 High Street
Kingswood
Bristol
BS15 4AA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08049838
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 14,289 17,520
Tangible Assets 5 193 461
14,482 17,981
CURRENT ASSETS
Stocks 6 28,122 28,471
Debtors 7 838 782
Cash at bank and in hand 420 248
29,380 29,501
Creditors: Amounts Falling Due Within One Year 8 (182,439 ) (156,912 )
NET CURRENT ASSETS (LIABILITIES) (153,059 ) (127,411 )
TOTAL ASSETS LESS CURRENT LIABILITIES (138,577 ) (109,430 )
Creditors: Amounts Falling Due After More Than One Year 9 (7,977 ) (9,402 )
NET LIABILITIES (146,554 ) (118,832 )
CAPITAL AND RESERVES
Called up share capital 10 2 2
Share premium account 102,680 102,680
Profit and Loss Account (249,236 ) (221,514 )
SHAREHOLDERS' FUNDS (146,554) (118,832)
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Christopher Ford
Director
25 November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tap2Tag Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08049838 . The registered office is 41 High Street, Kingswood, Bristol, BS15 4AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are costs related to software development It is amortised to profit and loss account over its estimated economic life of four years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 15% straight line
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Intangible Assets
Other
£
Cost
As at 1 April 2023 100,430
Additions 1,282
As at 31 March 2024 101,712
Amortisation
As at 1 April 2023 82,910
Provided during the period 4,513
As at 31 March 2024 87,423
Net Book Value
As at 31 March 2024 14,289
As at 1 April 2023 17,520
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 1,653 985 1,718 4,356
As at 31 March 2024 1,653 985 1,718 4,356
Depreciation
As at 1 April 2023 1,449 985 1,461 3,895
Provided during the period 204 - 64 268
As at 31 March 2024 1,653 985 1,525 4,163
Net Book Value
As at 31 March 2024 - - 193 193
As at 1 April 2023 204 - 257 461
6. Stocks
2024 2023
£ £
Finished goods 28,122 28,471
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 838 762
Other debtors - 20
838 782
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,214 1,232
Bank loans and overdrafts 5,999 6,270
VAT 98 6,980
Other creditors 11 16
Accruals and deferred income 5,200 3,900
Director's loan account 90,761 89,508
Amounts owed to associates 79,156 49,006
182,439 156,912
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 7,977 9,402
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Christopher Ford (89,508 ) - - - -
The above loan is unsecured, interest free and repayable on demand.
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