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Registered number: 08422000
TAG Assurance Services Limited
Unaudited Financial Statements
For The Year Ended 29 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08422000
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 46,950 73,750
Tangible Assets 5 2,490 3,394
49,440 77,144
CURRENT ASSETS
Debtors 6 266,037 304,908
Cash at bank and in hand 21,279 14,438
287,316 319,346
Creditors: Amounts Falling Due Within One Year 7 (155,216 ) (169,094 )
NET CURRENT ASSETS (LIABILITIES) 132,100 150,252
TOTAL ASSETS LESS CURRENT LIABILITIES 181,540 227,396
Creditors: Amounts Falling Due After More Than One Year 8 (183,615 ) (239,763 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (278 ) (659 )
NET LIABILITIES (2,353 ) (13,026 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (2,354 ) (13,027 )
SHAREHOLDERS' FUNDS (2,353) (13,026)
Page 1
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For the year ending 29 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Shaun Philpott
Director
7th January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
TAG Assurance Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08422000 . The registered office is 8 Pendeford Place, Pendeford Business Park, Wolverhampton, West Midlands, WV9 5HD.
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 - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten 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:
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. 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.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 8)
9 8
4. Intangible Assets
Goodwill
£
Cost
As at 31 March 2023 268,000
As at 29 March 2024 268,000
Amortisation
As at 31 March 2023 194,250
Provided during the period 26,800
As at 29 March 2024 221,050
...CONTINUED
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Net Book Value
As at 29 March 2024 46,950
As at 31 March 2023 73,750
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 31 March 2023 5,390 9,258 14,648
As at 29 March 2024 5,390 9,258 14,648
Depreciation
As at 31 March 2023 4,656 6,598 11,254
Provided during the period 252 652 904
As at 29 March 2024 4,908 7,250 12,158
Net Book Value
As at 29 March 2024 482 2,008 2,490
As at 31 March 2023 734 2,660 3,394
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 161,893 208,752
Prepayments and accrued income 65,651 59,801
Other debtors 2,872 270
Corporation tax recoverable assets 7,922 7,922
Directors' loan accounts 27,699 28,163
266,037 304,908
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 37,565 37,140
Bank loans and overdrafts 31,729 30,845
Other loans 22,514 27,500
Corporation tax 4,508 7,151
Other taxes and social security 4,780 3,671
VAT 48,810 53,795
Net wages 578 772
...CONTINUED
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Other creditors 2,404 2,608
Accruals and deferred income 2,328 5,612
155,216 169,094
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 7,975 39,763
Other loans 175,640 -
Directors loan account - 200,000
183,615 239,763
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 20,379 38,434
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 31 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 March 2024
£ £ £ £ £
Mr Shaun Philpott 28,163 624 1,088 - 27,699
The above loan is unsecured, subject to interest at 2.25% and repayable on demand.
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