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COMPANY REGISTRATION NUMBER: 08269598

Tag Search and Select Ltd

Filleted Unaudited Financial Statements

31 October 2017

Tag Search and Select Ltd

Financial Statements

Year ended 31 October 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Tag Search and Select Ltd

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		8,267	13,848

Current assets

Debtors	6	23,222	18,732
Cash at bank and in hand		5,514	–
		--------	--------
		28,736	18,732

Creditors: amounts falling due within one year	7	36,181		32,514
		--------		--------
Net current liabilities			7,445	13,782
			-------	--------
Total assets less current liabilities			822	66
			----	----

Capital and reserves

Called up share capital	100	100
Profit and loss account	722	( 34)
	----	----
Shareholders funds	822	66
	----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2017 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 6 January 2018 , and are signed on behalf of the board by:

Mrs T Taglione	Mr N Taglione
Director	Director

Company registration number: 08269598

Tag Search and Select Ltd

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, 11 Market Street (above Costa), Shipley, BD18 3QD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Office Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2016: 8 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 November 2016	6,480	25,922	32,402
Additions	–	2,767	2,767
Disposals	( 6,480)	–	( 6,480)
	-------	--------	--------
At 31 October 2017	–	28,689	28,689
	-------	--------	--------
Depreciation
At 1 November 2016	3,746	14,808	18,554
Charge for the year	–	5,614	5,614
Disposals	( 3,746)	–	( 3,746)
	-------	--------	--------
At 31 October 2017	–	20,422	20,422
	-------	--------	--------
Carrying amount
At 31 October 2017	–	8,267	8,267
	-------	--------	--------
At 31 October 2016	2,734	11,114	13,848
	-------	--------	--------

6. Debtors

	2017	2016
	£	£
Other debtors	23,222	18,732
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	6,665
Corporation tax	24,560	14,636
Social security and other taxes	11,621	11,213
	--------	--------
	36,181	32,514
	--------	--------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs T Taglione	7,169	137,089	( 133,341)	10,917
Mr N Taglione	7,168	137,090	( 133,342)	10,916
	--------	---------	---------	--------
	14,337	274,179	( 266,683)	21,833
	--------	---------	---------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs T Taglione	( 93)	91,258	( 83,996)	7,169
Mr N Taglione	( 92)	91,257	( 83,997)	7,168
	----	---------	---------	--------
	( 185)	182,515	( 167,993)	14,337
	----	---------	---------	--------

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

No transitional adjustments were required in equity or profit or loss for the year.