Titan Enterprises Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01599477 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Titan Enterprises Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs J Forster

Mr J T Forster

REGISTERED OFFICE:

Unit 2

5A Coldharbour Business Park

Sherborne

Dorset

DT9 4JW

REGISTERED NUMBER:

01599477 (England and Wales)

ACCOUNTANTS:

Silbury Accountants Limited

Chartered Accountants

Oak Apple House

North Street

Milborne Port

Sherborne

DT9 5EW

FIXED ASSETS

Property, plant and equipment

4

18,340

27,526

CURRENT ASSETS

Inventories

549,677

544,056

Debtors

5

274,904

319,713

Cash at bank and in hand

243,357

107,449

1,067,938

971,218

CREDITORS

Amounts falling due within one year

6

236,634

316,935

NET CURRENT ASSETS

831,304

654,283

TOTAL ASSETS LESS CURRENT LIABILITIES

849,644

681,809

PROVISIONS FOR LIABILITIES

1,870

3,316

NET ASSETS

847,774

678,493

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

847,772

678,491

SHAREHOLDERS' FUNDS

847,774

678,493

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2020 and were signed on its behalf by:

Mr J T Forster - Director

1.	STATUTORY INFORMATION

Titan Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

33% on cost and 10% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 15 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2019

6,079

254,476

109,932

370,487

Additions

-

1,762

-

1,762

Disposals

-

(24,337

)

(26,803

)

(51,140

)

At 31 March 2020

6,079

231,901

83,129

321,109

DEPRECIATION

At 1 April 2019

6,079

237,610

99,272

342,961

Charge for year

-

1,548

5,693

7,241

Eliminated on disposal

-

(22,043

)

(25,390

)

(47,433

)

At 31 March 2020

6,079

217,115

79,575

302,769

NET BOOK VALUE

At 31 March 2020

-

14,786

3,554

18,340

At 31 March 2019

-

16,866

10,660

27,526

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

256,479

248,973

Other debtors

18,425

70,740

274,904

319,713

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

203,837

247,975

Taxation and social security

8,059

13,310

Other creditors

24,738

55,650

236,634

316,935

7.	LEASING AGREEMENTS

The total amount due under non-cancellable operating leases is £70,083 (2019 £104,470).

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

2

Ordinary

£1

2

2

9.	GOING CONCERN

The arrival of Covid19 in March 2020 has impacted significantly on trade for the year ending 31 March 2021. The announcement of government trading restrictions and cancellation of contracts has resulted in a temporary cessation of trading. Once the restrictions are eased, the directors believe the company will return to full trading and will continue to be profitable. The directors will continue to support the company through this period and believe that the business is a going concern.