Titled Limited Filleted accounts for Companies House (small and micro)

0 false false false false false false false false false true false false false false false false No description of principal activity 2019-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 53,154 xbrli:pure xbrli:shares iso4217:GBP 07430342 2019-01-01 2019-12-31 07430342 2019-12-31 07430342 2018-12-31 07430342 2018-01-01 2018-12-31 07430342 2018-12-31 07430342 core:FurnitureFittings 2019-01-01 2019-12-31 07430342 bus:OrdinaryShareClass1 2019-01-01 2019-12-31 07430342 bus:Director1 2019-01-01 2019-12-31 07430342 bus:Director2 2019-01-01 2019-12-31 07430342 core:FurnitureFittings 2018-12-31 07430342 core:LandBuildings core:LongLeaseholdAssets 2019-12-31 07430342 core:FurnitureFittings 2019-12-31 07430342 core:WithinOneYear 2019-12-31 07430342 core:WithinOneYear 2018-12-31 07430342 core:ShareCapital 2019-12-31 07430342 core:ShareCapital 2018-12-31 07430342 core:RetainedEarningsAccumulatedLosses 2019-12-31 07430342 core:RetainedEarningsAccumulatedLosses 2018-12-31 07430342 core:LandBuildings core:LongLeaseholdAssets 2018-12-31 07430342 core:FurnitureFittings 2018-12-31 07430342 core:DeferredTaxation 2019-12-31 07430342 bus:SmallEntities 2019-01-01 2019-12-31 07430342 bus:AuditExemptWithAccountantsReport 2019-01-01 2019-12-31 07430342 bus:FullAccounts 2019-01-01 2019-12-31 07430342 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 07430342 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 07430342 bus:OrdinaryShareClass1 2019-12-31 07430342 bus:OrdinaryShareClass1 2018-12-31 07430342 core:WithinOneYear 1 2019-12-31 07430342 core:WithinOneYear 1 2018-12-31 07430342 1 2019-01-01 2019-12-31 07430342 core:EntitiesControlledByKeyManagementPersonnel 2019-01-01 2019-12-31

COMPANY REGISTRATION NUMBER: 07430342

TITLED LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2019

TITLED LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2019

CONTENTS	PAGES

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

TITLED LIMITED

BALANCE SHEET

31 December 2019

	2019		2018
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		475,462		475,616

CURRENT ASSETS

Debtors	6	50,000	50,000
Cash at bank and in hand		31,660	20,974
		---------	---------
		81,660	70,974

CREDITORS: amounts falling due within one year	7	( 169,010)		( 171,234)
		----------		----------
NET CURRENT LIABILITIES			( 87,350)		( 100,260)
			----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES			388,112		375,356

PROVISIONS

Deferred tax	8	( 53,154)	( 53,154)
		----------	----------
NET ASSETS		334,958	322,202
		----------	----------

TITLED LIMITED

BALANCE SHEET (continued)

31 December 2019

	2019		2018
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	9	4	4
Profit and loss account		334,954	322,198
		----------	----------
SHAREHOLDERS FUNDS		334,958	322,202
		----------	----------

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 Section 1A of 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 profit and loss account has not been delivered.

For the year ending 31 December 2019 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 24 December 2020 , and are signed on behalf of the board by:

Mr A C Rapaport	Mrs S Rapaport
Director	Director

Company registration number: 07430342

TITLED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2019

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

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.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, stated net of discounts and value added tax.

Taxation

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.

Investment properties

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - - Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.

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:

	Fixtures & Fittings	-	25% reducing balance

No depreciation is provided in respect of freehold or long leasehold investment properties.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to Nil (2018: Nil).

5. TANGIBLE ASSETS

	Long leasehold investment property	Fixtures and fittings	Total
	£	£	£
Fair value
At 1 January 2019 and 31 December 2019	475,000	6,148	481,148
	----------	-------	----------
Depreciation
At 1 January 2019	–	5,532	5,532
Charge for the year	–	154	154
	----------	-------	----------
At 31 December 2019	–	5,686	5,686
	----------	-------	----------
Carrying amount
At 31 December 2019	475,000	462	475,462
	----------	-------	----------
At 31 December 2018	475,000	616	475,616
	----------	-------	----------

The Company's investment property was valued by the Directors, based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. The historical cost of the property is £162,385.

6. DEBTORS

	2019	2018
	£	£
Other debtors	50,000	50,000
	---------	---------

7. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Corporation tax	3,028	4,292
Other creditors	161,330	162,290
Directors loan account	4,652	4,652
	----------	----------
	169,010	171,234
	----------	----------

8. PROVISIONS

	Deferred tax
	£
At 1 January 2019 and 31 December 2019	53,154
	---------

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	4	4	4	4
	----	----	----	----

10. EVENTS AFTER THE END OF THE REPORTING PERIOD

The Covid-19 Pandemic is expected to severely affect the wider macro economy and the specific market the company operates in. It is possible that property valuations and rental income may decline due to the pandemic and associated lockdown. The full financial effects cannot currently be quantified.

11. RELATED PARTY TRANSACTIONS

Included in Other creditors are loans aggregating £160,311 due to companies connected with the directors and shareholders. The loans are interest-free and repayable on demand.