Titan Autos Ltd
Titan Autos Ltd
Registered number: 12302911
Unaudited Financial Statements
For The Year Ended
30 November 2020
Affordable Accountancy Solutions Ltd
Titan Autos Ltd
Unaudited Financial Statements
For The Year Ended
30 November 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—4 |
Titan Autos Ltd
Balance Sheet
As at
30 November 2020
Balance Sheet
Registered number:
12302911
For the year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | |||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
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| NET LIABILITIES |
( |
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| Profit and Loss Account |
( |
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| SHAREHOLDERS' FUNDS | (131,740) | ||
Page 1
Titan Autos Ltd
Balance Sheet (continued)
As at
30 November 2020
Director's responsibilities
-
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
|
Director
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
Titan Autos Ltd
Notes to the Financial Statements
For The Year Ended
30 November 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
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.
1.3.
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 |
|
| Motor Vehicles |
|
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2
3.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at
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| As at
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| Depreciation | |||
| As at
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| As at
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| Net Book Value | |||
| As at
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| As at
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Page 3
Titan Autos Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 November 2020
4.
Debtors
| 2020 | |
|---|---|
| £ | |
| Due within one year | |
| Trade debtors |
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| VAT |
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5.
Creditors: Amounts Falling Due Within One Year
| 2020 | |
|---|---|
| £ | |
| Other taxes and social security |
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| Director's loan account |
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6.
General Information
Titan Autos Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
12302911
. The registered office is 12 Ashworth Square, Wakefield, WF1 4SN.
Page 4