Accounts filed on 30-09-2014
Accounts filed on 30-09-2014
trueTitan Motorsport & Automotive Engineering Limited012132972014-09-3015727581337034157375813380341000100015737581338034821266878027094770811682978148389510411978438931245374102482522865711868718111896697333511532688807711433714612641781640002641781640002Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with applicable UK accounting standards.
Cash flow statement
The directors have taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from including a cash flow statement in the financial statements on the grounds that the company is small.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed
assets at their fair value. The capital element of the future payments is treated as a liability and
the interest is charged to the profit and loss account on a straight line basis.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
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.Land & BuildingsStraight line0.1000Plant & MachineryReducing balance0.1500Fixtures & FittingsReducing balance0.1500Motor VehiclesReducing balance0.250023097282197139113714-112516679471557137111212-40223097282197139113714-112516679471557137-4021112122709477081Hire purchase liabilities are secured by the assets to which they relate.
Ordinary1000110001000Ordinary1100010001000At the balance sheet date, Mrs D E Thomas owed the company a balance of £384 (2013: (£104)) by the company. Advances on her loan account amounted to £20,488, credits amounted to £20,000.
At the balance sheet date, Mr L R Timms owed the company a balance of £2,661 (2013 £1,559).
Advances on his loan account amounted to £21,102, credits amounted to £20,000.
2015-06-29L R TimmsMrs D E ThomasDirectortruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureTitan Motorsport & Automotive Engineering Limited2013-10-012014-09-30Titan Motorsport & Automotive Engineering Limited2012-10-012013-09-30Titan Motorsport & Automotive Engineering Limited2012-09-30Titan Motorsport & Automotive Engineering Limited2013-09-30Titan Motorsport & Automotive Engineering Limited2013-09-30Titan Motorsport & Automotive Engineering Limited2014-09-30 2015-06-29
