Titanium Facilities Management Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 12621235 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JUNE 2021 TO 31 MARCH 2022

FOR

TITANIUM FACILITIES MANAGEMENT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

T J Elliston

W M Guenigault

REGISTERED OFFICE:

Unit 6 Platform Business Centre

Ivyhouse Lane Industrial Estate

Haywood Way

Hastings

East Sussex

TN35 4FB

REGISTERED NUMBER:

12621235 (England and Wales)

ACCOUNTANTS:

Ashdown Hurrey

Chartered Accountants & Business Advisers

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

FIXED ASSETS

Tangible assets

4

56,175

2,881

CURRENT ASSETS

Debtors

5

64,870

30,687

Cash at bank

1,166

4,732

66,036

35,419

CREDITORS

Amounts falling due within one year

6

94,054

37,535

NET CURRENT LIABILITIES

(28,018

)

(2,116

)

TOTAL ASSETS LESS CURRENT LIABILITIES

28,157

765

PROVISIONS FOR LIABILITIES

7,625

547

NET ASSETS

20,532

218

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

20,530

216

20,532

218

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2023 and were signed on its behalf by:

T J Elliston - Director

W M Guenigault - Director

1.	STATUTORY INFORMATION

Titanium Facilities Management Ltd 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.

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements. Against the backdrop of the COVID-19 Pandemic the directors have paid particular attention to likely cashflow requirements and the future availability of adequate cashflow to the company.

On the basis of this consideration, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Turnover

Turnover represents net invoiced sale of services, excluding value added tax. Turnover is recognised when the company received the right to consideration.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Government grants

In accordance with s24 of FRS 102 these are treated using the accruals model and so are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grants are intended to compensate.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

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 period was 3 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 June 2021

-

2,415

873

324

3,612

Additions

44,520

10,234

-

1,030

55,784

At 31 March 2022

44,520

12,649

873

1,354

59,396

DEPRECIATION

At 1 June 2021

-

489

133

109

731

Charge for period

-

2,026

92

372

2,490

At 31 March 2022

-

2,515

225

481

3,221

NET BOOK VALUE

At 31 March 2022

44,520

10,134

648

873

56,175

At 31 May 2021

-

1,926

740

215

2,881

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.5.21

£

£

Trade debtors

52,302

30,541

Amounts owed by associates

252

-

Directors' current accounts

12,149

-

Prepayments

167

146

64,870

30,687

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.5.21

£

£

Trade creditors

20,595

2,113

Amounts owed to associates

22,777

11,995

Tax

18,971

7,713

Social security and other taxes

2,108

2,717

VAT

23,603

11,959

Directors' current accounts

-

37

Accrued expenses

6,000

1,001

94,054

37,535

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the periods ended 31 March 2022 and 31 May 2021:

31.3.22

31.5.21

£

£

T J Elliston and W M Guenigault

Balance outstanding at start of period

(37

)

-

Amounts advanced

74,005

36,947

Amounts repaid

(61,819

)

(36,984

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

12,149

(37

)

A directors' loan account exists to which there are no terms attached. At the start of the year the director was owed £37 by the company. During the year the director repaid £61,819 and withdrew £73,885 from the company. Interest was charged on the average balance totalling £120. As at the balance sheet date the director owed the company £12,149 which was repaid within 9 months of the year end.

Amounts have been aggregated where appropriate and there were no material transactions

8.	RELATED PARTY DISCLOSURES

Included in the accounts are balances owed from the following companies, of which Mr T Elliston and Mr W Guenigault are both directors:

Titanium Security Solutions Ltd - £18,784 owed by Titanium Facilities Management Ltd

Titanium Locksmiths Ltd - £3,993 owed by Titanium Facilities Management Ltd

The Titanium Group Limited - £240 owed to Titanium Facilities Management Ltd

Titanium Training Solutions Ltd - £12 owed to Titanium Facilities Management Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Titanium Facilities Management Ltd for the period ended 31 March 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Titanium Facilities Management Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Titanium Facilities Management Ltd and state those matters that we have agreed to state to the Board of Directors of Titanium Facilities Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Titanium Facilities Management Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Titanium Facilities Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Titanium Facilities Management Ltd. You consider that Titanium Facilities Management Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Titanium Facilities Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashdown Hurrey

Chartered Accountants & Business Advisers

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

28 March 2023