TITAN INTERNATIONAL FINANCE LIMITED - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09774815 (England and Wales)

TITAN INTERNATIONAL FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH SEPTEMBER 2017

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

37,500,000

37,500,000

CURRENT ASSETS

Debtors

5

1,256

998

Cash at bank

21,177

76,271

22,433

77,269

CREDITORS

Amounts falling due within one year

6

(37,521,401

)

(37,576,937

)

NET CURRENT LIABILITIES

(37,498,968

)

(37,499,668

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,032

332

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,031

331

SHAREHOLDERS' FUNDS

1,032

332

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 14th June 2018 and were signed by:

David Pearlman - Director

1.	STATUTORY INFORMATION

TITAN INTERNATIONAL FINANCE LIMITED is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

09774815

Registered office:

Elscot House

Arcadia Avenue

London

N3 2JU

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover 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.

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 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st October 2016

and 30th September 2017

37,500,000

NET BOOK VALUE

At 30th September 2017

37,500,000

At 30th September 2016

37,500,000

Tangible fixed assets stated in the accounts is being held on trust on behalf of the principal company.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

1,256

998

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

26,551,926

29,571,983

Trade creditors

-

960

Taxation and social security

180

83

Other creditors

10,969,295

8,003,911

37,521,401

37,576,937

The bank loan was secured on the tangible fixed assets which was held by the company on behalf of the principal

company.