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Registration number: 05760433

Titan Garden Buildings Limited

Annual Report and Financial Statements

for the year ended 30 November 2021

 

Titan Garden Buildings Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 6

 

Titan Garden Buildings Limited

(Registration number: 05760433)
Statement of Financial Position
30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

21,813

-

Current assets

 

Stocks

5

195,854

-

Debtors

6

186,206

100

Cash at bank and in hand

 

49

-

 

382,109

100

Creditors: Amounts falling due within one year

7

(403,822)

-

Net current (liabilities)/assets

 

(21,713)

100

Net assets

 

100

100

Capital and reserves

 

Called up share capital

100

100

Shareholders' funds

 

100

100

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 19 August 2022
 

.........................................
A Stewart-Clark
Director

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Challenge Fencing
The Sawyard
Downside Road
Cobham
Surrey
KT11 3LY

These financial statements were authorised for issue by the director on 19 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis as the director believes that no material uncertainties exist. The director has considered the level of reserves held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the company to be able to continue as a going concern.

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 August 2022 was Matthew Hodson BSc FCA, who signed for and on behalf of Hodson & Co.

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2021

.........................................

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

over 50 years

Plant and machinery

20% reducing balance

Fixtures, fittings and equipment

33% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

5,120

7,125

9,568

21,813

At 30 November 2021

5,120

7,125

9,568

21,813

Depreciation

Carrying amount

At 30 November 2021

5,120

7,125

9,568

21,813

5

Stocks

2021
£

2020
£

Other inventories

195,854

-

6

Debtors

Note

2021
£

2020
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

186,106

-

Other debtors

 

100

100

 

186,206

100

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Other creditors

403,822

-

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2021

8

Related party transactions

Loans to related parties

2021

Other related parties
£

Total
£

Advanced

186,106

186,106

At end of period

186,106

186,106

9

Parent and ultimate parent undertaking

The ultimate controlling party by virtue of owning 100% shares in Providence Place Ltd is Alex Stewart-Clark.

 The company's immediate parent is Providence Place Ltd, incorporated in England & Wales.