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REGISTERED NUMBER: 02616563 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

TITAN METAL FABRICATIONS LIMITED

TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563)

Contents of the Financial Statements
for the year ended 30 June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TITAN METAL FABRICATIONS LIMITED

Company Information
for the year ended 30 June 2023







Directors: Mr A D Crate
Mr P Bailey
Miss C G Merriman





Registered office: Unit 12
Thames Street
Louth
Lincolnshire
LN11 7AD





Registered number: 02616563 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
23 Algitha Road
Skegness
United Kingdom
PE25 2AG

TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563)

Statement of Financial Position
30 June 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 315,354 313,864
Investment property 5 - 95,000
315,354 408,864

Current assets
Stocks 6 105,136 129,610
Debtors 7 352,668 601,427
Cash at bank and in hand 325,974 226,594
783,778 957,631
Creditors
Amounts falling due within one year 8 128,953 173,934
Net current assets 654,825 783,697
Total assets less current liabilities 970,179 1,192,561

Creditors
Amounts falling due after more than one year 9 (49,187 ) (99,151 )

Provisions for liabilities (44,010 ) (59,634 )
Net assets 876,982 1,033,776

Capital and reserves
Called up share capital 11 51 51
Capital redemption reserve 12 25 25
Retained earnings 12 876,906 1,033,700
Shareholders' funds 876,982 1,033,776

TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563)

Statement of Financial Position - continued
30 June 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:





Mr A D Crate - Director


TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563)

Notes to the Financial Statements
for the year ended 30 June 2023


1. Statutory information

Titan Metal Fabrications Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost
Office equipment - 15% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


2. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a pension scheme as required by law for all employees. All payments are charged to the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 14 (2022 - 14 ) .

4. Tangible fixed assets
Plant and Motor Office
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1 July 2022 1,010,496 30,959 12,577 1,054,032
Additions 35,558 - 6,082 41,640
Disposals (4,345 ) - - (4,345 )
At 30 June 2023 1,041,709 30,959 18,659 1,091,327
Depreciation
At 1 July 2022 698,198 30,959 11,011 740,168
Charge for year 38,535 - 1,615 40,150
Eliminated on disposal (4,345 ) - - (4,345 )
At 30 June 2023 732,388 30,959 12,626 775,973
Net book value
At 30 June 2023 309,321 - 6,033 315,354
At 30 June 2022 312,298 - 1,566 313,864

The net book value of tangible fixed assets includes £ 290,650 (2022 - £ 319,718 ) in respect of assets held under hire purchase contracts.

5. Investment property
Total
£
Fair value
At 1 July 2022 95,000
Disposals (95,000 )
At 30 June 2023 -
Net book value
At 30 June 2023 -
At 30 June 2022 95,000

The investment property in the financial accounts is valued at the current market value.

6. Stocks
2023 2022
£ £
Stocks 105,136 129,610

TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 280,923 210,431
Loan M Chapman deceased - 293,827
Other debtors 70,957 96,046
VAT liability - 370
Prepayments 788 753
352,668 601,427

8. Creditors: amounts falling due within one year
2023 2022
£ £
Hire purchase contracts 48,280 46,596
Trade creditors 60,371 99,697
Corporation tax - 15,253
Social security and other taxes 5,952 5,184
VAT liability 7,146 -
Other creditors 7,204 7,204
128,953 173,934

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Hire purchase contracts 49,187 99,151

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts 97,467 145,747

Of the creditors falling due within and after more than one year, the net obligations under finance leases and hire purchase contracts are secured on the assets acquired.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
51 Ordinary 1 51 51

TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


12. Reserves
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 July 2022 1,033,700 25 1,033,725
Profit for the year 3,206 3,206
Dividends (160,000 ) (160,000 )
At 30 June 2023 876,906 25 876,931

13. Ultimate controlling party

The controlling party is The Estate of Matthew Chapman (deceased).