Titan Resource Management Ltd Filleted Accounts Cover
Titan Resource Management Ltd
Company No. 08930819
Information for Filing with The Registrar
31 January 2023
Titan Resource Management Ltd Directors Report Registrar
The Directors present their report and the accounts for the year ended 31 January 2023.
Principal activities
The principal activity of the company during the year under review was Waste Management and disposal.
Directors
The Directors who served at any time during the year were as follows:
C. Payne
T.L. Payne
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
C. Payne
Director
17 October 2023
Titan Resource Management Ltd Balance Sheet Registrar
at
31 January 2023
Company No.
08930819
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
189,756127,723
189,756127,723
Current assets
Debtors
5
855,851879,458
Cash at bank and in hand
54,06921,314
909,920900,772
Creditors: Amount falling due within one year
6
(705,705)
(639,419)
Net current assets
204,215261,353
Total assets less current liabilities
393,971389,076
Creditors: Amounts falling due after more than one year
7
(135,288)
(185,479)
Provisions for liabilities
Deferred taxation
(6,603)
(8,580)
Net assets
252,080195,017
Capital and reserves
Called up share capital
200200
Profit and loss account
9
251,880194,817
Total equity
252,080195,017
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 17 October 2023
And signed on its behalf by:
T.L. Payne
Director
17 October 2023
Titan Resource Management Ltd Notes to the Accounts Registrar
for the year ended 31 January 2023
1
General information
Its registered number is: 08930819
Its registered office is:
Gower Hall Farm
Foston
York
North Yorkshire
YO60 7QD
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
Going concern
These Financial Statements have been prepared on a Going Concern basis
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
20% Straight line
Motor vehicles
20% Straight line
Furniture, fittings and equipment
10% Straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
65
4
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost or revaluation
At 1 February 2022
41,147180,33370,99515,782308,257
Additions
-50,778102,260400153,438
Disposals
--
(20,995)
-
(20,995)
At 31 January 2023
41,147231,111152,26016,182440,700
Depreciation
At 1 February 2022
8,564130,53934,1997,232180,534
Charge for the year
5,52636,18230,4522,44974,609
Disposals
--
(4,199)
-
(4,199)
At 31 January 2023
14,090166,72160,4529,681250,944
Net book values
At 31 January 2023
27,05764,39091,8086,501189,756
At 31 January 2022
32,583
49,794
36,796
8,550
127,723
5
Debtors
2023
2022
£
£
Trade debtors
850,730874,479
Prepayments and accrued income
5,1214,979
855,851879,458
6
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
82,50387,321
Obligations under finance lease and hire purchase contracts
3,6443,724
Trade creditors
427,813338,290
Taxes and social security
98,185
191,988
Loans from directors
77,5151,685
Accruals and deferred income
16,04516,411
705,705639,419
7
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
98,033162,679
Obligations under finance lease and hire purchase contracts
37,25522,800
135,288185,479
8
Share Capital
The Issue Share Capital comprises 200 Fully paid Ordinary shares of £1 each
9
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
10
Dividends
2023
2022
£
£
Dividends for the period:
Dividends paid in the period
-
320,000
-
320,000
Dividends by type:
Equity dividends
-320,000
-
320,000
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