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REGISTERED NUMBER: OC360082 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TITAN MANUFACTURING (WEYMOUTH) LLP

TITAN MANUFACTURING (WEYMOUTH) LLP (REGISTERED NUMBER: OC360082)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

General Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


TITAN MANUFACTURING (WEYMOUTH) LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: Mrs L Higson
Mr J D Higson





REGISTERED OFFICE: 19-22 Surrey Close
Granby Industrial Estate
Weymouth
Dorset
DT4 9TY





REGISTERED NUMBER: OC360082 (England and Wales)





ACCOUNTANTS: Inspired Accountants Limited
Chartered Certified Accountants
4 Parkside Court
Greenhough Road
Lichfield
Staffordshire
WS13 7FE

TITAN MANUFACTURING (WEYMOUTH) LLP (REGISTERED NUMBER: OC360082)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 513,988 318,032

CURRENT ASSETS
Stocks 33,225 31,890
Debtors 5 1,888,803 3,264,950
Cash at bank and in hand 17,633 132,053
1,939,661 3,428,893
CREDITORS
Amounts falling due within one year 6 2,055,017 3,564,961
NET CURRENT LIABILITIES (115,356 ) (136,068 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

398,632

181,964

CREDITORS
Amounts falling due after more than one year 7 35,267 63,136
NET ASSETS ATTRIBUTABLE TO
MEMBERS

363,365

118,828

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Revaluation reserve 8 244,537 -
Other reserves classified as equity 118,828 118,828
363,365 118,828

TOTAL MEMBERS' INTERESTS
Members' other interests 363,365 118,828
Amounts due from members 5 (748,989 ) (1,232,406 )
(385,624 ) (1,113,578 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

TITAN MANUFACTURING (WEYMOUTH) LLP (REGISTERED NUMBER: OC360082)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 31 October 2023 and were signed by:





Mr J D Higson - Designated member

TITAN MANUFACTURING (WEYMOUTH) LLP (REGISTERED NUMBER: OC360082)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Titan Manufacturing (Weymouth) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Fixed assets are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairments losses. Revaluations are performed by the designated members with sufficient regularity to ensure the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.


Depreciation

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

Plant and machinery15% on reducing balance
Fixtures and fittings15% on reducing balance
Motor vehicles25% on reducing balance
Office equipment25% on reducing balance

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 finishing 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.

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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 28 (2022 - 40 ) .

TITAN MANUFACTURING (WEYMOUTH) LLP (REGISTERED NUMBER: OC360082)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST OR VALUATION
At 1 April 2022 850,614
Revaluations (310,673 )
At 31 March 2023 539,941
DEPRECIATION
At 1 April 2022 532,582
Charge for year 48,581
Revaluation adjustments (555,210 )
At 31 March 2023 25,953
NET BOOK VALUE
At 31 March 2023 513,988
At 31 March 2022 318,032

Cost or valuation at 31 March 2023 is represented by:

Plant and
machinery
etc
£   
Valuation in 2023 (310,673 )
Cost 850,614
539,941

If plant and machinery had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 850,614 850,614

plant and machinery were valued on an open market basis on 31 March 2023 by the designated members .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 789,824 313,965
Other debtors 1,098,979 2,950,985
1,888,803 3,264,950

TITAN MANUFACTURING (WEYMOUTH) LLP (REGISTERED NUMBER: OC360082)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 550,455 3,524,357
Taxation and social security 424,297 -
Other creditors 1,080,265 40,604
2,055,017 3,564,961

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 35,267 63,136

8. RESERVES
Revaluation
reserve
£   
Revaluation in year 244,537
At 31 March 2023 244,537