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Registered Number: 10238974
England and Wales

 

 

 

TITAN LABS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
Directors Thomas James West
Elizabeth Caroline West
Registered Number 10238974
Registered Office c/o Melanie Curtis Accountants Ltd
100 Berkshire Place, Winnersh
Wokingham
Berkshire
RG41 5RD
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 30 June 2023
Principal activities
The companys principal activity during the year was related to information technology consultancy.
Directors
The directors who served the company throughout the year were as follows:
Thomas James West
Elizabeth Caroline West
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 including Section 1A on "Small Entities". Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Thomas James West
Director

Date approved: 06 November 2023
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 1,900    1,900 
Tangible fixed assets 4 2,517    2,903 
4,417    4,803 
Current assets      
Debtors 5 111,741    71,665 
Cash at bank and in hand 55,494    75,084 
167,235    146,749 
Creditors: amount falling due within one year 6 (101,294)   (77,306)
Net current assets 65,941    69,443 
 
Total assets less current liabilities 70,358    74,246 
Provisions for liabilities 7 (139)   (284)
Net assets 70,219    73,962 
 

Capital and reserves
     
Called up share capital 40    40 
Profit and loss account 70,179    73,922 
Shareholder's funds 70,219    73,962 
 


For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 06 November 2023 and were signed on its behalf by:


-------------------------------
Thomas James West
Director
3
General Information
Titan Labs Ltd is a private company, limited by shares, registered in England and Wales, registration number 10238974, registration address c/o Melanie Curtis Accountants Ltd, 100 Berkshire Place, Winnersh, Wokingham, Berkshire, RG41 5RD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.

Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Software License
Software License is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the Software License of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 50% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
Average number of employees during the year was 2 (2022 : 2).
3.

Intangible fixed assets

Cost Software License   Total
  £   £
At 01 July 2022 1,900    1,900 
Additions  
Disposals  
At 30 June 2023 1,900    1,900 
Amortisation
At 01 July 2022  
Charge for year  
On disposals  
At 30 June 2023  
Net book values
At 30 June 2023 1,900    1,900 
At 30 June 2022 1,900    1,900 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 July 2022 607    18,556    19,163 
Additions   949    949 
Disposals    
At 30 June 2023 607    19,505    20,112 
Depreciation
At 01 July 2022 91    16,169    16,260 
Charge for year 77    1,258    1,335 
On disposals    
At 30 June 2023 168    17,427    17,595 
Net book values
Closing balance as at 30 June 2023 439    2,078    2,517 
Opening balance as at 01 July 2022 516    2,387    2,903 


5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 81,490    35,940 
Prepayments & Accrued Income 30,027    35,725 
Taxation Recoverable 224   
111,741    71,665 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 14,577    13,477 
Social security and other tax 41,879    25,173 
Accruals & Deferred Income 44,761    38,656 
Directors' Current Accounts 77   
101,294    77,306 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 139    284 
139    284 

4