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Registration number: 01086335

Titus Newsome (Immingham) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Titus Newsome (Immingham) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Titus Newsome (Immingham) Limited

(Registration number: 01086335)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

238,033

205,057

Current assets

 

Debtors

6

604,803

364,543

Cash at bank and in hand

 

155,771

247,570

 

760,574

612,113

Creditors: Amounts falling due within one year

7

(597,637)

(430,806)

Net current assets

 

162,937

181,307

Total assets less current liabilities

 

400,970

386,364

Creditors: Amounts falling due after more than one year

7

-

(6,898)

Provisions for liabilities

(59,508)

(38,960)

Net assets

 

341,462

340,506

Capital and reserves

 

Called up share capital

101

101

Retained earnings

341,361

340,405

Shareholders' funds

 

341,462

340,506

For the financial year ending 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:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Board on 12 October 2023 and signed on its behalf by:
 

.........................................
X Welman
Director

 

Titus Newsome (Immingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital incorporated in United Kingdom and the company registration number is 01086335.

The address of its registered office is:
26 South St Mary's Gate
Grimsby
N E Lincs
DN31 1LW

The principal place of business is:
Amsterdam House
Manby Road
Immingham
DN40 2LH

These financial statements were authorised for issue by the Board on 12 October 2023.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements cover the individual entity, Titus Newsome (Immingham) Limited.

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.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Titus Newsome (Immingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Motor vehicles

20% straight line

Office equipment

20% straight line

Plant and machinery

10% and 20% straight line

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.

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.

Borrowings

 

Titus Newsome (Immingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 8 (2022 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

 

Titus Newsome (Immingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Depreciation expense

62,957

37,092

Operating lease expense

16,218

15,404

(Profit)/loss on disposal of tangible fixed assets

25,481

(3,532)

Government Grants

-

(574)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

26,114

14,900

248,290

289,304

Additions

1,777

2,000

157,404

161,181

Disposals

-

-

(114,012)

(114,012)

At 30 June 2023

27,891

16,900

291,682

336,473

Depreciation

At 1 July 2022

18,015

8,275

57,957

84,247

Charge for the year

2,680

1,525

58,752

62,957

Eliminated on disposal

-

-

(48,764)

(48,764)

At 30 June 2023

20,695

9,800

67,945

98,440

Carrying amount

At 30 June 2023

7,196

7,100

223,737

238,033

At 30 June 2022

8,099

6,625

190,333

205,057

6

Debtors

Current

2023
£

2022
£

Trade debtors

559,150

326,004

Prepayments

8,064

8,526

Other debtors

37,589

30,013

 

604,803

364,543

 

Titus Newsome (Immingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

7,613

10,389

Trade creditors

 

449,311

280,542

Taxation and social security

 

3,531

3,463

Other creditors

 

130,452

110,776

Accruals and deferred income

 

5,471

4,990

Income tax liability

 

1,259

20,646

 

597,637

430,806

Due after one year

 

Loans and borrowings

8

-

6,898

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,613 (2022 - £10,389).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2022 - £6,898).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

-

6,898

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

7,613

10,389

Other borrowings

122,855

107,146

130,468

117,535

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £36,000 (2022 - £36,000).

 

Titus Newsome (Immingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

10

Related party transactions

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

70,150

71,328

Directors' remuneration

The Directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,150

21,328

Contributions paid to money purchase schemes

45,000

50,000

70,150

71,328

Other transactions with directors

During the year dividends of £64,000 (2022: £66,000) were paid to the directors.