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REGISTERED NUMBER: NI616923 (Northern Ireland)













TITAN AIR CONDITIONING LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






TITAN AIR CONDITIONING LTD (REGISTERED NUMBER: NI616923)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


TITAN AIR CONDITIONING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: K Hare
M Montgomery
D O'Hara



REGISTERED OFFICE: 11 Sentry Lane
Newtownabbey
Co. Antrim
BT36 4XX



REGISTERED NUMBER: NI616923 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Ulster Bank
Lisburn
BT28 1BN

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
TITAN AIR CONDITIONING LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 28 February 2023 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 28 February 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


27 November 2023

TITAN AIR CONDITIONING LTD (REGISTERED NUMBER: NI616923)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 49,875 59,850
Tangible assets 5 314,967 118,810
364,842 178,660

CURRENT ASSETS
Stocks 40,310 41,500
Debtors 6 914,928 1,491,673
Cash at bank 963,543 645,164
1,918,781 2,178,337
CREDITORS
Amounts falling due within one year 7 831,324 1,265,005
NET CURRENT ASSETS 1,087,457 913,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,452,299

1,091,992

CREDITORS
Amounts falling due after more than one year 8 (131,234 ) (61,585 )

PROVISIONS FOR LIABILITIES (77,331 ) -
NET ASSETS 1,243,734 1,030,407

CAPITAL AND RESERVES
Called up share capital 600 600
Retained earnings 1,243,134 1,029,807
SHAREHOLDERS' FUNDS 1,243,734 1,030,407

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

TITAN AIR CONDITIONING LTD (REGISTERED NUMBER: NI616923)

BALANCE SHEET - continued
28 FEBRUARY 2023


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 November 2023 and were signed on its behalf by:





M Montgomery - Director


TITAN AIR CONDITIONING LTD (REGISTERED NUMBER: NI616923)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Titan Air Conditioning Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company 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 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 20% on reducing balance
Furniture & equip - 20% on reducing balance

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

TITAN AIR CONDITIONING LTD (REGISTERED NUMBER: NI616923)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

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

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 99,750
AMORTISATION
At 1 March 2022 39,900
Charge for year 9,975
At 28 February 2023 49,875
NET BOOK VALUE
At 28 February 2023 49,875
At 28 February 2022 59,850

TITAN AIR CONDITIONING LTD (REGISTERED NUMBER: NI616923)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. TANGIBLE FIXED ASSETS
Plant & Furniture
machinery & equip Totals
£    £    £   
COST
At 1 March 2022 191,446 46,723 238,169
Additions 259,794 15,104 274,898
At 28 February 2023 451,240 61,827 513,067
DEPRECIATION
At 1 March 2022 86,343 33,016 119,359
Charge for year 72,979 5,762 78,741
At 28 February 2023 159,322 38,778 198,100
NET BOOK VALUE
At 28 February 2023 291,918 23,049 314,967
At 28 February 2022 105,103 13,707 118,810

The Net Book Value of Assets held under hire purchase is £227,080 (£91,468 28.02.2022)

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 745,715 1,384,082
Other debtors 169,213 107,591
914,928 1,491,673

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 95,846 29,883
Trade creditors 359,149 701,994
Taxation and social security 135,947 83,517
Other creditors 240,382 449,611
831,324 1,265,005

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 131,234 61,585

TITAN AIR CONDITIONING LTD (REGISTERED NUMBER: NI616923)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. RELATED PARTY DISCLOSURES

As at 28 February 2023 the company owes members of key personnel £58,260 (2022: £21,888). No repayment date has been set for this and no interest is to be charged on the loans. At the balance sheet date, the loan was still outstanding and is presented within creditors: amounts falling due within one year.