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Registration number: 05760433

Titan Garden Buildings Limited

Annual Report and Financial Statements

for the year ended 30 November 2023

 

Titan Garden Buildings Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 11

 

Titan Garden Buildings Limited

Company Information

Director

A Stewart-Clark

Registered office

Sinclaire Cottage Portsmouth Road
Ripley
Woking
Surrey
GU23 6EW

Auditors

Hodson & Co
Wiston House
1 Wiston Avenue
Worthng
West Sussex
BN14 7QL

 

Titan Garden Buildings Limited

(Registration number: 05760433)
Statement of Financial Position
30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

19,480

24,350

Tangible assets

5

19,893

39,689

 

39,373

64,039

Current assets

 

Stocks

6

228,417

327,612

Debtors

7

157,524

100,242

Cash at bank and in hand

 

110,871

245,694

 

496,812

673,548

Creditors: Amounts falling due within one year

8

(360,272)

(535,510)

Net current assets

 

136,540

138,038

Total assets less current liabilities

 

175,913

202,077

Provisions for liabilities

(3,780)

(7,541)

Net assets

 

172,133

194,536

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

72,133

94,536

Shareholders' funds

 

172,133

194,536

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 director on 21 August 2024
 

.........................................
A Stewart-Clark
Director

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Sinclaire Cottage Portsmouth Road
Ripley
Woking
Surrey
GU23 6EW
England

These financial statements were authorised for issue by the director on 21 August 2024.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis as the director believes that no material uncertainties exist. The director has considered the level of reserves held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the company to be able to continue as a going concern.

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2023

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 21 August 2024 was Matthew Hodson BSc FCA, who signed for and on behalf of Hodson & Co.

.........................................

Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

Management is required to make key decisions and judgements in the process of applying the Company's accounting policies. The most significant areas where such judgements have been necessary is the valuation of work in progress. Where judgement has been applied, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

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.

Tax

The tax expense for the period comprises 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.

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2023

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Freehold Property

over 50 years

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

33% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 5 years

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the avergae cost method.

The cost of finished 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.

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.

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.

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2023

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.

Financial instruments

Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2022 - 14).

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

24,350

24,350

At 30 November 2023

24,350

24,350

Amortisation

Amortisation charge

4,870

4,870

At 30 November 2023

4,870

4,870

Carrying amount

At 30 November 2023

19,480

19,480

At 30 November 2022

24,350

24,350

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

13,055

22,820

13,462

49,337

Additions

1,831

-

-

1,831

Disposals

-

(16,139)

-

(16,139)

At 30 November 2023

14,886

6,681

13,462

35,029

Depreciation

At 1 December 2022

3,025

3,744

2,878

9,647

Charge for the year

3,615

1,389

2,645

7,649

Eliminated on disposal

-

(2,160)

-

(2,160)

At 30 November 2023

6,640

2,973

5,523

15,136

Carrying amount

At 30 November 2023

8,246

3,708

7,939

19,893

At 30 November 2022

10,029

19,076

10,584

39,689

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2023

6

Stocks

2023
£

2022
£

Work in progress

-

9,726

Other inventories

228,417

317,886

228,417

327,612

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

7,265

22,141

Amounts owed by related parties

10

73,277

23,909

Prepayments

 

22,294

42,275

Other debtors

 

54,688

11,917

   

157,524

100,242

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

78,636

201,404

Taxation and social security

90,283

77,382

Accruals and deferred income

35,575

18,759

Other creditors

155,778

237,965

360,272

535,510

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of contingencies not included in the statement of financial position is £Nil (2022 - £Nil). The company is contesting a personal injury damages claim arising out of an accident which occurred in May 2022. The amount of the claim has not been quantified.

10

Related party transactions

Summary of transactions with other related parties

Loan transactions with group companies:
 

Loans to related parties

2023

Group companies
£

Total
£

At start of period

23,909

23,909

Advanced

100,319

100,319

Repaid

(50,951)

(50,951)

At end of period

73,277

73,277

2022

Group companies
£

Total
£

At start of period

186,106

186,106

Advanced

142,702

142,702

Repaid

(304,899)

(304,899)

At end of period

23,909

23,909

11

Parent and ultimate parent undertaking

The ultimate controlling party by virtue of owning 100% shares in Providence Place Ltd is Alex Stewart-Clark.

 The company's immediate parent is Providence Place Ltd, incorporated in England & Wales.

 

 

Titan Garden Buildings Limited

Notes to the Financial Statements
for the year ended 30 November 2023

The parent of the smallest (and largest) group in which these financial statements are consolidated is Providence Place Ltd, incorporated in England & Wales. The address of Providence Place Ltd is Sinclaire Cottage, Portsmouth Road, Ripley, Woking, Surrey, GU23 6EW.