Acorah Software Products - Accounts Production 15.0.600 false true false 29 November 2022 31 December 2023 31 December 2023 14513872 Mr W J Buckingham-Burr Mr S J Mackenzie Mr S J Mackenzie iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14513872 2022-11-28 14513872 2023-12-31 14513872 2022-11-29 2023-12-31 14513872 frs-core:SharePremium 2023-12-31 14513872 frs-core:ShareCapital 2023-12-31 14513872 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 14513872 frs-bus:PrivateLimitedCompanyLtd 2022-11-29 2023-12-31 14513872 frs-bus:AbridgedAccounts 2022-11-29 2023-12-31 14513872 frs-bus:SmallEntities 2022-11-29 2023-12-31 14513872 frs-bus:AuditExempt-NoAccountantsReport 2022-11-29 2023-12-31 14513872 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-29 2023-12-31 14513872 frs-core:AdditionsToInvestments 2023-12-31 14513872 frs-core:CostValuation 2023-12-31 14513872 frs-bus:Director1 2022-11-29 2023-12-31 14513872 frs-bus:Director2 2022-11-29 2023-12-31 14513872 frs-bus:CompanySecretary1 2022-11-29 2023-12-31 14513872 frs-countries:EnglandWales 2022-11-29 2023-12-31
Registered number: 14513872
Titan Preston IC Limited
Unaudited ABRIDGED Financial Statements
For the Period 29 November 2022 to 31 December 2023
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 14513872
31 December 2023
Notes £ £
FIXED ASSETS
Investments 4 1
1
CURRENT ASSETS
Debtors 15,573,506
Cash at bank and in hand 497,952
16,071,458
Creditors: Amounts Falling Due Within One Year (13,635,057 )
NET CURRENT ASSETS (LIABILITIES) 2,436,401
TOTAL ASSETS LESS CURRENT LIABILITIES 2,436,402
NET ASSETS 2,436,402
CAPITAL AND RESERVES
Called up share capital 5 1,499,242
Share premium account 19,998
Profit and Loss Account 917,162
SHAREHOLDERS' FUNDS 2,436,402
Page 1
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For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr W J Buckingham-Burr
Director
27/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Titan Preston IC Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14513872 . The registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The directors feel there are no areas where significant judgements or estimates have been made which could materially effect the financial statements. It also requires management to exercise judgement in applying the accounting policies.
The company is a parent of a small group and as such is not required by the Companies Act 2006 to be included in group accounts. These financial statements therefore present information about the company as an individual undertaking and not about the group.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Interest is recognised on a receivables basis.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Financial Instruments
The company only enters into basic financial instrument transactions taht result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receiveable within one year), including loans and other accountr receivable and payable, are initially measured at present value of the future vash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receiveable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the paymetn or a trade debt deferred beyone normal business terms or financed at a rate of interest that is not a market rate ir in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at present value of the future cash flow discounted at a market rate of interest for a
similar debt instrument and subsequently at amortised cost.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discout rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount and best estimate of the recoverable amount, whichis an approximation of the amount that the company wuld receive for the asset if it were to be sold at the reporting date.
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2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.6. Cash and cash equivalents
Cash is represented by cash in hand and deposits with with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to know amounts of cash with insignifcant risk of change in value.
2.7. Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.8.    Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2
2
4. Investments
Total
£
Cost
As at 29 November 2022 -
Additions 1
As at 31 December 2023 1
Provision
As at 29 November 2022 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 1
As at 29 November 2022 -
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Titan Preston IC Limited owns 100% of the ordinary share capital of Titan Preston MC Limited, an investment management company.
5. Share Capital
31 December 2023
£
Allotted, Called up and fully paid 1,499,242
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