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Registered Number: 10238974
England and Wales

 

 

 

TITAN LABS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
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 2024
Principal activities
The company's principal activity during the year was related to information technology.
Directors
The directors who served the company throughout the year were as follows:
Thomas James West
Elizabeth Caroline West

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


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

Date approved: 05 September 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 1,900    1,900 
Tangible fixed assets 4 1,999    2,517 
3,899    4,417 
Current assets      
Debtors 5 121,503    111,741 
Cash at bank and in hand 35,662    55,494 
157,165    167,235 
Creditors: amount falling due within one year 6 (103,701)   (101,294)
Net current assets 53,464    65,941 
 
Total assets less current liabilities 57,363    70,358 
Provisions for liabilities 7 (102)   (139)
Net assets 57,261    70,219 
 

Capital and reserves
     
Called up share capital 40    40 
Profit and loss account 57,221    70,179 
Shareholders' funds 57,261    70,219 
 


For the year ended 30 June 2024 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. 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 05 September 2024 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.
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% Straight Line
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 (2023 : 2).
3.

Intangible fixed assets

Cost Software License   Total
  £   £
At 01 July 2023 1,900    1,900 
Additions  
Disposals  
At 30 June 2024 1,900    1,900 
Net book values
At 30 June 2024 1,900    1,900 
At 30 June 2023 1,900    1,900 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 July 2023 607    19,505    20,112 
Additions   2,034    2,034 
Disposals    
At 30 June 2024 607    21,539    22,146 
Depreciation
At 01 July 2023 168    17,427    17,595 
Charge for year 91    2,461    2,552 
On disposals    
At 30 June 2024 259    19,888    20,147 
Net book values
Closing balance as at 30 June 2024 348    1,651    1,999 
Opening balance as at 01 July 2023 439    2,078    2,517 


5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 88,122    81,490 
Prepayments & Accrued Income 33,381    30,027 
Taxation Recoverable   224 
121,503    111,741 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 14,400    14,577 
Social Security and Other Taxes 43,363    41,879 
Accruals & Deferred Income 44,053    44,761 
Other Creditors 1,808   
Directors' Current Accounts 77    77 
103,701    101,294 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 102    139 
102    139 

4