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REGISTERED NUMBER: SC363457 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

TITAN TOOLS SERVICES LIMITED

TITAN TOOLS SERVICES LIMITED (REGISTERED NUMBER: SC363457)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TITAN TOOLS SERVICES LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: B T Jepp
G J Stewart





SECRETARIES: K S Gaskin
G Clark
Pinsent Masons Secretarial Limited





REGISTERED OFFICE: 13 Queens Road
Aberdeen
AB15 4YL





REGISTERED NUMBER: SC363457 (Scotland)






TITAN TOOLS SERVICES LIMITED (REGISTERED NUMBER: SC363457)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,745,442 1,282,798

CURRENT ASSETS
Stocks 159,021 91,548
Debtors 5 4,874,070 3,665,062
Cash at bank 122,706 263,300
5,155,797 4,019,910
CREDITORS
Amounts falling due within one year 6 2,472,162 1,772,092
NET CURRENT ASSETS 2,683,635 2,247,818
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,429,077

3,530,616

CREDITORS
Amounts falling due after more than one year 7 (162,500 ) (292,500 )

PROVISIONS FOR LIABILITIES (55,924 ) (55,924 )
NET ASSETS 4,210,653 3,182,192

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 4,210,453 3,181,992
SHAREHOLDERS' FUNDS 4,210,653 3,182,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 TOOLS SERVICES LIMITED (REGISTERED NUMBER: SC363457)

Balance Sheet - continued
31 March 2024


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 3 September 2024 and were signed on its behalf by:





B T Jepp - Director


TITAN TOOLS SERVICES LIMITED (REGISTERED NUMBER: SC363457)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Titan Tools Services Limited is a private company, limited by shares , registered in Scotland. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 TOOLS SERVICES LIMITED (REGISTERED NUMBER: SC363457)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 90,924 2,111,219 134,434
Additions - 782,607 54,106
Disposals - (40,632 ) -
At 31 March 2024 90,924 2,853,194 188,540
DEPRECIATION
At 1 April 2023 65,185 927,061 77,605
Charge for year 8,560 313,060 21,137
Eliminated on disposal - (10,957 ) -
At 31 March 2024 73,745 1,229,164 98,742
NET BOOK VALUE
At 31 March 2024 17,179 1,624,030 89,798
At 31 March 2023 25,739 1,184,158 56,829

TITAN TOOLS SERVICES LIMITED (REGISTERED NUMBER: SC363457)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 24,565 28,620 2,389,762
Additions - 5,553 842,266
Disposals - - (40,632 )
At 31 March 2024 24,565 34,173 3,191,396
DEPRECIATION
At 1 April 2023 15,066 22,047 1,106,964
Charge for year 2,375 4,815 349,947
Eliminated on disposal - - (10,957 )
At 31 March 2024 17,441 26,862 1,445,954
NET BOOK VALUE
At 31 March 2024 7,124 7,311 1,745,442
At 31 March 2023 9,499 6,573 1,282,798

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,003,959 1,814,782
Amounts owed by group undertakings 1,465,312 1,484,795
Amounts owed by participating interests 335,660 151,846
Other debtors 69,139 213,639
4,874,070 3,665,062

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 4,290
Trade creditors 1,816,470 1,302,576
Taxation and social security 366,490 99,034
Other creditors 289,202 366,192
2,472,162 1,772,092

TITAN TOOLS SERVICES LIMITED (REGISTERED NUMBER: SC363457)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 162,500 292,500

8. ULTIMATE CONTROLLING PARTY

The controlling party is Titan Tools Group Limited.