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Registered number: NI675533
Titanic Time Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Broad Street Advisory Ltd
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: NI675533
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 596,924 697,461
Cash at bank and in hand 360,613 168,114
957,537 865,575
Creditors: Amounts Falling Due Within One Year 5 (789,560 ) (839,010 )
NET CURRENT ASSETS (LIABILITIES) 167,977 26,565
TOTAL ASSETS LESS CURRENT LIABILITIES 167,977 26,565
NET ASSETS 167,977 26,565
CAPITAL AND RESERVES
Called up share capital 6 1 1
Profit and Loss Account 167,976 26,564
SHAREHOLDERS' FUNDS 167,977 26,565
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
On behalf of the board
Mr Stephen Grief
Director
17/10/2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Titanic Time Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI675533 . The registered office is Forsyth House, Cromac Square, Belfast, Antrim, BT2 8LA.
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.
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.
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. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.4. Taxation
Corporation tax expense represents the sum of the tax currently payable.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 592,974 686,511
Prepayments and accrued income 3,950 10,950
596,924 697,461
Page 2
Page 3
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 566,961 667,087
Corporation tax 48,424 2,968
VAT 6,381 2,680
Other creditors - (19 )
Accruals and deferred income 1,500 -
Amounts owed to related parties 166,294 166,294
789,560 839,010
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
7. Related Party Transactions
The company was under the control of Mr S Grief throughout the current and previous year.
The key management personnel is the director.
Ferrari Express Ltd is deemed a related party as Mr S Grief is a director and shareholder of the company.
As at the balance sheet date the company owes Ferrari Express Ltd £166,294 (2023 - £166,294).
Page 3