REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
TITAN SITE SOLUTIONS LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
TITAN SITE SOLUTIONS LIMITED |
TITAN SITE SOLUTIONS LIMITED (REGISTERED NUMBER: 14403753) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TITAN SITE SOLUTIONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Kingsland House |
39 Abbey Foregate |
Shrewsbury |
Shropshire |
SY2 6BL |
TITAN SITE SOLUTIONS LIMITED (REGISTERED NUMBER: 14403753) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
TITAN SITE SOLUTIONS LIMITED (REGISTERED NUMBER: 14403753) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Titan Site Solutions Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The principal place of business is Meriden Park, Cornets End Lane, Meriden, CV7 7LG. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements are for the individual entity only. |
The financial statements are presented in Sterling (£), rounded to the nearest £1. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including cash at bank, trade debtors, amounts owed by related parties and other debtors, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party. |
(ii) Financial liabilities |
Basic financial liabilities, including trade creditors and amounts owed to related parties, are initially recognised at transaction price and subsequently carried at amortised cost. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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. |
TITAN SITE SOLUTIONS LIMITED (REGISTERED NUMBER: 14403753) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
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. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by related parties |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
VAT |
Accrued expenses |
7. | SECURED DEBTS |
Any debt owed to Natural Resource Services Holding Company Ltd is secured by a debenture dated 25 January 2023 between Titan Site Solutions Limited and Natural Resource Services Holding Company Limited with a fixed and floating charge over all assets currently or at any time afterwards owned by the company. The amount owed by the company at the year end was £488,988 (2023: £716,899). |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
ordinary | £1 | 100 | 100 |
Ordinary shares are entitled to full voting rights and dividends. |
TITAN SITE SOLUTIONS LIMITED (REGISTERED NUMBER: 14403753) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the period, transactions occurred between Titan Site Solutions Limited and companies that were related due to being under the control of key management personnel of the company. Details of these transactions are as follows: |
2024 | 2023 |
£ | £ |
Sales to related party | 13,390 | 9,047 |
Amounts due from related party | 1,412 | 2,279 |
During the period, transactions occurred between Titan Site Solutions Limited and other group companies. Details of these transactions are as follows: |
2024 | 2023 |
£ | £ |
Sales to related party | 1,327,421 | 131,532 |
Purchases from related party | 3,383,907 | 1,016,589 |
Interest paid to related party | 47,215 | 5,428 |
Amounts due from related party | 349,781 | 6,007 |
Amounts due to related party | 974,138 | 1,127,336 |
The immediate parent company is of the smallest group for which consolidated financial statements are prepared, which include Titan Site Solutions Limited. The registered office of the immediate parent company is the same as that of Titan Site Solutions Limited. Group accounts are freely available from Companies House. |
The ultimate parent company is for which consolidated financial statements are prepared which include Titan Site Solutions Limited. The registered office of the ultimate parent company is The Mill, Morton, Oswestry, Shropshire, SY10 8BH. Group accounts are freely available from Companies House. |
11. | POST BALANCE SHEET EVENTS |
On 30 April 2024 an interim dividend in respect of the year ended 31 March 2025 of £2,000 per share was declared. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is LAF Holdings Limited, by way of its majority shareholding in the parent company. No one person has ultimate control. |