Company registration number 08905676 (England and Wales)
TITO BUILDERS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
TITO BUILDERS LTD
COMPANY INFORMATION
Director
Mr Milan Penic
Secretary
Company number
08905676
Registered office
Accountants
Teg Daffy Accountants
TITO BUILDERS LTD
CONTENTS
Page
Director's report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
5 - 9
TITO BUILDERS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The director presents his annual report and financial statements for the year ended 28 February 2024.

Principal activities

The principal activity of the company continued to be that of [construction contractor]

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr Milan Penic
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr Milan Penic
Director
31 July 2024
TITO BUILDERS LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF TITO BUILDERS LTD
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tito Builders Ltd for the year ended 28 February 2024 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of Tito Builders Ltd, as a body, in accordance with the terms of our engagement letter dated 31 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Tito Builders Ltd and state those matters that we have agreed to state to the board of directors of Tito Builders Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tito Builders Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Tito Builders Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tito Builders Ltd. You consider that Tito Builders Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tito Builders Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Teg Daffy Accountants
31 July 2024
ACCA Accountants
TITO BUILDERS LTD
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
2024
2023
£
£
Revenue
79,917
37,964
Cost of sales
(67,544)
(36,389)
Gross profit
12,373
1,575
Distribution costs
(2,623)
(653)
Administrative expenses
(5,581)
(3,090)
Profit/(loss) before taxation
4,169
(2,168)
Tax on profit/(loss)
(792)
-
0
Profit/(loss) for the financial year
3,377
(2,168)

The income statement has been prepared on the basis that all operations are continuing operations.

TITO BUILDERS LTD
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2024
28 February 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
-
-
Current liabilities
5
(18,012)
(21,389)
Net current liabilities
(18,012)
(21,389)
Non-current liabilities
6
(42,734)
(42,734)
Net assets excluding pension surplus
(60,746)
(64,123)
Defined benefit pension surplus
1,307
1,307
Net liabilities
(59,439)
(62,816)
Equity
Called up share capital
100
100
Retained earnings
(59,539)
(62,916)
Total equity
(59,439)
(62,816)

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr Milan Penic
Director
Company registration number 08905676 (England and Wales)
TITO BUILDERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
1
Accounting policies
Company information

Tito Builders Ltd is a private company limited by shares incorporated in England and Wales. The registered office is .

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of [XXXXX]. These consolidated financial statements are available from its registered office, [XXXXXX].

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

TITO BUILDERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
Enter depreciation rate via StatDB - cd76
Motor vehicles
Enter depreciation rate via StatDB - cd78

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TITO BUILDERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TITO BUILDERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 8 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits
1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
TITO BUILDERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 9 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 March 2023 and 28 February 2024
25,785
Depreciation and impairment
At 1 March 2023 and 28 February 2024
25,785
Carrying amount
At 28 February 2024
-
0
At 28 February 2023
-
0
5
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
18,012
21,389
6
Non-current liabilities
2024
2023
£
£
Other payables
42,734
42,734
7
Operating lease commitments
Lessee
2024-02-282023-03-01falseCCH SoftwareCCH Accounts Production 2023.300Mr Milan Penicfalse089056762023-03-012024-02-2808905676bus:Director12023-03-012024-02-28089056762024-02-28089056762022-03-012023-02-2808905676core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2808905676core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2808905676core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2808905676core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-28089056762023-02-2808905676core:ShareCapital2024-02-2808905676core:ShareCapital2023-02-2808905676core:RetainedEarningsAccumulatedLosses2024-02-2808905676core:RetainedEarningsAccumulatedLosses2023-02-2808905676core:PlantMachinery2023-03-012024-02-2808905676core:MotorVehicles2023-03-012024-02-2808905676core:OtherPropertyPlantEquipment2023-02-2808905676core:OtherPropertyPlantEquipment2024-02-2808905676core:OtherPropertyPlantEquipment2023-02-2808905676core:CurrentFinancialInstruments2024-02-2808905676core:CurrentFinancialInstruments2023-02-2808905676core:Non-currentFinancialInstruments2024-02-2808905676core:Non-currentFinancialInstruments2023-02-2808905676bus:PrivateLimitedCompanyLtd2023-03-012024-02-2808905676bus:FRS1022023-03-012024-02-2808905676bus:AuditExemptWithAccountantsReport2023-03-012024-02-2808905676bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP