Titan Fabrications Limited 11339524 false 2023-04-01 2024-09-30 2024-09-30 The principal activity of the company is the manufacture of fabricated metal products. Digita Accounts Production Advanced 6.30.9574.0 true 11339524 2023-04-01 2024-09-30 11339524 2024-09-30 11339524 bus:OrdinaryShareClass1 2024-09-30 11339524 core:RetainedEarningsAccumulatedLosses 2024-09-30 11339524 core:ShareCapital 2024-09-30 11339524 core:CurrentFinancialInstruments 2024-09-30 11339524 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 11339524 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 11339524 core:FurnitureFittingsToolsEquipment 2024-09-30 11339524 core:LandBuildings 2024-09-30 11339524 core:MotorVehicles 2024-09-30 11339524 bus:SmallEntities 2023-04-01 2024-09-30 11339524 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-09-30 11339524 bus:FilletedAccounts 2023-04-01 2024-09-30 11339524 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-09-30 11339524 bus:RegisteredOffice 2023-04-01 2024-09-30 11339524 bus:Director1 2023-04-01 2024-09-30 11339524 bus:Director2 2023-04-01 2024-09-30 11339524 bus:Director3 2023-04-01 2024-09-30 11339524 bus:Director4 2023-04-01 2024-09-30 11339524 bus:OrdinaryShareClass1 2023-04-01 2024-09-30 11339524 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-09-30 11339524 bus:Agent1 2023-04-01 2024-09-30 11339524 core:FurnitureFittings 2023-04-01 2024-09-30 11339524 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-09-30 11339524 core:LandBuildings 2023-04-01 2024-09-30 11339524 core:MotorVehicles 2023-04-01 2024-09-30 11339524 core:OfficeEquipment 2023-04-01 2024-09-30 11339524 core:PlantMachinery 2023-04-01 2024-09-30 11339524 countries:England 2023-04-01 2024-09-30 11339524 2023-03-31 11339524 core:FurnitureFittingsToolsEquipment 2023-03-31 11339524 core:LandBuildings 2023-03-31 11339524 core:MotorVehicles 2023-03-31 11339524 2022-04-01 2023-03-31 11339524 2023-03-31 11339524 bus:OrdinaryShareClass1 2023-03-31 11339524 core:RetainedEarningsAccumulatedLosses 2023-03-31 11339524 core:ShareCapital 2023-03-31 11339524 core:CurrentFinancialInstruments 2023-03-31 11339524 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11339524 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11339524 core:FurnitureFittingsToolsEquipment 2023-03-31 11339524 core:LandBuildings 2023-03-31 11339524 core:MotorVehicles 2023-03-31 11339524 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11339524

Titan Fabrications Limited

Unaudited Filleted Abridged Financial Statements

for the Period from 1 April 2023 to 30 September 2024

 

Titan Fabrications Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 9

 

Titan Fabrications Limited

Company Information

Directors

Mr Terence O'Brien

Mr Alan Clayton

Mr Gary Bedford

Mr David Terence O'Brien

Registered office

1st Floor, Scotswood House
Thornaby Place
Thornaby
Stockton on Tees
TS17 6SB

Accountants

Beaumont Accountancy Services
Beaumont Accountancy Services First Floor Enterprise House
202-206 Linthorpe Road
Middlesbrough
Cleveland
TS1 3QW

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Titan Fabrications Limited
for the Period Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Titan Fabrications Limited for the period ended 30 September 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Titan Fabrications Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Titan Fabrications Limited. You consider that Titan Fabrications Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Titan Fabrications Limited. 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 accounts.

......................................

Beaumont Accountancy Services
Beaumont Accountancy Services First Floor Enterprise House
202-206 Linthorpe Road
Middlesbrough
Cleveland
TS1 3QW

22 January 2025

 

Titan Fabrications Limited

(Registration number: 11339524)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

359,837

311,783

Current assets

 

Stocks

5

61,281

19,338

Debtors

211,984

114,584

Cash at bank and in hand

 

428,618

347,230

 

701,883

481,152

Prepayments and accrued income

 

8,825

4,199

Creditors: Amounts falling due within one year

(357,267)

(136,279)

Net current assets

 

353,441

349,072

Total assets less current liabilities

 

713,278

660,855

Creditors: Amounts falling due after more than one year

(29,399)

-

Accruals and deferred income

 

(22,689)

(1,969)

Net assets

 

661,190

658,886

Capital and reserves

 

Called up share capital

6

30

30

Retained earnings

661,160

658,856

Shareholders' funds

 

661,190

658,886

For the financial period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

 

Titan Fabrications Limited

(Registration number: 11339524)
Abridged Balance Sheet as at 30 September 2024

.........................................
Mr Terence O'Brien
Director

.........................................
Mr David Terence O'Brien
Director

 

Titan Fabrications Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 April 2023 to 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1st Floor, Scotswood House
Thornaby Place
Thornaby
Stockton on Tees
TS17 6SB
United Kingdom

These financial statements were authorised for issue by the Board on 22 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Titan Fabrications Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 April 2023 to 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Furniture and fittings

15% reducing balance

Motor Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Titan Fabrications Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 April 2023 to 30 September 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 14 (2023 - 16).

 

Titan Fabrications Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 April 2023 to 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

570,465

76,083

646,548

Additions

36,347

134,356

32,383

203,086

Disposals

-

(21,780)

(15,939)

(37,719)

At 30 September 2024

36,347

683,041

92,527

811,915

Depreciation

At 1 April 2023

-

311,260

23,505

334,765

Charge for the period

3,635

109,315

23,580

136,530

Eliminated on disposal

-

(17,102)

(2,115)

(19,217)

At 30 September 2024

3,635

403,473

44,970

452,078

Carrying amount

At 30 September 2024

32,712

279,568

47,557

359,837

At 31 March 2023

-

259,205

52,578

311,783

5

Stocks

2024
£

2023
£

Work in progress

36,769

7,338

Other inventories

24,512

12,000

61,281

19,338

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

30

30

30

30

       

7

Dividends

Interim dividends paid

 

Titan Fabrications Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 April 2023 to 30 September 2024

2024
£

2023
£

Interim dividend of £500.00 (2023 - £Nil) per each Ordinary

15,000

-