Company registration number:
Titan Steel Projects Ltd
for the Year Ended 30 December 2023
Titan Steel Projects Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Titan Steel Projects Ltd
Company Information
Director |
Mr I J Worthington |
Company secretary |
Mr I J Worthington |
Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Titan Steel Projects Ltd
for the Year Ended 30 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Titan Steel Projects Ltd for the year ended 30 December 2023 as set out on pages 3 to 8 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 Titan Steel Projects Ltd, as a body, in accordance with the terms of our engagement letter dated 3 June 2020. Our work has been undertaken solely to prepare for your approval the accounts of Titan Steel Projects Ltd and state those matters that we have agreed to state to the Board of Directors of Titan Steel Projects Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Titan Steel Projects Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Titan Steel Projects Ltd 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 Steel Projects Ltd. You consider that Titan Steel Projects 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 accounts of Titan Steel Projects 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 accounts.
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Chartered Certified Accountants
St. Helens
Merseyside
WA9 1UA
Titan Steel Projects Ltd
(Registration number: 07024959)
Balance Sheet as at 30 December 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Titan Steel Projects Ltd
(Registration number: 07024959)
Balance Sheet as at 30 December 2023
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Titan Steel Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
188b Spring Cottage
Billinge Road
Pemberton
Wigan
Lancs
WN5 9JE
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 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 financial statements have been prepared on the historical cost basis.
The financial statements have been prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Revenue from steel detailing, estimating, structural design and project management services are recognised as the services are performed and are recorded net of value added tax, discounts and rebates.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax is not discounted.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Titan Steel Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Equipment |
15% reducing balance |
Computer equipment |
33% straight line |
Defined contribution pension obligation
The company operates a defined contribution pension scheme. The pension costs charged in the financial statements represent the contributions payable by the company during the year.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Equipment |
Computer equipment |
Total |
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Cost or valuation |
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At 31 December 2022 |
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Additions |
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At 30 December 2023 |
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Depreciation |
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At 31 December 2022 |
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Charge for the year |
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At 30 December 2023 |
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Carrying amount |
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At 30 December 2023 |
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- |
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At 30 December 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Titan Steel Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
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Other creditors |
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Titan Steel Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Related party transactions |
Transactions with the director |
2023 |
At 31 December 2022 |
Advances to director |
Repayments by director |
At 30 December 2023 |
Mr I J Worthington |
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Directors loan account |
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( |
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2022 |
At 31 December 2021 |
Advances to director |
Repayments by director |
At 30 December 2022 |
Mr I J Worthington |
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Directors loan account |
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( |
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The above loan is unsecured, interest free and repayable on demand. All the figures are disclosed on an aggregate basis. The loan was partly repaid shortly after the year end.