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Company registration number: 07024959

Titan Steel Projects Ltd

Filleted Unaudited Financial Statements

for the Year Ended 30 December 2023

 

Titan Steel Projects Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Titan Steel Projects Ltd

Company Information

Director

Mr I J Worthington

Company secretary

Mr I J Worthington

Registered office

7 Waterside Court
St. Helens
Merseyside
WA9 1UA

Accountants

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

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.

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

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

29 January 2025

 

Titan Steel Projects Ltd

(Registration number: 07024959)
Balance Sheet as at 30 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,961

1,739

Current assets

 

Debtors

5

189,801

217,789

Cash at bank and in hand

 

149,823

206,053

 

339,624

423,842

Creditors: Amounts falling due within one year

6

(104,532)

(127,648)

Net current assets

 

235,092

296,194

Total assets less current liabilities

 

238,053

297,933

Creditors: Amounts falling due after more than one year

6

(18,152)

(27,859)

Provisions for liabilities

(562)

(330)

Net assets

 

219,339

269,744

Capital and reserves

 

Called up share capital

100

100

Retained earnings

219,239

269,644

Shareholders' funds

 

219,339

269,744

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:

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

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 director on 29 January 2025
 

 

Titan Steel Projects Ltd

(Registration number: 07024959)
Balance Sheet as at 30 December 2023

.........................................
Mr I J Worthington
Company secretary and director

   
     
 

Titan Steel Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

1

General information

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

The address of its registered office is:
7 Waterside Court
St. Helens
Merseyside
WA9 1UA
England

The principal place of business is:
188b Spring Cottage
Billinge Road
Pemberton
Wigan
Lancs
WN5 9JE

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 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Equipment
£

Computer equipment
£

Total
£

Cost or valuation

At 31 December 2022

2,939

33,243

36,182

Additions

2,007

-

2,007

At 30 December 2023

4,946

33,243

38,189

Depreciation

At 31 December 2022

1,462

32,981

34,443

Charge for the year

523

262

785

At 30 December 2023

1,985

33,243

35,228

Carrying amount

At 30 December 2023

2,961

-

2,961

At 30 December 2022

1,477

262

1,739

5

Debtors

2023
£

2022
£

Trade debtors

100,775

146,802

Other debtors

89,026

70,987

189,801

217,789

 

Titan Steel Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9,957

10,208

Trade creditors

 

2,400

180

Corporation tax

 

42,315

50,172

Other creditors

 

49,860

67,088

 

104,532

127,648

 

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
£

Due after one year

 

Loans and borrowings

18,152

27,859

7

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

Directors loan account

69,725

97,681

(83,497)

83,909

         
       

 

2022

At 31 December 2021
£

Advances to director
£

Repayments by director
£

At 30 December 2022
£

Mr I J Worthington

Directors loan account

41,698

99,980

(71,953)

69,725

         
       

 

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.