Main Titles Associates Limited
Registered number: 01025244
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 78,790 67,632
Current assets
Debtors 4 132,397 202,887
Cash at bank and in hand 297,477 201,285
429,874 404,172
Creditors: amounts falling due within one year 5 (205,984) (188,157)
Net current assets 223,890 216,015
Total assets less current liabilities 302,680 283,647
Creditors: amounts falling due after more than one year 6 (33,333) (83,333)
Net assets 269,347 200,314
Capital and reserves
Called up share capital 2,250 2,250
Profit and loss account 267,097 198,064
Shareholders' funds 269,347 200,314
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T.Martin Wright
Director
Approved by the board on 26 March 2025
Main Titles Associates Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 20% straight line
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 24,825 73,890 98,715
Additions - 30,434 30,434
Disposals - (1,321) (1,321)
At 31 December 2024 24,825 103,003 127,828
Depreciation
At 1 January 2024 11,585 19,498 31,083
Charge for the year 4,965 13,360 18,325
On disposals - (370) (370)
At 31 December 2024 16,550 32,488 49,038
Net book value
At 31 December 2024 8,275 70,515 78,790
At 31 December 2023 13,240 54,392 67,632
4 Debtors 2024 2023
£ £
Trade debtors 99,736 159,636
Other debtors 32,661 43,251
132,397 202,887
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 40,000 40,000
Trade creditors 49,210 52,249
Corporation tax 42,748 32,377
Other taxes and social security costs 69,770 58,401
Other creditors 4,256 5,130
205,984 188,157
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank Loan 33,333 83,333
7 Controlling party
The company was under the control of T.Martin Wright who holds 80% of the issued share capital.
8 Other information
Main Titles Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
Spitalfields House
Stirling Way
Borehamwood
Herts
WD6 2FX
Main Titles Associates Limited 01025244 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts July 2024 T.Martin Wright No description of principal activity 01025244 2023-01-01 2023-12-31 01025244 core:WithinOneYear 2023-12-31 01025244 core:AfterOneYear 2023-12-31 01025244 core:ShareCapital 2023-12-31 01025244 core:RetainedEarningsAccumulatedLosses 2023-12-31 01025244 2024-01-01 2024-12-31 01025244 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01025244 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 01025244 bus:Director40 2024-01-01 2024-12-31 01025244 1 2024-01-01 2024-12-31 01025244 2 2024-01-01 2024-12-31 01025244 core:LandBuildings 2024-01-01 2024-12-31 01025244 core:PlantMachinery 2024-01-01 2024-12-31 01025244 countries:England 2024-01-01 2024-12-31 01025244 bus:FRS102 2024-01-01 2024-12-31 01025244 bus:FilletedAccounts 2024-01-01 2024-12-31 01025244 2024-12-31 01025244 core:WithinOneYear 2024-12-31 01025244 core:AfterOneYear 2024-12-31 01025244 core:ShareCapital 2024-12-31 01025244 core:RetainedEarningsAccumulatedLosses 2024-12-31 01025244 core:LandBuildings 2024-12-31 01025244 core:PlantMachinery 2024-12-31 01025244 2023-12-31 01025244 core:LandBuildings 2023-12-31 01025244 core:PlantMachinery 2023-12-31 iso4217:GBP xbrli:pure