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Registered number: 04286565
Titan Film and Hire Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
TAG Accountants Group Limited
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Titan Film and Hire Limited For The Year Ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Titan Film and Hire Limited For The Year Ended 30 September 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Titan Film and Hire Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Titan Film and Hire Limited and state those matters that we have agreed to state to the directors of Titan Film and Hire Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Titan Film and Hire Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Titan Film and Hire 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 or loss of Titan Film and Hire Limited . You consider that Titan Film and Hire Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Titan Film and Hire 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 financial statements.
Signed
17th April 2025
TAG Accountants Group Limited
Chartered Accountants
8 Pendeford Place
Pendeford Business Park, Wobaston Road
Wolverhampton
WV9 5HD
Page 1
Page 2
Balance Sheet
Registered number: 04286565
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 117,756 137,903
117,756 137,903
CURRENT ASSETS
Debtors 6 38,279 7,811
Cash at bank and in hand 9,561 16,940
47,840 24,751
Creditors: Amounts Falling Due Within One Year 7 (56,816 ) (32,519 )
NET CURRENT ASSETS (LIABILITIES) (8,976 ) (7,768 )
TOTAL ASSETS LESS CURRENT LIABILITIES 108,780 130,135
Creditors: Amounts Falling Due After More Than One Year 8 (5,834 ) (25,040 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (29,440 ) (32,633 )
NET ASSETS 73,506 72,462
CAPITAL AND RESERVES
Called up share capital 9 125 125
Profit and Loss Account 73,381 72,337
SHAREHOLDERS' FUNDS 73,506 72,462
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Page 3
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Cooper
Director
17th April 2025
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Titan Film and Hire Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04286565 . The registered office is Unit 1 Vernon Trading Estate, New John Street, Halesowen, West Midlands, B62 8HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 60,000
As at 30 September 2024 60,000
Amortisation
As at 1 October 2023 60,000
As at 30 September 2024 60,000
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2023 331,202 19,950 2,949 6,781 360,882
Additions 16,682 - - - 16,682
As at 30 September 2024 347,884 19,950 2,949 6,781 377,564
Depreciation
As at 1 October 2023 210,757 2,542 2,899 6,781 222,979
Provided during the period 32,464 4,352 13 - 36,829
As at 30 September 2024 243,221 6,894 2,912 6,781 259,808
Net Book Value
As at 30 September 2024 104,663 13,056 37 - 117,756
As at 1 October 2023 120,445 17,408 50 - 137,903
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 25,056 6,704
Prepayments and accrued income 3,262 1,033
VAT - 74
Directors' loan accounts 9,961 -
38,279 7,811
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,064 10,487
Bank loans and overdrafts 18,856 13,626
Corporation tax 16,710 2,372
Other taxes and social security 315 315
VAT 10,561 -
Accruals and deferred income 1,020 1,020
Directors' loan accounts 290 4,699
56,816 32,519
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 5,834 25,040
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 125 125
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr James Cooper (4,541 ) 48,266 (33,764 ) - 9,961
The above loan is unsecured, interest free and has been repaid after year end date.
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