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Registered number: 12368375
Titan Technologies Ltd
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12368375
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,339 1,300
Tangible Assets 5 4,319 4,935
5,658 6,235
CURRENT ASSETS
Stocks 6 2,150 5,000
Debtors 7 106,780 36,029
Cash at bank and in hand 96,815 175,551
205,745 216,580
Creditors: Amounts Falling Due Within One Year 8 (15,890 ) (53,440 )
NET CURRENT ASSETS (LIABILITIES) 189,855 163,140
TOTAL ASSETS LESS CURRENT LIABILITIES 195,513 169,375
PROVISIONS FOR LIABILITIES
Deferred Taxation (705 ) (653 )
NET ASSETS 194,808 168,722
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 194,708 168,622
SHAREHOLDERS' FUNDS 194,808 168,722
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Gurjeet Sarang
Director
6 May 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Titan Technologies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12368375 . The registered office is Oak Tree House, 408 Oakwood Lane, Leeds, West Yorkshire, LS8 3LG.
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 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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are company trademarks. They are amortised to profit and loss account over the estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses, with the exception of Leashold Improvements wherby the company has not adopted any depreciation policy. Depreciation in respect of all other assets 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% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. 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: 4 (2023: 3)
4 3
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 January 2024 1,590
Additions 220
As at 31 December 2024 1,810
Amortisation
As at 1 January 2024 290
Provided during the period 181
As at 31 December 2024 471
Net Book Value
As at 31 December 2024 1,339
As at 1 January 2024 1,300
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5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2024 1,500 4,170 5,670
Additions - 299 299
As at 31 December 2024 1,500 4,469 5,969
Depreciation
As at 1 January 2024 - 735 735
Provided during the period - 915 915
As at 31 December 2024 - 1,650 1,650
Net Book Value
As at 31 December 2024 1,500 2,819 4,319
As at 1 January 2024 1,500 3,435 4,935
6. Stocks
2024 2023
£ £
Finished goods 2,150 5,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 481 -
Amounts owed by participating interests 101,899 31,629
Other debtors 4,400 4,400
106,780 36,029
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 1,387 36,594
Taxation and social security 14,503 16,846
15,890 53,440
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
At the balance sheet date, the company was owed £5,377 (2023: £1,243) from Sabre Coatings Ltd, £147 (2023: £147) from QNTM Investments Ltd, £19,507 (2023: £19,507) from Ipharm Solutions Ltd and £76,208 (2023: £10,733) from Alchemist Technologies Ltd, companies all under common control of the director.
No other related party transactions were undertaken such as are required to be disclosed under FRS 102 (Section 1A).
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