Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-31 Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.0 0 The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totaling £Nil (2023: £1,543) were payable to the fund at the balance sheet date. Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.2024-01-01 false 13 13 true true false 05113123 2024-01-01 2024-12-31 05113123 2023-01-01 2023-12-31 05113123 2024-12-31 05113123 2023-12-31 05113123 c:Director2 2024-01-01 2024-12-31 05113123 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 05113123 d:Buildings d:LongLeaseholdAssets 2024-12-31 05113123 d:Buildings d:LongLeaseholdAssets 2023-12-31 05113123 d:PlantMachinery 2024-01-01 2024-12-31 05113123 d:PlantMachinery 2024-12-31 05113123 d:PlantMachinery 2023-12-31 05113123 d:FurnitureFittings 2024-01-01 2024-12-31 05113123 d:FurnitureFittings 2024-12-31 05113123 d:FurnitureFittings 2023-12-31 05113123 d:ComputerEquipment 2024-01-01 2024-12-31 05113123 d:ComputerEquipment 2024-12-31 05113123 d:ComputerEquipment 2023-12-31 05113123 d:CurrentFinancialInstruments 2024-12-31 05113123 d:CurrentFinancialInstruments 2023-12-31 05113123 d:Non-currentFinancialInstruments 2024-12-31 05113123 d:Non-currentFinancialInstruments 2023-12-31 05113123 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 05113123 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05113123 d:ShareCapital 2024-12-31 05113123 d:ShareCapital 2023-12-31 05113123 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05113123 d:RetainedEarningsAccumulatedLosses 2024-12-31 05113123 d:RetainedEarningsAccumulatedLosses 2023-12-31 05113123 c:OrdinaryShareClass1 2024-01-01 2024-12-31 05113123 c:OrdinaryShareClass1 2024-12-31 05113123 c:OrdinaryShareClass1 2023-12-31 05113123 c:FRS102 2024-01-01 2024-12-31 05113123 c:Audited 2024-01-01 2024-12-31 05113123 c:FullAccounts 2024-01-01 2024-12-31 05113123 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05113123 d:WithinOneYear 2024-12-31 05113123 d:WithinOneYear 2023-12-31 05113123 d:BetweenOneFiveYears 2024-12-31 05113123 d:BetweenOneFiveYears 2023-12-31 05113123 1 2024-01-01 2024-12-31 05113123 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05113123 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Titanium Industries U.K Limited Registered number: 05113123 Financial statements Information for filing with the registrar For the year ended 31 December 2024
TITANIUM INDUSTRIES U.K LIMITED REGISTERED NUMBER: 05113123 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 239,141 |  | 284,002
|  |  | 239,141 |  | 284,002
Current assets |  |  |  |  |
Stocks |  | 2,071,334 |  | 1,707,329 |
Debtors: amounts falling due after more than one year | 6 | 2,735,666 |  | 1,911,480 |
Debtors: amounts falling due within one year | 6 | 2,118,070 |  | 1,936,469 |
Cash at bank and in hand | 7 | 1,298,284 |  | 1,408,413 |
|  | 8,223,354 |  | 6,963,691 |
Creditors: amounts falling due within one year | 8 | (4,507,230) |  | (3,354,557) |
Net current assets |  |  | 3,716,124 |  | 3,609,134
Total assets less current liabilities |  |  | 3,955,265 |  | 3,893,136
Net assets |  |  | 3,955,265 |  | 3,893,136
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 4,731,868 |  | 4,731,868
Profit and loss account | 11 |  | (776,603) |  | (838,732)
|  |  | 3,955,265 |  | 3,893,136
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R Barba
Director
Date: 11 July 2025
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TITANIUM INDUSTRIES U.K LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Titanium Industries UK Limited is a private limited company, limited by shares, incorporated in England and Wales and domiciled in England. The registered office is Unit 38 Elmdon Trading Estate, Bickenhill Lane, Birmingham, West Midlands B37 7HE. The Company's registered number is 5113123. The principal activity of the company continued to be that of the distribution of titanium, nickel and high performance metals. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 ("FRS 102"), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have assessed the likely trading levels of the company for the foreseeable future and evaluating if the business has adequate financial and non-financial resources available to continue to trade profitably, without significant disruption, and meet its liabilities as and when they fall due. The Board have also sought and received confirmation from its ultimate parent undertaking, Titanium Industries International LLC, they continue to provide any required financial and non-financial support for the foreseeable future. As a result, the directors confirm that at the time of signing they know of no reason why the company will not continue as a going concern for the foreseeable future and therefore prepare these financial statements on that basis. - 2 -
TITANIUM INDUSTRIES U.K LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. - 3 -
TITANIUM INDUSTRIES U.K LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Operating leases
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. - 4 -
TITANIUM INDUSTRIES U.K LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | L/Term leasehold property | - | Over 10 years
|  |  |  | Plant & machinery | - | Over 10 years
|  |  |  | Fixtures & fittings | - | Over 10 years
|  |  |  | Computer equipment | - | Over 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. - 5 -
TITANIUM INDUSTRIES U.K LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors confirm there are no estimates and assumptions that have a significant risk of causing a material adjustment.
4. | Employees
| The average monthly number of employees, including directors, during the year was 13 (2023: 13).
5. | Tangible fixed assets
|  | L/term leasehold property | Plant & machinery | Fixtures & fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2024 | 70,965 | 629,563 | 4,999 | 69,191 | 774,718
| Disposals | - | - | (4,000) | (34,815) | (38,815)
| At 31 December 2024 | 70,965 | 629,563 | 999 | 34,376 | 735,903
| Depreciation |  |  |  |  |
| At 1 January 2024 | 70,142 | 358,706 | 3,513 | 58,355 | 490,716
| Charge for the year | 280 | 34,347 | 156 | 2,783 | 37,566
| Disposals | - | - | (3,156) | (28,364) | (31,520)
| At 31 December 2024 | 70,422 | 393,053 | 513 | 32,774 | 496,762
| Net book value |  |  |  |  |
| At 31 December 2024 | 543 | 236,510 | 486 | 1,602 | 239,141
| At 31 December 2023 | 823 | 270,857 | 1,486 | 10,836 | 284,002
- 6 -
TITANIUM INDUSTRIES U.K LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
| Due after more than one year |  |
| Amounts owed by group undertakings | 2,735,666 | 1,911,480
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 1,976,566 | 1,558,045
| Amounts owed by group undertakings | 41,971 | 300,170
| Other debtors | 99,533 | 78,254
|  | 2,118,070 | 1,936,469
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,298,284 | 1,408,413
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 27,207 | 10,375
| Amounts owed to group undertakings | 4,096,763 | 3,188,946
| Other taxation and social security | 295 | 24,314
| Accruals and deferred income | 382,965 | 130,922
|  | 4,507,230 | 3,354,557
- 7 -
TITANIUM INDUSTRIES U.K LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Deferred taxation
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | (54,860) | (65,008)
| Losses and other deductions | 54,860 | 65,008
|  | - | -
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 4,731,868 (2023: 4,731,868) Ordinary shares of £1.00 each | 4,731,868 | 4,731,868
11. | Reserves
Profit & loss account Includes all current and prior period retained profits and losses.
12. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totaling £Nil (2023: £1,543) were payable to the fund at the balance sheet date. - 8 -
TITANIUM INDUSTRIES U.K LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within 1 year | 128,740 | 125,668
| Within 2-5 years | 347,163 | 463,828
|  | 475,903 | 589,496
14. | Related party transactions
| The company has taken advantage of the exemption under FRS 102 "Related Party Disclosures" not to disclose related party transactions between companies which are 100% or more owned by the ultimate parent company.
15. | Post balance sheet events
There are no events affecting the Company following the year end.
16. | Immediate parent undertaking
The immediate parent undertaking is Titanium Industries Europe Limited, a company registered in England and Wales. The ultimate parent undertaking is Titanium Industries International LLC, a company registered in the United States of America. Copies of consolidated financial statements of Titanium Industries International LLC, in which these accounts are consolidated, are available from: 18 Green Pond Road, Rockaway NJ, USA, 07866
17. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 11 July 2025 by Stephen English (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.
- 9 -