REGISTERED NUMBER: 03398412 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TITAN ELEVATORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M R Aldewereld

Mr P T Lidström

R E Shepherd

L M Brandhammar

K T Warnock

SECRETARY:

J A Clare

REGISTERED OFFICE:

Art's House

Banks Lane

Bexleyheath

Kent

DA6 7BH

REGISTERED NUMBER:

03398412 (England and Wales)

AUDITORS:

Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

CURRENT ASSETS

Inventories

4

-

170,913

Debtors

5

72,653

1,407,530

Cash at bank

316,944

34,822

389,597

1,613,265

CREDITORS

Amounts falling due within one year

6

126,249

1,295,004

NET CURRENT ASSETS

263,348

318,261

TOTAL ASSETS LESS CURRENT LIABILITIES

263,348

318,261

CAPITAL AND RESERVES

Called up share capital

8

10,000

10,000

Retained earnings

9

253,348

308,261

SHAREHOLDERS' FUNDS

263,348

318,261

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

R E Shepherd - Director

1.	STATUTORY INFORMATION

Titan Elevators Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The company has taken exemption from preparing group accounts as it is included in the consolidated accounts of a larger group.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.Tangible assets were fully written off to Nil as at 2023 year end.

Impairment of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 8 for the carrying amounts of the debtors.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sates within the company.

The company recognises revenue when:

- the amount of revenue can be reliably measured;

- it is probable that future economic benefits will flow to the entity;

- and specific criteria have been met for each of the company's activities.

Long term contracts

Revenue from installations is recognised over time using a cost-based input method. The percentage of completion method calculates the ongoing recognition of revenue and expenses related to longer-term projects based on the proportion of work completed. This method allows the company to recognise as income the percentage of the project which is completed in the correct accounting period.

Revenue from repairs and maintenance is recognised when the job is complete and relates to the period the work is completed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

Work in progress

Work in progress include labour and attributable overheads related to the projects.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currency translation functional and presentation currency

The Company's functional and presentational 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'.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Going concern

The company's trade transferred to Apex Lift & Escalator Engineers Limited in October 2023 as part of the groups long term strategic plan. Due to the cessation of trade in Titan Elevators Limited the accounts are being prepared on a basis other than going concern.

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Debtors

Short term debtors are measured at transaction price, less any impairment.

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 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.

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.

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-terminstrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment , the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 61 ) .

4.	INVENTORIES

2024

2023

£

£

Work-in-progress

-

170,913

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

59,753

836,611

VAT

12,900

68,183

Prepayments

-

502,736

72,653

1,407,530

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 7)

-

646,096

Trade creditors

115,249

460,213

CIS

-

7,555

Accruals and deferred income

11,000

181,140

126,249

1,295,004

7.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

646,096

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

3,750

Ordinary

£1

3,750

3,750

5,000

Ordinary A

£1

5,000

5,000

1,250

Ordinary B

£1

1,250

1,250

10,000

10,000

9.

RESERVES

Retained

earnings

£

At 1 January 2024

308,261

Deficit for the year

(54,913

)

At 31 December 2024

253,348

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw attention to the accounting policy for going concern which explains that the directors have transferred the business and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements, Accordingly the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

Gary Sargeant (Senior Statutory Auditor)

for and on behalf of Sargeant Partnership Limited

11.	PENSION COMMITMENTS

The Company operates two defined contribution pension schemes. The assets of the schemes are held separately form those of the Company in an independently administered fund. The pension costs charge represents contribution payable by the company to the funds and amounted to £Nil (2023: £58,737).

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Other than the directors the only other key management personnel during the year were M Daly, S Slade, J Clare & S Kerai.

13.	ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling party is Cibes Holding AB, a company incorporated in Sweden. The results of the company are included in the consolidated accounts of Cibes Lift UK Limited.