Titan Swansea IC Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—5

Registered number: 12302894

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investments	4		1		1

			1		1
CURRENT ASSETS
Debtors	5	9,619,833		9,111,271
Cash at bank and in hand		805		42,438

		9,620,638		9,153,709
Creditors: Amounts Falling Due Within One Year	6	(2,181,235 )		(1,692,221 )

NET CURRENT ASSETS (LIABILITIES)			7,439,403		7,461,488

TOTAL ASSETS LESS CURRENT LIABILITIES			7,439,404		7,461,489

NET ASSETS			7,439,404		7,461,489

CAPITAL AND RESERVES
Called up share capital	7		7,580,002		7,580,002
Share premium account			19,998		19,998
Income Statement			(160,596 )		(138,511 )

SHAREHOLDERS' FUNDS			7,439,404		7,461,489

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Titan Swansea IC Limited

Statement of Financial Position (continued)

As At 31 December 2024

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 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 Income Statement.

On behalf of the board

S J Mackenzie

Director

22 September 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Titan Swansea IC Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12302894 . The registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.

The presentation currency of the financial statements is the Pound Sterling (£).

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. Significant judgements and estimations

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the company accounting policies.

2.3. 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.

2.4. Financial Instruments

The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value if the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute and financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditor are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently at amortised cost using the effective interest method.

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Titan Swansea IC Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.6. Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2023: NIL)

4. Investments

	Subsidiaries
	£
Cost
As at 1 January 2024	1

As at 31 December 2024	1

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	1

As at 1 January 2024	1

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	102,115	-
Other debtors	3,746	(414 )
Amounts owed by group undertakings	9,513,972	9,111,685

	9,619,833	9,111,271

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Titan Swansea IC Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	17,304	16,685
Corporation tax	93,991	91,481
Amounts owed to group undertakings	2,069,940	1,584,055

	2,181,235	1,692,221

7. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
7,580,000 Ordinary A shares of £ 1.00 each	7,580,000	7,580,000
2 Ordinary B shares of £ 1.00 each	2	2

	7,580,002	7,580,002

8. Related Party Transactions

At the balance sheet date a total of £7,546,147 (2023:£7,527,630) was due from Titan Swansea POS Limited of which Mr W J Buckingham-Burr and Mr S J Mackenzie are directors.

Of this amount £9,513,972 was an interest-bearing loan due from Titan Swansea POS which bared a coupon rate of 5%. During the year interest of £402,287 was received on an outstanding balance of £9,111,685.

Additionally, an interest free loan due to Titan Swansea POS of £1,967,825 (2023:£1,584,055) was outstanding at the year end date.

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