General Information
Titan Labs Ltd is a private company, limited by shares, registered in England and Wales, registration number 10238974, registration address Unit E1 Fronds Park, Frouds Lane, Aldermaston, Reading, Berkshire, RG7 4LH.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Software License
Software License is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the Software License of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Fixtures and Fittings |
15% Straight Line
|
| Computer Equipment |
50% Straight Line
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives. Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 3 (2024 : 2).
|
| 3. |
Intangible fixed assets
| Cost |
Software License |
|
Total |
| |
£ |
|
£ |
| At 01 July 2024 |
1,900 |
|
1,900 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 30 June 2025 |
1,900 |
|
1,900 |
| Net book values |
| At 30 June 2025 |
1,900 |
|
1,900 |
| At 30 June 2024 |
1,900 |
|
1,900 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 July 2024 |
607 |
|
21,539 |
|
22,146 |
| Additions |
2,391 |
|
3,326 |
|
5,717 |
| Disposals |
- |
|
- |
|
- |
| At 30 June 2025 |
2,998 |
|
24,865 |
|
27,863 |
| Depreciation |
| At 01 July 2024 |
259 |
|
19,888 |
|
20,147 |
| Charge for year |
420 |
|
2,971 |
|
3,391 |
| On disposals |
- |
|
- |
|
- |
| At 30 June 2025 |
679 |
|
22,859 |
|
23,538 |
| Net book values |
| Closing balance as at 30 June 2025 |
2,319 |
|
2,006 |
|
4,325 |
| Opening balance as at 01 July 2024 |
348 |
|
1,651 |
|
1,999 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
65,914 |
|
88,122 |
| Prepayments & Accrued Income |
35,905 |
|
33,381 |
|
101,819 |
|
121,503 |
|
| 6. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
8,801 |
|
14,401 |
| Social Security and Other Taxes |
47,735 |
|
43,363 |
| Accruals & Deferred Income |
47,673 |
|
44,052 |
| Other Creditors |
3,369 |
|
1,808 |
| Directors' Current Accounts |
1,861 |
|
77 |
|
109,439 |
|
103,701 |
|
| 7. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred Tax |
781 |
|
102 |
|
781 |
|
102 |
|
4
|