Registration number: 03615849

John Titcombe Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 10

John Titcombe Limited

(Registration number: 03615849)
Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	4,641	5,414
Tangible assets	5	19,056	31,977
Investments	6	3,800	3,800
		27,497	41,191
Current assets
Stocks	7	1,247,101	1,293,199
Debtors	8	19,349	19,061
Cash at bank and in hand		10,645	4,437
		1,277,095	1,316,697
Creditors: Amounts falling due within one year	9	(1,006,705)	(1,057,075)
Net current assets		270,390	259,622
Total assets less current liabilities		297,887	300,813
Creditors: Amounts falling due after more than one year	9	(94,396)	(145,467)
Provisions for liabilities		(2,792)	(6,084)
Net assets		200,699	149,262
Capital and reserves
Called up share capital		2	2
Retained earnings		200,697	149,260
Shareholders' funds		200,699	149,262

John Titcombe Limited

(Registration number: 03615849)
Balance Sheet as at 31 July 2025

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 April 2026 and signed on its behalf by:
 

J D Titcombe Director

John Titcombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

The principal place of business is:
4 The Mall
Clifton
Bristol
BS8 4DR

These financial statements were authorised for issue by the Board on 14 April 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

The directors have assessed the current reserves, cash and trading and have prepared the accounts on a going concern basis.

John Titcombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue for the sale of goods when all the following conditions are satisfied:
a) the significant risks and rewards of ownership have been transferred to the buyer;
b) the amount of revenue can be reliably measured;
c) it is probable that future economic benefits will flow to the company; and
d) specific criteria have been met for each of the company's activities.

The company recognises revenue from the provision of services in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line
Furniture, fittings and equipment	20% straight line
Computers and office equipment	20% straight line

John Titcombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Leasehold improvements	20% straight line
Motor vehicles	25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line
Computer software	10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

John Titcombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

John Titcombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 18 (2024 - 18).

4	Intangible assets

	Goodwill  £	Computer software  £	Total £
Cost or valuation
At 1 August 2024	33,100	7,733	40,833
At 31 July 2025	33,100	7,733	40,833
Amortisation
At 1 August 2024	33,100	2,319	35,419
Amortisation charge	-	773	773
At 31 July 2025	33,100	3,092	36,192
Carrying amount
At 31 July 2025	-	4,641	4,641
At 31 July 2024	-	5,414	5,414

John Titcombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

5	Tangible assets

	Leasehold improvements £	Computers and office equipment  £	Furniture, fittings and equipment £	Plant and machinery £	Motor vehicles  £	Total £
Cost
At 1 August 2024	155,689	17,877	34,798	27,303	27,240	262,907
Additions	-	4,126	862	573	-	5,561
Disposals	-	(313)	(28,961)	(3,570)	(27,240)	(60,084)
At 31 July 2025	155,689	21,690	6,699	24,306	-	208,384
Depreciation
At 1 August 2024	151,778	10,707	31,338	16,677	20,430	230,930
Charge for the year	1,303	4,161	1,341	4,867	3,972	15,644
Eliminated on disposal	-	(313)	(28,961)	(3,570)	(24,402)	(57,246)
At 31 July 2025	153,081	14,555	3,718	17,974	-	189,328
Carrying amount
At 31 July 2025	2,608	7,135	2,981	6,332	-	19,056
At 31 July 2024	3,911	7,170	3,460	10,626	6,810	31,977

6	Other financial assets (current and non-current)

	Investment in an unlisted company £	Total £
Non-current financial assets
Cost or valuation
At 1 August 2024	3,800	3,800
At 31 July 2025	3,800	3,800
Carrying amount
At 31 July 2025	3,800	3,800
At 31 July 2024	3,800	3,800

John Titcombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

7

Stocks

	2025 £	2024 £
Raw materials and consumables	75,000	80,000
Finished goods and goods for resale	1,172,101	1,213,199
	1,247,101	1,293,199

8

Debtors

	2025 £	2024 £
Prepayments and accrued income	19,349	19,061
	19,349	19,061

9

Creditors

Due within one year	Note	2025 £	2024 £
Loans and borrowings	10	110,969	122,773
Trade creditors		655,230	773,622
Social security and other taxes		148,200	95,694
Other creditors		18,159	20,737
Accruals		11,954	6,894
Corporation tax liability		62,193	37,355
		1,006,705	1,057,075
Due after one year
Loans and borrowings	10	94,396	145,467