Titan Air Conditioning Ltd iXBRL

Company Registration Number: NI616923

Titan Air Conditioning Ltd

Directors' Report and Unaudited Financial Statements

for the financial year ended 28 February 2026

Titan Air Conditioning Ltd

DIRECTORS AND OTHER INFORMATION


Directors	Keith Hare
	Mark Montgomery
	Desmond O'Hara


Company Registration Number	NI616923


Registered Office and Business Address	11 Sentry Lane
	Newtownabbey
	Co. Antrim
	BT36 4XX


Accountants	Azets NI Limited
	16 Mount Charles
	Belfast
	BT7 1NZ


Bankers	Ulster Bank
	18 Bow Street
	BT28 1BN

Titan Air Conditioning Ltd

DIRECTORS' REPORT

for the financial year ended 28 February 2026

The directors present their report and the unaudited financial statements for the financial year ended 28 February 2026.

Principal Activity

The principal activity of the company is the supply of steam and air conditioning.

Directors

The directors who served during the financial year are as follows:

Keith Hare

Mark Montgomery

Desmond O'Hara

There were no changes in shareholdings between 28 February 2026 and the date of signing the financial statements.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Special provisions relating to small companies

The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

___________________________

Mark Montgomery

Director

11 August 2026

Titan Air Conditioning Ltd

ACCOUNTANTS REPORT

to the Board of Directors on the Compilation of the unaudited financial statements of Titan Air Conditioning Ltd

for the financial year ended 28 February 2026

In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 28 February 2026 as set out on pages to which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of Titan Air Conditioning Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by and have complied with the relevant ethical guidance laid down by relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet for the year ended 28 February 2026 your duty to ensure that Titan Air Conditioning Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Titan Air Conditioning Ltd. You consider that Titan Air Conditioning Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Titan Air Conditioning Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

__________________________________

AZETS NI LIMITED

16 Mount Charles

Belfast

BT7 1NZ

11 August 2026

Titan Air Conditioning Ltd

PROFIT AND LOSS ACCOUNT

for the financial year ended 28 February 2026

	2026	2025
Notes	£	£

Turnover	4,757,105	4,166,698

Cost of sales	(3,292,660)	(2,788,294)
	─────────	─────────
Gross profit	1,464,445	1,378,404

Administrative expenses	(1,245,903)	(1,167,509)
Other operating income	50,415	32,866
	─────────	─────────
Operating profit	268,957	243,761

Interest payable and similar expenses	(11,248)	(6,013)
	─────────	─────────
Profit before taxation	257,709	237,748

Tax on profit	(77,466)	(75,664)
	─────────	─────────
Profit for the financial year	180,243	162,084
	─────────	─────────
Total comprehensive income	180,243	162,084
	═════════	═════════

Titan Air Conditioning Ltd

Company Registration Number: NI616923

BALANCE SHEET

as at 28 February 2026

		2026	2025
	Notes	£	£

Fixed Assets

Intangible assets	4	19,950	29,925
Tangible assets	5	376,407	383,608
Investments	6	86	86
		─────────	─────────
Fixed Assets		396,443	413,619
		─────────	─────────

Current Assets

Stocks

35,305

33,624

Debtors

2,112,261

1,545,414

Cash and cash equivalents

393,436

486,710

─────────

2,541,002

2,065,748

─────────

Creditors: amounts falling due within one year

(1,385,793)

(936,056)

─────────

Net Current Assets

1,155,209

1,129,692

─────────

Total Assets less Current Liabilities

1,551,652

1,543,311

Creditors:

amounts falling due after more than one year

(73,938)

(79,040)

Provisions for liabilities

(94,102)

(95,902)

─────────

Net Assets

1,383,612

1,368,369

═════════

Capital and Reserves

Called up share capital

600

600

Retained earnings

1,383,012

1,367,769

─────────

Equity attributable to owners of the company

1,383,612

1,368,369

═════════

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).

For the financial year ended 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 11 August 2026 and signed on its behalf by



________________________________
Mark Montgomery
Director

Titan Air Conditioning Ltd

STATEMENT OF CHANGES IN EQUITY

as at 28 February 2026

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 March 2024	600	1,370,685	1,371,285
	─────────	─────────	─────────
Profit for the financial year	-	162,084	162,084
	─────────	─────────	─────────
Payment of dividends	-	(165,000)	(165,000)
	─────────	─────────	─────────
At 28 February 2025	600	1,367,769	1,368,369
	─────────	─────────	─────────
Profit for the financial year	-	180,243	180,243
	─────────	─────────	─────────
Payment of dividends	-	(165,000)	(165,000)
	─────────	─────────	─────────
At 28 February 2026	600	1,383,012	1,383,612
	═════════	═════════	═════════

Titan Air Conditioning Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 28 February 2026

General Information

Titan Air Conditioning Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI616923. The registered office of the company is 11 Sentry Lane, Newtownabbey, Co. Antrim, BT36 4XX which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 28 February 2026 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Intangible assets

Intangible assets are valued at cost less accumulated amortisation.

Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 10 years.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery

20% on reducing balance

Fixtures, fittings and equipment

20% on reducing balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Leasing and hire purchases

Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.

Leasing

Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.

Investments

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the financial year in which it is receivable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Research and development

Development expenditure is written off in the same financial year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Employees

The average monthly number of employees, including directors, during the financial year was 42, (2025 - 42).

2026

2025

Number

Number

Employees

═════════


4.	Intangible assets
		Development
		Costs	Total
		£	£
	Cost
	At 1 March 2025	99,750	99,750
		─────────	─────────

	At 28 February 2026	99,750	99,750
		─────────	─────────
	Amortisation
	At 1 March 2025	69,825	69,825
	Charge for financial year	9,975	9,975
		─────────	─────────
	At 28 February 2026	79,800	79,800
		─────────	─────────
	Net book value
	At 28 February 2026	19,950	19,950
		═════════	═════════
	At 28 February 2025	29,925	29,925
		═════════	═════════


5.	Tangible assets
		Plant and	Fixtures,	Total
		machinery	fittings and
			equipment
		£	£	£
	Cost
	At 1 March 2025	584,132	77,934	662,066
	Additions	93,430	-	93,430
	Disposals	(21,604)	-	(21,604)
		─────────	─────────	─────────
	At 28 February 2026	655,958	77,934	733,892
		─────────	─────────	─────────
	Depreciation
	At 1 March 2025	228,836	49,622	278,458
	Charge for the financial year	83,907	5,663	89,570
	On disposals	(10,543)	-	(10,543)
		─────────	─────────	─────────
	At 28 February 2026	302,200	55,285	357,485
		─────────	─────────	─────────
	Net book value
	At 28 February 2026	353,758	22,649	376,407
		═════════	═════════	═════════
	At 28 February 2025	355,296	28,312	383,608
		═════════	═════════	═════════


6.	Investments
		Group and	Total
		participating
		interests/
		joint ventures
	Investments	£	£
	Cost

	At 28 February 2026	86	86
		─────────	─────────
	Net book value
	At 28 February 2026	86	86
		═════════	═════════
	At 28 February 2025	86	86
		═════════	═════════


7.	Stocks	2026	2025
		£	£

	Finished goods and goods for resale	35,305	33,624
		═════════	═════════

	The replacement cost of stock did not differ significantly from the figures shown.


8.	Debtors	2026	2025
		£	£

	Trade debtors	1,343,640	1,026,360
	Amounts owed by related parties	-	458,423
	Other debtors	46,591	37,554
	Taxation (Note 11)	-	21,282
	Prepayments and accrued income	722,030	1,795
		─────────	─────────
		2,112,261	1,545,414
		═════════	═════════


9.	Creditors	2026	2025
	Amounts falling due within one year	£	£

	Bank overdrafts	1,249	32,523
	Net obligations under finance leases
	and hire purchase contracts	74,940	74,912
	Trade creditors	557,441	387,823
	Amounts owed to group undertakings	198,664	-
	Taxation (Note 11)	127,124	105,516
	Directors' current accounts	91,110	83,743
	Other creditors	16,547	6,092
	Accruals and deferred income:
	Pension accrual	2,904	4,937
	Other accruals	315,814	240,510
		─────────	─────────
		1,385,793	936,056
		═════════	═════════


10.	Creditors	2026	2025
	Amounts falling due after more than one year	£	£

	Finance leases and hire purchase contracts	73,938	79,040
		═════════	═════════


	Net obligations under finance leases
	and hire purchase contracts
	Repayable within one year	74,940	74,912
	Repayable between one and five years	73,938	79,040
		─────────	─────────
		148,878	153,952
		═════════	═════════


11.	Taxation	2026	2025
		£	£

	Debtors:
	VAT	-	21,282
		═════════	═════════
	Creditors:
	VAT	12,456	-
	Corporation tax	79,266	54,893
	PAYE / NI	35,402	50,623
		─────────	─────────
		127,124	105,516
		═════════	═════════

12.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Total

Total

allowances

2026

2025

At financial year start

95,902

95,902

75,131

Charged to profit and loss

(1,800)

(1,800)

20,771

─────────

At financial year end

94,102

95,902

═════════


13.	Financial commitments

	Total future minimum lease payments under non-cancellable operating leases are as follows:

		2026	2025
		£	£
	Due:
	Within one year	-	15,472
		═════════	═════════

14.

Capital commitments

The company had no material capital commitments at the financial year-ended 28 February 2026.

15.

Directors' advances, credits and guarantees

As at 28th February 2025 the company owed the Director's £83,743 (2024: £50,052). No repayment date has been set for this and no interest is to be charged on the loans.

16.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.

Titan Air Conditioning Ltd

SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS

TRADING STATEMENT

for the financial year ended 28 February 2026




		2026	2025
	Schedule	£	£

Sales		4,757,105	4,166,698
Cost of sales	1	(3,292,660)	(2,788,294)
		─────────	─────────
Gross profit		1,464,445	1,378,404
		─────────	─────────
Gross profit Percentage		30.8%	33.1%
		─────────	─────────

Overhead expenses	2	(1,257,151)	(1,173,522)
		─────────	─────────
		207,294	204,882

Miscellaneous income	3	50,415	32,866
		─────────	─────────
Net profit		257,709	237,748
		═════════	═════════

Titan Air Conditioning Ltd

SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS

SCHEDULE 1 : COST OF SALES

for the financial year ended 28 February 2026




	2026	2025
	£	£
Cost of Sales

Opening stock	33,624	42,030
Contract Purchases	1,962,202	1,665,394
Service Purchases	762,978	474,952
Contract Labour	407,273	323,015
Service Labour	658,013	559,215
Contract Manager's Lab	139,973	95,174
Management recharge	(636,098)	(337,862)
	─────────	─────────
	3,327,965	2,821,918
Closing stock	(35,305)	(33,624)
	─────────	─────────
	3,292,660	2,788,294
	═════════	═════════

Titan Air Conditioning Ltd

SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS

SCHEDULE 2 : OVERHEAD EXPENSES

for the financial year ended 28 February 2026




	2026	2025
	£	£

Administration Expenses

Wages and salaries (including directors' remuneration)

344,208

305,370

Staff defined contribution pension costs

43,493

182,655

Staff training

(218)

3,321

Use of premises

3,600

3,600

Rent payable

17,368

16,643

Rates

7,080

5,273

Insurance

71,205

55,039

Leasing of plant and machinery

170,182

124,532

Light and heat

8,839

14,478

Repairs and maintenance

13,493

16,750

Stationery & advertising

19,646

10,220

Telephone

8,590

7,998

Computer costs

8,486

8,413

Motor & travel

136,843

155,261

Motor & machinery expenses

39,576

28,581

Entertaining

41,605

43,545

Legal and professional

11,188

3,424

Accountancy Fees

28,320

22,670

Bank charges

3,477

1,586

Bad debts

97,090

(991)

Profit/loss on exchange

1,072

17,591

General expenses

55,752

48,466

Subscriptions

14,789

15,316

Profits/losses on disposal of tangibles

(908)

10,968

Depreciation of tangible assets

89,570

53,840

Amortisation of intangible assets

9,975

9,975

Charitable donations

1,582

2,985

─────────

1,245,903

1,167,509

─────────

Finance

Hire purchase interest	11,140	6,013
Interest paid on overdue taxation	108	-
	─────────	─────────
	11,248	6,013
	─────────	─────────

Total Overheads	1,257,151	1,173,522
	═════════	═════════

Titan Air Conditioning Ltd

SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS

SCHEDULE 3 : MISCELLANEOUS INCOME

for the financial year ended 28 February 2026




	2026	2025
	£	£
Miscellaneous Income

Sundry income	50,415		32,866
	═════════		═════════