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Unaudited Financial Statements |
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for the Year Ended 30 June 2022 |
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for |
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TITAN METAL FABRICATIONS LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 June 2022 |
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for |
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TITAN METAL FABRICATIONS LIMITED |
TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563) |
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Contents of the Financial Statements |
for the year ended 30 June 2022 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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TITAN METAL FABRICATIONS LIMITED |
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Company Information |
for the year ended 30 June 2022 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
23 Algitha Road |
Skegness |
United Kingdom |
PE25 2AG |
TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563) |
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Statement of Financial Position |
30 June 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Investment property | 5 |
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Current assets |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 8 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one year | 9 | ( |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 11 |
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Capital redemption reserve | 12 |
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Retained earnings | 12 |
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Shareholders' funds |
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TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563) |
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Statement of Financial Position - continued |
30 June 2022 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563) |
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Notes to the Financial Statements |
for the year ended 30 June 2022 |
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1. | Statutory information |
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Titan Metal Fabrications Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Office equipment | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2022 |
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2. | Accounting policies - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a pension scheme as required by law for all employees. All payments are charged to the profit and loss account in the period to which they relate. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2021 -
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4. | Tangible fixed assets |
Plant and | Motor | Office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2021 |
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Additions |
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Disposals | ( |
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At 30 June 2022 |
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Depreciation |
At 1 July 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2022 |
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Net book value |
At 30 June 2022 |
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At 30 June 2021 |
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The net book value of tangible fixed assets includes £ 319,718 (2021 - £ 348,786 ) in respect of assets held under hire purchase contracts. |
TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2022 |
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5. | Investment property |
Total |
£ |
Fair value |
At 1 July 2021 |
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Revaluations | (5,000 | ) |
At 30 June 2022 |
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Net book value |
At 30 June 2022 |
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At 30 June 2021 |
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The investment property in the financial accounts is valued at the current market value. |
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6. | Stocks |
2022 | 2021 |
£ | £ |
Stocks |
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7. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
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Loan M Chapman deceased | 293,827 | 293,827 |
Corporation tax refundable | - | 8,169 |
Other debtors |
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VAT liability |
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Prepayments |
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8. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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9. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Hire purchase contracts |
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TITAN METAL FABRICATIONS LIMITED (REGISTERED NUMBER: 02616563) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2022 |
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10. | Secured debts |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Hire purchase contracts | 145,747 | 192,343 |
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Of the creditors falling due within and after more than one year, the net obligations under finance leases and hire purchase contracts are secured on the assets acquired. |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | 1 | 51 | 51 |
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12. | Reserves |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 July 2021 |
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962,478 |
Profit for the year |
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At 30 June 2022 |
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1,033,725 |
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13. | Ultimate controlling party |
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The controlling party is The Estate of Matthew Chapman (deceased). |