REGISTERED NUMBER:
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TITAN (SOUTH WEST) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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REGISTERED NUMBER:
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TITAN (SOUTH WEST) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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TITAN (SOUTH WEST) LIMITED (REGISTERED NUMBER: 04736133) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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TITAN (SOUTH WEST) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
7 Sandy Court |
Ashleigh Way |
Langage Business Park |
Plymouth |
Devon |
PL7 5JX |
TITAN (SOUTH WEST) LIMITED (REGISTERED NUMBER: 04736133) |
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ABRIDGED BALANCE SHEET |
31 MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
TITAN (SOUTH WEST) LIMITED (REGISTERED NUMBER: 04736133) |
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ABRIDGED BALANCE SHEET - continued |
31 MARCH 2021 |
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The financial statements were approved by the director and authorised for issue on
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TITAN (SOUTH WEST) LIMITED (REGISTERED NUMBER: 04736133) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Titan (South West) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents net invoiced sales of properties and rentals, excluding VAT. The property sales are recognised on completion and the rents are invoiced a month in advance. |
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The company recognises revenue when the following conditions are satisfied: |
i. The Company has transferred to the buyer the significant risks and rewards of ownership of the goods or service; |
ii. The Company retains neither the continuing managerial involvement to the degree associated with ownership nor effective control over the goods or services sold; |
iii. The amount of revenue can be measured reliably; |
iv. It is probable that the economic benefits associated with the transaction can be measured reliably. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery - 10-20% on reducing balance |
Fixtures and fittings - 20% on reducing balance |
Computer equipment - 20% on reducing balance |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively. |
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Repairs and maintenance costs are expensed as incurred. |
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Derecognition |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
TITAN (SOUTH WEST) LIMITED (REGISTERED NUMBER: 04736133) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Investment property |
In accordance with FRS102, investment properties are included in the financial statements initially at cost, and are subsequently reviewed at each reporting date to ensure they are carried at fair value in the financial statements. |
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The fair value of the properties were confirmed by an external expert as at 14 December 2015, with annual reviews performed by the directors at each reporting date thereafter. The directors consider the value of other similar properties on the market at the reporting date, together with a consideration of general market trends when reviewing the value of investment property. These values are considered approximate to the fair value of the investment properties. |
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Any movements in the fair value of investment properties at each reporting date are recognised in the profits and loss account. |
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Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
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Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
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Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
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Deferred tax is calculated using the 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. |
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The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
TITAN (SOUTH WEST) LIMITED (REGISTERED NUMBER: 04736133) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method: |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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Development costs |
The company has elected to capitalise any development costs that meet the definition of an asset and will generate income for the company in the future. Any Development costs that are on a client assignment and generate revenue will be expense in the profit and loss account. |
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Grant income |
Income received in relation to grants are classified either as relating to revenue or to assets. |
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Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred. |
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Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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TITAN (SOUTH WEST) LIMITED (REGISTERED NUMBER: 04736133) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 April 2020 |
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Disposals | ( |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2020 |
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Disposals | ( |
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Revaluations | (223,486 | ) |
At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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No depreciation is provided on investment properties, the useful economic lives of these assets are so long and residual value so high that any depreciation would not be material. |
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The Investment Property was revalued on an open market basis as at 4 September 2020 by the directors. |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2021 | 2020 |
£ | £ |
Repayable by instalments |
Other loans more 5yrs instal | 39,716 | 756,820 |
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8. | RESERVES |
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During the year, two of the investment properties held by Titan (South West) Limited and a small number of tangible fixed assets were demerged from the company by way of a distribution in specie. The investment properties valued at £769,114, together with tangible assets with a net book value of £18,466 and £415,920 of cash were distributed out of reserves. |
TITAN (SOUTH WEST) LIMITED (REGISTERED NUMBER: 04736133) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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9. | DEFERRED TAXATION |
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Revaluation of investment property |
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The investment property was revalued in 2020, therefore a deferred tax provision has been made in the accounts for the year ended 31 March 2021 of £186,884 (2020: £132,198) relating to an estimate of the tax payable once the gain is realised. |
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Capital Allowances |
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As at 31 March 2021, there was a deferred tax asset of £9,525 (2020: £17,288) relating to an excess of tax written down value over net book value of qualifying tangible fixed assets. This has been offset in full against the deferred tax provision noted above. |
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Tax Losses |
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There was a deferred tax asset as at 31 March 2021 relating to tax losses unutilised totalling £38,818 (2020: £12,192) . This asset has not been recognised due to the uncertainty over its future recoverability. |