ACCOUNTS - Final Accounts


Caseware UK (AP4) 2016.0.181 2016.0.181The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueprovision of creative design servicesfalse2017-01-01083012832017-01-012017-12-31083012832016-01-012016-12-31083012832017-12-31083012832016-12-3108301283 c:Director1 2017-01-012017-12-3108301283 c:RegisteredOffice 2017-01-012017-12-3108301283 d:OfficeEquipment 2017-01-012017-12-3108301283 d:OfficeEquipment d:BottomRangeValue 2017-01-012017-12-3108301283 d:OfficeEquipment d:TopRangeValue 2017-01-012017-12-3108301283 d:OtherPropertyPlantEquipment 2017-01-012017-12-3108301283 d:OtherPropertyPlantEquipment 2017-12-3108301283 d:OtherPropertyPlantEquipment 2016-12-3108301283 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2017-01-012017-12-3108301283 d:CurrentFinancialInstruments 2017-12-3108301283 d:CurrentFinancialInstruments 2016-12-3108301283 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-3108301283 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-3108301283 d:ShareCapital 2017-12-3108301283 d:ShareCapital 2016-12-3108301283 d:RetainedEarningsAccumulatedLosses 2017-12-3108301283 d:RetainedEarningsAccumulatedLosses 2016-12-3108301283 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-12-3108301283 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-12-3108301283 c:FRS102 2017-01-012017-12-3108301283 c:AuditExempt-NoAccountantsReport 2017-01-012017-12-3108301283 c:FullAccounts 2017-01-012017-12-3108301283 c:PrivateLimitedCompanyLtd 2017-01-012017-12-31iso4217:GBPxbrli:pure
Registered number: 08301283














Titan Designs (UK) Limited
Financial statements
For the Year Ended 31 December 2017

 
Titan Designs (UK) Limited
 
 
Company Information


Director
Leonard C Rogers 




Registered number
08301283



Registered office
87a South End Road

Rainham

RM13 7XP





 
Titan Designs (UK) Limited
 

Contents



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 7


 
Titan Designs (UK) Limited
Registered number: 08301283

Statement of Financial Position
As at 31 December 2017

2017
2016
Note
£
£

Fixed assets
  

Tangible assets
 4 
762
1,766

  
762
1,766

Current assets
  

Debtors: amounts falling due within one year
 5 
-
3,990

Cash at bank and in hand
 6 
8,087
5,704

  
8,087
9,694

Creditors: amounts falling due within one year
 7 
(6,894)
(5,997)

Net current assets
  
 
 
1,193
 
 
3,697

Total assets less current liabilities
  
1,955
5,463

  

Net assets
  
1,955
5,463

Page 1

 
Titan Designs (UK) Limited
Registered number: 08301283
    
Statement of Financial Position (continued)
As at 31 December 2017

2017
2016
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,855
5,363

  
1,955
5,463


The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Leonard C Rogers
Director

Date: 8 February 2018
The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
Titan Designs (UK) Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2017

1.


General information

Titan Designs (UK) Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08301283.  The registered office and principal place of business is 87a South End Road Rainham RM13 7XP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised 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:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
Titan Designs (UK) Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2017

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Office equipment
-
2
-
5
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 
2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
Titan Designs (UK) Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2017

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.10

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.11

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


3.


Employees

Staff costs, including Director's remuneration, were as follows:


The average monthly number of employees, including directors, during the year was 1 (2016 - 2).

Page 5

 
Titan Designs (UK) Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2017

4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 January 2017
12,757


Additions
813



At 31 December 2017

13,570



Depreciation


At 1 January 2017
10,991


Charge for the year on owned assets
1,817



At 31 December 2017

12,808



Net book value



At 31 December 2017
762



At 31 December 2016
1,766


5.


Debtors

2017
2016
£
£


Trade debtors
-
3,990

-
3,990



6.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
8,087
5,704

8,087
5,704


Page 6

 
Titan Designs (UK) Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2017

7.


Creditors: Amounts falling due within one year

2017
2016
£
£

Corporation tax
4,527
2,976

Other taxation and social security
227
1,560

Other creditors
1,040
360

Accruals and deferred income
1,100
1,100

6,894
5,996



8.


Financial instruments

2017
2016
£
£

Financial assets


Financial assets measured at fair value through profit or loss
8,087
5,704

8,087
5,704




 
Page 7