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Abbreviated Unaudited Accounts for the Year Ended 31 December 2015 |
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TITON INTERNATIONAL LTD |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Year Ended 31 December 2015 |
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for |
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TITON INTERNATIONAL LTD |
TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Contents of the Abbreviated Accounts |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 |
TITON INTERNATIONAL LTD |
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Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Abbreviated Balance Sheet |
31 DECEMBER 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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Investments | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Share premium |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS | ( |
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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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The financial statements were authorised for issue by the Board of Directors on
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TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Notes to the Abbreviated Accounts |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the Financial |
Reporting Standard for Smaller Entities (effective January 2015). |
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Going concern |
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The financial statements have been prepared on going concern basis. The directors of the company consider that the going |
concern basis is appropriate in view of assurance of continuing financial support that the company has received from the |
directors.The financial statements do not include the adjustments that would result if the company was unable to continue as |
a going concern. |
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Preparation of consolidated financial statements |
The financial statements present information about the company as an individual undertaking and not about its group. The |
company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the |
exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts. |
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Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small |
company. |
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Turnover |
Turnover represents amounts receivable for services net of VAT. |
The company follows the provisions of UITF 40 'Revenue recognition and service contracts'. Where the Company has |
incomplete contracts at the year end, income and expenditure for these contracts is recognised so that it reflects the partial |
performance of the contractual obligation. For such contracts the amount of revenue reflects the value of the work performed. |
Revenue not billed to clients is included in debtors. |
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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. |
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Equipment 33% on cost |
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Fixtures & Fittings 20% on cost |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the |
lease. |
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Going concern |
The financial statements have been prepared on a going concern basis, notwithstanding the fact that the company has a net |
deficit on the balance sheet. The financial statements do not include the adjustments that would result if the company was |
unable to continue as a going concern. |
TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Notes to the Abbreviated Accounts - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 January 2015 |
and 31 December 2015 |
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DEPRECIATION |
At 1 January 2015 |
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Charge for year |
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At 31 December 2015 |
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NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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3. | FIXED ASSET INVESTMENTS |
Investments |
other |
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loans |
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COST |
At 1 January 2015 | 141 |
Impairments | (41 | ) |
At 31 December 2015 | 100 |
NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Country of incorporation: UK |
Nature of business:
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Class of shares: | holding |
Ordinary | 100.00 |
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£ | £ |
Aggregate capital and reserves | 4,466 | 4,466 |
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4. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
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The aggregate total of debtors falling due after more than one year is £
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TITON INTERNATIONAL LTD (REGISTERED NUMBER: 05180771) |
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Notes to the Abbreviated Accounts - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Ordinary A Shares | 1 |
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Ordinary B Shares | 1 |
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110 | 110 |
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The 'A' Ordinary Shares and the 'B' Ordinary Shares rank pari passu for participation in all aspects save that the holders of |
non-voting 'B' Shares are not entitled to receive notice of or to attend or vote at any general meeting or to participate in any |
dividend declared. |
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6. | RELATED PARTY DISCLOSURES |
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An amount of £61,456.46 (2014: £106,488) was due to Mr.J.T.Holmes and £7,500 (2014 : £4,000) to Mr D.Henry as at the |
balance sheet date. |
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Included in other debtors is £NIL (2014 : £41,869) due from Titon Middle East Limited and £NIL (2014 : £41,700) from |
Titon CRS Ltd. Both these companies were associates of Titon International Limited. |
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During the year, loan of £41,829 due from Titon Middle East Ltd was written off. The investments in Titon Middle East Ltd |
(£40) and Titon CRS Ltd (£1) were also written off. |
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7. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate controlling party. |