Terravost Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07386258

Terravost Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2019

Terravost Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5	2,916	2,523
Investments	6	515	515
		-------	-------
		3,431	3,038

Current assets

Debtors	7	26,987	107,301
Cash at bank and in hand		72,645	53,435
		--------	---------
		99,632	160,736

Creditors: amounts falling due within one year	8	49,682		80,975
		--------		---------
Net current assets			49,950		79,761
			--------		--------
Total assets less current liabilities			53,381		82,799

Provisions

Taxation including deferred tax	114	432
	--------	--------
Net assets	53,267	82,367
	--------	--------

Capital and reserves

Called up share capital	27	35
Capital redemption reserve	61	53
Profit and loss account	53,179	82,279
	--------	--------
Shareholders funds	53,267	82,367
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Terravost Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 12 June 2020 , and are signed on behalf of the board by:

Mr R Warburton

Director

Company registration number: 07386258

Terravost Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, 3 Wellbrook Court, Girton, Cambridge, CB3 0NA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, this is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

The turnover shown in the profit and loss account represents amounts due for work done during the year exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% straight line

Investments

Investments are included at cost. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.

Investments in subsidiaries

Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the subsidiary arising before or after the date of acquisition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2018: 4 ).

5. Tangible assets

	Equipment
	£
Cost
At 1 January 2019	8,494
Additions	3,349
Disposals	( 1,895)
	-------
At 31 December 2019	9,948
	-------
Depreciation
At 1 January 2019	5,971
Charge for the year	1,348
Disposals	( 287)
	-------
At 31 December 2019	7,032
	-------
Carrying amount
At 31 December 2019	2,916
	-------
At 31 December 2018	2,523
	-------

6. Investments

	Other investments other than loans
	£
Cost
At 1 January 2019 and 31 December 2019	515
	----
Impairment
At 1 January 2019 and 31 December 2019	–
	----

Carrying amount
At 31 December 2019	515
	----
At 31 December 2018	515
	----

7. Debtors

	2019	2018
	£	£
Trade debtors	20,225	54,729
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	44,687
Other debtors	6,762	7,885
	--------	---------
	26,987	107,301
	--------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	943	2,132
Amounts owed to group undertakings and undertakings in which the company has a participating interest	515	539
Social security and other taxes	6,583	27,555
Other creditors	41,641	50,749
	--------	--------
	49,682	80,975
	--------	--------