Terrafirma IDC Ltd Accounts

TERRAFIRMA IDC LTD - Company Information






Terrafirma IDC Ltd

	Company No. 09726669
		Information for Filing with The Registrar
		31 August 2020

The Directors present their report and the accounts for the year ended 31 August 2020.

Principal activities
The principal activity of the company during the year under review was the provision of environmental information.




Directors

The Directors who served at any time during the year were as follows:

T. Backhouse
D. Berriman
D. Powell-Thomas
A. Turck


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

D. Powell-Thomas
Director
25 March 2021

at	31 August 2020
Company No.		09726669	Notes	2020	2019
				£	£
Fixed assets
	Intangible assets		4	513	2,303
	Tangible assets		5	13,405	13,813


				13,918	16,116
Current assets

	Debtors		6	383,563	372,342

	Cash at bank and in hand			971,342	215,137
				1,354,905	587,479
Creditors: Amount falling due within one year			7	(497,666)	(356,165)
Net current assets				857,239	231,314
Total assets less current liabilities				871,157	247,430
Creditors: Amounts falling due after more than one year			8	(475,493)	(62,056)



Net assets				395,664	185,374

Capital and reserves
	Called up share capital			100	100
	Share premium account		9	13,455	13,455


	Profit and loss account		9	382,109	171,819

Total equity				395,664	185,374



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 24 March 2021
And signed on its behalf by:
D. Powell-Thomas
Director
24 March 2021

for the year ended 31 August 2020

General information

Its registered number is: 09726669

Its registered office is:

2440 The Quadrant Aztec West

Almondsbury

Bristol

BS32 4AQ

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Going concern

As with most businesses we have been impacted by the Coronavirus (Covid 19). This has had an impact on our operations, customers, suppliers and staff. We have (where appropriate) utilised the grants and benefits available from the Government and are taking all the steps we can to protect the future of our business. Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Computer equipment

33.3% Straight line

Furniture, fittings and equipment

25.0% Straight line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other 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.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
			2020	2019
			Number	Number
		The average monthly number of employees (including directors) during the year was:	16	10

4	Intangible fixed assets
			Other	Total
			£	£
		Cost
		At 1 September 2019	15,891	15,891


		At 31 August 2020	15,891	15,891
		Amortisation and impairment
		At 1 September 2019	13,588	13,588
		Charge for the year	1,790	1,790


		At 31 August 2020	15,378	15,378
		Net book values
		At 31 August 2020	513	513
		At 31 August 2019	2,303	2,303

		Website development

5	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 September 2019	27,833	27,833
		Additions	8,385	8,385


		Disposals	(3,881)	(3,881)
		At 31 August 2020	32,337	32,337
		Depreciation
		At 1 September 2019	14,020	14,020
		Charge for the year	8,093	8,093


		Disposals	(3,181)	(3,181)
		At 31 August 2020	18,932	18,932
		Net book values
		At 31 August 2020	13,405	13,405
		At 31 August 2019	13,813	13,813

6	Debtors
			2020	2019
			£	£
		Trade debtors	336,526	342,437

		Corporation tax recoverable	17,132	-


		Loans to directors	20,295	20,295

		Prepayments and accrued income	9,610	9,610
			383,563	372,342

7	Creditors:
		amounts falling due within one year
			2020	2019
			£	£

		Bank loans and overdrafts	36,563	19,733


		Trade creditors	133,930	148,136


		Other taxes and social security	156,829	67,099

		Other creditors	5,522	3,877
		Accruals and deferred income	164,822	117,320
			497,666	356,165

8	Creditors:
		amounts falling due after more than one year
			2020	2019
			£	£

		Bank loans and overdrafts	475,493	62,056






			475,493	62,056

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.

10	Advances and credits to directors
		Included within Other debtors are the following loans to directors:

		Director	Description	At 1 September 2019	Advanced	Repaid	At 31 August 2020
				£	£	£	£
		T. Backhouse	Loan to director	20,295	-	-	20,295







































				20,295	-	-	20,295