Terracrystals Limited - Period Ending 2021-03-31

Terracrystals Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 4

Terracrystals Limited

(Registration number: 08463260)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	4	14,671	14,671
Creditors: Amounts falling due within one year	5	(23,160)	(22,456)
Net liabilities		(8,489)	(7,785)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(8,589)	(7,885)
Total equity		(8,489)	(7,785)

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 December 2021
 

I R Bruce Director

Terracrystals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 The Old Coach Yard
East Coker
Yeovil
Somerset
BA22 9HY

The principal place of business is:
No 1 The Old Court Yard
East Coker
Yeovil
Somerset
BA22 9HY

These financial statements were authorised for issue by the director on 23 December 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company had net current liabilities of £8,489 (2020 - £7,785).

In light of the rapid global spread of the Coronavirus “COVID-19” throughout 2020, the directors have reviewed the financial position for the next twelve months. Following this review, the directors consider there to be little impact on the company’s ability to act as a going concern.

The directors have reviewed the supply chains, key customers and the capital resources available and consider that in light the company is not currently trading, it has adequate resources and support from its shareholders in place to continue for the next twelve months.

Terracrystals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website development costs	0% straight line

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2020 - 1).

Terracrystals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

4	Intangible assets

	Website development costs  £	Total £
Cost or valuation
At 1 April 2020	14,671	14,671
At 31 March 2021	14,671	14,671
Amortisation
Carrying amount
At 31 March 2021	14,671	14,671
At 31 March 2020	14,671	14,671

5

Creditors

Due within one year	2021 £	2020 £
Trade creditors	-	742
Other creditors	22,466	21,054
Accruals	694	660
	23,160	22,456

6	Related party transactions

The company has taken advantage of the exemption available under FRS 102 Section 1A in respect of related party disclosures whereby it has not disclosed transactions or balances with the ultimate parent entity or any wholly owned subsidiary undertaking of the group.