| Terraseed Limited |
| Registered number: |
03849103 |
| Abbreviated Balance Sheet |
| as at 30 April 2014 |
|
| Notes |
|
|
2014 |
|
|
2013 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
60,191 |
|
|
67,241 |
| Tangible assets |
3 |
|
|
27,100 |
|
|
37,340 |
|
|
|
|
87,291 |
|
|
104,581 |
|
| Current assets |
| Stocks |
|
|
31,465 |
|
|
142,020 |
| Debtors |
|
|
185,001 |
|
|
111,042 |
| Cash at bank and in hand |
|
|
20,504 |
|
|
69,920 |
|
|
|
236,970 |
|
|
322,982 |
|
| Creditors: amounts falling due within one year |
|
|
(145,172) |
|
|
(298,177) |
|
| Net current assets |
|
|
|
91,798 |
|
|
24,805 |
|
| Total assets less current liabilities |
|
|
|
179,089 |
|
|
129,386 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(442,852) |
|
|
(466,165) |
|
| Provisions for liabilities |
|
|
|
(8,537) |
|
|
(8,537) |
|
|
| Net liabilities |
|
|
|
(272,300) |
|
|
(345,316) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
4,879 |
|
|
322,886 |
| Share premium |
|
|
|
2,704,125 |
|
|
2,605,125 |
| Capital redemption reserve |
|
|
|
320,007 |
|
|
- |
| Profit and loss account |
|
|
|
(3,301,311) |
|
|
(3,273,327) |
|
| Shareholders' funds |
|
|
|
(272,300) |
|
|
(345,316) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| 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. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| …………………………………………… |
|
| Mr D H Holloway |
| Director |
| Approved by the board on 30.01.2015 |
|
| Terraseed Limited |
| Notes to the Abbreviated unaudited financial statements |
| for the year ended 30 April 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The unaudited financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Going Concern |
|
The directors believe the company to be a going concern and will continue to give their support to the company over the next 12 months. |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Freehold land and buildings |
25% reducing balance |
|
Plant and machinery |
25% reducing balance |
|
Fixtures, fittings and equipment |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
|
Stocks and Work in Progress |
|
Stock and work in progress are valued at the lower of cost and net realisable value. |
|
|
The company revised the valuation of its sedum stock to the net realisable value due to a substantial reduction in the market for green roof installation resulting in the loss of a supply contract with a leading green roof installation company. Consequently the company is withdrawing from this market. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
Leasing and hire purchase commitments |
|
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
|
|
| 2 |
Intangible fixed assets |
£ |
|
|
Cost |
|
At 1 May 2013 |
141,007 |
|
At 30 April 2014 |
141,007 |
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 May 2013 |
73,766 |
|
Provided during the year |
7,050 |
|
At 30 April 2014 |
80,816 |
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2014 |
60,191 |
|
At 30 April 2013 |
67,241 |
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 May 2013 |
245,902 |
|
Disposals |
(18,282) |
|
At 30 April 2014 |
227,620 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2013 |
208,562 |
|
Charge for the year |
7,484 |
|
On disposals |
(15,526) |
|
At 30 April 2014 |
200,520 |
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2014 |
27,100 |
|
At 30 April 2013 |
37,340 |
|
|
|
|
|
|
|
|
| 4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
0.01p each |
|
487,836 |
|
4,878 |
|
2,886 |
|
Deferred shares |
£1 each |
|
1 |
|
1 |
|
100,000 |
|
|
|
|
|
|
4,879 |
|
102,886 |
|
Cumulative 8% redeemable |
|
|
|
|
|
|
|
|
Preference shares |
£1 each |
|
- |
|
- |
|
220,000 |
|
|
|
|
|
|
4,879 |
|
322,886 |
|
|
|
|
|
|
|
|
|
| Nominal |
Number |
Amount |
| value |
£ |
|
Shares issued during the period: |
|
Ordinary shares |
0.01p each |
|
200,000 |
|
2,000 |
|
|
|
|
|
|
|
|
200,000 ordinary shares of 0.01p each were issued at premium during the year. |
