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REGISTERED NUMBER: 10705236 (England and Wales)






















Financial Statements

for the Year Ended 31 March 2023

for

Terrasite Limited

Terrasite Limited (Registered number: 10705236)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Terrasite Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: J N E Breheny
R Daff





SECRETARY: S Aziz





REGISTERED OFFICE: Flordon Road
Creeting St Mary
Ipswich
Suffolk
IP6 8NH





REGISTERED NUMBER: 10705236 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Terrasite Limited (Registered number: 10705236)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 631,682 430,430

CURRENT ASSETS
Debtors 5 3,260,587 3,433,518
Cash at bank 2,079,558 759,857
5,340,145 4,193,375
CREDITORS
Amounts falling due within one year 6 5,210,614 4,948,975
NET CURRENT ASSETS/(LIABILITIES) 129,531 (755,600 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

761,213

(325,170

)

CREDITORS
Amounts falling due after more than one
year

7

(196,495

)

(24,677

)

PROVISIONS FOR LIABILITIES (135,598 ) -
NET ASSETS/(LIABILITIES) 429,120 (349,847 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 429,020 (349,947 )
SHAREHOLDERS' FUNDS 429,120 (349,847 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2023 and were signed on its behalf by:





J N E Breheny - Director


Terrasite Limited (Registered number: 10705236)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Terrasite Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises the value of contracting work executed during the year. The value of contracting work is based on measured valuations, incorporating profit earned to the valuation date and adjusted for any anticipated losses.

The amount by which recorded turnover on uncompleted contracts is in excess of payments on account is classified as amounts recoverable on contracts and separately disclosed in debtors.

The amount by which payments on account on uncompleted contracts is in excess of recorded turnover is classified as long term contract payments on account and separately disclosed in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Terrasite Limited (Registered number: 10705236)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2022 1,215,133
Additions 670,380
Disposals (717,467 )
At 31 March 2023 1,168,046
DEPRECIATION
At 1 April 2022 784,703
Charge for year 265,621
Eliminated on disposal (513,960 )
At 31 March 2023 536,364
NET BOOK VALUE
At 31 March 2023 631,682
At 31 March 2022 430,430

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 39,552
Additions 331,776
At 31 March 2023 371,328
DEPRECIATION
At 1 April 2022 1,869
Charge for year 86,984
At 31 March 2023 88,853
NET BOOK VALUE
At 31 March 2023 282,475
At 31 March 2022 37,683

Terrasite Limited (Registered number: 10705236)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,133,065 1,893,495
Amounts owed by group undertakings 188,579 330,740
Amounts recoverable on contracts 419,494 109,014
Retentions 979,632 825,425
Other debtors 539,817 274,844
3,260,587 3,433,518

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 92,156 9,532
Provisions for future costs 371,551 976,160
Trade creditors 1,871,188 978,326
Amounts owed to group undertakings 2,675,070 2,855,801
Taxation and social security 129,682 71,591
Other creditors 70,967 57,565
5,210,614 4,948,975

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 196,495 24,677

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 288,651 34,209

The debts are secured over the assets concerned.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
78 Ordinary £1 77 78
15 B Ordinary £1 15 15
7 C Ordinary £1 8 7
100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Shaw Bsc FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

11. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 595,005 331,776

Terrasite Limited (Registered number: 10705236)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. OTHER FINANCIAL COMMITMENTS

The company is party to a an omnibus guarantee and set off agreement, with an unlimited guarantee given by Breheny Group Limited, all subsidiaries within the Breheny Group, and by Breheny Group Plant Limited, Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited. This is supported by debentures by Breheny Group Limited, by all subsidiaries within the Breheny Group, and by Breheny Group Plant Limited, Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited.

The Facility is further secured by a first legal charge over all property held by the Breheny Group and its subsidiaries, and over freehold land and buildings held by Redbourne Homes (Epworth) Limited.

13. ULTIMATE CONTROLLING PARTY

The Parent Company is Breheny Group Ltd. The company's registered office is as follows:

Flordon Road
Creeting St Mary
Needham Market
Ipswich
Suffolk
IP6 8NH