TERABOOTH LIMITED

Company Registration Number:
12332815 (England and Wales)

Unaudited abridged accounts for the year ended 30 November 2023

Period of accounts

Start date: 01 December 2022

End date: 30 November 2023

TERABOOTH LIMITED

Contents of the Financial Statements

for the Period Ended 30 November 2023

Balance sheet
Notes

TERABOOTH LIMITED

Balance sheet

As at 30 November 2023


Notes

2023

2022


£

£
Fixed assets
Investments: 3 1,394,500 1,305,926
Total fixed assets: 1,394,500 1,305,926
Current assets
Debtors: 4 3,925 1,359
Cash at bank and in hand: 28,158 3,591
Total current assets: 32,083 4,950
Creditors: amounts falling due within one year: 5 (4,030) (2,430)
Net current assets (liabilities): 28,053 2,520
Total assets less current liabilities: 1,422,553 1,308,446
Creditors: amounts falling due after more than one year: 6 (1,264,223) (1,246,703)
Total net assets (liabilities): 158,330 61,743
Capital and reserves
Called up share capital: 2 2
Revaluation reserve:7138,50766,763
Profit and loss account: 19,821 (5,022)
Shareholders funds: 158,330 61,743

The notes form part of these financial statements

TERABOOTH LIMITED

Balance sheet statements

For the year ending 30 November 2023 the company was entitled to exemption 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 Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 09 April 2024
and signed on behalf of the board by:

Name: Eugene J Kongnyuy
Status: Director

The notes form part of these financial statements

TERABOOTH LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents amounts received for rental income.Revenue is recognized when it is probable that future economic benefits will flow to the company and the revenue can be measured reliably.

Other accounting policies

Investment Property:Investment property is carried at fair value determined annually by the directors, considering professional advice and current market rent and investment property yields for comparable real estate properties in the area. This is adjusted, if need be, for differences in nature and specific condition of the asset. Gains are recognized in the income statement under other comprehensive income and deferred tax is provided for at the rate expected to be applied if the property were to be sold.Cash in hand and at bank:Cash is composed of cash in hand and deposits with financial institutions (Banks) repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in not less than 3 months from the date of acquisition and are easily convertible into cash without any significant loss of value.Prepayments:These are mainly prepaid insurance expenses.Creditors:Short term creditors are measured at the transaction price while long term loans (Bank loans) are measured initially at fair value, net of transaction costs and subsequently at amortized cost using the effective interest method.Finance Costs:These are charged to the Profit and loss account over the term of the loan using the effective interest method.Investment Property Revaluation:Investment property is property held to earn rental income and capital appreciation. It is initially held at cost (purchase price plus other attributable expenditure and subsequently revalued at the reporting date end. Changes in fair value are reported in other comprehensive income.The value of the properties is based on valuation as of 30 November 2023. The current valuation of fair value was carried out by the Company Directors based on the professional valuation conducted by an independent qualified surveyor and subsequent valuation estimates given by Zoopla. The Directors based their valuation on valuation estimates from Zoopla which uses data on: Previously sold prices of property and when it was soldChanges in the market value of similar properties sold nearbyProperty features, for example, the number of bedroomsLocal area information such as schools and crime rates

TERABOOTH LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

2. Employees

2023 2022
Average number of employees during the period 0 0

TERABOOTH LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

3. Fixed investments

There were no new purchases during the reporting period and the increase in investment property is as a result of a revaluation carried out as at the 30 November 2023.

TERABOOTH LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

4. Debtors

2023 2022
££
Debtors due after more than one year: 3,925 1,359

The Debtors as of 30 November 2023 is due to rent owed by a tenant amounting to £2700. Prepayments totaling £1225 are also included in this figure as the system does not make provision for recording of prepayments separately.

TERABOOTH LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

5. Creditors: amounts falling due within one year note

This comprises one month rent deposit of £1500 which is protected by a tenant deposit scheme and rent paid in advance by tenants of £2530 for the month of December 2023.

TERABOOTH LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

6. Creditors: amounts falling due after more than one year note

The Loan comprises of an interest only mortgage for four properties of £871,656, Directors Loan of £360,077 and a deferred tax provision of £32,489.

TERABOOTH LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2023

7. Revaluation reserve

2023
£
Balance at 01 December 2022 66,763
Surplus or deficit after revaluation 71,744
Balance at 30 November 2023 138,507