Registered number
05114221
Terrain Surveys Limited
Unaudited Filleted Accounts
31 March 2024
Terrain Surveys Limited
Registered number: 05114221
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 202,058 194,431
Investments 4 1,909 1,020
203,967 195,451
Current assets
Stocks 6,743 7,935
Debtors 5 588,662 519,643
Cash at bank and in hand 411,582 412,898
1,006,987 940,476
Creditors: amounts falling due within one year 6 (378,056) (371,852)
Net current assets 628,931 568,624
Total assets less current liabilities 832,898 764,075
Creditors: amounts falling due after more than one year 7 (368,745) (352,526)
Provisions for liabilities (38,391) (36,942)
Net assets 425,762 374,607
Capital and reserves
Called up share capital 766 746
Share premium 9,850 3,290
Profit and loss account 415,146 370,571
Shareholders' funds 425,762 374,607
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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
John Lane
John Lane
Director
Approved by the board on 16 August 2024
Terrain Surveys Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Preparation of consolidated financial statements
The financial statements contain information about Terrain Surveys Limited as an individual company and do not contain consolidated financial information as parent of a group. The company is exempt under section 399(2A) of Companies Act, 2006 from the requirements to prepare the consolidated financial statments.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 5 years
Motor Vehicle over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is imparied arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial assets which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 24
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 2,625 590,144 592,769
Additions - 81,220 81,220
At 31 March 2024 2,625 671,364 673,989
Depreciation
At 1 April 2023 2,625 395,713 398,338
Charge for the year - 73,593 73,593
At 31 March 2024 2,625 469,306 471,931
Net book value
At 31 March 2024 - 202,058 202,058
At 31 March 2023 - 194,431 194,431
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 1,020
Additions 889
At 31 March 2024 1,909
Terrain Surveys holds 75% of the shareholding in Amethyst Surveys Limited
5 Debtors 2024 2023
£ £
Trade debtors 324,037 258,129
Amounts owed by group undertakings and undertakings in which the company has a participating interest 152,501 150,585
Financial asset loan option 9,511 9,511
Other debtors 102,613 101,418
588,662 519,643
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 40,258 9,932
Obligations under finance lease and hire purchase contracts 25,584 24,232
Trade creditors 74,431 71,412
Taxation and social security costs 164,580 134,001
Funding Circle loan 8,707 33,991
Other creditors 64,496 98,284
378,056 371,852
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,347 23,274
Obligations under finance lease and hire purchase contracts 14,217 39,436
Funding Circle loan - 8,707
Benefit liability - Loan option 341,181 281,109
368,745 352,526
8 Other information
Terrain Surveys Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bridge Chambers
28a High Street
Welwyn
Hertfordshire
AL6 9EQ
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