Company Registration No. 08721598 (England and Wales)
Terrabotics Ltd
Unaudited accounts
for the year ended 30 November 2023
Terrabotics Ltd
Unaudited accounts
Contents
Terrabotics Ltd
Company Information
for the year ended 30 November 2023
Company Number
08721598 (England and Wales)
Registered Office
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
Accountants
Barnes & Scott
86-90 Paul Street
Shoreditch
London
EC2A 4NE
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Terrabotics Ltd for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Terrabotics Ltd for the year ended
30 November 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Terrabotics Ltd, as a body, in accordance with the terms of our engagement letter dated 11 April 2016. Our work has been undertaken solely to prepare for your approval the accounts of Terrabotics Ltd and state those matters that we have agreed to state to the Board of Directors of Terrabotics Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Terrabotics Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Terrabotics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Terrabotics Ltd. You consider that Terrabotics Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Terrabotics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott
Chartered Accountants
86-90 Paul Street
Shoreditch
London
EC2A 4NE
30 August 2024
Terrabotics Ltd
Statement of financial position
as at 30 November 2023
Tangible assets
3,017
5,524
Cash at bank and in hand
18,813
133,365
Creditors: amounts falling due within one year
(350,467)
(331,200)
Net current (liabilities)/assets
(62,335)
122,881
Total assets less current liabilities
(59,318)
128,405
Creditors: amounts falling due after more than one year
(61,588)
(70,714)
Net (liabilities)/assets
(120,906)
57,691
Called up share capital
1
1
Share premium
491,466
491,466
Capital contribution reserve
371
5,375
Profit and loss account
(612,744)
(439,151)
Shareholders' funds
(120,906)
57,691
For the year ending 30 November 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 August 2024 and were signed on its behalf by
Gareth Morgan
Director
Company Registration No. 08721598
Terrabotics Ltd
Notes to the Accounts
for the year ended 30 November 2023
Terrabotics Ltd is a private company, limited by shares, registered in England and Wales, registration number 08721598. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis In preparing the financial statements.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% straight line
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Expenditure on research and development is written off in the year in which it is incurred.
Terrabotics Ltd
Notes to the Accounts
for the year ended 30 November 2023
The company has an EMI approved share option scheme in place. The options vest both over time and in relation to specific performance conditions and are settled by equity on exercise.
At the period end there were 191,563 options in issue, with 11,563 having vested. The company has entered a credit of £5,004 through the profit and loss account, being the estimated fair value of the net movement in share options this period.
The number and weighted average exercise prices of the share options are as follows:
(i) outstanding at the beginning of the period: 408,563 options at a weighted average exercise price of £0.0850;
(ii) granted during the period: Nil;
(iii) forfeited during the period: 217,000 options at a weighted average exercise price of £0.0433;
(iv) exercised during the period: Nil;
(v) expired during the period: Nil;
(vi) outstanding at the end of the period: 191,563 options at a weighted average exercise price of £0.1319; and
(vii) exercisable at the end of the period: 11,563 options at a weighted average exercise price of £0.0433;
4
Tangible fixed assets
Computer equipment
At 30 November 2023
26,268
At 30 November 2023
23,251
Amounts falling due within one year
Trade debtors
66,991
143,189
Accrued income and prepayments
31,101
67,933
Other debtors
170,846
98,996
Terrabotics Ltd
Notes to the Accounts
for the year ended 30 November 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
26,139
50,753
Trade creditors
34,795
75,228
Taxes and social security
4,365
21,261
Other creditors
49,335
73,261
Loans from directors
188,615
80,234
The director loan is measured at transaction price and is interest free and repayable on demand.
7
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
126,795 Ordinary shares GBP of £0.00001 each
1.26
1.26
242 B Ordinary Non Voting GBP of £0.00001 each
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-
9
Average number of employees
During the year the average number of employees was 8 (2022: 11).