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Company Registration No. 08721598 (England and Wales)
Terrabotics Ltd Unaudited accounts for the year ended 30 November 2023
Terrabotics Ltd Unaudited accounts Contents
Page
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Terrabotics Ltd Company Information for the year ended 30 November 2023
Director
Gareth Morgan
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
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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
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Terrabotics Ltd Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,017 
5,524 
Current assets
Debtors
269,319 
320,716 
Cash at bank and in hand
18,813 
133,365 
288,132 
454,081 
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 
Capital and reserves
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
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Terrabotics Ltd Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
Going concern
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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Terrabotics Ltd Notes to the Accounts for the year ended 30 November 2023
EMI Share Option Scheme
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 
£ 
Cost or valuation
At cost 
At 1 December 2022
26,268 
At 30 November 2023
26,268 
Depreciation
At 1 December 2022
20,744 
Charge for the year
2,507 
At 30 November 2023
23,251 
Net book value
At 30 November 2023
3,017 
At 30 November 2022
5,524 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
381 
10,598 
Trade debtors
66,991 
143,189 
Accrued income and prepayments
31,101 
67,933 
Other debtors
170,846 
98,996 
269,319 
320,716 
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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 
Accruals
37,526 
29,620 
Deferred income
9,692 
843 
350,467 
331,200 
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 
£ 
£ 
Bank loans
61,588 
70,714 
8
Share capital
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
- 
- 
1.26 
1.26 
9
Average number of employees
During the year the average number of employees was 8 (2022: 11).
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