Company registration number 03558113 (England and Wales)
TERRELL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TERRELL LIMITED
CONTENTS
Page
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 11
TERRELL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TERRELL LIMITED
- 1 -
Opinion
We have audited the financial statements of Terrell Limited (the 'company') for the year ended 31 December 2023 which comprise , the balance sheet, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
TERRELL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TERRELL LIMITED
- 2 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
Inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www/frc/org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
TERRELL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TERRELL LIMITED
- 3 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Guy Armitage-Norton
(Senior Statutory Auditor)
For and on behalf of Milsted Langdon LLP
19 August 2024
Chartered Accountants & Statutory Auditors
Freshford House
Redcliffe Way
Bristol
BS1 6NL
TERRELL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
57,706
57,972
Investments
5
10
10
57,716
57,982
Current assets
Stocks
23,450
25,500
Debtors
7
500,951
505,371
Cash at bank and in hand
189,055
109,771
713,456
640,642
Creditors: amounts falling due within one year
8
(341,808)
(279,882)
Net current assets
371,648
360,760
Total assets less current liabilities
429,364
418,742
Creditors: amounts falling due after more than one year
9
(52,864)
(84,159)
Provisions for liabilities
(14,426)
(11,015)
Net assets
362,074
323,568
Capital and reserves
Called up share capital
80,000
80,000
Profit and loss reserves
282,074
243,568
Total equity
362,074
323,568
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 August 2024 and are signed on its behalf by:
Mr D J Conroy
Director
Company registration number 03558113 (England and Wales)
TERRELL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
80,000
220,389
300,389
Year ended 31 December 2022:
Profit and total comprehensive income
-
110,179
110,179
Dividends
-
(87,000)
(87,000)
Balance at 31 December 2022
80,000
243,568
323,568
Year ended 31 December 2023:
Profit and total comprehensive income
-
93,510
93,510
Dividends
-
(55,004)
(55,004)
Balance at 31 December 2023
80,000
282,074
362,074
TERRELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Company information
Terrell Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bank Road, Kingswood, Bristol, BS15 8LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Terrell Group s.a.s. These consolidated financial statements are available from its registered office, 11 rue Heinrich, 92100 Boulogne-Billancourt, France.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have made an assessment and have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
TERRELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
15% reducing balance
Computer equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Stocks
Stocks represents professional services that are work in progress, which is defined by the stage of completion. The work in progress is valued at the lower of cost and expected net realisable value.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
Financial assets and financial liabilities are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the financial instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the profit and loss account when there is objective evidence that the asset is impaired.
TERRELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.14
Interest income and expenses are recognised through the profit and loss account using the effective interest method.
TERRELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no estimates and assumptions which are considered to have significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
12
4
Tangible fixed assets
Equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
28,134
127,161
155,295
Additions
9,068
9,068
At 31 December 2023
28,134
136,229
164,363
Depreciation and impairment
At 1 January 2023
23,746
73,577
97,323
Depreciation charged in the year
658
8,676
9,334
At 31 December 2023
24,404
82,253
106,657
Carrying amount
At 31 December 2023
3,730
53,976
57,706
At 31 December 2022
4,388
53,584
57,972
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
TERRELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
10
10
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Terrell Architecture Ltd
England
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Terrell Architecture Ltd
3,805
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
457,265
385,150
Corporation tax recoverable
32,898
Amounts owed by group undertakings
12,049
50,432
Other debtors
31,637
36,891
500,951
505,371
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
25,000
25,000
Trade creditors
73,260
84,259
Corporation tax
18,674
Other taxation and social security
169,627
114,597
Other creditors
55,247
56,026
341,808
279,882
TERRELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
50,000
75,000
Other creditors
2,864
9,159
52,864
84,159
The company has a bank loan with a carrying amount of £75,000 (2022: £100,000). This loan is repayable monthly, with the final repayment date being December 2026. Interest is charged on the loan at a rate of 3.99% per annum.
HSBC Bank PLC holds a Debenture including a Fixed Charge over all present freehold and leasehold property; a First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 15 November 2007.
10
Audit report information
Statutory Auditor:
Milsted Langdon LLP
Date of audit report:
19 August 2024
11
Operating lease commitments
At the year end the company had outstanding commitments for future minimum lease payments under non-cancellable leases totaling £15,750 (2022: £5,997).
12
Events after the reporting date
On 2nd July 2024, the subsidiary Terrell Architecture Ltd was dissolved.
13
Directors' transactions
The loan to the director is interest free and repayable on demand.
Advances or credits have been granted by the company to its directors as follows:
Description
Opening balance
Closing balance
£
£
Director
9,761
9,761
9,761
9,761
14
Parent company
The ultimate controlling party of the company is Terrell Partners SAS, a company registered in address 11 Rue Heinrich, 92100 Boulogne-Billancourt, France.
2023-12-312023-01-01false19 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr D J ConroyMr P TerrellMr J A HanlonMs H Bissettfalsefalse035581132023-01-012023-12-31035581132023-12-31035581132022-12-3103558113core:PlantMachinery2023-12-3103558113core:ComputerEquipment2023-12-3103558113core:PlantMachinery2022-12-3103558113core:ComputerEquipment2022-12-3103558113core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103558113core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103558113core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103558113core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103558113core:CurrentFinancialInstruments2023-12-3103558113core:CurrentFinancialInstruments2022-12-3103558113core:Non-currentFinancialInstruments2023-12-3103558113core:Non-currentFinancialInstruments2022-12-3103558113core:ShareCapital2023-12-3103558113core:ShareCapital2022-12-3103558113core:RetainedEarningsAccumulatedLosses2023-12-3103558113core:RetainedEarningsAccumulatedLosses2022-12-3103558113core:ShareCapital2021-12-3103558113core:RetainedEarningsAccumulatedLosses2021-12-3103558113bus:Director12023-01-012023-12-3103558113core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31035581132022-01-012022-12-3103558113core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103558113core:PlantMachinery2023-01-012023-12-3103558113core:ComputerEquipment2023-01-012023-12-3103558113core:PlantMachinery2022-12-3103558113core:ComputerEquipment2022-12-31035581132022-12-310355811312023-01-012023-12-3103558113core:WithinOneYear2023-12-3103558113core:WithinOneYear2022-12-3103558113bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103558113bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103558113bus:FRS1022023-01-012023-12-3103558113bus:Audited2023-01-012023-12-3103558113bus:Director22023-01-012023-12-3103558113bus:Director32023-01-012023-12-3103558113bus:CompanySecretary12023-01-012023-12-3103558113bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP