Company Registration No. 12306160 (England and Wales)
TERRANOVA ASSET MANAGEMENT LIMITED
ABRIDGED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TERRANOVA ASSET MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TERRANOVA ASSET MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
354
810
Investments
5
36,498,807
6,260,613
36,499,161
6,261,423
Current assets
Debtors
6
3,661,418
519,727
Cash at bank and in hand
1,625,078
8,639,913
5,286,496
9,159,640
Creditors: amounts falling due within one year
7
(26,318)
(184,112)
Net current assets
5,260,178
8,975,528
Net assets
41,759,339
15,236,951
Capital and reserves
Called up share capital
555
555
Profit and loss reserves
41,758,784
15,236,396
Total equity
41,759,339
15,236,951

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 and signed by the director and authorised for issue on 12 September 2024
Dr S Edwards
Director
Company Registration No. 12306160
TERRANOVA ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Terranova Asset Management Limited is a private company limited by shares incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

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:

Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
1.3
Taxation

The tax expense represents corporation tax currently payable.

1.4
Foreign currencies

Transactions in currencies other than pounds sterling are recorded at an average rate of exchange at the dates of the transactions. Monetary assets and liabilities that are denominated in foreign currencies are retranslated at the actual rates prevailing on 31 December 2022. Gains and losses arising on translation in the year are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was as follows:

2023
2022
Number
Number
Total
1
1
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
11,318
177,584
TERRANOVA ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
960
2,030
2,990
Depreciation
At 1 January 2023
488
1,692
2,180
Depreciation charged in the year
118
338
456
At 31 December 2023
606
2,030
2,636
Net book value
At 31 December 2023
354
-
0
354
At 31 December 2022
472
338
810
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
550
Other investments other than loans
36,498,807
6,260,063
36,498,807
6,260,613
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
550
6,260,063
6,260,613
Additions
-
36,498,782
36,498,782
Disposals
(550)
(6,260,038)
(6,260,588)
At 31 December 2023
-
36,498,807
36,498,807
Carrying amount
At 31 December 2023
-
36,498,807
36,498,807
At 31 December 2022
550
6,260,063
6,260,613
TERRANOVA ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Director's current account
3,559,008
475,139
Other debtors
102,410
44,588
3,661,418
519,727
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
11,318
177,584
Accruals
15,000
6,528
26,318
184,112
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityS C Edwardsfalsefalse12306160123061602023-01-012023-12-31123061602023-12-31123061602022-12-3112306160core:FurnitureFittings2023-12-3112306160core:ComputerEquipment2023-12-3112306160core:FurnitureFittings2022-12-3112306160core:ComputerEquipment2022-12-3112306160core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3112306160core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112306160core:CurrentFinancialInstruments2023-12-3112306160core:CurrentFinancialInstruments2022-12-3112306160core:ShareCapital2023-12-3112306160core:ShareCapital2022-12-3112306160core:RetainedEarningsAccumulatedLosses2023-12-3112306160core:RetainedEarningsAccumulatedLosses2022-12-3112306160bus:Director12023-01-012023-12-3112306160core:FurnitureFittings2023-01-012023-12-3112306160core:ComputerEquipment2023-01-012023-12-31123061602022-01-012022-12-3112306160core:UKTax2023-01-012023-12-3112306160core:UKTax2022-01-012022-12-3112306160core:FurnitureFittings2022-12-3112306160core:ComputerEquipment2022-12-31123061602022-12-3112306160core:Non-currentFinancialInstruments2023-12-3112306160core:Non-currentFinancialInstruments2022-12-3112306160bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112306160bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112306160bus:FRS1022023-01-012023-12-3112306160bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3112306160bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP