Terradat (UK) Limited 02750402 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is geophysical surveying and investigations Digita Accounts Production Advanced 6.30.9574.0 true 02750402 2023-03-01 2024-02-29 02750402 2024-02-29 02750402 bus:CompanySecretaryDirector1 1 2024-02-29 02750402 bus:Director2 1 2024-02-29 02750402 bus:Director3 1 2024-02-29 02750402 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-02-29 02750402 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2024-02-29 02750402 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2024-02-29 02750402 core:CurrentFinancialInstruments 2024-02-29 02750402 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 02750402 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 02750402 core:FurnitureFittingsToolsEquipment 2024-02-29 02750402 core:LandBuildings 2024-02-29 02750402 core:MotorVehicles 2024-02-29 02750402 core:OtherPropertyPlantEquipment 2024-02-29 02750402 bus:SmallEntities 2023-03-01 2024-02-29 02750402 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 02750402 bus:FilletedAccounts 2023-03-01 2024-02-29 02750402 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 02750402 bus:RegisteredOffice 2023-03-01 2024-02-29 02750402 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 02750402 bus:CompanySecretaryDirector1 1 2023-03-01 2024-02-29 02750402 bus:Director2 2023-03-01 2024-02-29 02750402 bus:Director2 1 2023-03-01 2024-02-29 02750402 bus:Director3 2023-03-01 2024-02-29 02750402 bus:Director3 1 2023-03-01 2024-02-29 02750402 bus:Director4 2023-03-01 2024-02-29 02750402 bus:Director5 2023-03-01 2024-02-29 02750402 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-03-01 2024-02-29 02750402 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-03-01 2024-02-29 02750402 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2023-03-01 2024-02-29 02750402 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02750402 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 02750402 core:LandBuildings 2023-03-01 2024-02-29 02750402 core:MotorVehicles 2023-03-01 2024-02-29 02750402 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 02750402 core:PlantMachinery 2023-03-01 2024-02-29 02750402 countries:UnitedKingdom 2023-03-01 2024-02-29 02750402 2023-02-28 02750402 bus:CompanySecretaryDirector1 1 2023-02-28 02750402 bus:Director2 1 2023-02-28 02750402 bus:Director3 1 2023-02-28 02750402 core:FurnitureFittingsToolsEquipment 2023-02-28 02750402 core:LandBuildings 2023-02-28 02750402 core:MotorVehicles 2023-02-28 02750402 core:OtherPropertyPlantEquipment 2023-02-28 02750402 2022-03-01 2023-02-28 02750402 2023-02-28 02750402 bus:CompanySecretaryDirector1 1 2023-02-28 02750402 bus:Director2 1 2023-02-28 02750402 bus:Director3 1 2023-02-28 02750402 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-02-28 02750402 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-02-28 02750402 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2023-02-28 02750402 core:CurrentFinancialInstruments 2023-02-28 02750402 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 02750402 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 02750402 core:FurnitureFittingsToolsEquipment 2023-02-28 02750402 core:LandBuildings 2023-02-28 02750402 core:MotorVehicles 2023-02-28 02750402 core:OtherPropertyPlantEquipment 2023-02-28 02750402 bus:CompanySecretaryDirector1 1 2022-03-01 2023-02-28 02750402 bus:Director2 1 2022-03-01 2023-02-28 02750402 bus:Director3 1 2022-03-01 2023-02-28 02750402 bus:CompanySecretaryDirector1 1 2022-02-28 02750402 bus:Director2 1 2022-02-28 02750402 bus:Director3 1 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02750402

Terradat (UK) Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 29 February 2024

 

Terradat (UK) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Terradat (UK) Limited

Company Information

Directors

Mr NRW Russill

Dr JW Thomas

Dr RJ McDonald

Dr SR Hughes

Mr C Bird

Company secretary

Mr NRW Russill

Registered office

Unit 1 Link Trade Park
Penarth Road
Cardiff
South Wales
CF11 8TQ

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Terradat (UK) Limited

(Registration number: 02750402)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

716,550

627,109

Current assets

 

Stocks

5

75,000

55,000

Debtors

325,215

197,578

Cash at bank and in hand

 

528,549

322,391

 

928,764

574,969

Prepayments and accrued income

 

36,658

27,257

Creditors: Amounts falling due within one year

6.1

(269,153)

(165,623)

Net current assets

 

696,269

436,603

Total assets less current liabilities

 

1,412,819

1,063,712

Creditors: Amounts falling due after more than one year

6.2

(191,651)

(164,252)

Provisions for liabilities

(82,916)

(50,087)

Accruals and deferred income

 

(87,428)

(12,475)

Net assets

 

1,050,824

836,898

Capital and reserves

 

Called up share capital

7

1,845

1,845

Capital redemption reserve

18

18

Retained earnings

1,048,961

835,035

Shareholders' funds

 

1,050,824

836,898

 

Terradat (UK) Limited

(Registration number: 02750402)
Abridged Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................

Mr NRW Russill
Company secretary and director

 

Terradat (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 1 Link Trade Park
Penarth Road
Cardiff
South Wales
CF11 8TQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Terradat (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated, this is a departure from FRS 102

Plant and machinery

15% reducing balance

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Terradat (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Terradat (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 21).

 

Terradat (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

379,708

252,357

95,127

690,863

1,418,055

Additions

-

3,878

36,940

97,966

138,784

At 29 February 2024

379,708

256,235

132,067

788,829

1,556,839

Depreciation

At 1 March 2023

-

207,283

77,057

506,606

790,946

Charge for the year

-

7,030

10,813

31,500

49,343

At 29 February 2024

-

214,313

87,870

538,106

840,289

Carrying amount

At 29 February 2024

379,708

41,922

44,197

250,723

716,550

At 28 February 2023

379,708

45,074

18,070

184,257

627,109

Included within the net book value of land and buildings above is £379,708 (2023 - £379,708) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

75,000

55,000

6

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £29,944 (2023 - £16,021).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £191,651 (2023 - £164,252).

Creditors include bank loans repayable by instalments of £121,169 (2023 - £123,537) due after more than five years.

 

Terradat (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,712

1,712

1,712

1,712

Ordinary B of £1 each

17

17

17

17

Ordinary C of £1 each

116

116

116

116

1,845

1,845

1,845

1,845

 

Terradat (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

8

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr NRW Russill

Advances and repayments

(2,172)

(996)

4,195

1,027

Dr RJ McDonald

Advances and repayments

(2,172)

(744)

3,943

1,027

Dr JW Thomas

Advances and repayments

1,074

(270)

624

1,428

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr NRW Russill

Advances and repayments

(4,976)

(2,532)

5,336

(2,172)

Dr RJ McDonald

Advances and repayments

(4,501)

(1,863)

4,192

(2,172)

Dr JW Thomas

Advances and repayments

720

(270)

624

1,074

Other transactions with directors

During the year the directors made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date the amount due to/(from) the directors was £3,482 (2023: £(3,270)).