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REGISTERED NUMBER: 11254826 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

TERRA EXPLORERS LIMITED

TERRA EXPLORERS LIMITED (REGISTERED NUMBER: 11254826)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


TERRA EXPLORERS LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Dr P A Vingoe
M R Karpuz
M R Avery





REGISTERED OFFICE: Saxton House
1 The Nightingales
Biddenden
Ashford
Kent
TN27 8HN





REGISTERED NUMBER: 11254826 (England and Wales)





ACCOUNTANTS: Watson & Co.
Oakfield House
378 Brandon Street
Motherwell
NORTH LANARKSHIRE
ML1 1XA

TERRA EXPLORERS LIMITED (REGISTERED NUMBER: 11254826)

Abridged Balance Sheet
31 December 2023

2023 2022
Notes $    $    $    $   
FIXED ASSETS
Investments 4 100,000 100,000

CURRENT ASSETS
Debtors 205,955 205,955
Cash at bank 9,467 10,488
215,422 216,443
CREDITORS
Amounts falling due within one year 1,156 1,156
NET CURRENT ASSETS 214,266 215,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

314,266

315,287

CAPITAL AND RESERVES
Called up share capital 185,875 185,875
Share premium 2,548,455 2,548,455
Other reserves 770,000 -
Retained earnings (3,190,064 ) (2,419,043 )
314,266 315,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TERRA EXPLORERS LIMITED (REGISTERED NUMBER: 11254826)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





Dr P A Vingoe - Director


TERRA EXPLORERS LIMITED (REGISTERED NUMBER: 11254826)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in US Dollars (US$) which is the functional currency of the company.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash at bank and in hand
Cash at bank and in hand 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.

Going concern
The company prepares its accounts on the basis that it remains a going concern; that is that there is the assumption that the functions of the company will continue in operational existence.

TERRA EXPLORERS LIMITED (REGISTERED NUMBER: 11254826)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

General provisions
The company accounts for income and expenditure in the period to which the service has taken place, rather than when cash payments are received or made.

Where income and expenditure has been recognised but cash has not been received or paid, a debtor or creditor for the relevant amount is recorded in the Balance Sheet.

Equally, where cash has been received or paid which is not yet recognised as income or expenditure, a creditor (income in advance) or debtor (payment in advance) is recorded in the Balance Sheet.

Impairment of assets
At each reporting date fixed and intangible assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. FIXED ASSET INVESTMENTS

The fixed asset investment represents 100% of the issued share capital in Terra Explorers Limited Mongolia LLC, a limited liability company incorporated in Mongolia. The Directors consider the investment to be worth not less than cost.

5. RELATED PARTY DISCLOSURES

A loan exists between the company and Terra Explorers Limited Mongolia LLC, a 100% owned subsidiary. No interest is charged and there are no fixed terms for repayment.

6. ULTIMATE CONTROLLING PARTY

Mr Mehmed Ridvan Karpuz is considered to be a person of significant control by virtue of his shareholding.