IRIS Accounts Production v24.2.0.383 02879172 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028791722022-12-31028791722023-12-31028791722023-01-012023-12-31028791722021-12-31028791722022-01-012022-12-31028791722022-12-3102879172ns15:EnglandWales2023-01-012023-12-3102879172ns14:PoundSterling2023-01-012023-12-3102879172ns10:Director12023-01-012023-12-3102879172ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102879172ns10:SmallEntities2023-01-012023-12-3102879172ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3102879172ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102879172ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102879172ns10:FullAccounts2023-01-012023-12-3102879172ns10:OrdinaryShareClass12023-01-012023-12-3102879172ns10:OrdinaryShareClass22023-01-012023-12-3102879172ns10:OrdinaryShareClass32023-01-012023-12-3102879172ns10:Director22023-01-012023-12-3102879172ns10:RegisteredOffice2023-01-012023-12-3102879172ns5:CurrentFinancialInstruments2023-12-3102879172ns5:CurrentFinancialInstruments2022-12-3102879172ns5:ShareCapital2023-12-3102879172ns5:ShareCapital2022-12-3102879172ns5:SharePremium2023-12-3102879172ns5:SharePremium2022-12-3102879172ns5:CapitalRedemptionReserve2023-12-3102879172ns5:CapitalRedemptionReserve2022-12-3102879172ns5:RetainedEarningsAccumulatedLosses2023-12-3102879172ns5:RetainedEarningsAccumulatedLosses2022-12-3102879172ns5:PlantMachinery2023-01-012023-12-3102879172ns5:PlantMachinery2022-12-3102879172ns5:PlantMachinery2023-12-3102879172ns5:PlantMachinery2022-12-3102879172ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102879172ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102879172ns5:WithinOneYear2023-12-3102879172ns5:WithinOneYear2022-12-3102879172ns5:BetweenOneFiveYears2023-12-3102879172ns5:BetweenOneFiveYears2022-12-3102879172ns5:AllPeriods2023-12-3102879172ns5:AllPeriods2022-12-3102879172ns10:OrdinaryShareClass12023-12-3102879172ns10:OrdinaryShareClass22023-12-3102879172ns10:OrdinaryShareClass32023-12-31
REGISTERED NUMBER: 02879172 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TERRAFIRMA DEVELOPMENTS LIMITED

TERRAFIRMA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02879172)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TERRAFIRMA DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M P Lhermette
Mrs J F Lhermette





REGISTERED OFFICE: The Farm Office
Lamberhurst Farm
Dargate
Faversham
Kent
ME13 9EP





REGISTERED NUMBER: 02879172 (England and Wales)





ACCOUNTANTS: Carleys
Second Floor South
The Fitted Rigging House
The Historic Dockyard
Chatham
Kent
ME4 4TZ

TERRAFIRMA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02879172)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,583 24,292

CURRENT ASSETS
Stocks 297,174 297,174
Debtors 5 120,932 87,703
Cash at bank 310,319 196,071
728,425 580,948
CREDITORS
Amounts falling due within one year 6 97,721 62,407
NET CURRENT ASSETS 630,704 518,541
TOTAL ASSETS LESS CURRENT
LIABILITIES

656,287

542,833

PROVISIONS FOR LIABILITIES 6,396 6,073
NET ASSETS 649,891 536,760

CAPITAL AND RESERVES
Called up share capital 8 71,250 71,250
Share premium 4,554 4,554
Capital redemption reserve 3,750 3,750
Retained earnings 570,337 457,206
SHAREHOLDERS' FUNDS 649,891 536,760

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.

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

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 16 September 2024 and were signed on its behalf by:




M P Lhermette - Director


TERRAFIRMA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02879172)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Terrafirma Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Stocks
Stock consists of development land valued at the net book value of land transferred from fixed assets plus further development costs incurred in connection with the development land.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

TERRAFIRMA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02879172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 152,539
Additions 5,789
Disposals (1,074 )
At 31 December 2023 157,254
DEPRECIATION
At 1 January 2023 128,247
Charge for year 4,537
Eliminated on disposal (1,113 )
At 31 December 2023 131,671
NET BOOK VALUE
At 31 December 2023 25,583
At 31 December 2022 24,292

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,952 6,625
Other debtors 113,980 81,078
120,932 87,703

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 21,883 18,104
Taxation and social security 62,863 32,122
Other creditors 12,975 12,181
97,721 62,407

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 28,138 28,138
Between one and five years 84,414 112,552
112,552 140,690

TERRAFIRMA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02879172)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40,500 Ordinary A £1 40,500 40,500
27,000 Ordinary B £1 27,000 27,000
3,750 Ordinary C £1 3,750 3,750
71,250 71,250

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced loans to the directors totalling £112,305 (2022: £61,388) and received repayments totalling £62,100 (2022: £74,327). The loans outstanding at the balance sheet date totalled £112,305 (2022: £61,388). Interest is charged on these loans at the official rates set by HMRC and the loans were repaid after the year end.