2023-01-012023-12-312023-12-31false08110983TERRAVESTA ENERGY 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TERRAVESTA ENERGY LIMITED

Registered Number
08110983
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

TERRAVESTA ENERGY LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Mr W Cracroft-Eley

Company Secretary

Mr R J Eke

Registered Address

12 Tentercroft Street
Lincoln
LN5 7DB

Place of Business

Unit 4

Riverside Enterprise Park

Saxilby

Lincoln

LM1 5AB


Registered Number

08110983 (England and Wales)
TERRAVESTA ENERGY LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors3149,363178,684
Cash at bank and on hand3,9017,077
153,264185,761
Creditors amounts falling due within one year4(10,013)(10,013)
Net current assets (liabilities)143,251175,748
Total assets less current liabilities143,251175,748
Creditors amounts falling due after one year5(24,988)(31,667)
Net assets118,263144,081
Capital and reserves
Called up share capital100100
Profit and loss account118,163143,981
Shareholders' funds118,263144,081
The financial statements were approved and authorised for issue by the Director on 20 September 2024, and are signed on its behalf by:
Mr W Cracroft-Eley
Director
Registered Company No. 08110983
TERRAVESTA ENERGY LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Borrowing costs
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.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year11
3.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings149,363171,110
Total149,363171,110
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1313
Bank borrowings and overdrafts10,00010,000
Total10,01310,013
5.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts24,98831,667
Total24,98831,667
Other borrowings Factoring debt with a carrying amount of £3,322 (2022 - £Nil) is denominated in £ . The factoring debt is secured on the related sales ledger balances.
6.Related party transactions
Group companies During the year management fees of £425,000 (2022 - £200,000) were paid to group companies. At the year end £149,363 (2022 - £171,110) was owed to Terravesta Energy Limited by group companies and £Nil (2022 - £Nil) was owed to group companies by Terravesta Energy Limited.
7.Parent-subsidiary relationships
The company's immediate parent is Terravesta Limited, incorporated in England. The ultimate parent is Terravesta Holdings Limited, incorporated in England.