2023-01-012023-12-312023-12-31false08079150TERRAVESTA IP LIMITED2024-09-24iso4217:GBPxbrli:pure080791502023-01-01080791502023-12-31080791502023-01-012023-12-31080791502022-01-01080791502022-12-31080791502022-01-012022-12-3108079150bus:SmallEntities2023-01-012023-12-3108079150bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3108079150bus:FullAccounts2023-01-012023-12-3108079150bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108079150core:WithinOneYear2023-12-3108079150core:AfterOneYear2023-12-3108079150core:WithinOneYear2022-12-3108079150core:AfterOneYear2022-12-3108079150core:ShareCapital2023-12-3108079150core:SharePremium2023-12-3108079150core:RevaluationReserve2023-12-3108079150core:OtherReservesSubtotal2023-12-3108079150core:RetainedEarningsAccumulatedLosses2023-12-3108079150core:ShareCapital2022-12-3108079150core:SharePremium2022-12-3108079150core:RevaluationReserve2022-12-3108079150core:OtherReservesSubtotal2022-12-3108079150core:RetainedEarningsAccumulatedLosses2022-12-3108079150core:LandBuildings2023-12-3108079150core:PlantMachinery2023-12-3108079150core:Vehicles2023-12-3108079150core:FurnitureFittings2023-12-3108079150core:OfficeEquipment2023-12-3108079150core:NetGoodwill2023-12-3108079150core:IntangibleAssetsOtherThanGoodwill2023-12-3108079150core:ListedExchangeTraded2023-12-3108079150core:UnlistedNon-exchangeTraded2023-12-3108079150core:LandBuildings2022-12-3108079150core:PlantMachinery2022-12-3108079150core:Vehicles2022-12-3108079150core:FurnitureFittings2022-12-3108079150core:OfficeEquipment2022-12-3108079150core:NetGoodwill2022-12-3108079150core:IntangibleAssetsOtherThanGoodwill2022-12-3108079150core:ListedExchangeTraded2022-12-3108079150core:UnlistedNon-exchangeTraded2022-12-3108079150core:LandBuildings2023-01-012023-12-3108079150core:PlantMachinery2023-01-012023-12-3108079150core:Vehicles2023-01-012023-12-3108079150core:FurnitureFittings2023-01-012023-12-3108079150core:OfficeEquipment2023-01-012023-12-3108079150core:NetGoodwill2023-01-012023-12-3108079150core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108079150core:ListedExchangeTraded2023-01-012023-12-3108079150core:UnlistedNon-exchangeTraded2023-01-012023-12-3108079150core:MoreThanFiveYears2023-01-012023-12-3108079150core:Non-currentFinancialInstruments2023-12-3108079150core:Non-currentFinancialInstruments2022-12-3108079150dpl:CostSales2023-01-012023-12-3108079150dpl:DistributionCosts2023-01-012023-12-3108079150core:LandBuildings2023-01-012023-12-3108079150core:PlantMachinery2023-01-012023-12-3108079150core:Vehicles2023-01-012023-12-3108079150core:FurnitureFittings2023-01-012023-12-3108079150core:OfficeEquipment2023-01-012023-12-3108079150dpl:AdministrativeExpenses2023-01-012023-12-3108079150core:NetGoodwill2023-01-012023-12-3108079150core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108079150dpl:GroupUndertakings2023-01-012023-12-3108079150dpl:ParticipatingInterests2023-01-012023-12-3108079150dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3108079150core:ListedExchangeTraded2023-01-012023-12-3108079150dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3108079150core:UnlistedNon-exchangeTraded2023-01-012023-12-3108079150dpl:CostSales2022-01-012022-12-3108079150dpl:DistributionCosts2022-01-012022-12-3108079150core:LandBuildings2022-01-012022-12-3108079150core:PlantMachinery2022-01-012022-12-3108079150core:Vehicles2022-01-012022-12-3108079150core:FurnitureFittings2022-01-012022-12-3108079150core:OfficeEquipment2022-01-012022-12-3108079150dpl:AdministrativeExpenses2022-01-012022-12-3108079150core:NetGoodwill2022-01-012022-12-3108079150core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3108079150dpl:GroupUndertakings2022-01-012022-12-3108079150dpl:ParticipatingInterests2022-01-012022-12-3108079150dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3108079150core:ListedExchangeTraded2022-01-012022-12-3108079150dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3108079150core:UnlistedNon-exchangeTraded2022-01-012022-12-3108079150core:NetGoodwill2023-12-3108079150core:IntangibleAssetsOtherThanGoodwill2023-12-3108079150core:LandBuildings2023-12-3108079150core:PlantMachinery2023-12-3108079150core:Vehicles2023-12-3108079150core:FurnitureFittings2023-12-3108079150core:OfficeEquipment2023-12-3108079150core:AfterOneYear2023-12-3108079150core:WithinOneYear2023-12-3108079150core:ListedExchangeTraded2023-12-3108079150core:UnlistedNon-exchangeTraded2023-12-3108079150core:ShareCapital2023-12-3108079150core:SharePremium2023-12-3108079150core:RevaluationReserve2023-12-3108079150core:OtherReservesSubtotal2023-12-3108079150core:RetainedEarningsAccumulatedLosses2023-12-3108079150core:NetGoodwill2022-12-3108079150core:IntangibleAssetsOtherThanGoodwill2022-12-3108079150core:LandBuildings2022-12-3108079150core:PlantMachinery2022-12-3108079150core:Vehicles2022-12-3108079150core:FurnitureFittings2022-12-3108079150core:OfficeEquipment2022-12-3108079150core:AfterOneYear2022-12-3108079150core:WithinOneYear2022-12-3108079150core:ListedExchangeTraded2022-12-3108079150core:UnlistedNon-exchangeTraded2022-12-3108079150core:ShareCapital2022-12-3108079150core:SharePremium2022-12-3108079150core:RevaluationReserve2022-12-3108079150core:OtherReservesSubtotal2022-12-3108079150core:RetainedEarningsAccumulatedLosses2022-12-3108079150core:NetGoodwill2022-01-0108079150core:IntangibleAssetsOtherThanGoodwill2022-01-0108079150core:LandBuildings2022-01-0108079150core:PlantMachinery2022-01-0108079150core:Vehicles2022-01-0108079150core:FurnitureFittings2022-01-0108079150core:OfficeEquipment2022-01-0108079150core:AfterOneYear2022-01-0108079150core:WithinOneYear2022-01-0108079150core:ListedExchangeTraded2022-01-0108079150core:UnlistedNon-exchangeTraded2022-01-0108079150core:ShareCapital2022-01-0108079150core:SharePremium2022-01-0108079150core:RevaluationReserve2022-01-0108079150core:OtherReservesSubtotal2022-01-0108079150core:RetainedEarningsAccumulatedLosses2022-01-0108079150core:AfterOneYear2023-01-012023-12-3108079150core:WithinOneYear2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:CostValuation2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3108079150core:Non-currentFinancialInstrumentscore:CostValuation2023-12-3108079150core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-12-3108079150core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-12-3108079150core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-12-3108079150core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-12-3108079150core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-12-3108079150core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-12-3108079150core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-12-3108079150core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-12-3108079150core:Non-currentFinancialInstrumentscore:CostValuation2022-12-3108079150core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-12-3108079150core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-12-3108079150core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-12-3108079150core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-12-3108079150core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-12-3108079150core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-12-3108079150core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-12-3108079150core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-12-3108079150bus:Director12023-01-012023-12-31

TERRAVESTA IP LIMITED

Registered Number
08079150
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

TERRAVESTA IP 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

LN1 5AB


Registered Number

08079150 (England and Wales)
TERRAVESTA IP LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets31,147,5881,541,901
1,147,5881,541,901
Current assets
Debtors52,113-
Cash at bank and on hand1,0021,216
3,1151,216
Creditors amounts falling due within one year6(5,205,508)(5,139,310)
Net current assets (liabilities)(5,202,393)(5,138,094)
Total assets less current liabilities(4,054,805)(3,596,193)
Creditors amounts falling due after one year7(10,833)(15,833)
Net assets(4,065,638)(3,612,026)
Capital and reserves
Called up share capital100100
Profit and loss account(4,065,738)(3,612,126)
Shareholders' funds(4,065,638)(3,612,026)
The financial statements were approved and authorised for issue by the Director on 24 September 2024, and are signed on its behalf by:
Mr W Cracroft-Eley
Director
Registered Company No. 08079150
TERRAVESTA IP 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).
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
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Asset class: Development costs Amortisation method and rate: On a straight line basis over five years
Development costs
Capitalised development costs are stated at cost less accumulated amortisation and accumulated impairment losses (cost model). Amortisation is recognised using the straight-line basis and results in the carrying amount being expensed in profit or loss over the estimated useful life.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery3
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.Intangible assets
The aggregate amount of research and development expenditure recognised as an expense during the period is £30,389 (2022 - £23,796).

Other

Total

££
Cost or valuation
At 01 January 231,971,5641,971,564
At 31 December 231,971,5641,971,564
Amortisation and impairment
At 01 January 23429,663429,663
Charge for year394,313394,313
At 31 December 23823,976823,976
Net book value
At 31 December 231,147,5881,147,588
At 31 December 221,541,9011,541,901
4.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 2315,69115,691
At 31 December 2315,69115,691
Depreciation and impairment
At 01 January 2315,69115,691
At 31 December 2315,69115,691
Net book value
At 31 December 23--
At 31 December 22--
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables949-
Other debtors1,164-
Total2,113-
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables6,99512
Bank borrowings and overdrafts5,0005,000
Amounts owed to related parties4,682,6334,623,315
Taxation and social security-103
Other creditors510,880510,880
Total5,205,5085,139,310
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts10,83315,833
Total10,83315,833
8.Related party transactions
Group companies At the year end £nil (2022 - £nil) was owed to Terravesta IP Limited by group companies and £4,682,633 (2022 - £4,623,315) was owed to group companies by Terravesta IP Limited.
9.Controlling party
The company's immediate parent is Terravesta Holdings Limited, incorporated in England.