2023-01-012023-12-312023-12-31false07791830TERRAVESTA ASSURED ENERGY CROPS 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TERRAVESTA ASSURED ENERGY CROPS LIMITED

Registered Number
07791830
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

TERRAVESTA ASSURED ENERGY CROPS 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

07791830 (England and Wales)
TERRAVESTA ASSURED ENERGY CROPS LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets310,4027,492
Investments435,00035,000
45,40242,492
Current assets
Stocks5234,949120,552
Debtors622,99454,610
Cash at bank and on hand3,61012,915
261,553188,077
Creditors amounts falling due within one year7(470,421)(391,264)
Net current assets (liabilities)(208,868)(203,187)
Total assets less current liabilities(163,466)(160,695)
Creditors amounts falling due after one year8(22,500)(33,266)
Net assets(185,966)(193,961)
Capital and reserves
Called up share capital100100
Profit and loss account(186,066)(194,061)
Shareholders' funds(185,966)(193,961)
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. 07791830
TERRAVESTA ASSURED ENERGY CROPS 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). Group accounts not prepared The company is exempt from the obligation to prepare and deliver group accounts.
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.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
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.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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: Asset class Depreciation method and rate Other property, plant and equipment 20% and 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Business combinations Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
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.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 2331,52131,521
Additions8,3508,350
At 31 December 2339,87139,871
Depreciation and impairment
At 01 January 2324,02924,029
Charge for year5,4405,440
At 31 December 2329,46929,469
Net book value
At 31 December 2310,40210,402
At 31 December 227,4927,492
4.Fixed asset investments
Details of undertakings Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows: Bisel Limited, Estate Office Hackthorn Hall, Hackthorn, Lincoln, Lincolnshire ,LN2 3PQ, England with a holding of Ordinary A shares with a proportion of voting rights and shares held of 98.99% (2022 98.99%) Bisel Limited with a holding of Ordinary B shares with a proportion of voting rights and shares held of 46.27% (2022 46.27%) Bicep Limited, Estate Office Hackthorn Hall, Hackthorn, Lincoln, Lincolnshire, LN2 3PQ, England with a holding of Ordinary shares with a proportion of voting rights and shares held of 100% (2022 100%) Subsidiary undertakings Bisel Limited The principal activity of Bisel Limited is post harvest crop activities. Bicep Limited The principal activity of Bicep Limited is processing of bio fuels.

Investments in groups1

Total

££
Cost or valuation
At 01 January 2335,00035,000
At 31 December 2335,00035,000
Net book value
At 31 December 2335,00035,000
At 31 December 2235,00035,000

Notes

1Investments in group undertakings and participating interests
5.Stocks

2023

2022

££
Raw materials and consumables234,949120,552
Total234,949120,552
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables6,31812,306
Prepayments and accrued income16,67642,304
Total22,99454,610
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables14,59957,795
Bank borrowings and overdrafts10,76413,157
Amounts owed to related parties317,556195,312
Other creditors125,000125,000
Accrued liabilities and deferred income2,502-
Total470,421391,264
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts22,50033,266
Total22,50033,266
The overdraft is secured on the assets of the company. Bank loan is denominated in £ with a nominal interest rate of 2.5%. The final instalment is due on 16 March 2027 The carrying amount at year end is £32,500 (2022 - £42,500) Other borrowings Hire purchase liabilities is denominated in £ with a nominal interest rate of market rate, and the final instalment is due on 5 January 2024. The carrying amount at year end is £764 (2022 - £3,923). The hire purchase liabilities are secured on the related assets
9.Related party transactions
Summary of transactions with other related parties Group companies During the year royalties of £nil (2022 - £nil) were paid to group companies. During the year management fees of £200,000 (2022 - £200,000) were paid to group companies. At the year end £Nil (2022 - £Nil) was owed to Terravesta Assured Energy Crops Limited by group companies and £317,556 (2022 - £195,312) was owed to group companies by Terravesta Assured Energy Crops Limited.
10.Parent-subsidiary relationships
The company's immediate parent is Terravesta Limited, incorporated in England. The ultimate parent is Terravesta Holdings Limited, incorporated in England.