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REGISTERED NUMBER: 05099002 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

TERRAIN VEHICLES (UK) LTD

TERRAIN VEHICLES (UK) LTD (REGISTERED NUMBER: 05099002)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

TERRAIN VEHICLES (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M H Rich
N A Rich
J Rich
N Rich





SECRETARY: N A Rich





REGISTERED OFFICE: Unit 1, Bridgeway Industrial Estate
Bridgeway
St Leonards on Sea
East Sussex
TN38 8AP





REGISTERED NUMBER: 05099002 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

TERRAIN VEHICLES (UK) LTD (REGISTERED NUMBER: 05099002)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 762,318 738,855
762,318 738,855

CURRENT ASSETS
Stocks 117,202 105,050
Debtors 6 24,666 16,466
Cash at bank and in hand 100,090 195,051
241,958 316,567
CREDITORS
Amounts falling due within one year 7 494,591 542,517
NET CURRENT LIABILITIES (252,633 ) (225,950 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

509,685

512,905

CREDITORS
Amounts falling due after more than one
year

8

(12,670

)

(22,673

)

PROVISIONS FOR LIABILITIES (10,905 ) (10,376 )
NET ASSETS 486,110 479,856

CAPITAL AND RESERVES
Called up share capital 1,400 1,400
Retained earnings 484,710 478,456
SHAREHOLDERS' FUNDS 486,110 479,856

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

TERRAIN VEHICLES (UK) LTD (REGISTERED NUMBER: 05099002)

BALANCE SHEET - continued
31 MARCH 2024


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 17 September 2024 and were signed on its behalf by:





M H Rich - Director


TERRAIN VEHICLES (UK) LTD (REGISTERED NUMBER: 05099002)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Terrain Vehicles (UK) Ltd 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. Whilst liabilities exceed assets the directors are the main creditors and have confirmed that they will only seek repayment of their loans as cash flow allows and not to the detriment of the company's going concern position at any time.

Against the backdrop of the COVID-19 Pandemic, the directors have been constantly reviewing the company's ability to continue as a going concern. Even though the company has been affected by the pandemic due to the nature of the market in which it trades, they do not consider there to be any material uncertainties and can meet its current obligations. As a result they have adopted the going concern basis of accounting.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

TERRAIN VEHICLES (UK) LTD (REGISTERED NUMBER: 05099002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 20,500
AMORTISATION
At 1 April 2023
and 31 March 2024 20,500
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 626,959 176,532 803,491
Additions - 35,762 35,762
At 31 March 2024 626,959 212,294 839,253
DEPRECIATION
At 1 April 2023 - 64,636 64,636
Charge for year - 12,299 12,299
At 31 March 2024 - 76,935 76,935
NET BOOK VALUE
At 31 March 2024 626,959 135,359 762,318
At 31 March 2023 626,959 111,896 738,855

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 24,266 16,066
Other debtors 400 400
24,666 16,466

TERRAIN VEHICLES (UK) LTD (REGISTERED NUMBER: 05099002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,648 9,717
Trade creditors 38,318 28,904
Taxation and social security 55,108 45,880
Other creditors 390,517 458,016
494,591 542,517

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 12,670 22,673

9. RELATED PARTY DISCLOSURES

At the year end the company owed the director Mr M Rich £111,002 (2023: £154,502), Mrs N Rich £111,017 (2023: £154,517), Mr J Rich £141,750 (2023: £126,250) and Miss N Rich £24,000 (2023: £20,000). There are no terms attached and the loans are repayable as cash flow allows..

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
TERRAIN VEHICLES (UK) LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Terrain Vehicles (UK) Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Terrain Vehicles (UK) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Terrain Vehicles (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of Terrain Vehicles (UK) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Terrain Vehicles (UK) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Terrain Vehicles (UK) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Terrain Vehicles (UK) Ltd. You consider that Terrain Vehicles (UK) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Terrain Vehicles (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


17 September 2024