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REGISTERED NUMBER: 12131970 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TERRAROC LTD

TERRAROC LTD (REGISTERED NUMBER: 12131970)






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


TERRAROC LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: M P Lemos Andrade
O Heydorn
A J Hoondert
P F P Nilsson





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 12131970 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

TERRAROC LTD (REGISTERED NUMBER: 12131970)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 45,108
Tangible assets 5 100,172 51,531
100,172 96,639

CURRENT ASSETS
Stocks 852,473 1,116,476
Debtors 6 342,771 300,018
Cash at bank 94,678 116,953
1,289,922 1,533,447
CREDITORS
Amounts falling due within one year 7 305,767 4,147,311
NET CURRENT ASSETS/(LIABILITIES) 984,155 (2,613,864 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,084,327

(2,517,225

)

CAPITAL AND RESERVES
Called up share capital 9 3 1
Share premium 3,543,533 -
Retained earnings (2,459,209 ) (2,517,226 )
SHAREHOLDERS' FUNDS 1,084,327 (2,517,225 )

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 2 October 2024 and were signed on its behalf by:





M P Lemos Andrade - Director


TERRAROC LTD (REGISTERED NUMBER: 12131970)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

TerraRoc 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.

The trading address of the company is McCafferty Way, McCafferty Way Ind Estate, Grangemouth FK3 8EB.

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.

The company has obtained a letter of support from a group company, Debe Flow Group AB. The directors of Debe Flow Group AB have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period in excess of 12 months and 1 day from the date on which the audit report is signed. As a result of this commitment the directors have continued to adopt the going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Turnover is recognised on delivery of the goods.

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.

Intangible assets relate to Goodwill, being costs incurred in connection with the group acquisition of a business in 2019. They are showing in the financial statements at cost less impairment.

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 - Straight line between 3 and 8 years

Tangible fixed assets are initially measured at cost.

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

Cost includes purchase cost, delivery and a portion of overheads.

Stock is sold on a first in, first out basis.

Financial instruments
Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.


TERRAROC LTD (REGISTERED NUMBER: 12131970)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 9 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 45,108
Disposals (45,108 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 45,108

TERRAROC LTD (REGISTERED NUMBER: 12131970)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 109,699
Additions 76,196
At 31 December 2023 185,895
DEPRECIATION
At 1 January 2023 58,168
Charge for year 27,555
At 31 December 2023 85,723
NET BOOK VALUE
At 31 December 2023 100,172
At 31 December 2022 51,531

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 295,658 281,798
Other debtors 47,113 18,220
342,771 300,018

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 148,245 180,386
Amounts owed to group undertakings 35,160 3,820,422
Taxation and social security 41,826 21,383
Other creditors & accruals 80,536 125,120
305,767 4,147,311

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 67,619 68,119
Between one and five years 31,567 58,786
99,186 126,905

TERRAROC LTD (REGISTERED NUMBER: 12131970)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
3 Ordinary £1 3 1

2 Ordinary shares of £1 each were allotted as fully paid at a premium of £1,771,767 per share during the year.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants


We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements.:
"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

11. ULTIMATE PARENT COMPANY

The immediate parent company is Debe Drill Group AB, a company incorporated in Sweden with a registered office at Debe Flow Group, Sweden, Vastbergavagen 41, 12630 Hagersten.The name of the parent company was changed after the year end date to Debe Infra Group AB.

The ultimate parent company is Pomona Gruppen AB, a company incorporated in Sweden. This is the largest group in which the results of the company are consolidated. Copies of the consolidated financial statements are not publicly available.