2023-08-012024-07-312024-07-31false10939249TERRASEAL 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TERRASEAL LIMITED

Registered Number
10939249
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

TERRASEAL LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

WHITEHEAD, David

Registered Address

Prospect Works Bradford Road
Bailiff Bridge
Brighouse
HD6 4DJ

Registered Number

10939249 (England and Wales)
TERRASEAL LIMITED
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Current assets
Stocks18,628-
Debtors3253100
Cash at bank and on hand235,942
18,9046,042
Creditors amounts falling due within one year4(15,822)(15,786)
Net current assets (liabilities)3,082(9,744)
Total assets less current liabilities3,082(9,744)
Net assets3,082(9,744)
Capital and reserves
Called up share capital100100
Profit and loss account2,982(9,844)
Shareholders' funds3,082(9,744)
The financial statements were approved and authorised for issue by the Director on 13 November 2024, and are signed on its behalf by:
WHITEHEAD, David
Director
Registered Company No. 10939249
TERRASEAL LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

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. The ultimate parent undertaking is H & C Whitehead (Holdings) Limited, a company registered in England & Wales.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the forseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements. After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 the Income Statement.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year11
3.Debtors: amounts due within one year

2024

2023

££
Other debtors253100
Total253100
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.
4.Creditors: amounts due within one year

2024

2023

££
Amounts owed to related parties10,8137,942
Taxation and social security3,0095,844
Accrued liabilities and deferred income2,0002,000
Total15,82215,786
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.
5.Related party transactions
The company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with the entities which are part of the Group, since 100% of the voting rights in the Company are controlled withing the Group.