Registered number
06179905
Terra Firma (Landscape Construction) Limited
Unaudited Filleted Accounts
For the Year Ended
31 March 2024
Terra Firma (Landscape Construction) Limited
Registered number: 06179905
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 76,753 64,276
Current assets
Stocks 9,450 5,700
Debtors 4 2,097 11,491
Cash at bank and in hand 16,703 50,765
28,250 67,956
Creditors: amounts falling due within one year 5 (89,609) (119,422)
Net current liabilities (61,359) (51,466)
Total assets less current liabilities 15,394 12,810
Provisions for liabilities (14,583) (12,210)
Net assets 811 600
Capital and reserves
Called up share capital 600 600
Profit and loss account 211 -
Shareholders' funds 811 600
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J D Crompton
Director
Approved by the board on 29 October 2024
Terra Firma (Landscape Construction) Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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).
Turnover
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 10% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 137,068 34,352 171,420
Additions 25,773 - 25,773
Disposals (2,900) - (2,900)
At 31 March 2024 159,941 34,352 194,293
Depreciation
At 1 April 2023 83,042 24,102 107,144
Charge for the year 7,834 2,562 10,396
At 31 March 2024 90,876 26,664 117,540
Net book value
At 31 March 2024 69,065 7,688 76,753
At 31 March 2023 54,026 10,250 64,276
4 Debtors 2024 2023
£ £
Trade debtors - 11,090
Other debtors 2,097 401
2,097 11,491
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,273 15,206
Corporation tax 49 5,820
Other taxes and social security costs 355 12,182
Other creditors 85,932 86,214
89,609 119,422
6 Related party transactions
During the year the company paid rent to J D Crompton, director, of £7,840 (2023 - £7,440).
7 Other information
Terra Firma (Landscape Construction) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Greenbank Farm
Crosthwaite
Kendal
Cumbria
LA8 8JD
Terra Firma (Landscape Construction) Limited 06179905 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 J D Crompton No description of principal activity 06179905 2022-04-01 2023-03-31 06179905 core:WithinOneYear 2023-03-31 06179905 core:ShareCapital 2023-03-31 06179905 core:RetainedEarningsAccumulatedLosses 2023-03-31 06179905 2023-04-01 2024-03-31 06179905 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06179905 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06179905 bus:Director40 2023-04-01 2024-03-31 06179905 1 2023-04-01 2024-03-31 06179905 2 2023-04-01 2024-03-31 06179905 core:PlantMachinery 2023-04-01 2024-03-31 06179905 core:Vehicles 2023-04-01 2024-03-31 06179905 countries:England 2023-04-01 2024-03-31 06179905 bus:FRS102 2023-04-01 2024-03-31 06179905 bus:FilletedAccounts 2023-04-01 2024-03-31 06179905 2024-03-31 06179905 core:WithinOneYear 2024-03-31 06179905 core:ShareCapital 2024-03-31 06179905 core:RetainedEarningsAccumulatedLosses 2024-03-31 06179905 core:PlantMachinery 2024-03-31 06179905 core:Vehicles 2024-03-31 06179905 2023-03-31 06179905 core:PlantMachinery 2023-03-31 06179905 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure