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Registered number: 08479256 (England and Wales)














TERRASCOPE LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TERRASCOPE LIMITED
 
 
COMPANY INFORMATION


Director
T L Yang 




Registered number
08479256



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
TERRASCOPE LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 10


 
TERRASCOPE LIMITED
REGISTERED NUMBER: 08479256

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
20,683

Investments
 6 
14,014
14,014

  
14,014
34,697

Current assets
  

Debtors: amounts falling due within one year
 7 
376,965
828,687

Cash at bank and in hand
  
1,794,325
2,543,904

  
2,171,290
3,372,591

Creditors: amounts falling due within one year
 8 
(6,098,143)
(8,934,850)

Net current liabilities
  
 
 
(3,926,853)
 
 
(5,562,259)

Total assets less current liabilities
  
(3,912,839)
(5,527,562)

  

Net liabilities
  
(3,912,839)
(5,527,562)

Page 1

 
TERRASCOPE LIMITED
REGISTERED NUMBER: 08479256
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
785
785

Share premium account
 9 
19,126,266
19,126,266

Profit and loss account
 9 
(23,039,890)
(24,654,613)

  
(3,912,839)
(5,527,562)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

T L Yang
Director

Date: 22 November 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
TERRASCOPE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Share-based payment reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 October 2022
668
18,295,079
1,599,709
(20,247,095)
(351,639)



Loss for the period
-
-
-
(6,785,082)
(6,785,082)

Shares issued during the period
117
831,187
-
-
831,304

Transfer to profit and loss account
-
-
(2,377,564)
2,377,564
-

Share-based payment expense
-
-
777,855
-
777,855



At 1 January 2023
785
19,126,266
-
(24,654,613)
(5,527,562)



Profit for the year
-
-
-
1,614,723
1,614,723


At 31 December 2023
785
19,126,266
-
(23,039,890)
(3,912,839)


Page 3

 
TERRASCOPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

 
1.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
1.3

Going concern

The Director is in the process of transferring all trade and assets to another group entity. As a result, these financial statements have been prepared on a basis other than going concern. 

 
1.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover is recognised on a cost plus 10% basis, in line with the intercompany service agreement with the parent company, Strava, Inc. Intercompany turnover is recognised when all of the following conditions are satisfied: 
 
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Subscription turnover
Turnover from providing services is recognised in the accounting period in which the services are rendered. 

Page 4

 
TERRASCOPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
1.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 5

 
TERRASCOPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 years
Office equipment
-
3 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.12

Debtors

Short-term debtors are measured at transaction price. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand. 

 
1.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
1.14

Creditors

Short-term creditors are measured at transaction price and subsequently at amortised cost using the effective interest method. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand. 

Page 6

 
TERRASCOPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and recorded amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form a basis for making judgements about the carrying value of assets and iabilities that are not readily apparent from other sources. 
The estimates and assumptions that have a significant risk of causing material adjustments to the carrying amount of assets are addressed below. 
Share based payments
Management have exercised judgement in assessing the treatment and disclosure of RSUs (Restricted Stock Units) and their vesting condition. Management have determined that the associated non-market conditions are unlikely to be satisfied in a timeframe that would result in ultimate vesting of the current RSUs. As such, no expense has been recognised in this regard. 
Where RSUs are awarded to employees, the fair value of the RSUs at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date. Market vesting conditions are factored into the fair value of the RSUs granted. The cumulative expenses is not adjusted for failure to achieve a certain market conditions. 


3.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified. The auditors drew attention to note 1.3 to these accounts which indicates that the director does not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. 

The audit report was signed on 25 November 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


4.


Employees

The average monthly number of employees during the year was 7 (2022 - 7).

Page 7

 
TERRASCOPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,487
8,970
57,483
69,940



At 31 December 2023

3,487
8,970
57,483
69,940



Depreciation


At 1 January 2023
3,419
6,896
38,942
49,257


Charge for the year on owned assets
68
2,074
18,541
20,683



At 31 December 2023

3,487
8,970
57,483
69,940



Net book value



At 31 December 2023
-
-
-
-



At 31 December 2022
68
2,074
18,541
20,683


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
14,014



At 31 December 2023
14,014




Page 8

 
TERRASCOPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

As restated
2023
2022
£
£


Trade debtors
89,897
106,645

Amounts owed by group undertakings
183,234
224,578

Other debtors
61,220
408,022

Prepayments and accrued income
42,614
89,442

376,965
828,687


An amount of £89,442 has been reclassified from other debtors to prepayments and accrued income in the comparative figures to better reflect the nature of this balance.


8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
32,788
85,591

Amounts owed to group undertakings
5,526,793
8,209,563

Other taxation and social security
44,339
25,591

Other creditors
34,724
2,432

Accruals and deferred income
459,499
611,673

6,098,143
8,934,850


An amount of £2,432 has been reclassified from accruals and deferred income to other creditors in the comparative figures to better reflect the nature of this balance.


9.


Reserves

Share premium account

The consideration in excess of the nominal value of the shares issued of £19,126,266 has been recognised as share premium. 

Profit and loss account

The profit and loss account represents cumulative profits and losses net of divdends and other adjustments. 

Page 9

 
TERRASCOPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

Strava, Inc. is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The registered office of the parent company is 208 Utah Street, Suite 210, San Francisco, CA94103, USA. 


11.


Post balance sheet events

On 1 September 2024, all employees from the Company were transferred to another group entity and the Company ceased trading. This is considered a non-adjusting event.  
There were no adjusting or other non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.  

 
Page 10