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Registration number: 09089738

Terma (UK) Ltd.

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

Terma (UK) Ltd.

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

Terma (UK) Ltd.

Company Information

Directors

P Vigh

M R Lawaetz

Registered office

c/o Cosec Direct Ltd,
837 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

Independent auditor

Shaw Gibbs Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Terma (UK) Ltd.

(Registration number: 09089738)
Statement of Financial Position as at 29 February 2024

Note

2024

2023

Non-current assets

 

Property, plant and equipment

4

461

917

Current assets

 

Receivables

5

267,056

281,407

Cash at bank and in hand

6

47,296

33,866

 

314,352

315,273

Payables: Amounts falling due within one year

7

(75,652)

(65,065)

Net current assets

 

238,700

250,208

Net assets

 

239,161

251,125

Equity

 

Called up share capital

8

10,000

10,000

Retained earnings

8

229,161

241,125

Total equity

 

239,161

251,125

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Terma (UK) Ltd. were approved and authorised for issue by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................

P Vigh
Director

 

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 29 February 2024

1

General information

Terma (UK) Ltd. (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be Euros (€).because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in Euros (€).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Terma A/S, which may be obtained from Hovmarken 4, DK-8520 Lystrup, Denmark. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Critical judgements and key sources of estimation uncertainties

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There were no estimates that have had the most significant effect on amounts recognised in the financial statements.

 

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities net of discounts, rebates and value added tax.

Contract work in progress is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenue and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.

Foreign currency transactions and balances

Transactions in foreign currencies other than Euros are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies other than Euros are retranslated into Euros at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies other than Euros are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency other than Euros are not retranslated.

The functional currency of the company is considered to be Euros (EUR) because this is the currency that influences the costs and expenses of the company. The financial statements are presented in pound sterling (€).

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

 

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprises a bank current account which is subject to an insignificant risk of change in value.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 6).

4

Property, plant and equipment

Computer equipment

Cost

At 1 March 2023

1,467

At 29 February 2024

1,467

Depreciation

At 1 March 2023

550

Charge for the year

456

At 29 February 2024

1,006

Carrying amount

At 29 February 2024

461

At 28 February 2023

917

5

Receivables

2024

2023

Amounts owed by group undertakings

267,056

281,407

267,056

281,407

The amount receivable from group undertakings disclosed as falling within one year is unsecured, payable on demand and is interest bearing.

6

Cash and cash equivalents

2024

2023

Cash at bank

47,296

33,866

 

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)

7

Payables

2024

2023

Due within one year

Trade payables

2,464

-

Corporation tax

(2,699)

16,845

Social security and other taxes

31,495

18,340

Other payables and accruals

44,392

29,880

75,652

65,065

8

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

No.

Ordinary shares of €1 each

10,000

10,000

10,000

10,000

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

9

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme.The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to €15,705 (2023 - 12,751). There were no prepaid or outstanding contributions as at the year end 2,099(2023: nil).

 

Terma (UK) Ltd.

Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)

10

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

11

Parent and ultimate parent undertaking

The company's immediate parent is Terma A/S, incorporated in Denmark.

 The most senior parent entity producing publicly available financial statements is Terma A/S. These financial statements are available upon request from Hovmarken 4, DK-8520 Lystrup, Denmark.

 The ultimate controlling party is Thomas B Thrige Foundation.

12

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

13

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 11 September 2024 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs Limited.