Registration number:
Terma (UK) Ltd.
for the Year Ended 29 February 2024
Terma (UK) Ltd.
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Terma (UK) Ltd.
Company Information
Directors |
P Vigh M R Lawaetz |
Registered office |
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Independent auditor |
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Terma (UK) Ltd.
(Registration number: 09089738)
Statement of Financial Position as at 29 February 2024
Note |
2024 |
2023 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Total equity |
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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
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Director
Terma (UK) Ltd.
Notes to the Financial Statements
for the Year Ended 29 February 2024
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.
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
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
Terma (UK) Ltd.
Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Property, plant and equipment |
Computer equipment |
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Cost |
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At 1 March 2023 |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Receivables |
2024 |
2023 |
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Amounts owed by group undertakings |
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The amount receivable from group undertakings disclosed as falling within one year is unsecured, payable on demand and is interest bearing.
Cash and cash equivalents |
2024 |
2023 |
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Cash at bank |
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Terma (UK) Ltd.
Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)
Payables |
2024 |
2023 |
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Due within one year |
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Trade payables |
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Corporation tax |
(2,699) |
16,845 |
Social security and other taxes |
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Other payables and accruals |
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Share capital and reserves |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
€ |
No. |
€ |
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10,000 |
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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.
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 €
Terma (UK) Ltd.
Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)
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.
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Events after the financial period |
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Audit report |