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TERRAPOWER ELECTRICAL SERVICES LTD

Registered Number
SC769086
(Scotland)

Unaudited Financial Statements for the Period ended
31 May 2024

TERRAPOWER ELECTRICAL SERVICES LTD
Company Information
for the period from 12 May 2023 to 31 May 2024

Director

LYNCH, Christopher Clark

Registered Address

272 Bath Street
Glasgow
G2 4JR

Registered Number

SC769086 (Scotland)
TERRAPOWER ELECTRICAL SERVICES LTD
Balance Sheet as at
31 May 2024

Notes

2024

£

£

Fixed assets
Tangible assets320,478
20,478
Current assets
Debtors6,433
Cash at bank and on hand3,554
9,987
Creditors amounts falling due within one year4(12,401)
Net current assets (liabilities)(2,414)
Total assets less current liabilities18,064
Creditors amounts falling due after one year5(6,420)
Provisions for liabilities7(3,891)
Net assets7,753
Capital and reserves
Called up share capital100
Profit and loss account7,653
Shareholders' funds7,753
The financial statements were approved and authorised for issue by the Board of Directors on 5 February 2025, and are signed on its behalf by:
LYNCH, Christopher Clark
Director
Registered Company No. SC769086
TERRAPOWER ELECTRICAL SERVICES LTD
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
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 from the rendering of services.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Office Equipment25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

2024
Average number of employees during the year2
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
Additions22,88055023,430
At 31 May 2422,88055023,430
Depreciation and impairment
Charge for year2,8141382,952
At 31 May 242,8141382,952
Net book value
At 31 May 2420,06641220,478
At 11 May 23---
4.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables241
Finance lease and HP contracts2,425
Other creditors9,735
Total12,401
5.Creditors: amounts due after one year

2024

£
Other creditors6,420
Total6,420
6.Obligations under finance leases

2024

£
Finance lease and HP contracts6,420
7.Provisions for liabilities

2024

£
Net deferred tax liability (asset)3,891
Total3,891