REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
TERRAVISION LONDON FINANCE LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
TERRAVISION LONDON FINANCE LTD |
TERRAVISION LONDON FINANCE LTD (REGISTERED NUMBER: 06894239) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TERRAVISION LONDON FINANCE LTD |
COMPANY INFORMATION |
for the Year Ended 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
TERRAVISION LONDON FINANCE LTD (REGISTERED NUMBER: 06894239) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TERRAVISION LONDON FINANCE LTD (REGISTERED NUMBER: 06894239) |
BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
TERRAVISION LONDON FINANCE LTD (REGISTERED NUMBER: 06894239) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Terravision London Finance Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover consists of three main components, the on-line supply of coach tickets, management charges to related parties and income from the use of the Terravision brand name. All revenue is recognised net of value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is account for prospectively. |
Subsequent costs, including major inspections, are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the group and the cost can be measured reliably. |
The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. |
Repairs, maintenance and minor inspection costs are expensed as incurred. |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recongnised in profit or loss and included in 'Other operating (losses)/gains'. |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
TERRAVISION LONDON FINANCE LTD (REGISTERED NUMBER: 06894239) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on the acquisition, are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in the profit and loss accounts and allocated to non-controlling interest as appropriate. |
Fixed asset investments |
The fixed asset investments are stated at cost less any permanent diminution in value. |
Intangible assets |
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. |
Patents and development costs are associated with the new Thaz Italia project and are being amortised evenly over the useful lives of 10 years. |
Amortisation is charged to Administrative expenses in the Profit and loss account. |
Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life or amortisation rate are amended prospectively to reflect the new circumstances. |
The assets are reviewed for impairment is the above factors indicate that the carrying amount may be impaired. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TERRAVISION LONDON FINANCE LTD (REGISTERED NUMBER: 06894239) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2024 |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 June 2023 | 833 | 5,595 |
Disposals | ( |
) | (813 | ) |
At 31 May 2024 | 4,782 |
NET BOOK VALUE |
At 31 May 2024 | 4,782 |
At 31 May 2023 | 5,595 |
TERRAVISION LONDON FINANCE LTD (REGISTERED NUMBER: 06894239) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group |
Amounts owed by related party |
Other debtors |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 1,889,987 | 3,754,131 |
Taxation and social security | ( |
) |
Other creditors |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to participating |
interests - 2-5 years |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2023 |
Deficit for the year | ( |
) |
At 31 May 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate parent entity was Terravision Real Estate Limited a company incorporated in England and Wales. |
The ultimate individual controlling party is Dr F Petroni by virtue of his majority stake in the parent company. |