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REGISTERED NUMBER: 06894239 (England and Wales)



















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: Dr F Petroni
Mr N Petroni
Mrs C Ifrim





REGISTERED OFFICE: 260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





REGISTERED NUMBER: 06894239 (England and Wales)





ACCOUNTANTS: Foxley Kingham
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 3,748 4,685
Investments 6 4,782 5,595
8,530 10,280

CURRENT ASSETS
Debtors 7 4,290,435 8,938,519
Cash at bank 426,720 603,265
4,717,155 9,541,784
CREDITORS
Amounts falling due within one year 8 3,829,451 5,799,742
NET CURRENT ASSETS 887,704 3,742,042
TOTAL ASSETS LESS CURRENT
LIABILITIES

896,234

3,752,322

CREDITORS
Amounts falling due after more than one
year

9

-

(1,824,327

)

PROVISIONS FOR LIABILITIES (937 ) (890 )
NET ASSETS 895,297 1,927,105

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 10 895,296 1,927,104
SHAREHOLDERS' FUNDS 895,297 1,927,105

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:





Mr A Aquila - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance

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 1 (2023 - 1 ) .

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 7,315
AMORTISATION
At 1 June 2023
and 31 May 2024 7,315
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 30,376
DEPRECIATION
At 1 June 2023 25,691
Charge for year 937
At 31 May 2024 26,628
NET BOOK VALUE
At 31 May 2024 3,748
At 31 May 2023 4,685

6. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 June 2023 4,762 833 5,595
Disposals - (813 ) (813 )
At 31 May 2024 4,762 20 4,782
NET BOOK VALUE
At 31 May 2024 4,762 20 4,782
At 31 May 2023 4,762 833 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 395,264 68,232
Amounts owed by group 1,703 538,124
Amounts owed by related party 3,801,130 8,156,692
Other debtors 90,364 130,911
VAT 1,974 2,192
Prepayments and accrued income - 42,368
4,290,435 8,938,519

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 67,058 175,094
Amounts owed to participating interests 1,889,987 3,754,131
Taxation and social security 1,602 (2,238 )
Other creditors 10,356 7,672
Accrued expenses 1,860,448 1,865,083
3,829,451 5,799,742

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to participating
interests - 2-5 years - 1,824,327
- 1,824,327

10. RESERVES
Retained
earnings
£   

At 1 June 2023 1,927,104
Deficit for the year (1,031,808 )
At 31 May 2024 895,296

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.