Registered number
04270409
Terema Limited
Report and Accounts
31 December 2024
Terema Limited
Registered number: 04270409
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,458 49,499
Current assets
Debtors 4 77,127 49,174
Cash at bank and in hand 1,091,272 1,009,051
1,168,399 1,058,225
Creditors: amounts falling due within one year 5 (85,048) (37,394)
Net current assets 1,083,351 1,020,831
Total assets less current liabilities 1,117,809 1,070,330
Provisions for liabilities (8,530) (12,271)
Net assets 1,109,279 1,058,059
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,109,179 1,057,959
Shareholders' funds 1,109,279 1,058,059
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. P. Higton
Director
Approved by the board on 12 March 2025
Terema Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33.33% straight line
Motor Vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 8,397 53,953 62,350
Additions 834 - 834
At 31 December 2024 9,231 53,953 63,184
Depreciation
At 1 January 2024 3,859 8,992 12,851
Charge for the year 2,387 13,488 15,875
At 31 December 2024 6,246 22,480 28,726
Net book value
At 31 December 2024 2,985 31,473 34,458
At 31 December 2023 4,538 44,961 49,499
4 Debtors 2024 2023
£ £
Trade debtors 77,127 49,174
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 966 3,110
Other taxes and social security costs 81,820 30,022
Other creditors 2,262 4,262
85,048 37,394
6 Share Capital
Nominal Value 2024 2024 2023
£ £
Allotted, called up & fully paid:
Ordinary shares £1 each 100 100 100
7 Controlling party
The ultimate controlling party are the directors of the company.
8 Other information
Terema Limited is a private company limited by shares and incorporated in England. Its registered office is:
Jandi,
Thibet Road,
Sandhurst,
Berkshire,
GU47 9AR.
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