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REGISTERED NUMBER: 10402032 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

TERNROCK LIMITED

TERNROCK LIMITED (REGISTERED NUMBER: 10402032)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


TERNROCK LIMITED

COMPANY INFORMATION
for the year ended 30 September 2024







DIRECTORS: Mr J A Hopkins
Mr B J Hopkins





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 10402032 (England and Wales)





ACCOUNTANTS: Raffingers Holdings Limited
Chartered Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

TERNROCK LIMITED (REGISTERED NUMBER: 10402032)

ABRIDGED BALANCE SHEET
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,441 678
Investments 5 100 100
Investment property 6 3,155,322 2,794,424
3,156,863 2,795,202

CURRENT ASSETS
Debtors 2,887,667 3,343,853
Cash at bank 5,095 15,200
2,892,762 3,359,053
CREDITORS
Amounts falling due within one year 5,029,213 5,072,736
NET CURRENT LIABILITIES (2,136,451 ) (1,713,683 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,020,412

1,081,519

PROVISIONS FOR LIABILITIES 58,039 58,039
NET ASSETS 962,373 1,023,480

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 174,116 174,116
Retained earnings 788,157 849,264
962,373 1,023,480

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

TERNROCK LIMITED (REGISTERED NUMBER: 10402032)

ABRIDGED BALANCE SHEET - continued
30 September 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 7 March 2025 and were signed on its behalf by:





Mr B J Hopkins - Director


TERNROCK LIMITED (REGISTERED NUMBER: 10402032)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024

1. STATUTORY INFORMATION

Ternrock Limited 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 as modified by the revaluation of certain assets.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

Turnover
Turnover comprises rental and service charge income, excluding Value Added Tax, which is recognised in the period which it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

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.


TERNROCK LIMITED (REGISTERED NUMBER: 10402032)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2023 904
Additions 1,244
At 30 September 2024 2,148
DEPRECIATION
At 1 October 2023 226
Charge for year 481
At 30 September 2024 707
NET BOOK VALUE
At 30 September 2024 1,441
At 30 September 2023 678

TERNROCK LIMITED (REGISTERED NUMBER: 10402032)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 October 2023
and 30 September 2024 100
NET BOOK VALUE
At 30 September 2024 100
At 30 September 2023 100

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 2,794,424
Additions 360,898
At 30 September 2024 3,155,322
NET BOOK VALUE
At 30 September 2024 3,155,322
At 30 September 2023 2,794,424

In the opinion of the directors, investment property is stated at fair value at the balance sheet date. Investment property includes properties which are currently under construction.

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other creditors 4,272,601 4,272,601

8. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption as per paragraph 33.1A of FRS 102 Related Party Disclosures, not to disclose related party transactions with wholly owned companies within the group.

At the balance sheet date, the company owed £461,986 (2023 - £489,931) to the directors.