Addagrip Terraco Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01492055

ADDAGRIP TERRACO LIMITED

FILLETED FINANCIAL STATEMENTS

31 December 2024

ADDAGRIP TERRACO LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

ADDAGRIP TERRACO LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mrs A I C Widstrom Holt
	Mr G H Widstrom
	Mr J E Widstrom

Registered office	Addagrip House
	Bell Land Industrial Estate
	Uckfield
	East Sussex
	TN22 1QL

Auditor	UHY Hacker Young (S.E.) Limited
	Chartered accountants & statutory auditor
	168 Church Road
	Hove
	East Sussex
	BN3 2DL

ADDAGRIP TERRACO LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		766,168	819,501

Current assets

Stocks		274,297	416,868
Debtors	6	650,452	549,585
Cash at bank and in hand		55,016	639,952
		----------	-------------
		979,765	1,606,405

Creditors: amounts falling due within one year	7	554,917		400,393
		----------		-------------
Net current assets			424,848	1,206,012
			-------------	-------------
Total assets less current liabilities			1,191,016	2,025,513

Provisions	33,130	42,187
	-------------	-------------
Net assets	1,157,886	1,983,326
	-------------	-------------

Capital and reserves

Called up share capital	8	43,200	43,200
Share premium account		11,841	11,841
Revaluation reserve		128,928	128,928
Profit and loss account		973,917	1,799,357
		-------------	-------------
Shareholders funds		1,157,886	1,983,326
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

ADDAGRIP TERRACO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:

Mrs A I C Widstrom Holt

Director

Company registration number: 01492055

ADDAGRIP TERRACO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Addagrip House, Bell Land Industrial Estate, Uckfield, East Sussex, TN22 1QL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

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. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Foreign exchange

Transaction in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Revenue recognition

Turnover represents amounts receivable for goods and services, net of VAT and trade discounts, on an accruals basis. Income is recognised when the company has complied with its obligations under a contract and therefore receives the right to consideration. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% on cost
Plant and machinery	-	15%, 20% & 25% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	`33% on cost`

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitues a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently measured at amortised cost. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised costs using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2023: 20 ).

5. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	943,854	341,584	82,085	55,102	1,422,625
Additions	–	7,623	–	947	8,570
	----------	----------	---------	---------	-------------
At 31 December 2024	943,854	349,207	82,085	56,049	1,431,195
	----------	----------	---------	---------	-------------
Depreciation
At 1 January 2024	313,526	212,919	37,072	39,607	603,124
Charge for the year	15,877	26,053	11,253	8,720	61,903
	----------	----------	---------	---------	-------------
At 31 December 2024	329,403	238,972	48,325	48,327	665,027
	----------	----------	---------	---------	-------------
Carrying amount
At 31 December 2024	614,451	110,235	33,760	7,722	766,168
	----------	----------	---------	---------	-------------
At 31 December 2023	630,328	128,665	45,013	15,495	819,501
	----------	----------	---------	---------	-------------

The company's bankers carry a fixed charge over the company's land and buildings. The company took advantage of the transitional option to revalue its freehold property at the date of transition to FRS 102 and to use this market valuation of £775,000 as the deemed cost as at 1 Janaury 2015. The valuation as at the transition date of 1 Janaury 2015 was undertaken by C Lawson of Lawson Commercial, a commercial estate agent.

6. Debtors

	2024	2023
	£	£
Trade debtors	529,786	450,504
Amounts owed by group undertakings and undertakings in which the company has a participating interest	37,890	28,520
Other debtors	82,776	70,561
	----------	----------
	650,452	549,585
	----------	----------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	438,335	270,497
Amounts owed to group undertakings and undertakings in which the company has a participating interest	22,645	16,252
Social security and other taxes	64,887	75,092
Other creditors	29,050	38,552
	----------	----------
	554,917	400,393
	----------	----------

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.10 each	432,000	43,200	432,000	43,200
	----------	---------	----------	---------

9. Summary audit opinion

The auditor's report dated 30 April 2025 was unqualified .

The senior statutory auditor was David Guest FCA , for and on behalf of UHY Hacker Young (S.E.) Limited .

10. Related party transactions

During the year the company entered into the following transactions with related parties: Sales of goods: £6,160 (2023 - £1,400) Purchase of goods & services - £46,803 (2023 - £118,476) Amounts owed to related parties - £22,645 (2023 - £16,252) Amounts owed from related parties - £37,890 (2023 - £28,520)

11. Controlling party

The ultimate controlling party is G H Wildstrom, a director who has an interest in the issued share capital of the parent company Terraco Holdings Limited, a company incorporated in Cyprus.