REGISTERED NUMBER: SC330828 (Scotland)

Terra Firma Surveys Ltd

Financial Statements For The Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr I Stewart

REGISTERED OFFICE:

10 South Street

Elgin

Moray

IV30 1LE

REGISTERED NUMBER:

SC330828 (Scotland)

ACCOUNTANTS:

The Long Partnership

4 North Guildry Street

Elgin

Moray

IV30 1JR

BANKERS:

Royal Bank of Scotland

Elgin Branch

209 High Street

Elgin

Moray

IV30 1DL

FIXED ASSETS

Tangible assets

4

18,672

29,892

Investment property

5

100,065

-

118,737

29,892

CURRENT ASSETS

Debtors

6

22,994

23,596

Cash at bank

25,956

41,981

48,950

65,577

CREDITORS

Amounts falling due within one year

7

21,948

11,483

NET CURRENT ASSETS

27,002

54,094

TOTAL ASSETS LESS CURRENT LIABILITIES

145,739

83,986

CREDITORS

Amounts falling due after more than one year

8

(31,233

)

-

PROVISIONS FOR LIABILITIES

9

(3,548

)

(5,680

)

NET ASSETS

110,958

78,306

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

109,958

77,306

SHAREHOLDERS' FUNDS

110,958

78,306

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

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

The director acknowledges his 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.

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 director and authorised for issue on 3 April 2025 and were signed by:

Mr I C Stewart - Director

1.	STATUTORY INFORMATION

Terra Firma Surveys Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

33% on cost and 25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Equipment

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

44,254

2,281

18,698

65,233

DEPRECIATION

At 1 January 2024

32,602

1,958

781

35,341

Charge for year

6,364

181

4,675

11,220

At 31 December 2024

38,966

2,139

5,456

46,561

NET BOOK VALUE

At 31 December 2024

5,288

142

13,242

18,672

At 31 December 2023

11,652

323

17,917

29,892

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

100,065

At 31 December 2024

100,065

NET BOOK VALUE

At 31 December 2024

100,065

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

20,626

20,640

Other debtors

-

1,149

Prepayments

2,368

1,807

22,994

23,596

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

2,491

-

Tax

12,651

5,900

VAT

3,673

309

Sundry creditors

1,400

1,117

Directors' current accounts

240

505

Accrued expenses

1,493

3,652

21,948

11,483

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

31,233

-

Terra Firma Surveys Ltd granted a floating charge over the assets of the company in favour of The Royal Bank of Scotland.

9.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

3,548

5,680

Deferred

tax

£

Balance at 1 January 2024

5,680

Provided during year

(2,132

)

Balance at 31 December 2024

3,548

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

1

1,000

1,000

11.

RESERVES

Retained

earnings

£

At 1 January 2024

77,306

Profit for the year

40,152

Dividends

(7,500

)

At 31 December 2024

109,958

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £7,500 were paid to the director .

At 31 December 2023 the company owed the director £506. During the year the company met expenses totalling £7,786 on behalf of the director and the director met expenses on behalf of the company amounting to £7,520. At 31 December 2024 the company owed the director £240. This loan is interest free and has no fixed terms of repayment.