REGISTERED NUMBER: 02879172 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TERRAFIRMA DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M P Lhermette

Mrs J F Lhermette

M H V Shilling

REGISTERED OFFICE:

The Farm Office

Lamberhurst Farm

Dargate

Faversham

Kent

ME13 9EP

REGISTERED NUMBER:

02879172 (England and Wales)

ACCOUNTANTS:

Carleys

Second Floor South

The Fitted Rigging House

The Historic Dockyard

Chatham

Kent

ME4 4TZ

FIXED ASSETS

Tangible assets

4

24,205

25,583

CURRENT ASSETS

Stocks

297,174

297,174

Debtors

5

102,464

120,932

Cash at bank

321,730

310,319

721,368

728,425

CREDITORS

Amounts falling due within one year

6

(83,242

)

(97,721

)

NET CURRENT ASSETS

638,126

630,704

TOTAL ASSETS LESS CURRENT LIABILITIES

662,331

656,287

PROVISIONS FOR LIABILITIES

(6,050

)

(6,396

)

NET ASSETS

656,281

649,891

CAPITAL AND RESERVES

Called up share capital

8

71,250

71,250

Share premium

4,554

4,554

Capital redemption reserve

3,750

3,750

Retained earnings

576,727

570,337

SHAREHOLDERS' FUNDS

656,281

649,891

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 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.

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 26 September 2025 and were signed on its behalf by:

M P Lhermette - Director

1.	STATUTORY INFORMATION

Terrafirma Developments 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.

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 etc

-

15% on reducing balance

Stocks

Stock consists of development land valued at the net book value of land transferred from fixed assets plus further development costs incurred in connection with the development land.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

157,254

Additions

2,894

At 31 December 2024

160,148

DEPRECIATION

At 1 January 2024

131,671

Charge for year

4,272

At 31 December 2024

135,943

NET BOOK VALUE

At 31 December 2024

24,205

At 31 December 2023

25,583

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

526

6,952

Other debtors

101,938

113,980

102,464

120,932

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

25,891

21,883

Taxation and social security

47,424

62,863

Other creditors

9,927

12,975

83,242

97,721

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

28,138

28,138

Between one and five years

56,276

84,414

84,414

112,552

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

40,500

Ordinary A

£1

40,500

40,500

27,000

Ordinary B

£1

27,000

27,000

3,750

Ordinary C

£1

3,750

3,750

71,250

71,250

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced loans to the directors totalling £100,596 (2023: £112,305) and received repayments totalling £113,000 (2023: £62,100). The loans outstanding at the balance sheet date totalled £100,596 (2023: £112,305). Interest is charged on these loans at the official rates set by HMRC and the loans were repaid after the year end.