Company registration number 04166304 (England and Wales)
TERRAMEK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TERRAMEK LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
TERRAMEK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,193
4,258
Investment property
4
3,310,007
3,710,007
Investments
5
-
0
2
3,313,200
3,714,267
Current assets
Stocks
-
1,450,022
Debtors
6
6,531,909
6,202,214
Cash at bank and in hand
35,685
283,434
6,567,594
7,935,670
Creditors: amounts falling due within one year
7
(609,807)
(1,698,826)
Net current assets
5,957,787
6,236,844
Total assets less current liabilities
9,270,987
9,951,111
Creditors: amounts falling due after more than one year
8
(791,246)
(1,773,319)
Provisions for liabilities
(276,059)
(323,211)
Net assets
8,203,682
7,854,581
Capital and reserves
Called up share capital
9
200
200
Other reserves
10
1,267,396
1,482,399
Profit and loss reserves
10
6,936,086
6,371,982
Total equity
8,203,682
7,854,581
TERRAMEK LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 November 2025 and are signed on its behalf by:
S C Kelly
G Macari
Director
Director
Company registration number 04166304 (England and Wales)
TERRAMEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Terramek Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US. The principal place of business is Wenman's Cottage, Glassenbury Road, Kent, TN17 2QF.

1.1
Reporting period

The period end was shortened to 31 December 2024, representing an 9 months period, to bring the period end date inline with the group entities. The comparative amounts presented in the financial statements (including the relevant notes) are therefore not entirely comparable as they cover a 12 months period.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for the sale of development properties, net of VAT, and rents receivable from properties held for investment, net of VAT, where applicable.

Turnover from sales of properties is included on the basis of completions occurring during the year.

Turnover from rents receivable is recognised at the fair value of the rents received or receivable based on the rent agreements and to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance
TERRAMEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

The fair value is determined by the directors with the benefit of professional external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature or location of the specified asset.

1.7
Fixed asset investments

Interests in subsidiaries entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

TERRAMEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes 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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TERRAMEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TERRAMEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

Period
Year
ended
ended
31 December
31 March
2024
2024
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 and 31 December 2024
15,371
Depreciation and impairment
At 1 April 2024
11,113
Depreciation charged in the period
1,065
At 31 December 2024
12,178
Carrying amount
At 31 December 2024
3,193
At 31 March 2024
4,258
TERRAMEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
4
Investment property
2024
£
Fair value
At 1 April 2024
3,710,007
Disposals
(400,000)
At 31 December 2024
3,310,007

The fair value of investment properties at the reporting date was based on a valuation carried out by the directors. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location, together with a review of property rental yields. No depreciation is provided in respect of these properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2024
£
£
Cost
1,766,552
1,904,398
Accumulated depreciation
-
-
Carrying amount
1,766,552
1,904,398
5
Fixed asset investments
2024
2024
£
£
Shares in group undertakings and participating interests
-
0
2

Fixed asset investments comprise equity shares in subsidiary undertakings that are not publicly traded.

Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
2
Disposals
(2)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 March 2024
2
TERRAMEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
6
Debtors
Period
Year
ended
ended
31 December
31 March
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
6,350
48,664
Amounts owed by group undertakings
1,508,372
1,336,442
Other debtors
5,017,187
4,817,108
6,531,909
6,202,214

Trade debtors disclosed above are measured at amortised cost.

Trade debtors are stated after provision for impairment of £nil (March 2024: £nil).

Included within amounts due from fellow group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Included within other debtors are loan balances of £207,75 8 (March 202 4: £nil ) that are unsecured, interest free and repayable on demand.

Included within other debtors are loan balances of £4,682,463 (March 2024: £4,692,379) that is unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Included within other debtors is a secured loan balances of £70,000 (March 2024: £70,000). Interest is charged at a rate of 6% above base rate per annum and is repayable on demand.

7
Creditors: amounts falling due within one year
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Trade creditors
16,970
22,996
Taxation and social security
88,295
2,232
Other creditors
504,542
1,673,598
609,807
1,698,826
TERRAMEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
7
Creditors: amounts falling due within one year
(Continued)
- 10 -

The bank loan is secured by a fixed and floating charge over the assets owned by the company and its subsidiaries. In addition, the directors have provided a personal guarantee of £1,350,000 and there is a cross guarantee over assets held by group companies.

Included within other creditors are loan balances of £nil (March 202 4: £293,042 ) that are unsecured, interest free and repayable on demand.

Included within other creditors is a loan balance of £436,081 (March 202 4: £229,354 ) due to the directors' of the company. Interest is charged at the HM Revenue & Customs official rate. The loan is unsecured, have no fixed date of repayment and repayable on demand.

Included within other creditors is a balance of £nil (March 202 4: 1,033,69 1) due to a connected company. The balance is unsecured and interest is charged at 5% per annum.

8
Creditors: amounts falling due after more than one year
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Other creditors
791,246
1,773,319

The bank loan is secured by a fixed and floating charge over the assets owned by the company. In addition, the directors have provided a personal guarantee of £1,350,000 and there is a cross guarantee over assets held by group companies.

Other creditors includes a loan and deferred consideration of £791,246 (March 2024: £1,773,319 ) due to the company's pension scheme 'The TKP Scheme'. This loan is secured by personal guarantees provided by the directors and a charge over their shares in the company. Interest at 2.5% is charged per annum.

Aggregate secured liabilities are £791,246 (March 2024: £1,773,319 ).

9
Called up share capital
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
200
200
200
200

There is a single class of Ordinary shares. there are no restrictions on the distribution of dividends and repayment of capital.

10
Reserves
Other Reserves

Other reserves relates to non-distributable reserves arising from revaluation of investment property less deferred tax.

TERRAMEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
10
Reserves
(Continued)
- 11 -
Profit and loss reserves

Retained earnings represent accumulated comprehensive income for the year and prior periods less dividends paid.

11
Related party transactions

The following amounts were outstanding at the reporting end date:

Period
Year
ended
ended
31 December
31 March
2024
2024
Amounts due to related parties
£
£
Key management personnel
436,081
229,354
Other related parties
791,246
3,100,051

The following amounts were outstanding at the reporting end date:

Period
Year
ended
ended
31 December
31 March
2024
2024
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,509,684
1,336,441
Other related parties
4,889,738
4,692,378
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