ACCOUNTS - Final Accounts

Registered number: 02492037

TERRA NOVA CREATE LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

TERRA NOVA CREATE LTD

REGISTERED NUMBER: 02492037

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
		£		£


Fixed assets
Tangible assets	4		1,661		-
			1,661		-
Current assets
Debtors: amounts falling due within one year	5	11,074		293
Cash at bank and in hand	6	9,828		381
		20,902		674
Creditors: amounts falling due within one year	7	(30,685)		(5,501)
Net current liabilities			(9,783)		(4,827)
Total assets less current liabilities			(8,122)		(4,827)



Net liabilities			(8,122)		(4,827)

Capital and reserves
Called up share capital	390,000	390,000
Profit and loss account	(398,122)	(394,827)
	(8,122)	(4,827)

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TERRA NOVA CREATE LTD

REGISTERED NUMBER: 02492037

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

A W McEwen Smith

Director

Date: 16 September 2026

The notes on pages 3 to 7 form part of these financial statements.

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TERRA NOVA CREATE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

1.	General information

The company is a private limited company which is incorporated and domiciled in England and Wales.

The address of its registered office is 10-11 Innovation Place Douglas Drive, Godalming, Surrey, GU7 1JX.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have prepared the accounts on a going concern basis as they are satisfied that they can continue to finance the operations through support from its parent and associated companies.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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TERRA NOVA CREATE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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TERRA NOVA CREATE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including the directors, during the period was as follows:

	31 December	31 December
	2025	2024
	No.	No.

Directors	2	2

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TERRA NOVA CREATE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	Additions	1,708
	At 31 December 2025	1,708
	Depreciation
	Charge for the period on owned assets	47
	At 31 December 2025	47
	Net book value
	At 31 December 2025	1,661
	At 31 December 2024	-

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TERRA NOVA CREATE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Trade debtors	10,423	8
Other debtors	651	285
	11,074	293

6.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	9,828	381
	9,828	381

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	7,185	-
Amounts owed to group undertakings	15,000	4,000
Accruals and deferred income	8,500	1,501
	30,685	5,501

8.	Related party transactions
	No disclosure has been made of transactions with other group companies in accordance with paragraph 33.1A of FRS102.

9.	Controlling party

The immediate and ultimate controlling party is Gamart Holdings Limited, a company registered at Elm House, St Julian's Avenue, St Peter Port, GY1 1GZ, Guernsey.

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