REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2020 |
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TERRAFIRMA DESIGNS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2020 |
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FOR |
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TERRAFIRMA DESIGNS LIMITED |
TERRAFIRMA DESIGNS LIMITED (REGISTERED NUMBER: 02021247) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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TERRAFIRMA DESIGNS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
TERRAFIRMA DESIGNS LIMITED (REGISTERED NUMBER: 02021247) |
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BALANCE SHEET |
31ST MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
TERRAFIRMA DESIGNS LIMITED (REGISTERED NUMBER: 02021247) |
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BALANCE SHEET - continued |
31ST MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
and were signed on its behalf by: |
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TERRAFIRMA DESIGNS LIMITED (REGISTERED NUMBER: 02021247) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Terrafirma Designs Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The directors have determined the value of the investment property now that it has been re-classified from |
a trading development in progress. |
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Turnover |
Turnover comprises property and project management fees receivable, excluding VAT, and are |
recognised when the company has a contractual right to consideration. |
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Rents receivable from the company's investment property are now shown as turnover (previously other |
operating income). |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
The investment property is shown at the company's net realisable value of the current net market value to |
an investor based on the investment yields for commercial property and market values for residential |
property. |
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The valuation surplus on the reclassification to investment property has been recognised as a taxable |
development profit in the profit and loss account. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and |
other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting |
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment |
loss is recognised in profit or loss. |
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TERRAFIRMA DESIGNS LIMITED (REGISTERED NUMBER: 02021247) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current corporation 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. |
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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. |
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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and |
equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If |
there is an indication of possible impairment, the recoverable amount of any asset or group of related |
assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared |
with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to |
its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2019 |
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Additions |
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Disposals |
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( |
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At 31st March 2020 |
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DEPRECIATION |
At 1st April 2019 |
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Charge for year |
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At 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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TERRAFIRMA DESIGNS LIMITED (REGISTERED NUMBER: 02021247) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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5. | FIXED ASSET INVESTMENTS |
Interest |
Shares in | Interest | in other |
group | in joint | participating | Unlisted |
undertakings | venture | interests | investments | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2019 |
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34,000 |
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40,455 |
Additions |
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- |
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75 |
Reclassification/transfer |
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( |
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At 31st March 2020 |
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34,000 |
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40,530 |
NET BOOK VALUE |
At 31st March 2020 |
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34,000 |
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40,530 |
At 31st March 2019 |
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34,000 |
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40,455 |
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The company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
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Subsidiary |
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Registered office: United Kingdom |
Nature of business:
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Class of shares: | holding |
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2020 |
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£ | £ |
Aggregate capital and reserves |
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Profit for the period/year |
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Joint venture |
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Registered office: United Kingdom |
Nature of business:
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% |
Class of shares: | holding |
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2020 |
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£ | £ |
Aggregate capital and reserves | ( |
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Loss for the year/period | ( |
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The unlisted investment comprises land at cost. |
TERRAFIRMA DESIGNS LIMITED (REGISTERED NUMBER: 02021247) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2019 |
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Additions |
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Revaluations | 323,880 |
At 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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Fair value at 31st March 2020 is represented by: |
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£ |
Valuation in 2018 | 1,470,000 |
Valuation in 2019 | 232,120 |
Valuation in 2020 | 843,880 |
2,546,000 |
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If the investment property had not been revalued it would have been included at the following historical |
cost: |
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2020 | 2019 |
£ | £ |
Cost | 2,062,507 | 1,542,507 |
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Commercial investment property was valued on a net investment yield basis on 26th June 2020 by the Managing Director |
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Residential investment properties were valued on a market value basis on 26th June 2020 by the |
Managing Director. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts recoverable on contract |
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Other debtors |
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TERRAFIRMA DESIGNS LIMITED (REGISTERED NUMBER: 02021247) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax |
Other timing differences | 61,537 | - |
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Deferred |
tax |
£ |
Charge to Income Statement during year |
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Balance at 31st March 2020 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1st April 2019 |
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Revaluation reserve movement | 262,343 |
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At 31st March 2020 |
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