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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2018 |
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TERRAFIRMA DESIGNS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2018 |
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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 2018 |
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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 2018 |
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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 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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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 2018 |
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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 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 2018 |
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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 are shown as 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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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 market rentals for both the commercial and residential elements, now that |
the company has decided to retain the development property as an investment property for future |
rental income. |
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The surplus on the valuation has been recognised as a taxable development profit in the profit and loss |
account. |
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Development in progress |
The developments in progress was valued at the lower of cost and net realisable value. Cost includes |
all direct expenditure and finance costs incurred while the development is progressing. |
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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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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. |
TERRAFIRMA DESIGNS LIMITED (REGISTERED NUMBER: 02021247) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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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Development work in progress is also assessed for impairment at each reporting date. The carrying |
amount is compared with its estimated selling price less costs to complete and sell. If a development is |
impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an |
impairment loss is recognised immediately in profit or loss. |
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3. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2017 |
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Additions |
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At 31st March 2018 |
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DEPRECIATION |
At 1st April 2017 |
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Charge for year |
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At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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At 31st March 2017 |
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4. | FIXED ASSET INVESTMENTS |
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2018 | 2017 |
£ | £ |
Participating interests |
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Loans to undertakings in which the
company has a participating interest |
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Other investments not loans |
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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 2018 |
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4. | FIXED ASSET INVESTMENTS - continued |
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Additional information is as follows: |
Interest |
Interest | in other |
in joint | participating | Unlisted |
venture | interests | investments | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2017 |
and 31st March 2018 |
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40,205 |
NET BOOK VALUE |
At 31st March 2018 |
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40,205 |
At 31st March 2017 |
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40,205 |
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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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Joint venture |
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Registered office:
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Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves |
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Profit/(loss) for the year |
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( |
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Loans to |
joint |
ventures |
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At 1st April 2017 |
and 31st March 2018 |
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The unlisted investment comprises land at cost. |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
Additions |
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Revaluations | 159,614 |
At 31st March 2018 |
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NET BOOK VALUE |
At 31st March 2018 |
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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 2018 |
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5. | INVESTMENT PROPERTY - continued |
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Fair value at 31st March 2018 is represented by: |
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£ |
Valuation in 2018 | 1,470,000 |
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Investment property was valued on a net investment yield basis on 22nd August 2018 by the Managing Director |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts recoverable on contract |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Directors' loan |
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Corporation tax |
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VAT |
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Directors' current accounts |
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Accrued expenses |
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8. | RELATED PARTY DISCLOSURES |
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T G and Mrs M Brightmore |
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Director shareholders |
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2018 | 2017 |
£ | £ |
Amount due to related party at the balance sheet date | 619,165 | 619,165 |
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Beacon Heights Developments Limited |
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Joint venture company |
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Initial interest free loan investment to part fund the acquisition of the site £237,500. |
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Project management fee due on practical completion £570,000 (current estimate) |
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2018 | 2017 |
£ | £ |
Amount due from related party at the balance sheet date | 807,500 | 237,500 |