Company Registration No. 02827783 (England and Wales)
TERRA NOVA EQUIPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
PAGES FOR FILING WITH REGISTRAR
TERRA NOVA EQUIPMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TERRA NOVA EQUIPMENT LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2019
28 February 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
202
302
Tangible assets
4
52,540
51,786
52,742
52,088
Current assets
Stocks
793,413
687,861
Debtors
5
450,701
165,559
Cash at bank and in hand
211,341
1,039,825
1,455,455
1,893,245
Creditors: amounts falling due within one year
6
(422,786)
(973,183)
Net current assets
1,032,669
920,062
Total assets less current liabilities
1,085,411
972,150
Provisions for liabilities
(7,851)
(8,366)
Net assets
1,077,560
963,784
Capital and reserves
Called up share capital
7
133,897
133,897
Profit and loss reserves
943,663
829,887
Total equity
1,077,560
963,784
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TERRA NOVA EQUIPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2019
28 February 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 October 2019 and are signed on its behalf by:
Mr Andrew Utting
Director
Company Registration No. 02827783
TERRA NOVA EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 3 -
1
Accounting policies
Company information
Terra Nova Equipment Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Hubaco House, Unit 2, Railway View, Clay Cross, Chesterfield, Derbyshire, S45 9FR.
1.1
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation 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:
Intellectual Property
5 years
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.
TERRA NOVA EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 4 -
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:
Plant and machinery
15% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
25% on cost
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
.
1.6
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.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction price.
1.9
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 profit and loss account 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.
TERRA NOVA EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 5 -
3
Intangible fixed assets
Goodwill
Intellectual Property
Total
£
£
£
Cost
At 1 March 2018 and 28 February 2019
1
501
502
Amortisation and impairment
At 1 March 2018
-
200
200
Amortisation charged for the year
-
100
100
At 28 February 2019
-
300
300
Carrying amount
At 28 February 2019
1
201
202
At 28 February 2018
1
301
302
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2018
153,793
193,874
105,709
453,376
Additions
4,073
5,386
-
9,459
At 28 February 2019
157,866
199,260
105,709
462,835
Depreciation and impairment
At 1 March 2018
109,737
186,145
105,708
401,590
Depreciation charged in the year
6,660
2,045
-
8,705
At 28 February 2019
116,397
188,190
105,708
410,295
Carrying amount
At 28 February 2019
41,469
11,070
1
52,540
At 28 February 2018
44,056
7,729
1
51,786
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
336,133
160,137
Other debtors
114,568
5,422
450,701
165,559
TERRA NOVA EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
5
Debtors
(Continued)
- 6 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
26,364
72,426
Amounts owed to group undertakings
364,721
882,690
Corporation tax
24,509
1,387
Other taxation and social security
-
7,660
Other creditors
7,192
9,020
422,786
973,183
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
133,897 Ordinary of £1 each
133,897
133,897
8
Parent company
The company is controlled by Hubaco L
t
d. In the opinion of the directors, this is the company's ultimate parent undertaking, Hubaco L
td
is ultimately under the joint control of A S Utting and C J Budding.