Terrenus Land & Water Limited Filleted accounts for Companies House (small and micro)

TERRENUS LAND & WATER LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC464672

Terrenus Land & Water Limited

Filleted Unaudited Financial Statements

30 November 2017

Terrenus Land & Water Limited

Financial Statements

Year ended 30 November 2017

Contents	Page

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Terrenus Land & Water Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Terrenus Land & Water Limited

Year ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Terrenus Land & Water Limited for the year ended 30 November 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Terrenus Land & Water Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Terrenus Land & Water Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Terrenus Land & Water Limited and its director for our work or for this report.

It is your duty to ensure that Terrenus Land & Water Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Terrenus Land & Water Limited. You consider that Terrenus Land & Water Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Terrenus Land & Water Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

23 August 2018

Terrenus Land & Water Limited

Statement of Financial Position

30 November 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	1,490	1,602
Tangible assets	6	4,684	6,335
Investments	7	400	400
		-------	-------
		6,574	8,337

Current assets

Work in progress		5,000	5,000
Debtors	8	58,010	46,857
Cash at bank and in hand		5,716	3,166
		--------	--------
		68,726	55,023

Creditors: amounts falling due within one year	9	62,067		67,136
		--------		--------
Net current assets/(liabilities)			6,659	( 12,113)
			--------	--------
Total assets less current liabilities			13,233	( 3,776)
			--------	-------
Net assets/(liabilities)			13,233	( 3,776)
			--------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	13,133	( 3,876)
	--------	-------
Shareholders funds/(deficit)	13,233	( 3,776)
	--------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Terrenus Land & Water Limited

Statement of Financial Position (continued)

30 November 2017

These financial statements were approved by the board of directors and authorised for issue on 23 August 2018 , and are signed on behalf of the board by:

Mr W Hume
Director

Company registration number: SC464672

Terrenus Land & Water Limited

Notes to the Financial Statements

Year ended 30 November 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	33% reducing balance
Equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 December 2016 and 30 November 2017	1,940
	-------
Amortisation
At 1 December 2016	338
Charge for the year	112
	-------
At 30 November 2017	450
	-------
Carrying amount
At 30 November 2017	1,490
	-------
At 30 November 2016	1,602
	-------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 December 2016 and 30 November 2017	2,083	10,988	13,071
	-------	--------	--------
Depreciation
At 1 December 2016	1,274	5,462	6,736
Charge for the year	270	1,381	1,651
	-------	--------	--------
At 30 November 2017	1,544	6,843	8,387
	-------	--------	--------
Carrying amount
At 30 November 2017	539	4,145	4,684
	-------	--------	--------
At 30 November 2016	809	5,526	6,335
	-------	--------	--------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 December 2016 and 30 November 2017	400
	----
Impairment
At 1 December 2016 and 30 November 2017	–
	----

Carrying amount
At 30 November 2017	400
	----
At 30 November 2016	400
	----

The company owns 100% of the issued share capital of the Terrenus Group Limited. Terrenus Group Limited has net assets of (£10,451) (2016: (£2,553)) and loss of £7,898 (2016: (£1,668)) for the year ended 30th November 2017.

Under the provision of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

8. Debtors

	2017	2016
	£	£
Trade debtors	42,332	37,776
Other debtors	15,678	9,081
	--------	--------
	58,010	46,857
	--------	--------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	17,436	7,735
Corporation tax	17,604	13,211
Social security and other taxes	4,889	616
Other creditors	22,138	45,574
	--------	--------
	62,067	67,136
	--------	--------

10. Financial instruments at fair value

For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.

11. Director's advances, credits and guarantees

As at the 30th November 2017 Mr W Hume , Director, owed £4,811 to the company (2016: £2,811).

12. Related party transactions

As at the 30th November 2017 the company owed £16,673 to Terminus Group Limited (2016: £33,353), a company in which the directors have an interest. These loan balances are interest free and have no fixed repayment date.

13. Controlling party

The company was under the control of Mr W Hume director, throughout the current year.

14. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.

No transitional adjustments were required in equity or profit or loss for the year.