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Registered Number: 03856762
England and Wales

 

 

 

OIL TANK INSTALLATIONS SERVICES LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 November 2021

End date: 29 October 2022
Accountant’s report
You consider that the company is exempt from an audit for the year ended 29 October 2022 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
R H Bird and Company
29 October 2022



....................................................
R H Bird and Company
Spencer House
114 High Street
Wordsley, Stourbridge
DY8 5QR
05 September 2023
1
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 3 830,224    492,372 
830,224    492,372 
Current assets      
Stocks 87,490    129,740 
Debtors 256,088    238,635 
Cash at bank and in hand 244,088    280,459 
587,666    648,834 
Creditors: amount falling due within one year (914,710)   (781,859)
Net current liabilities (327,044)   (133,025)
 
Total assets less current liabilities 503,180    359,347 
Creditors: amount falling due after more than one year (66,767)   (88,496)
Net assets 436,413    270,851 
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account 436,313    270,751 
Shareholder's funds 436,413    270,851 
 


For the period ended 29 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 05 September 2023 and were signed on its behalf by:


-------------------------------
Andrew James Middleton
Director
-------------------------------
Benjamin Middleton
Director
2
General Information
Oil Tank Installations Services Limited is a private company, limited by shares, registered in England and Wales, registration number 03856762, registration address Spencer House, 114 High Street, Wordsley, Stourbridge, West Midlands, DY8 5QR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures and Fittings 10% Reducing Balance
Computer Equipment 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the period was 3 (2021 : 5).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 November 2021 321,062    641,587    38,279    4,171    1,005,099 
Additions 166,964    358,741    8,843    2,474    537,022 
Disposals   (68,275)       (68,275)
At 29 October 2022 488,026    932,053    47,122    6,645    1,473,846 
Depreciation
At 01 November 2021 121,142    364,891    24,155    2,539    512,727 
Charge for period 35,204    116,887    2,297    1,026    155,414 
On disposals   (24,519)       (24,519)
At 29 October 2022 156,346    457,259    26,452    3,565    643,622 
Net book values
Closing balance as at 29 October 2022 331,680    474,794    20,670    3,080    830,224 
Opening balance as at 01 November 2021 199,920    276,696    14,124    1,632    492,372 


4.

Share Capital

Authorised
1,000 Class A shares of £1.00 each
Allotted, called up and fully paid
2022
£
  2021
£
100 Class A shares of £1.00 each 100    100 
100    100 

3