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Registration number: 04436253

Tanktec UK Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Tanktec UK Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Tanktec UK Ltd

Company Information

Directors

Mr Simon Mogridge

Mrs Amanda Jean Mogridge

Mr Oliver Mogridge

Company secretary

Mrs Amanda Jean Mogridge

Registered office

23 Station Road
Pilning
Bristol
BS35 4JT

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Tanktec UK Ltd

(Registration number: 04436253)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

149,530

151,364

Other financial assets

5

 

307,939

304,750

   

457,469

456,114

Current assets

   

Stocks

6

226,392

 

87,719

Debtors

7

671,284

 

238,733

Cash at bank and in hand

 

498,719

 

671,603

 

1,396,395

 

998,055

Creditors: Amounts falling due within one year

8

(409,263)

 

(267,234)

Net current assets

   

987,132

730,821

Total assets less current liabilities

   

1,444,601

1,186,935

Provisions for liabilities

 

(38,180)

(28,667)

Net assets

   

1,406,421

1,158,268

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

1,406,321

 

1,158,168

Total equity

   

1,406,421

1,158,268

 

Tanktec UK Ltd

(Registration number: 04436253)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 October 2023 and signed on its behalf by:
 

.........................................

Mrs Amanda Jean Mogridge
Company secretary and director

 

Tanktec UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Station Road
Pilning
Bristol
BS35 4JT

These financial statements were authorised for issue by the Board on 11 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Tanktec UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Tanktec UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 10).

 

Tanktec UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

127,093

7,793

311,448

 

446,334

Additions

13,550

11,848

17,500

 

42,898

Disposals

-

-

(15,717)

 

(15,717)

At 31 May 2023

140,643

19,641

313,231

 

473,515

Depreciation

At 1 June 2022

82,950

4,806

207,214

 

294,970

Charge for the year

12,909

1,621

29,538

 

44,068

Eliminated on disposal

-

-

(15,053)

 

(15,053)

At 31 May 2023

95,859

6,427

221,699

 

323,985

Carrying amount

At 31 May 2023

44,784

13,214

91,532

 

149,530

At 31 May 2022

44,143

2,987

104,234

 

151,364

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2022

304,750

 

304,750

Fair value adjustments

3,189

 

3,189

At 31 May 2023

307,939

 

307,939

Impairment

Carrying amount

At 31 May 2023

307,939

 

307,939

 

Tanktec UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Stocks

2023
£

2022
£

Work in progress

40,000

22,719

Other inventories

186,392

65,000

226,392

87,719

7

Debtors

Current

2023
£

2022
£

Trade debtors

215,995

235,653

Prepayments

4,276

2,067

Other debtors

451,013

1,013

 

671,284

238,733

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

204,653

47,432

Taxation and social security

138,194

167,703

Accruals and deferred income

6,541

7,332

Other creditors

59,875

44,767

409,263

267,234