Regal Tanks (Sales) Limited 07019037 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the sale of tanks and the development of building projects for sale and rent. Digita Accounts Production Advanced 6.30.9574.0 Software true true 07019037 2022-04-01 2023-03-31 07019037 2023-03-31 07019037 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2023-03-31 07019037 bus:OrdinaryShareClass2 bus:CumulativeRedeemableShares 2023-03-31 07019037 bus:OrdinaryShareClass3 bus:CumulativeRedeemableShares 2023-03-31 07019037 core:OtherReservesSubtotal 2023-03-31 07019037 core:RetainedEarningsAccumulatedLosses 2023-03-31 07019037 core:ShareCapital 2023-03-31 07019037 core:CurrentFinancialInstruments 2023-03-31 07019037 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07019037 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07019037 bus:SmallEntities 2022-04-01 2023-03-31 07019037 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07019037 bus:FullAccounts 2022-04-01 2023-03-31 07019037 bus:RegisteredOffice 2022-04-01 2023-03-31 07019037 bus:Director1 2022-04-01 2023-03-31 07019037 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2022-04-01 2023-03-31 07019037 bus:OrdinaryShareClass2 bus:CumulativeRedeemableShares 2022-04-01 2023-03-31 07019037 bus:OrdinaryShareClass3 bus:CumulativeRedeemableShares 2022-04-01 2023-03-31 07019037 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07019037 countries:AllCountries 2022-04-01 2023-03-31 07019037 2022-03-31 07019037 2021-04-01 2022-03-31 07019037 2022-03-31 07019037 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2022-03-31 07019037 bus:OrdinaryShareClass2 bus:CumulativeRedeemableShares 2022-03-31 07019037 bus:OrdinaryShareClass3 bus:CumulativeRedeemableShares 2022-03-31 07019037 core:OtherReservesSubtotal 2022-03-31 07019037 core:RetainedEarningsAccumulatedLosses 2022-03-31 07019037 core:ShareCapital 2022-03-31 07019037 core:CurrentFinancialInstruments 2022-03-31 07019037 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07019037 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07019037

Regal Tanks (Sales) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Regal Tanks (Sales) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Regal Tanks (Sales) Limited

(Registration number: 07019037)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

2,125,000

2,042,299

Current assets

 

Stocks

212,237

198,172

Debtors

5

100,271

178,285

Cash at bank and in hand

 

460,689

250,346

 

773,197

626,803

Creditors: Amounts falling due within one year

6

(464,010)

(387,357)

Net current assets

 

309,187

239,446

Total assets less current liabilities

 

2,434,187

2,281,745

Creditors: Amounts falling due after more than one year

6

(480,014)

(789,031)

Provisions for liabilities

(46,824)

(27,494)

Net assets

 

1,907,349

1,465,220

Capital and reserves

 

Called up share capital

7

100

100

Other reserves

140,474

82,485

Profit and loss account

1,766,775

1,382,635

Total equity

 

1,907,349

1,465,220

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

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 


 

Mr Neil Patrick Alger
Director

 

Regal Tanks (Sales) Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
Regal Tanks Benacre Road
Ellough
Beccles
Suffolk
NR34 7XD

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and rental income in the ordinary course of the company's activities

Turnover is shown net of 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.

 

Regal Tanks (Sales) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tax policies
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax
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.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Inventories

Stocks are stated at the lower of cost and net realisable value.

Cash

Cash comprises cash on hand and all deposits.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. 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.

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 at the transaction price.

 

Regal Tanks (Sales) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2022 - 0).

4

Investment property

2023
£

2022
£

At 1 April

2,042,299

1,170,021

Additions (at cost)

5,382

762,299

Fair value adjustments

77,319

109,979

At 31 March

2,125,000

2,042,299

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

5

Debtors

2023
£

2022
£

Trade debtors

33,996

18,162

Other debtors

65,196

153,897

Prepayments

1,079

6,226

100,271

178,285

 

Regal Tanks (Sales) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans

309,017

164,391

Trade creditors

46,471

91,764

Taxation and social security

103,727

75,041

Accruals and deferred income

3,795

5,325

Other creditors

1,000

50,836

464,010

387,357

Creditors include bank loans which are secured by a fixed charge and negative pledge over the company's investment properties in the sum of £309,017 (2022 - £164,391).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Bank loans

480,014

789,031

480,014

789,031

Creditors include bank loans which are secured by a fixed charge and negative pledge over the company's investment properties in the sum of £480,014 (2022 - £789,031).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

51

51

51

51

Ordinary B shares of £1 each

39

39

39

39

Ordinary C shares of £1 each

10

10

10

10

 

100

100

100

100

 

Regal Tanks (Sales) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

Directors' Advances

The company provided the directors with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £Nil (2022 - £Nil) was advanced and £Nil (2022 - £184,000) was repaid.

Advances were unsecured and interest has been charged at the HMRC official rate.

Other related party transactions

At the balance sheet date, included in debtors, is an amount of £12,000 (2022 - £153,572) due from a company in which the directors are also directors and shareholders.

The amount is interest free.