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Registered Number: 06820595
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 28 February 2023

for

NORFOLK TANKS LIMITED

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 23,937    29,026 
23,937    29,026 
Current assets      
Stocks 4 58,500    81,500 
Debtors 5 46,987    17,225 
Cash at bank and in hand 80,057    73,655 
185,544    172,380 
Creditors: amount falling due within one year 6 (151,530)   (90,758)
Net current assets 34,014    81,622 
 
Total assets less current liabilities 57,951    110,648 
Creditors: amount falling due after more than one year 7 (26,929)   (88,055)
Provisions for liabilities 8 (5,984)   (4,487)
Net assets 25,038    18,106 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 24,938    18,006 
Shareholder's funds 25,038    18,106 
 


For the year ended 28 February 2023 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 year 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 28 November 2023 and were signed on its behalf by:


-------------------------------
Adrian Stolworthy
Director
1
General Information
Norfolk Tanks Limited is a private company, limited by shares, registered in England and Wales, registration number 06820595, registration address Top Farm Workshop, Little Witchingham, Norwich, Norfolk, NR95PB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
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 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 15% 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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 March 2022 12,441    53,633    8,227    74,301 
Additions 953      364    1,317 
Disposals      
At 28 February 2023 13,394    53,633    8,591    75,618 
Depreciation
At 01 March 2022 7,432    33,373    4,470    45,275 
Charge for year 767    5,065    574    6,406 
On disposals      
At 28 February 2023 8,199    38,438    5,044    51,681 
Net book values
Closing balance as at 28 February 2023 5,195    15,195    3,547    23,937 
Opening balance as at 01 March 2022 5,009    20,260    3,757    29,026 


4.

Stocks

2023
£
  2022
£
Stocks 58,500    81,500 
58,500    81,500 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 46,987    17,225 
46,987    17,225 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 116,786    37,117 
Bank Loans & Overdrafts 7,986    7,098 
Corporation Tax 3,078    2,499 
PAYE & Social Security   1,978 
Accrued Expenses 1,400    1,200 
Obligations under HP/Financial Leases 10,013   
Directors' Current Accounts 11,235    40,282 
VAT 1,032    584 
151,530    90,758 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 26,929    76,304 
Obligations Under HP/Financial Leases   11,751 
26,929    88,055 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 4,487   
Charged to Profit & Loss 1,497    4,487 
5,984    4,487 

2