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REGISTERED NUMBER: 00908631 (England and Wales)












Ideal Tanks & Pumps Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023






Ideal Tanks & Pumps Limited (Registered number: 00908631)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ideal Tanks & Pumps Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: M A Robinson
C Russell
S M Robinson





REGISTERED OFFICE: The Gas Station
Harlestone Road
Northampton
Northamptonshire
NN7 4ER





REGISTERED NUMBER: 00908631 (England and Wales)





ACCOUNTANTS: Kilby Fox
Chartered Accountants
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL

Ideal Tanks & Pumps Limited (Registered number: 00908631)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 353,072 374,404
Investments 5 136,495 136,495
489,567 510,899

CURRENT ASSETS
Stocks 35,000 66,000
Debtors 6 825,919 601,928
Cash at bank and in hand 513,936 444,663
1,374,855 1,112,591
CREDITORS
Amounts falling due within one year 7 478,627 439,337
NET CURRENT ASSETS 896,228 673,254
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,385,795

1,184,153

PROVISIONS FOR LIABILITIES 25,919 23,688
NET ASSETS 1,359,876 1,160,465

CAPITAL AND RESERVES
Called up share capital 2,500 2,500
Other reserves 18 18
Retained earnings 1,357,358 1,157,947
SHAREHOLDERS' FUNDS 1,359,876 1,160,465

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ideal Tanks & Pumps Limited (Registered number: 00908631)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:




C Russell - Director M A Robinson - Director




S M Robinson - Director


Ideal Tanks & Pumps Limited (Registered number: 00908631)

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

1. STATUTORY INFORMATION

Ideal Tanks & Pumps Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on reducing balance
Plant & machinery etc - 20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Ideal Tanks & Pumps Limited (Registered number: 00908631)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant &
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2022 256,247 405,302 661,549
Additions - 1,285 1,285
At 31 May 2023 256,247 406,587 662,834
DEPRECIATION
At 1 June 2022 11,591 275,554 287,145
Charge for year 26 22,591 22,617
At 31 May 2023 11,617 298,145 309,762
NET BOOK VALUE
At 31 May 2023 244,630 108,442 353,072
At 31 May 2022 244,656 129,748 374,404

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2022
and 31 May 2023 136,495
NET BOOK VALUE
At 31 May 2023 136,495
At 31 May 2022 136,495

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 691,378 475,985
Amounts owed by group undertakings 54,090 54,090
Amounts recoverable on contract 25,000 40,000
Other debtors 22,295 -
Prepayments and accrued income 33,156 31,853
825,919 601,928

Ideal Tanks & Pumps Limited (Registered number: 00908631)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 176,755 272,725
Corporation tax 100,370 37,599
Social security and other taxes 152 2,721
Pension - 326
VAT 122,283 46,899
Sundry creditors and accruals 47,800 47,800
Directors' current accounts 31,267 31,267
478,627 439,337

8. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.