Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31false2022-08-01Road tanker cleaning services2120truetrue 02200280 2022-08-01 2023-07-31 02200280 2021-08-01 2022-07-31 02200280 2023-07-31 02200280 2022-07-31 02200280 2021-08-01 02200280 c:Director1 2022-08-01 2023-07-31 02200280 d:Buildings 2022-08-01 2023-07-31 02200280 d:Buildings 2023-07-31 02200280 d:Buildings 2022-07-31 02200280 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02200280 d:Buildings d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02200280 d:LandBuildings 2023-07-31 02200280 d:LandBuildings 2022-07-31 02200280 d:PlantMachinery 2022-08-01 2023-07-31 02200280 d:PlantMachinery 2023-07-31 02200280 d:PlantMachinery 2022-07-31 02200280 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02200280 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02200280 d:MotorVehicles 2022-08-01 2023-07-31 02200280 d:MotorVehicles 2023-07-31 02200280 d:MotorVehicles 2022-07-31 02200280 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02200280 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02200280 d:FurnitureFittings 2022-08-01 2023-07-31 02200280 d:FurnitureFittings 2023-07-31 02200280 d:FurnitureFittings 2022-07-31 02200280 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02200280 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02200280 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02200280 d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02200280 d:CurrentFinancialInstruments 2023-07-31 02200280 d:CurrentFinancialInstruments 2022-07-31 02200280 d:Non-currentFinancialInstruments 2023-07-31 02200280 d:Non-currentFinancialInstruments 2022-07-31 02200280 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02200280 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 02200280 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 02200280 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 02200280 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 02200280 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 02200280 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 02200280 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 02200280 d:ShareCapital 2023-07-31 02200280 d:ShareCapital 2022-07-31 02200280 d:RevaluationReserve 2023-07-31 02200280 d:RevaluationReserve 2022-07-31 02200280 d:RetainedEarningsAccumulatedLosses 2023-07-31 02200280 d:RetainedEarningsAccumulatedLosses 2022-07-31 02200280 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 02200280 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 02200280 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 02200280 d:TaxLossesCarry-forwardsDeferredTax 2022-07-31 02200280 c:OrdinaryShareClass1 2022-08-01 2023-07-31 02200280 c:OrdinaryShareClass1 2023-07-31 02200280 c:OrdinaryShareClass1 2022-07-31 02200280 c:OrdinaryShareClass2 2022-08-01 2023-07-31 02200280 c:OrdinaryShareClass2 2023-07-31 02200280 c:OrdinaryShareClass2 2022-07-31 02200280 c:OrdinaryShareClass3 2022-08-01 2023-07-31 02200280 c:OrdinaryShareClass3 2023-07-31 02200280 c:OrdinaryShareClass3 2022-07-31 02200280 c:FRS102 2022-08-01 2023-07-31 02200280 c:Audited 2022-08-01 2023-07-31 02200280 c:FullAccounts 2022-08-01 2023-07-31 02200280 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02200280 c:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 02200280 2 2022-08-01 2023-07-31 02200280 5 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02200280









SOUTH EASTERN TANKER SERVICES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
SOUTH EASTERN TANKER SERVICES LIMITED
REGISTERED NUMBER: 02200280

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,517,292
9,422,416

  
9,517,292
9,422,416

Current assets
  

Stocks
 5 
11,790
5,522

Debtors: amounts falling due within one year
 6 
663,789
632,674

Cash at bank and in hand
 7 
321,512
164,798

  
997,091
802,994

Creditors: amounts falling due within one year
 8 
(595,333)
(653,466)

Net current assets
  
 
 
401,758
 
 
149,528

Total assets less current liabilities
  
9,919,050
9,571,944

Creditors: amounts falling due after more than one year
 9 
(154,897)
(211,399)

Provisions for liabilities
  

Deferred tax
 11 
(1,507,529)
(1,481,272)

  
 
 
(1,507,529)
 
 
(1,481,272)

Net assets
  
8,256,624
7,879,273


Capital and reserves
  

Called up share capital 
 12 
100
100

Revaluation reserve
  
6,569,364
6,569,364

Profit and loss account
  
1,687,160
1,309,809

  
8,256,624
7,879,273


Page 1

 
SOUTH EASTERN TANKER SERVICES LIMITED
REGISTERED NUMBER: 02200280
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 February 2024.




Gary Roy Waddilove
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SOUTH EASTERN TANKER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

South Eastern Tanker Services Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Breach Lane, Dagenham, England, RM9 6EG.
The company's principal activity continued to be that of road tanker cleaning services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue is recognised in the period in which the services are provided in accordance when when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due;
the stage of completion at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SOUTH EASTERN TANKER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SOUTH EASTERN TANKER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SOUTH EASTERN TANKER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
21
20

Page 6

 
SOUTH EASTERN TANKER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
9,000,000
2,030,731
31,280
204,262
11,266,273


Additions
-
177,632
39,594
5,989
223,215


Disposals
-
-
(2,500)
-
(2,500)



At 31 July 2023

9,000,000
2,208,363
68,374
210,251
11,486,988



Depreciation


At 1 August 2022
-
1,671,009
26,691
146,157
1,843,857


Charge for the year on owned assets
-
107,950
3,299
9,173
120,422


Charge for the year on financed assets
-
6,762
1,147
-
7,909


Disposals
-
-
(2,492)
-
(2,492)



At 31 July 2023

-
1,785,721
28,645
155,330
1,969,696



Net book value



At 31 July 2023
9,000,000
422,642
39,729
54,921
9,517,292



At 31 July 2022
9,000,000
359,722
4,589
58,105
9,422,416




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
9,000,000
9,000,000

9,000,000
9,000,000


Page 7

 
SOUTH EASTERN TANKER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
11,790
5,522

11,790
5,522



6.


Debtors

2023
2022
£
£


Trade debtors
535,454
546,243

Prepayments and accrued income
128,335
86,431

663,789
632,674



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
321,512
164,798

321,512
164,798



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
79,345
91,433

Trade creditors
179,193
157,216

Corporation tax
205,067
238,628

Other taxation and social security
56,744
61,815

Obligations under finance lease and hire purchase contracts
12,710
3,633

Other creditors
25,308
6,989

Accruals and deferred income
36,966
93,752

595,333
653,466




Page 8

 
SOUTH EASTERN TANKER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
129,471
211,399

Net obligations under finance leases and hire purchase contracts
25,426
-

154,897
211,399


Both bank loans and obligations under hire purchase contracts included in creditors due within one year and after more than one year of £246,952 (2022: £306,465) are secured over the assets to which they relate and by way of a fixed charge over the assets of the company.
Bank loans are secured over the freehold property by way of a fixed charge over the assets of the company. 


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
79,345
91,433

Amounts falling due 1-2 years

Bank loans
42,080
79,260

Amounts falling due 2-5 years

Bank loans
87,391
132,139

208,816
302,832


Page 9

 
SOUTH EASTERN TANKER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,481,272)
(1,479,233)


Charged to profit or loss
(26,257)
(2,039)



At end of year
(1,507,529)
(1,481,272)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(118,971)
(92,714)

Unrealised gain on revaluation of tangible fixed assets
(1,388,558)
(1,388,558)

(1,507,529)
(1,481,272)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



51 (2022 - 51) Ordinary 'A' shares of £1.00 each
51
51
31 (2022 - 31) Ordinary 'C' shares of £1.00 each
31
31
18 (2022 - 18) Ordinary 'D' shares of £1.00 each
18
18

100

100



13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £21,667 (2022 - £52,351). Contributions totalling £2,218 were payable (2022 - £1,977) into the fund at the balance sheet date and are included in other debtors due within one year.

Page 10

 
SOUTH EASTERN TANKER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


Related party transactions

During the year dividends of £773,467 (2022: £599,281) were paid to the parent, SETS Holdings Limited.
At the year end the company owed £Nil (2022: £Nil) to the parent company, SETS Holdings Limited.
At the year end the company was owed £Nil (2022: £Nil) from the ultimate parent company, South Eastern Tanker Services Group Limited.


15.


Controlling party

The ultimate parent undertaking is South Eastern Tanker Services Group Limited a company incorporated in England and Wales.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2023 was unqualified.

The audit report was signed on 15 February 2024 by Duncan Stannett (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 11