REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED (REGISTERED NUMBER: 02568016) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
17 George Street |
St Helens |
Merseyside |
WA10 1DB |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED (REGISTERED NUMBER: 02568016) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED (REGISTERED NUMBER: 02568016) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Nijman Zeetank International Transport Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's functional and presentational currency is GBP. All mounts in these financial statements have been rounded to the nearest pound. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In preparing these financial statements, the directors have had to make the following judgements: |
-Determine whether there are indicators of impairments of the Company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Other key sources of estimation uncertainty: |
Tangible fixed assets (see note 5) are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Deferred tax assets are recognised to the extent that it is probable that sufficient future taxable profits will be available against which the unused taxation losses from review of future profitability forecasts. The tax rates used are those that have been enacted or substantively enacted by the balance sheet date and may be subject to change by the UK Government. |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED (REGISTERED NUMBER: 02568016) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: |
Rendering of services |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
-the amount of turnover can be measured reliably |
-it is probable that the Company will receive the consideration due under the contract. |
-the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
-the costs incurred and the costs to complete the contract can be measured reliably. |
Pensions |
Defined contribution pension plan |
The company operated 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 the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. |
Finance costs |
Finance costs are charged to the income statement over the term of the debt using the effective interest method so that the amount charged is at a consistent rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Tangible fixed assets |
Tangible fixed assets 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 a manner intended by management. |
At each reporting date, the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
The cost of replacing a part of fixed assets added to carrying value of fixed assets where the replacement part is expected to provide incremental benefits to the Company. Repairs and maintenance are charged to the income statement during the period in which they are incurred. |
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual values over their estimated useful lives using the straight line method. |
Depreciation is provided on the following basis: |
Freehold property | - | 4% to 10% per annum |
Trucks, trailers, tools and equipment | - | 14.29% to 50% per annum |
Fixtures and fittings | - | 20% to 50% per annum |
Motor vehicles | - | 20% - 33.33% per annum |
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 the income statement. |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED (REGISTERED NUMBER: 02568016) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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. |
Government grants |
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the income statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
Grants of a revenue nature are recognised in the income statement in the same period as the related expenditure. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date. |
Financial instruments |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form. |
The Company's cash at bank and in hand and trade and other debtors and its trade and other creditors and bank overdrafts are measured initially at the transaction price, including transactions costs, and subsequently at amortised cost using the effective interest method. Debt instructions that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
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. |
Foreign currencies |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED (REGISTERED NUMBER: 02568016) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefits from the use of the leased asset. |
Going concern |
In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis in preparing the accounts. |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date on which the financial statements were approved. For this reason, they continue to adopt the going concern basis in preparing the accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Trucks, |
trailers, | Fixtures |
Freehold | tools and | and | Motor |
property | equipment | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in cost of land and buildings is freehold land of £ 450,000 (2022 - £ 450,000 ) which is not depreciated. |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED (REGISTERED NUMBER: 02568016) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Fuel stock |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Amounts due from group undertakings |
VAT |
Deferred tax asset |
Prepayments and accrued income |
It is expected that the deferred tax asset will be recovered after more than one year. |
All other debtors fall due within one year. Amounts owed by the group undertakings are interest free and repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
Other creditors |
Amounts due to group undertakings | - |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Amounts due to group undertakings |
Amounts falling due in more than five years: |
Repayable by instalments |
Hire purchase | 1,317,980 | - |
Amounts owed to group undertakings carry an interest rate of 2% pa compounded annually and repayable by 18th November 2026 with no set repayment dates. |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED (REGISTERED NUMBER: 02568016) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 4,307,043 | - |
The bank borrowings are secured by a fixed and floating charge over the assets of the company. |
The hire purchase contracts are secured against the assets to which they relate. |
11. | LEASING AGREEMENTS |
Non-cancellable operating leases: |
2023 | 2022 |
£ | £ |
Between one and five years | 3,891 | - |
12. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
'A' Ordinary shares | 100 | 99,700 | 99,700 |
'B' Ordinary shares | 100 | 300 | 300 |
100,000 | 100,000 |
The "B" ordinary shares of £100 each have the following rights: Equal voting rights to the "A" ordinary shares. Equal rights to participate in any return of capital on winding up. No rights to any distribution of profits of the Company. |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | PENSION COMMITMENTS |
During the year the company made contributions to a defined contribution pension scheme. At 31 December 2023, the amount outstanding was £273 (2022 - £207). |
15. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
16. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, the Company's ultimate parent Company and ultimate controlling party is Nijman Zeetank Holdings B.V., a Company incorporated in the Netherlands. A copy of the group financial statements can be obtained from that Company's registered office, Wattweg 2, 3208 KH Spijkenisse, The Netherlands. Nijman/Zeetank Holding B.V. is the smallest and largest group in which the Company is consolidated. |
NIJMAN ZEETANK INTERNATIONAL TRANSPORT |
LIMITED (REGISTERED NUMBER: 02568016) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |