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Premier Tank Services Limited

Registration number : 06456261



















Annual Report and Unaudited Financial Statements

for the year ended 31 December 2023

 

Premier Tank Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Premier Tank Services Limited

Company Information

Directors

Mr Adam Keith Dawson

Mr Paul Ennis

Mr David Hartley

Registered office

Premier House
40 Rochdale Road
Heywood
OL10 1LE

Accountants

McParland Williams Limited
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Premier Tank Services Limited

(Registration number: 06456261)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

2,049

887

Current assets

 

Stocks and work-in-progress

7

327,527

274,994

Debtors

8

503,378

472,035

Cash at bank and in hand

 

314,778

126,111

 

1,145,683

873,140

Creditors: Amounts falling due within one year

9

(904,362)

(614,618)

Net current assets

 

241,321

258,522

Total assets less current liabilities

 

243,370

259,409

Creditors: Amounts falling due after more than one year

9

(183,356)

(231,241)

Provisions for liabilities

(389)

(169)

Net assets

 

59,625

27,999

Capital and reserves

 

Called up share capital

1,099

1,099

Profit and loss account

58,526

26,900

Total equity

 

59,625

27,999

For the financial year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 April 2024 and signed on its behalf by:
 

 

Premier Tank Services Limited

(Registration number: 06456261)
Balance Sheet as at 31 December 2023

.........................................
Mr Adam Keith Dawson
Director

.........................................
Mr Paul Ennis
Director

.........................................
Mr David Hartley
Director

     
 

Premier Tank Services Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1,099

26,900

27,999

Profit for the year

-

31,626

31,626

At 31 December 2023

1,099

58,526

59,625

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1,099

22,411

23,510

Profit for the year

-

4,489

4,489

At 31 December 2022

1,099

26,900

27,999

 

Premier Tank Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 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:
Premier House
40 Rochdale Road
Heywood
OL10 1LE

These financial statements were authorised for issue by the Board on 22 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tax

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

 

Premier Tank Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

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

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

15% Reducing Balance

Office Equipment

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Premier Tank Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

364

274

 

Premier Tank Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

5

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax adjustment to prior periods

(19,932)

-

Deferred taxation

Arising from origination and reversal of timing differences

(7,252)

(52)

Tax receipt in the income statement

(27,184)

(52)

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

19,008

19,008

Additions

1,526

1,526

At 31 December 2023

20,534

20,534

Depreciation

At 1 January 2023

18,121

18,121

Charge for the year

364

364

At 31 December 2023

18,485

18,485

Carrying amount

At 31 December 2023

2,049

2,049

At 31 December 2022

887

887

 

Premier Tank Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

7

Stocks and work-in-progress

2023
£

2022
£

Work in progress

227,540

-

Other inventories

99,987

274,994

327,527

274,994

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

412,977

407,025

Other debtors

 

59,852

64,924

Prepayments

 

3,145

86

Deferred tax assets

7,472

-

Income tax asset

19,932

-

 

503,378

472,035

 

Premier Tank Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

39,153

20,321

Trade creditors

 

496,886

468,558

Taxation and social security

 

4,164

35,542

Accruals and deferred income

 

288,785

85,206

Other creditors

 

75,374

4,991

 

904,362

614,618

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

183,356

231,241

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

153,124

41,917

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

183,356

231,241

 

Premier Tank Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

39,153

20,321