Company registration number SC573000 (Scotland)
MERKLAND TANK HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MERKLAND TANK HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MERKLAND TANK HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
4,950,156
4,950,156
Current assets
Debtors
4
37,876
18,576
Cash at bank and in hand
22,393
31,113
60,269
49,689
Creditors: amounts falling due within one year
5
(722,524)
(637,491)
Net current liabilities
(662,255)
(587,802)
Total assets less current liabilities
4,287,901
4,362,354
Creditors: amounts falling due after more than one year
6
(1,625,000)
(1,625,000)
Net assets
2,662,901
2,737,354
Capital and reserves
Called up share capital
117,228
117,228
Share premium account
17,304
17,304
Profit and loss reserves
2,528,369
2,602,822
Total equity
2,662,901
2,737,354
MERKLAND TANK HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
MR I A J BUCHAN
Mr I A J Buchan
Director
Company Registration No. SC573000
MERKLAND TANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Merkland Tank Holdings Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC573000 and is its registered office is 221 West George Street, Glasgow, G2 2ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have considered the company's working capital requirements and have a reasonable expectation that the company has adequate resources to continue for the foreseeable future and accordingly the directors continue to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

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

1.4
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank.

1.6
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MERKLAND TANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
6
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,950,156
4,950,156
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,876
18,576
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,733
16,536
Taxation and social security
690
648
Other creditors
688,101
620,307
722,524
637,491
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,625,000
1,625,000
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
Loan notes
1,625,000
1,625,000
MERKLAND TANK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Loan notes
1,625,000
1,625,000
The following security is held by Nevis Capital LLP, as security trustee, for £1,625,000 10% secured redeemable loan notes:
- a floating charge over all the property or undertakings of the company.
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