Company registration number SC282068 (Scotland)
MERKLAND TANK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MERKLAND TANK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MERKLAND TANK LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,372,483
1,146,118
Current assets
Stocks
3,000
1,847
Debtors
4
1,309,767
1,722,761
Cash at bank and in hand
1,137,136
465,702
2,449,903
2,190,310
Creditors: amounts falling due within one year
5
(753,183)
(920,785)
Net current assets
1,696,720
1,269,525
Total assets less current liabilities
3,069,203
2,415,643
Creditors: amounts falling due after more than one year
6
(601,443)
(478,343)
Provisions for liabilities
(341,049)
(277,511)
Net assets
2,126,711
1,659,789
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
2,121,711
1,654,789
Total equity
2,126,711
1,659,789
MERKLAND TANK 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 26 July 2024 and are signed on its behalf by:
K MCINTYRE
K McIntyre
Director
Company Registration No. SC282068
MERKLAND TANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Merkland Tank Limited is a private company limited by shares incorporated in Scotland. The registered office is 14 Loanbank Quadrant, Govan, Glasgow, G51 3HZ.

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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable.

 

Turnover represents net invoiced sale of tank and boiler servicing, insulation and engineering, excluding value added tax.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5 years
Plant and equipment
5 years
Fixtures and fittings
5 years
Motor vehicles
5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

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

MERKLAND TANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
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 and other 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 and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.8
Retirement benefits

The company operates a defined contribution plan for it's 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 Statement of comprehensive income 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.

1.9
Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

2
Employees

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

2024
2023
Number
Number
Total
49
40
MERKLAND TANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
10,747
100,944
28,697
2,083,698
2,224,086
Additions
22,328
-
0
2,451
664,098
688,877
Disposals
-
0
-
0
-
0
(198,991)
(198,991)
At 31 January 2024
33,075
100,944
31,148
2,548,805
2,713,972
Depreciation and impairment
At 1 February 2023
4,119
52,846
20,258
1,000,745
1,077,968
Depreciation charged in the year
6,093
15,773
4,755
306,739
333,360
Eliminated in respect of disposals
-
0
-
0
-
0
(69,839)
(69,839)
At 31 January 2024
10,212
68,619
25,013
1,237,645
1,341,489
Carrying amount
At 31 January 2024
22,863
32,325
6,135
1,311,160
1,372,483
At 31 January 2023
6,628
48,098
8,439
1,082,953
1,146,118

The net book value of fixed assets which are held under hire purchase contracts in the year is £1,077,373 (2023: £862,186).

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
529,499
1,035,928
Amounts recoverable on contracts
34,851
261,506
Corporation tax recoverable
-
0
61,058
Other debtors
745,417
364,269
1,309,767
1,722,761
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
261,187
248,779
Trade creditors
248,960
375,992
Other taxation and social security
70,487
172,429
Other creditors
172,549
123,585
753,183
920,785
MERKLAND TANK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
601,443
478,343
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
96,667
136,667
8
Parent company

The company is a subsidiary of Merkland Tank Holdings Limited, a company incorporated in the UK.

 

The registered office of Merkland Tank Holdings Limited is 221 West George Street, Glasgow, G2 2ND.

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