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REGISTERED NUMBER: 01766265 (England and Wales)















ATI Tank Hire Limited

Unaudited Financial Statements for the Year Ended 31 July 2024






ATI Tank Hire Limited (Registered number: 01766265)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ATI Tank Hire Limited

Company Information
for the Year Ended 31 July 2024







Directors: S Bidgood
S J Lumsden
A T Jacobs





Secretary: J J Bool





Registered office: Thamesfield Way
Pasteur Road
Great Yarmouth
Norfolk
NR31 0DN





Registered number: 01766265 (England and Wales)





Accountants: Fairhead Bradford
5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP

ATI Tank Hire Limited (Registered number: 01766265)

Statement of Financial Position
31 July 2024

31/7/24 31/7/23
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 2,664,881 2,405,372
2,664,881 2,405,372

Current assets
Stocks 5,166 5,166
Debtors 6 1,865,871 1,726,762
Cash at bank and in hand 104,440 69,534
1,975,477 1,801,462
Creditors
Amounts falling due within one year 7 643,396 1,001,651
Net current assets 1,332,081 799,811
Total assets less current liabilities 3,996,962 3,205,183

Creditors
Amounts falling due after more than one
year

8

(588,900

)

(332,561

)

Provisions for liabilities 11 (639,289 ) (504,620 )
Net assets 2,768,773 2,368,002

Capital and reserves
Called up share capital 1,874 1,874
Share premium 111,113 111,113
Capital redemption reserve 214,460 214,460
Retained earnings 2,441,326 2,040,555
Shareholders' funds 2,768,773 2,368,002

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ATI Tank Hire Limited (Registered number: 01766265)

Statement of Financial Position - continued
31 July 2024


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

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 28 August 2024 and were signed on its behalf by:





S J Lumsden - Director


ATI Tank Hire Limited (Registered number: 01766265)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. Statutory information

ATI Tank Hire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities which are that of the hire, service and maintenance of storage and transportation tanks and ancillary equipment.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Portable building - 15% on cost
Plant - at varying rates on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stock
Stock is valued on a base cost basis due to the very long expected life of these assets. Stock is revalued whenever there is a major change in the base stock holding.

Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


ATI Tank Hire Limited (Registered number: 01766265)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Leasing and hire purchase commitments
Assets held under hire purchase contracts and finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease. The finance element of the rental payment is charged to the profit and loss account either on a straight line basis or so as to produce constant periodic rates of charge based on the balance of the capital payments outstanding

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Invoice financing
The company has arrangements whereby it invoice finances its debts on a recourse basis. Accordingly, the gross amount of debts owed subject to invoice finance is included within trade debtors and the cash advanced thereon is shown within bank loans and overdrafts in creditors. Interest and charges arising from invoice financing are charged to the profit and loss account when incurred.

Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 15 (2023 - 16 ) .

ATI Tank Hire Limited (Registered number: 01766265)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. Intangible fixed assets
Website
and
booking
system
£   
Cost
At 1 August 2023 9,105
Disposals (9,105 )
At 31 July 2024 -
Amortisation
At 1 August 2023 9,105
Eliminated on disposal (9,105 )
At 31 July 2024 -
Net book value
At 31 July 2024 -
At 31 July 2023 -

5. Tangible fixed assets
Fixtures
Portable and Motor
building Plant fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 August 2023 85,305 5,971,836 58,426 42,341 6,157,908
Additions - 625,255 16,015 - 641,270
Disposals - (308,160 ) (23,671 ) - (331,831 )
At 31 July 2024 85,305 6,288,931 50,770 42,341 6,467,347
Depreciation
At 1 August 2023 78,735 3,605,138 50,043 18,620 3,752,536
Charge for year 636 358,333 6,798 7,573 373,340
Eliminated on disposal - (299,739 ) (23,671 ) - (323,410 )
At 31 July 2024 79,371 3,663,732 33,170 26,193 3,802,466
Net book value
At 31 July 2024 5,934 2,625,199 17,600 16,148 2,664,881
At 31 July 2023 6,570 2,366,698 8,383 23,721 2,405,372

6. Debtors
31/7/24 31/7/23
£    £   
Amounts falling due within one year:
Trade debtors 591,040 528,869
Amounts owed by associates - 97,177
Other debtors 968,284 750,268
1,559,324 1,376,314

ATI Tank Hire Limited (Registered number: 01766265)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. Debtors - continued
31/7/24 31/7/23
£    £   
Amounts falling due after more than one year:
Amounts owed by associates - 105,242
Other debtors 306,547 245,206
306,547 350,448

Aggregate amounts 1,865,871 1,726,762

7. Creditors: amounts falling due within one year
31/7/24 31/7/23
£    £   
Bank loans and overdrafts - 211,493
Hire purchase contracts (see note 9) 179,068 98,776
Trade creditors 93,964 72,969
Amounts owed to associates 487 -
Taxation and social security 360,915 606,704
Other creditors 8,962 11,709
643,396 1,001,651

8. Creditors: amounts falling due after more than one year
31/7/24 31/7/23
£    £   
Hire purchase contracts (see note 9) 588,900 169,815
Other creditors - 162,746
588,900 332,561

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
31/7/24 31/7/23
£    £   
Net obligations repayable:
Within one year 179,068 98,776
Between one and five years 588,900 169,815
767,968 268,591

Non-cancellable operating leases
31/7/24 31/7/23
£    £   
Within one year 140,000 70,000
Between one and five years 490,000 -
630,000 70,000

ATI Tank Hire Limited (Registered number: 01766265)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. Secured debts

The following secured debts are included within creditors:

31/7/24 31/7/23
£    £   
Invoice financing - 111,346
Hire purchase creditors 767,967 268,590
767,967 379,936

The company meets its day to day working capital requirements only through the CID facility. Capital expenditure is funded by third party loans.

The invoice discounting facility is secured against trade debtors.

The hire purchase creditors are secured by a charge over the assets concerned.

11. Provisions for liabilities
31/7/24 31/7/23
£    £   
Deferred tax 639,289 504,620

Deferred
tax
£   
Balance at 1 August 2023 504,620
Provided during year 134,669
Balance at 31 July 2024 639,289

12. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

31/7/24 31/7/23
£    £   
S J Lumsden
Balance outstanding at start of year 736,929 308,255
Amounts advanced 181,750 428,674
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 918,679 736,929

13. Related party disclosures

During the year ended 31 July 2024, the loan the company had previously made to ATI Investments Limited was repaid in full by that company.

ATI Investments Limited acts as guarantor to the £1.5M asset funding facility provided to the company by it's bankers.

ATI Investments Limited is a company under the control of S J Lumsden.