REGISTERED NUMBER: |
ATI Tank Hire Limited |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Portable building | - |
Plant | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Disposals | ( |
) |
At 31 July 2024 |
Amortisation |
At 1 August 2023 |
Eliminated on disposal | ( |
) |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
6. | Debtors |
31/7/24 | 31/7/23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by associates |
Other debtors |
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 |
Other debtors |
Aggregate amounts |
7. | Creditors: amounts falling due within one year |
31/7/24 | 31/7/23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to associates | 487 | - |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
31/7/24 | 31/7/23 |
£ | £ |
Hire purchase contracts (see note 9) |
Other creditors |
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 |
Between one and five years |
Non-cancellable | operating leases |
31/7/24 | 31/7/23 |
£ | £ |
Within one year |
Between one and five years |
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 |
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 |
Provided during year |
Balance at 31 July 2024 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |