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REGISTERED NUMBER: 08817829 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

KELLY TANKS LIMITED

KELLY TANKS LIMITED (REGISTERED NUMBER: 08817829)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


KELLY TANKS LIMITED (REGISTERED NUMBER: 08817829)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,820,015 1,078,878

CURRENT ASSETS
Stocks 38,964 34,482
Debtors 6 467,051 506,358
Cash at bank and in hand 187,875 150,983
693,890 691,823
CREDITORS
Amounts falling due within one year 7 339,087 511,629
NET CURRENT ASSETS 354,803 180,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,174,818

1,259,072

CREDITORS
Amounts falling due after more than one
year

8

122,748

94,701
NET ASSETS 2,052,070 1,164,371

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,051,070 1,163,371
SHAREHOLDERS' FUNDS 2,052,070 1,164,371

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

KELLY TANKS LIMITED (REGISTERED NUMBER: 08817829)

Balance Sheet - continued
31 December 2023


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 9 August 2024 and were signed on its behalf by:




Mrs K A G Bryant - Director



Mr M G Stubbs - Director


KELLY TANKS LIMITED (REGISTERED NUMBER: 08817829)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Kelly Tanks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08817829

Registered office: Rawnslow Farm
Sandon Bank
Stafford
Staffordshire
ST18 9TE

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


2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to revenue, and provisions are its critical accounting policies.

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

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Hire Fleet

Hire fleet consists of water filtration tanks that the company produces to hire to customers. The hire fleet is valued based on costs of production and is capitalised as plant and machinery then depreciated. When fleet items are sold to customers, the asset is disposed of to the profit and loss account.

KELLY TANKS LIMITED (REGISTERED NUMBER: 08817829)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

KELLY TANKS LIMITED (REGISTERED NUMBER: 08817829)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 27,350 1,316,859 172
Additions 41,243 925,707 -
At 31 December 2023 68,593 2,242,566 172
DEPRECIATION
At 1 January 2023 6,838 292,169 96
Charge for year 6,859 292,559 11
At 31 December 2023 13,697 584,728 107
NET BOOK VALUE
At 31 December 2023 54,896 1,657,838 65
At 31 December 2022 20,512 1,024,690 76

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 64,515 6,141 1,415,037
Additions 106,144 4,183 1,077,277
At 31 December 2023 170,659 10,324 2,492,314
DEPRECIATION
At 1 January 2023 34,124 2,932 336,159
Charge for year 34,131 2,580 336,140
At 31 December 2023 68,255 5,512 672,299
NET BOOK VALUE
At 31 December 2023 102,404 4,812 1,820,015
At 31 December 2022 30,391 3,209 1,078,878

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 339,530 444,418
Other debtors 127,521 61,940
467,051 506,358

KELLY TANKS LIMITED (REGISTERED NUMBER: 08817829)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 28,331 22,562
Trade creditors 88,964 295,357
Taxation and social security 10,880 6,425
Other creditors 200,912 177,285
339,087 511,629

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 15,834 25,833
Hire purchase contracts 106,914 68,868
122,748 94,701