Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
COMPANY INFORMATION
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CENTRE TANK SERVICES LIMITED
CONTENTS
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CENTRE TANK SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their Strategic Report for the year ended 31 December 2023.
Review of business We are pleased with the revenue position and overall performance particularly considering the continued unpredictability of the market during the year. The decline in revenue is attributable to market legislative factors however the Directors are pleased with the business’ resilience. This has a direct impact on overall operating profit. The Company continues to focus business development to better take advantage of market opportunities in the medium term. The current cash position will enable the Company to take advantage of any short-term market opportunities which may arise and to protect the business from further unpredicted economic shocks.
The Company distinguishes between market related risks, operational risks, customer credit risks, liquidity risks and legal and regulatory risks. The Directors regularly review and update these identified risks. The most significant risks affecting the Company’s operations are described below.
Market related risks The Company provides their services primarily to the fluid handling equipment market in the UK and Europe and are reliant on a substantial number of suppliers, many of which are based overseas. In addition, there is the risk of lower cost manufacturers entering the Company’s and Group’s markets and a risk of increased inventory lead times due to the conflict in the Red sea. The Directors regularly review the Company’s product portfolio seeking to identify other markets and other suppliers for existing products, and to identify markets for new products, in order to mitigate the effect of any market related risks on the results of the Company. Operational risks The Company is reliant on the knowledge and technical expertise of their key management and staff. Operational risk is mitigated by maintaining key management and staff expertise through on-going training and development programmes.The company is certified under ISO 9001 (2015). Customer credit risks The Company is exposed to risk in respect of trade receivables in their markets. Customers are subject to credit checks and the outcome provides the basis for credit and payment terms for each customer. In addition, credit insurance is arranged where appropriate. Liquidity risks Uncertainties in the general economic environment can create liquidity risks for the Company. Liquidity risk is managed through close monitoring and control of cash flows to ensure adequate funding for the Company’s day to day operations. Legal and regulatory risks From time to time, the Company is involved in disputes in the normal course of business and typically these are resolved promptly and do not involve significant amounts. The risk of product failure or obsolescence is mitigated to some extent by insurance cover and ongoing investment in research and development by the Company.
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CENTRE TANK SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The performance of the Company in the year ended 31 December 2023 is summarised below.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company, these being revenue from contracts with customers, operating profit, profit before tax and total equity. Revenue from contracts with customers for the year ended 31 December 2023 is £7,779,777 (2022: £9,193,977), a decrease of 15.4% (2022: increase of 24.5%), operating profit after exceptional items for the year ended 31 December 2023 is £1,419,241 (2022: £2,362,032), a decrease of 40.0% (2022: increase of 15.6%) and profit after exceptional items for the year ended 31 December 2023 is £1,481,590 (2022: £2,440,151), a decrease of 39.3% (2022: increase of 44.9%). Total equity and reserves at 31 December 2023 was £3,317,515 (2022: £3,398,125).
This report was approved by the board and signed on its behalf.
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CENTRE TANK SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
The Directors who served during the year were:
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The profit for the year, after taxation, amounted to £1,481,590 (2022 - £2,440,151).
During the year ended 31 December 2022, the Company paid £1,562,200 (2022: £2,107,000) in dividends.
The Company does not conduct material research and development activities.
Certain matters are disclosed in the Strategic Report that would otherwise be disclosed in the Directors' Report.
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CENTRE TANK SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CENTRE TANK SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CENTRE TANK SERVICES LIMITED
We have audited the financial statements of Centre Tank Services Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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CENTRE TANK SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CENTRE TANK SERVICES LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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CENTRE TANK SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CENTRE TANK SERVICES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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CENTRE TANK SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CENTRE TANK SERVICES LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxfordshire
OX2 9GG
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CENTRE TANK SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
REGISTERED NUMBER: 02136427
BALANCE SHEET
AS AT 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
REGISTERED NUMBER: 02136427
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 33 form part of these financial statements.
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CENTRE TANK SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Centre Tank Services Limited is a private limited company incorporated and domiciled in the United Kingdom. The address of the registered office is 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG. The principal activity of the Company in the year under review was that of assembly and distribution of oil and fuel handling related products.
The Company's trading address is Unit 41 Minworth Industrial Estate, Forge Lane, Sutton Coldfield, B76 1AH.
2.Accounting policies
The financial statements are rounded to the nearest whole pound Sterling.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2023 and these financial statements may be obtained from the Registrar of Companies.
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Flowmax Limited prepares consolidated financial statements in accordance with UK adopted International Accounting Standards. Copies are available to the public and may be obtained from the Registrar of Companies.
During the year the Company faced certain macroeconomic challenges that have been taking place across the World, including the continued conflict in Ukraine, increasing energy costs, conflict in the Red sea and raw materials supply shortages. Despite these global and UK challenges, the Company continued to perform robustly and has traded profitably in the year ended 31 December 2023. The Company has good cash reserves and cash management and does not have material borrowings outside amounts owed to other group companies. Subsequent to the year-end, the terms of repayment on loans due to other group companies were extended for more than 12 months from approval of the financial statements.
Due to the continuing profitability levels achieved by the Company throughout the year, the Directors anticipate the Company trading strongly during the period forecasted by Management which covers a period of 12 months from approval of the financial statements. These forecasts and projections prepared by the Directors consider assumptions relating to the Company’s financial performance, current financial position and existing financial resources. The Directors consider these forecasts to be achievable. Based on the above, the Directors are of the opinion that the going concern principle is applicable and that the Company has the necessary resources to continue as a going concern for the foreseeable future.
Functional and presentation currency
Transactions and balances
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods and warranty services supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods or services have transferred to the customer and the customer has control of these. The Company’s activities are described in detail below.
(a) Sales of goods The Company manufactures and sells oil and fuel handling products for the business to business industrial manufacturing and installation markets. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied. The Company offers discounts on its sales of goods which are agreed on a customer by customer basis at the sales order stage, and the value of up-front payments received in respect of sales of goods are immaterial to the financial statements. A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. The Company’s obligation to repair or replace faulty products under the standard warranty terms is recognised as a provision.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Short term leases or those of low value are recognised as operating leases.
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Company for similar financial instruments. Fair values are assessed at each reporting date and adjusted through the profit and loss account accordingly.
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Provision for doubtful debts Management provides for doubtful debts on the perceived risk profile and payment history of the debtor. Provision for slow moving, damaged and obsolete stock There is a provision to write stock down to the lower of cost and net realisable value. Management have made estimates of the selling price and direct costs to sell on certain stock items. The write down is included in the operating profit note. Provision for warranty costs The Company gives warranties on certain systems sold and undertakes to make good by repair or replacement any manufacturing faults that become apparent within two years from the date of sale. Management provides for the estimated cost of the outstanding warranty work to be carried out in future periods. Impairment of investments The Company assesses at each reporting period, whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. The reduction is an impairment loss. An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised immediately in profit or loss. Leases IFRS 16 requires the Company to account for its leases as right-of-use assets over the life of the lease agreement. The present value of the lease liability on inception requires management to assess various factors including the discount rate and the life of the lease and the extent to which any options to extend or break the lease are exercised. These factors have a resulting impact in determining the present value of the lease liability on inception.
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
For the year ended 31 December 2023, the following dividends were paid:
Dividends of £3,830 per share were paid in April 2023 Dividends of £680 per share were paid in May 2023; Dividends of £850 per share were paid in June 2023; Dividends of £800 per share were paid in July 2023; Dividends of £800 per share were paid in August 2023; Dividends of £500 per share were paid in September 2023 Dividends of £850 per share were paid in October 2023; Dividends of £540 per share were paid in November 2023; Dividends of £3,672 per share were paid in December 2023. For the year ended 31 December 2022, the following dividends were paid: Dividends of £5,000 per share were paid in April 2022; Dividends of £6,000 per share were paid in July 2022; Dividends of £4,700 per share were paid in October 2022; Dividends of £5,370 per share were paid in December 2022.
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Tangible fixed assets (continued)
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,175 (2022: £21,693). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date.
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CENTRE TANK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company is a subsidiary undertaking of Flowmax Limited, incorporated in England and Wales.
The Directors regard
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