Registered number
07007311
Oil Tank Change Limited
Filleted Accounts
31 March 2024
Oil Tank Change Limited
Registered number: 07007311
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,214 1,270
Tangible assets 4 240,981 210,121
242,195 211,391
Current assets
Stocks 31,481 31,883
Debtors 5 60,062 70,381
Cash at bank and in hand 36,052 127,672
127,595 229,936
Creditors: amounts falling due within one year 6 (136,331) (174,039)
Net current (liabilities)/assets (8,736) 55,897
Total assets less current liabilities 233,459 267,288
Creditors: amounts falling due after more than one year 7 (135,921) (108,493)
Provisions for liabilities (5,575) (7,340)
Net assets 91,963 151,455
Capital and reserves
Called up share capital 1 1
Profit and loss account 91,962 151,454
Shareholders' funds 91,963 151,455
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
KM Pleasants
Director
Approved by the board on 18 September 2024
Oil Tank Change Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost on a reducing balance basis , as follows:
Leasehold improvements 25% per year
Plant and machinery 25% per year
Motor vehicles 25% per year
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company (inc directors) 7 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 1,406
At 31 March 2024 1,406
Amortisation
At 1 April 2023 136
Provided during the year 56
At 31 March 2024 192
Net book value
At 31 March 2024 1,214
At 31 March 2023 1,270
Goodwill is being written off in equal annual instalments over its estimated economic life
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 14,889 65,006 220,888 300,783
Additions - 1,568 97,000 98,568
Disposals - - (18,495) (18,495)
At 31 March 2024 14,889 66,574 299,393 380,856
Depreciation
At 1 April 2023 8,756 38,957 42,949 90,662
Charge for the year 1,369 6,021 49,842 57,232
On disposals - - (8,019) (8,019)
At 31 March 2024 10,125 44,978 84,772 139,875
Net book value
At 31 March 2024 4,764 21,596 214,621 240,981
At 31 March 2023 6,133 26,049 177,939 210,121
5 Debtors 2024 2023
£ £
Trade debtors 36,931 50,273
Other debtors 23,131 20,108
60,062 70,381
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 55,709 42,679
Trade creditors 56,990 76,251
Taxation and social security costs 14,336 44,105
Other creditors 9,296 11,004
136,331 174,039
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 135,921 108,493
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
N Pleasants
Interest Free (257) 22,733 (22,516) (40)
(257) 22,733 (22,516) (40)
9 Other information
Oil Tank Change Limited is a private company limited by shares and incorporated in England. Its registered office is:
73 Station Road
Kennett
Cambridgeshire
CB8 7QF
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