Regal Tanks (Sales) Limited 07019037 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the sale of tanks and the development of building projects for sale and rent. Digita Accounts Production Advanced 6.30.9574.0 true true 07019037 2023-04-01 2024-03-31 07019037 2024-03-31 07019037 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2024-03-31 07019037 bus:OrdinaryShareClass2 bus:CumulativeRedeemableShares 2024-03-31 07019037 bus:OrdinaryShareClass3 bus:CumulativeRedeemableShares 2024-03-31 07019037 core:OtherReservesSubtotal 2024-03-31 07019037 core:RetainedEarningsAccumulatedLosses 2024-03-31 07019037 core:ShareCapital 2024-03-31 07019037 core:CurrentFinancialInstruments 2024-03-31 07019037 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07019037 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07019037 bus:SmallEntities 2023-04-01 2024-03-31 07019037 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07019037 bus:FullAccounts 2023-04-01 2024-03-31 07019037 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07019037 bus:RegisteredOffice 2023-04-01 2024-03-31 07019037 bus:Director1 2023-04-01 2024-03-31 07019037 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2023-04-01 2024-03-31 07019037 bus:OrdinaryShareClass2 bus:CumulativeRedeemableShares 2023-04-01 2024-03-31 07019037 bus:OrdinaryShareClass3 bus:CumulativeRedeemableShares 2023-04-01 2024-03-31 07019037 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07019037 countries:EnglandWales 2023-04-01 2024-03-31 07019037 2023-03-31 07019037 2022-04-01 2023-03-31 07019037 2023-03-31 07019037 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2023-03-31 07019037 bus:OrdinaryShareClass2 bus:CumulativeRedeemableShares 2023-03-31 07019037 bus:OrdinaryShareClass3 bus:CumulativeRedeemableShares 2023-03-31 07019037 core:OtherReservesSubtotal 2023-03-31 07019037 core:RetainedEarningsAccumulatedLosses 2023-03-31 07019037 core:ShareCapital 2023-03-31 07019037 core:CurrentFinancialInstruments 2023-03-31 07019037 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07019037 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07019037

Regal Tanks (Sales) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Regal Tanks (Sales) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Regal Tanks (Sales) Limited

(Registration number: 07019037)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,117,000

2,125,000

Current assets

 

Stocks

296,362

212,237

Debtors

5

92,820

100,271

Cash at bank and in hand

 

103,844

460,689

 

493,026

773,197

Creditors: Amounts falling due within one year

6

(1,220,419)

(464,010)

Net current (liabilities)/assets

 

(727,393)

309,187

Total assets less current liabilities

 

2,389,607

2,434,187

Creditors: Amounts falling due after more than one year

6

(299,672)

(480,014)

Provisions for liabilities

(10,158)

(46,824)

Net assets

 

2,079,777

1,907,349

Capital and reserves

 

Called up share capital

7

100

100

Other reserves

104,287

140,474

Profit and loss account

1,975,390

1,766,775

Shareholders' funds

 

2,079,777

1,907,349

 

Regal Tanks (Sales) Limited

(Registration number: 07019037)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 



 

Mr Neil Patrick Alger
Director

 

Regal Tanks (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Regal Tanks
Ellough Park
Benacre Road
Beccles
Suffolk
NR34 7XD

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and rental income in the ordinary course of the company’s activities.

Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account.
 

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Regal Tanks (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Regal Tanks (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

4

Investment property

2024
£

2023
£

At 1 April

2,125,000

2,042,299

Additions

1,138,664

5,382

Fair value adjustments

(146,664)

77,319

At 31 March

3,117,000

2,125,000

The properties were valued by Watsons Property Group and the Directors, using current market data for similar properties in the same area.

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

31,874

33,996

Loans to related parties

8

52,257

-

Other debtors

 

6,000

65,196

Prepayments

 

2,689

1,079

 

92,820

100,271

 

Regal Tanks (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Bank loans

182,299

309,017

Trade creditors

20,569

46,471

Taxation and social security

97,449

103,727

Other creditors

901,000

1,000

Accruals

19,102

3,795

1,220,419

464,010

Creditors include bank loans which are secured by a fixed charge and negative pledge over the company's investment properties in the sum of £182,299 (2023 - £309,017).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

299,672

480,014

299,672

480,014

Creditors include bank loans which are secured by a fixed charge and negative pledge over the company's investment properties in the sum of £299,672 (2023 - £480,014).

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

51

51

51

51

Ordinary B shares of £1 each

39

39

39

39

Ordinary C shares of £1 each

10

10

10

10

 

100

100

100

100

 

Regal Tanks (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Other related party transactions

At the balance sheet date, included in debtors, is an amount of £52,257 (2023 - £Nil) owed by a company in which one of the directors is also a director and shareholder.

At the balance sheet date, included in creditors, is an amount of £900,000 (2023 - £Nil) owed to a company in which the directors are also directors and shareholders.

The amounts are interest free.