Registration number:
Regal Tanks (Sales) Limited
for the Year Ended 31 March 2024
Regal Tanks (Sales) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Regal Tanks (Sales) Limited
(Registration number: 07019037)
Balance Sheet as at 31 March 2024
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2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
Director
Regal Tanks (Sales) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
Staff numbers |
The average number of persons employed by the company during the year was
Investment property |
2024 |
2023 |
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At 1 April |
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2,042,299 |
Additions |
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5,382 |
Fair value adjustments |
( |
77,319 |
At 31 March |
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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.
Debtors |
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2024 |
2023 |
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Trade debtors |
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Loans to related parties |
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Other debtors |
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Prepayments |
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Regal Tanks (Sales) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals |
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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 |
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Bank loans |
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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).
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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51 |
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51 |
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39 |
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39 |
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10 |
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10 |
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Regal Tanks (Sales) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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.