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Registered Number: 06820595
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 29 February 2024

for

NORFOLK TANKS LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 22,290    23,937 
22,290    23,937 
Current assets      
Stocks 4 28,500    58,500 
Debtors 5 80,198    46,987 
Cash at bank and in hand 45,484    80,057 
154,182    185,544 
Creditors: amount falling due within one year 6 (102,317)   (151,530)
Net current assets 51,865    34,014 
 
Total assets less current liabilities 74,155    57,951 
Creditors: amount falling due after more than one year 7 (16,281)   (26,929)
Provisions for liabilities 8 (5,573)   (5,984)
Net assets 52,301    25,038 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 52,201    24,938 
Shareholders' funds 52,301    25,038 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 29 November 2024 and were signed on its behalf by:


-------------------------------
Adrian Stolworthy
Director
1
General Information
Norfolk Tanks Limited is a private company, limited by shares, registered in England and Wales, registration number 06820595, registration address Top Farm Workshop, Little Witchingham, Norwich, Norfolk, NR95PB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 15% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 3).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 March 2023 13,394    53,633    8,591    75,618 
Additions 1,800      1,795    3,595 
Disposals      
At 29 February 2024 15,194    53,633    10,386    79,213 
Depreciation
At 01 March 2023 8,199    38,438    5,044    51,681 
Charge for year 802    3,799    641    5,242 
On disposals      
At 29 February 2024 9,001    42,237    5,685    56,923 
Net book values
Closing balance as at 29 February 2024 6,193    11,396    4,701    22,290 
Opening balance as at 01 March 2023 5,195    15,195    3,547    23,937 


4.

Stocks

2024
£
  2023
£
Stocks 28,500    58,500 
28,500    58,500 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 79,728    46,987 
Prepayments & Accrued Income 470   
80,198    46,987 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 51,846    116,786 
Bank Loans & Overdrafts 7,986    7,986 
Corporation Tax 7,190    3,078 
Accrued Expenses 2,180    1,400 
Obligations under HP/Financial Leases 8,401    10,013 
Directors' Current Accounts 15,684    11,235 
VAT 9,030    1,032 
102,317    151,530 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 16,281    26,929 
16,281    26,929 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 5,984    4,487 
Charged to Profit & Loss (411)   1,497 
5,573    5,984 

2