Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31trueNo description of principal activityfalsetruetruetruetruetrue2023-04-01false11truetrue 02872193 2023-04-01 2024-03-31 02872193 2022-04-01 2023-03-31 02872193 2024-03-31 02872193 2023-03-31 02872193 2022-04-01 02872193 c:Director1 2023-04-01 2024-03-31 02872193 d:Buildings 2023-04-01 2024-03-31 02872193 d:Buildings 2024-03-31 02872193 d:Buildings 2023-03-31 02872193 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02872193 d:PlantMachinery 2023-04-01 2024-03-31 02872193 d:PlantMachinery 2024-03-31 02872193 d:PlantMachinery 2023-03-31 02872193 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02872193 d:MotorVehicles 2023-04-01 2024-03-31 02872193 d:MotorVehicles 2024-03-31 02872193 d:MotorVehicles 2023-03-31 02872193 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02872193 d:FurnitureFittings 2023-04-01 2024-03-31 02872193 d:FurnitureFittings 2024-03-31 02872193 d:FurnitureFittings 2023-03-31 02872193 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02872193 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 02872193 d:OtherPropertyPlantEquipment 2024-03-31 02872193 d:OtherPropertyPlantEquipment 2023-03-31 02872193 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02872193 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02872193 d:CurrentFinancialInstruments 2024-03-31 02872193 d:CurrentFinancialInstruments 2023-03-31 02872193 d:Non-currentFinancialInstruments 2024-03-31 02872193 d:Non-currentFinancialInstruments 2023-03-31 02872193 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02872193 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02872193 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02872193 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02872193 d:ShareCapital 2024-03-31 02872193 d:ShareCapital 2023-03-31 02872193 d:ShareCapital 2022-04-01 02872193 d:CapitalRedemptionReserve 2023-04-01 2024-03-31 02872193 d:CapitalRedemptionReserve 2024-03-31 02872193 d:CapitalRedemptionReserve 2022-04-01 2023-03-31 02872193 d:CapitalRedemptionReserve 2023-03-31 02872193 d:CapitalRedemptionReserve 2022-04-01 02872193 d:RevaluationReserve 2023-04-01 2024-03-31 02872193 d:RevaluationReserve 2024-03-31 02872193 d:RevaluationReserve 2022-04-01 2023-03-31 02872193 d:RevaluationReserve 2023-03-31 02872193 d:RevaluationReserve 2022-04-01 02872193 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02872193 d:RetainedEarningsAccumulatedLosses 2024-03-31 02872193 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02872193 d:RetainedEarningsAccumulatedLosses 2023-03-31 02872193 d:RetainedEarningsAccumulatedLosses 2022-04-01 02872193 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02872193 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02872193 c:FRS102 2023-04-01 2024-03-31 02872193 c:Audited 2023-04-01 2024-03-31 02872193 c:FullAccounts 2023-04-01 2024-03-31 02872193 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02872193 d:Subsidiary1 2023-04-01 2024-03-31 02872193 d:Subsidiary1 1 2023-04-01 2024-03-31 02872193 d:Subsidiary2 2023-04-01 2024-03-31 02872193 d:Subsidiary2 1 2023-04-01 2024-03-31 02872193 d:Subsidiary3 2023-04-01 2024-03-31 02872193 d:Subsidiary3 1 2023-04-01 2024-03-31 02872193 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 02872193 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 02872193 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 02872193 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 02872193 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02872193 2 2023-04-01 2024-03-31 02872193 5 2023-04-01 2024-03-31 02872193 6 2023-04-01 2024-03-31 02872193 d:Buildings d:LeasedAssetsHeldAsLessee 2024-03-31 02872193 d:Buildings d:LeasedAssetsHeldAsLessee 2023-03-31 02872193 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02872193










WG TANKER GROUP LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WG TANKER GROUP LIMITED
REGISTERED NUMBER: 02872193

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,987,715
3,516,947

Investments
 5 
6
6

  
3,987,721
3,516,953

Current assets
  

Debtors: amounts falling due within one year
 6 
1,323,068
1,304,267

Cash at bank and in hand
 7 
346,363
64,419

  
1,669,431
1,368,686

Creditors: amounts falling due within one year
 8 
(1,015,021)
(851,123)

Net current assets
  
 
 
654,410
 
 
517,563

Total assets less current liabilities
  
4,642,131
4,034,516

Creditors: amounts falling due after more than one year
 9 
(978,283)
(517,153)

Provisions for liabilities
  

Deferred taxation
 11 
(993,332)
(875,410)

Net assets
  
2,670,516
2,641,953


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Revaluation reserve
 12 
250,516
293,560

Capital redemption reserve
 12 
699,998
699,998

Profit and loss account
 12 
1,710,002
1,638,395

  
2,670,516
2,641,953


Page 1

 
WG TANKER GROUP LIMITED
REGISTERED NUMBER: 02872193
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr I Buxton
Director

Date: 27 February 2025

The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
WG TANKER GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022
10,000
699,998
336,550
1,606,268
2,652,816


Comprehensive income for the year

Profit for the year
-
-
-
755,890
755,890

Dividends: Equity capital
-
-
-
(766,753)
(766,753)

Transfer to/from profit and loss account
-
-
(42,990)
42,990
-



At 1 April 2023
10,000
699,998
293,560
1,638,395
2,641,953


Comprehensive income for the year

Profit for the year
-
-
-
167,863
167,863

Dividends: Equity capital
-
-
-
(139,300)
(139,300)

Transfer to/from profit and loss account
-
-
(43,044)
43,044
-


At 31 March 2024
10,000
699,998
250,516
1,710,002
2,670,516


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

WG Tanker Group Limited is a private company limited by shares, registered in England and Wales, registered number 02872193. The registered office and principal place of business is Woodyard Lane, Foston, Derbyshire, DE65 5PY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of WGTS Holdings Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 4

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Going concern

The financial statements have been prepared on a going concern basis. The director has considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
On the basis of the above assessment the director considers the Company to be a going concern.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
20%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
30%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Tankers for hire
-
6%
reducing balance

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.

 
2.9

Revaluation of tangible fixed assets

Tankers are maintained at current market value. Due to the specialised nature of the assets and expertise of the director, these assets are revalued by the director as external valuations would not be appropriate.

The director considers that there are no indicators of impairment during the year which would require them to have another valuation.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 7

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial liabilities


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
1
1

Page 8

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Tankers for hire
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
172,561
1,233,372
1,188,275
270,382
6,213,025
9,077,615


Additions
-
283,971
125,617
1,965
671,642
1,083,195


Disposals
-
(2,375)
(18,130)
-
(418,692)
(439,197)



At 31 March 2024

172,561
1,514,968
1,295,762
272,347
6,465,975
9,721,613



Depreciation


At 1 April 2023
138,440
1,130,859
1,050,733
230,022
3,010,614
5,560,668


Charge for the year on owned assets
6,824
96,621
78,033
10,582
220,749
412,809


Disposals
-
(2,375)
(15,083)
-
(222,121)
(239,579)



At 31 March 2024

145,264
1,225,105
1,113,683
240,604
3,009,242
5,733,898



Net book value



At 31 March 2024
27,297
289,863
182,079
31,743
3,456,733
3,987,715



At 31 March 2023
34,121
102,513
137,542
40,360
3,202,411
3,516,947

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Tankers for hire
1,288,124
852,180

Page 9

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Cost or valuation at 31 March 2024 is as follows:

Tankers for hire
£


At cost
5,960,535
At valuation:

Revalued at 31 March 2013 by the directors
505,440



6,465,975

If the tankers for hire had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
5,960,535
5,960,535

Accumulated depreciation
(2,754,318)
(2,755,690)

Net book value
3,206,217
3,204,845


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
6



At 31 March 2024
6





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

WG Tanker Services Limited
Ordinary
100%
WG Tanker Hire Limited
Ordinary
100%
Waterhouses Garage Limited
Ordinary
100%

All subsidiaries above have registered address Woodyard Lane, Foston, Derbyshire, DE65 5PY.

Page 10

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

WG Tanker Services Limited
2,325,772
996,597

WG Tanker Hire Limited
2
-

Waterhouses Garage Limited
2
-


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,011,205
1,074,379

Other debtors
311,863
229,888

1,323,068
1,304,267


Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.


7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
346,363
64,419


Page 11

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
658,160
333,508

Corporation tax
-
238,973

Obligations under finance lease and hire purchase contracts
344,517
267,142

Other creditors
10
-

Accruals and deferred income
12,334
11,500

1,015,021
851,123


Obligations under finance lease and hire purchase contracts are secured on the assets to which they
relate.
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
978,283
517,153


Obligations under finance lease and hire purchase contracts are secured on the assets to which they
relate.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
414,666
300,835

Between 1-5 years
1,177,477
583,153

1,592,143
883,988

Page 12

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(875,410)
(899,585)


Charged to profit or loss
(117,922)
24,175



At end of year
(993,332)
(875,410)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
993,332
875,410

993,332
875,410


12.


Reserves

Revaluation reserve

The revaluation reserve includes the increases in fixed assets from net book value to revaluation less subsequent depreciation due to this increase.

Capital redemption reserve

A reserve into which amounts are transferred following the redemption of a Company's own shares.

Profit and loss account

The profit and loss reserve includes all current and prior period retained profits and losses.


13.


Controlling party

The Company is controlled by WGTS Holdings Limited, by virtue of its 100% ownership of the share capital.
The smallest and largest group that prepares consolidated accounts which include the results and assets of the Company is headed by WGTS Holdings Limited, whose registered office address is Woodyard Lane, Foston, Derbyshire, DE65 5PY.

Page 13

 
WG TANKER GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 6 March 2025 by Adam Young ACA (Senior Statutory Auditor) on behalf of MHA.

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). 

 
Page 14