Registered number
SC702017
Tanks 2 You Ltd
Filleted Accounts
30 June 2024
Tanks 2 You Ltd
Registered number: SC702017
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 428 596
428 596
Current assets
Stocks 5,417 5,290
Debtors 4 34,253 31,852
Cash at bank and in hand 2,000 8,536
41,670 45,678
Creditors: amounts falling due within one year 5 (41,861) (46,115)
Net current liabilities (191) (437)
Total assets less current liabilities 237 159
Creditors: amounts falling due after more than one year - -
Provisions for liabilities (143) (149)
Net assets 94 10
Capital and reserves
Called up share capital 10 10
Profit and loss account 84 -
Shareholder's funds 94 10
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Michael Paul Harrison
Director
Approved by the board on 16 December 2024
Tanks 2 You Ltd
Notes to the Accounts
for the year ended 30 June 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.
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, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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 2 2
3 Tangible fixed assets
Plant and machinery etc Total
£ £
Cost
At 1 July 2023 840 840
Additions - -
Disposals - -
At 30 June 2024 840 840
Depreciation
At 1 July 2023 244 244
Charge for the year 168 168
On disposals - -
At 30 June 2024 412 412
Net book value
At 30 June 2024 428 428
At 30 June 2023 596 596
4 Debtors 2024 2023
£ £
Trade debtors 3,227 3,684
Other debtors 31,026 28,168
34,253 31,852
Amounts due after more than one year included above - -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 17,233 20,091
Taxation and social security costs 24,628 25,617
Other creditors - 407
41,861 46,115
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Michael Paul Harrison
Directors loan 21,039 2,137 23,176
21,039 2,137 - 23,176
7 Other information
Tanks 2 You Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bayview House
Charleston
North Kessock
Inverness
IV1 3YA
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