Registered number
03138535
Tank Farm Services Limited
Filleted Accounts
30 June 2024
Tank Farm Services Limited
Registered number: 03138535
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 26,528 42,914
Tangible assets 4 1,036,605 1,066,065
1,063,133 1,108,979
Current assets
Stocks 23,259 19,265
Debtors 5 70,439 111,682
Cash at bank and in hand 911,835 542,285
1,005,533 673,232
Creditors: amounts falling due within one year 6 (358,899) (254,429)
Net current assets 646,634 418,803
Total assets less current liabilities 1,709,767 1,527,782
Provisions for liabilities (138,702) (149,845)
Net assets 1,571,065 1,377,937
Capital and reserves
Called up share capital 69 69
Capital redemption reserve 32 32
Profit and loss account 1,570,964 1,377,836
Shareholders' funds 1,571,065 1,377,937
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
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.
J Tooley
Director
Approved by the board on 21 March 2025
Tank Farm Services Limited
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 and leasehold land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Leasehold land and buildings Not depreciated
Plant and machinery 15% on reducing balance
Computer equipment 25% on costs
Fixtures, fittings and equipment 15% on reducing balance
Motor vehicles 25% on reducing balance
The policy of not depreciating land and buildings does not comply with current accounting standards. However, an impairment review is undertaken each year, and in the opinion of the directors, the current value of land and buildings is not less than their original cost at which they are included in the financial statements.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
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 10 8
3 Intangible fixed assets £
Development costs
Cost
At 1 July 2023 404,109
At 30 June 2024 404,109
Amortisation
At 1 July 2023 361,195
Provided during the year 16,386
At 30 June 2024 377,581
Net book value
At 30 June 2024 26,528
At 30 June 2023 42,914
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 488,257 1,855,243 133,732 2,477,232
Additions - 60,671 28,055 88,726
Disposals - (24,882) - (24,882)
At 30 June 2024 488,257 1,891,032 161,787 2,541,076
Depreciation
At 1 July 2023 - 1,315,652 95,515 1,411,167
Charge for the year - 87,258 13,833 101,091
On disposals - (7,787) - (7,787)
At 30 June 2024 - 1,395,123 109,348 1,504,471
Net book value
At 30 June 2024 488,257 495,909 52,439 1,036,605
At 30 June 2023 488,257 539,591 38,217 1,066,065
Land and buildings includes freehold of £428,692 (2023 - £428,692) and leasehold of £59,565 (2023 - £59,565).
5 Debtors 2024 2023
£ £
Trade debtors 32,083 77,855
Other debtors 38,356 33,827
70,439 111,682
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 63,447 61,227
Corporation tax 134,334 66,976
Other taxation and social security costs 54,748 27,652
Other creditors 106,370 98,574
358,899 254,429
7 Controlling party
The company has no controlling party.
8 Other information
Tank Farm Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Alpha House
Belgrave Road
Bulwell
Nottingham
NG6 8HN
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