Registration number: 01307388

Tanks and Vessels Industries Ltd

(Registration number: 01307388)

Balance Sheet as at 30 April 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	4,913,808	4,836,096
Investment property	5	407,814	407,814
		5,321,622	5,243,910
Current assets
Stocks	6	1,532,928	1,748,086
Debtors	7	4,039,208	3,687,663
Cash at bank and in hand		99,830	4,107
		5,671,966	5,439,856
Creditors: Amounts falling due within one year	8	(1,615,708)	(2,682,223)
Net current assets		4,056,258	2,757,633
Total assets less current liabilities		9,377,880	8,001,543
Creditors: Amounts falling due after more than one year	8	(2,608,204)	(834,663)
Provisions for liabilities		(58,575)	(76,300)
Net assets		6,711,101	7,090,580
Capital and reserves
Called up share capital		49,000	49,000
Capital redemption reserve		51,000	51,000
Revaluation reserve		2,771,049	2,753,324
Retained earnings		3,840,052	4,237,256
Shareholders' funds		6,711,101	7,090,580

Tanks and Vessels Industries Ltd

(Registration number: 01307388)

Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 2 April 2025 and signed on its behalf by:
 

.........................................

G A Smith

Director

Tanks and Vessels Industries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1	Accounting policies

Statutory information

Tanks and Vessels Industries Ltd is a private company, limited by shares, domiciled in England and Wales, company number 01307388. The registered office is at Bankwood Lane Trading Estate, Bankwood Lane, New Rossington, Doncaster, DN11 0PS.

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents net invoiced sales of goods and services excluding value added tax, discounts allowed, rents and management charges.

Turnover is recognised on the dispatch of goods or the completion of services being provided.

Patents

These were written off over their estimated useful life of two years.

Grant income

Grant income relating to capital expenditure is treated as deferred income and recognised in the Statement of Income and Retained Earnings in the same period in which the related depreciation is incurred.

Tanks and Vessels Industries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

1	Accounting policies (continued)

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	2.5% on cost
Plant and machinery	33% on cost, 20% on cost and 10% on cost
Office equipment	33% on cost and 10% on cost
Motor vehicles	33% on cost and 25% on cost

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realizable value, after making due allowance for obsolete and slow moving items. Cost is determined on a first in, first out basis. Net realisable value is based on estimated selling price less further costs expected to be incurred on completion and disposal. Work in progress includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Tanks and Vessels Industries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

1	Accounting policies (continued)

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet, those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligation is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The Company operates a non-contributory self-administered pension scheme for the chairman and a contributory money purchase scheme for the other director and selected employees. Each scheme’s funds are administered by the trustees and are independent of the company’s finances. Contributions are charged to the Statement of Income and Retained Earnings in the period in which the contributions are made.

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 33).

3	Intangible assets

	Intangible assets £	Total £
Cost
At 1 May 2023	16,319	16,319
At 30 April 2024	16,319	16,319
Amortisation
At 1 May 2023	16,319	16,319
At 30 April 2024	16,319	16,319
Carrying amount
At 30 April 2024	-	-

Tanks and Vessels Industries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4	Tangible assets (continued)

If freehold land and buildings had not been revalued they would have been included at the following historical cost:
		2024		2023
		£		£
Cost		2,919,329		2,793,178
Aggregate depreciation		1,142,628		1,111,248
Value of land in freehold land and buildings is £3,250,000.

Freehold land and buildings were valued on an open market basis on 30 November 2005 by Lambert Smith Hampton.

The directors have taken advantage of the transitional provisions of FRS102 to retain the historic freehold property cost at 2005 as its deemed cost.

5	Investment properties

	2024 £
Fair Value
At 1 May 2023	407,814
At 30 April 2024	407,814

Fair value at 30 April 2024 is represented by:			£
Valuation in 2012			350,000
Cost			57,814
			407,814

If investment property had not been revalued it would have been included at the following historical cost:
		2024		2023
		£		£
Cost		562,847		562,847

Investment property was valued on an open market basis on 3 April 2012 by Drewery and Wheeldon.

The directors consider the open market valuation at the year end to be that of the revaluation.

Tanks and Vessels Industries Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Stocks

	2024 £	2023 £
Work in progress	107,975	198,597
Other inventories	1,424,953	1,549,489
	1,532,928	1,748,086

7

Debtors

	2024 £	2023 £
Trade debtors	33,839	65,873
Prepayments	143,233	146,542
Other debtors	3,862,136	3,475,248
	4,039,208	3,687,663

Included in other debtors is £688,341 (£599,994) due after more than one year.

8

Creditors

		2024 £	2023 £
Due within one year
Loans and borrowings		-	904,900
Trade creditors		355,839	686,888
Taxation and social security		617,321	601,211
Accruals and deferred income		167,561	114,987
Other creditors		474,987	374,237
		1,615,708	2,682,223

		2024 £	2023 £
Due after one year
Loans and borrowings		2,608,204	829,663
Deferred income		-	5,000
		2,608,204	834,663

Loans and borrowings relate to a loan of £2,608,204 (2023: £808,898) which is secured by fixed and floating charges on the freehold land & property of the company and a small personal guarantee given by director Mr A D Morris.