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Registered number: 01362025










INDEPENDENT TANK STORAGE ASSOCIATION
(A company limited by guarantee)










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
INDEPENDENT TANK STORAGE ASSOCIATION
 
(A company limited by guarantee)
REGISTERED NUMBER: 01362025

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2
2

  
2
2

Current assets
  

Debtors: amounts falling due within one year
 5 
11,919
15,017

Cash at bank and in hand
 6 
257,008
208,205

  
268,927
223,222

Creditors: amounts falling due within one year
 7 
(31,863)
(23,779)

Net current assets
  
 
 
237,064
 
 
199,443

Total assets less current liabilities
  
237,066
199,445

  

Net assets
  
237,066
199,445


Capital and reserves
  

Profit and loss account
  
237,066
199,445

  
237,066
199,445


Page 1

 
INDEPENDENT TANK STORAGE ASSOCIATION
 
(A company limited by guarantee)
REGISTERED NUMBER: 01362025
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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: 






................................................
W F Kelly
Director

Date: 23 March 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
INDEPENDENT TANK STORAGE ASSOCIATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company, limited by guarantee and incorporated in England. The registered office address is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ and the registered number is 01362025.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

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 reporting date in the countries where the Company operates and generates income.


Page 3

 
INDEPENDENT TANK STORAGE ASSOCIATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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, using the straight-line method.

Depreciation is provided on the following basis:

IT equipment
-
33%
straight line

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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.6

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.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. 


3.


Employees

2024
2023
£
£

Wages and salaries
226,278
131,620

Social security costs
18,377
17,018

244,655
148,638


The average monthly number of employees, including directors, during the year was 2 (2023 - 1).

Page 4

 
INDEPENDENT TANK STORAGE ASSOCIATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2024
2,110



At 31 December 2024

2,110



Depreciation


At 1 January 2024
2,108



At 31 December 2024

2,108



Net book value



At 31 December 2024
2



At 31 December 2023
2


5.


Debtors

2024
2023
£
£


Trade debtors
20
-

Other debtors
3,959
2,446

Prepayments and accrued income
7,940
12,571

11,919
15,017



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
257,008
208,205


Page 5

 
INDEPENDENT TANK STORAGE ASSOCIATION

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,179
5,028

Corporation tax
12,624
11,739

Accruals and deferred income
8,060
7,012

31,863
23,779




8.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 3 April 2025 by Mark Dickinson FCA (senior statutory auditor) on behalf of Shaw Gibbs (Audit) Limited.

 
Page 6