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Online Tank Store Ltd

Registered Number
12163070
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

Online Tank Store Ltd
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

Joseph Cox
Tanya Cox

Registered Address

Unit 11 Horn Park Quarry
Broadwindsor Road
Beaminster
DT8 3PT

Registered Number

12163070 (England and Wales)
Online Tank Store Ltd
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets324,29318,768
24,29318,768
Current assets
Stocks812994
Debtors41,40912,903
Cash at bank and on hand81,29278,038
83,51391,935
Creditors amounts falling due within one year5(90,617)(87,654)
Net current assets (liabilities)(7,104)4,281
Total assets less current liabilities17,18923,049
Creditors amounts falling due after one year(9,882)(14,155)
Provisions for liabilities(4,064)(2,560)
Net assets3,2436,334
Capital and reserves
Called up share capital44
Profit and loss account3,2396,330
Shareholders' funds3,2436,334
The financial statements were approved and authorised for issue by the Board of Directors on 28 April 2025, and are signed on its behalf by:
Joseph Cox
Director
Tanya Cox
Director

Registered Company No. 12163070
Online Tank Store Ltd
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Vehicles20-
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 2323,716
Additions11,737
Disposals(2,343)
At 31 August 2432,953
Depreciation and impairment
At 01 September 234,948
Charge for year3,869
At 31 August 248,660
Net book value
At 31 August 2424,293
At 31 August 2318,768
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables72911,795
Other debtors6671,095
Prepayments and accrued income1313
Total1,40912,903
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.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables72,19771,422
Amounts owed to related parties2,5417,096
Taxation and social security6,6154,568
Finance lease and HP contracts8,1743,400
Other creditors-28
Accrued liabilities and deferred income1,0901,140
Total90,61787,654
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.
6.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts9,88214,155