Company Registration No. 01315076 (England and Wales)
Neil Vessey (Storage Tanks) Limited
Unaudited accounts
for the year ended 31 October 2024
Neil Vessey (Storage Tanks) Limited
Unaudited accounts
Contents
Neil Vessey (Storage Tanks) Limited
Company Information
for the year ended 31 October 2024
Company Number
01315076 (England and Wales)
Registered Office
MULVIN HOUSE SIXTH AVENUE
FLIXBOROUGH INDUSTRIAL ESTATE
SCUNTHORPE
NORTH LINCOLNSHIRE
DN15 8SH
Accountants
Westlands Chartered Accountants
McMillan House
6 Wolfreton Drive
Anlaby
East Riding of Yorkshire
HU10 7BY
Neil Vessey (Storage Tanks) Limited
Statement of financial position
as at 31 October 2024
Tangible assets
318,503
321,292
Cash at bank and in hand
-
31,678
Creditors: amounts falling due within one year
(416,526)
(451,839)
Net current liabilities
(60,998)
(21,449)
Total assets less current liabilities
257,505
299,843
Creditors: amounts falling due after more than one year
(40,325)
(51,113)
Provisions for liabilities
Deferred tax
(5,361)
(3,175)
Net assets
211,819
245,555
Called up share capital
100
100
Profit and loss account
211,719
245,455
Shareholders' funds
211,819
245,555
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 March 2025 and were signed on its behalf by
Mr N Vessey
Director
Company Registration No. 01315076
Neil Vessey (Storage Tanks) Limited
Notes to the Accounts
for the year ended 31 October 2024
Neil Vessey (Storage Tanks) Limited is a private company, limited by shares, registered in England and Wales, registration number 01315076. The registered office is MULVIN HOUSE SIXTH AVENUE, FLIXBOROUGH INDUSTRIAL ESTATE, SCUNTHORPE, NORTH LINCOLNSHIRE, DN15 8SH.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No depreciation
Plant & machinery
15% on cost
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Neil Vessey (Storage Tanks) Limited
Notes to the Accounts
for the year ended 31 October 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 November 2023
316,610
14,100
50,287
12,220
393,217
At 31 October 2024
316,610
14,100
50,287
12,220
393,217
At 1 November 2023
-
11,086
50,287
10,552
71,925
Charge for the year
-
1,121
-
1,668
2,789
At 31 October 2024
-
12,207
50,287
12,220
74,714
At 31 October 2024
316,610
1,893
-
-
318,503
At 31 October 2023
316,610
3,014
-
1,668
321,292
Amounts falling due within one year
Trade debtors
262,879
324,116
Other debtors
27,649
34,424
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
22,412
-
Trade creditors
251,541
313,857
Amounts owed to group undertakings and other participating interests
111,651
111,651
Taxes and social security
8,091
6,116
Other creditors
20,581
17,965
Neil Vessey (Storage Tanks) Limited
Notes to the Accounts
for the year ended 31 October 2024
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
40,325
51,113
8
Transactions with related parties
The company Plantcraft Limited is under common control. At the balance sheet date Neil Vessey (Storage Tanks) Limited owed Plantcraft Limited £111,651 (2023: £111,651). The loan is interest free and repayble upon demand.
At the balance sheet date Mr N Vessey owed the company £27,649 (2023: £34,424). The loan accues interest of 3.00% and is repayble upon demand.
The company is under the control of Mr N Vessey, the joint director and majority shareholder.
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Average number of employees
During the year the average number of employees was 2 (2023: 2).