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Registered Number: SC419774
Scotland

 

 

 

FORMATANK LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2024

End date: 31 March 2025
Directors Gavin John VEITCH
Barry Thomas VEITCH
Registered Number SC419774
Registered Office Unit 8a Tweed Mills
Dunsdale Road
Selkirk
TD7 5DZ
Accountants NS24 Limited
8A Tweed Mills
Dunsdale Road
Selkirk
TD7 5DZ
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2025.
Directors
The directors who served the company throughout the year were as follows:
Gavin John VEITCH
Barry Thomas VEITCH
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Barry Thomas VEITCH
Director

Date approved: 22 August 2025
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 March 2025 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
NS24 Limited
31 March 2025



NS24 Limited

8A Tweed Mills
Dunsdale Road
Selkirk
TD7 5DZ
22 August 2025
3
 
 
Notes
 
2025
£
  2024
£
Turnover 605,691    481,268 
Cost of sales (371,910)   (291,537)
Gross profit 233,781    189,731 
Administrative expenses (183,518)   (149,545)
Operating profit 50,263    40,186 
Interest payable and similar charges (7,693)   (11,894)
Profit/(Loss) on ordinary activities before taxation 42,570    28,292 
Tax on profit on ordinary activities (9,300)   (8,037)
Profit/(Loss) for the financial year 33,270    20,255 
 
4
 
 
Notes
 
2025
£
  2024
£
Fixed assets      
Tangible fixed assets 3 36,788    42,020 
36,788    42,020 
Current assets      
Stocks 4 8,463    6,234 
Debtors 5 200,523    228,927 
Cash at bank and in hand 260    260 
209,246    235,421 
Creditors: amount falling due within one year 6 (183,625)   (209,826)
Net current assets 25,621    25,595 
 
Total assets less current liabilities 62,409    67,615 
Creditors: amount falling due after more than one year 7   (4,114)
Net assets 62,409    63,501 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 62,309    63,401 
Shareholders' funds 62,409    63,501 
 


For the year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 22 August 2025 and were signed on its behalf by:


-------------------------------
Barry Thomas VEITCH
Director
5
General Information
Formatank Limited is a private company, limited by shares, registered in Scotland, registration number SC419774, registration address Unit 8a Tweed Mills, Dunsdale Road, Selkirk, TD7 5DZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 4 (2024 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 April 2024 77,439    54,306    5,313    137,058 
Additions 6,064      966    7,030 
Disposals      
At 31 March 2025 83,503    54,306    6,279    144,088 
Depreciation
At 01 April 2024 57,762    33,691    3,585    95,038 
Charge for year 6,435    5,154    673    12,262 
On disposals      
At 31 March 2025 64,197    38,845    4,258    107,300 
Net book values
Closing balance as at 31 March 2025 19,306    15,461    2,021    36,788 
Opening balance as at 01 April 2024 19,677    20,615    1,728    42,020 


4.

Stocks

2025
£
  2024
£
Closing Stock. 8,463    6,234 
8,463    6,234 

5.

Debtors: amounts falling due within one year

2025
£
  2024
£
Trade Debtors 181,899    228,258 
Other Debtors 5,310    669 
VAT 13,314   
200,523    228,927 

6.

Creditors: amount falling due within one year

2025
£
  2024
£
Trade Creditors 70,777    54,917 
Bank Loans & Overdrafts 19,010    58,196 
Corporation Tax 17,587    8,037 
PAYE & Other Taxes 2,675    12,297 
Accrued Expenses 1,795    1,596 
Other Creditors 67,187    46,105 
Obligations under HP/Financial Leases 4,594    5,486 
Directors' Current Accounts   9,001 
VAT   14,191 
183,625    209,826 

7.

Creditors: amount falling due after more than one year

2025
£
  2024
£
Obligations Under HP/Financial Leases   4,114 
  4,114 

6