TASCA TANKERS LIMITED


Director	HARTE, Shaun Alexander


Registered Address	Unit 5 Diamond Business Park
	Thornes Moor Road
	Wakefield
	WF2 8PT


Registered Number	02965713 (England and Wales)

Notes to the Financial Statements
for the year ended 30 June 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.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Judgements and key sources of estimation uncertainty
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. 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.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

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.

	Defined contribution pension plan
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	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.

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. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	15
Plant and machinery	15	-
Fixtures and fittings	15	-
Vehicles	25	-

	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 Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

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 Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	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). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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). 

At each date of Statement of Financial Position, stocks are assessed for impairment.  If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell.  The impairment loss is recognised immediately in the Income Statement.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

	Trade and other debtors
	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.

Trade and other debtors

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.

	Trade and other creditors
	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.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	63		63

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost or valuation
At 01 July 23	56,188	787,200	231,917	42,532	1,117,837
Additions	-	51,487	-	282	51,769
Disposals	-	(60,000)	(8,627)	-	(68,627)
At 30 June 24	56,188	778,687	223,290	42,814	1,100,979
Depreciation and impairment
At 01 July 23	48,017	581,567	216,627	29,622	875,833
Charge for year	2,142	13,004	3,806	1,868	20,820
On disposals	-	-	(8,175)	-	(8,175)
At 30 June 24	50,159	594,571	212,258	31,490	888,478
Net book value
At 30 June 24	6,029	184,116	11,032	11,324	212,501
At 30 June 23	8,171	205,633	15,290	12,910	242,004

4.	Stocks

	2024	2023
	£	£
Raw materials and consumables	1,746,779	1,885,385
Work in progress	1,824,925	1,785,390
Total	3,571,704	3,670,775

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	527,546	566,052
Other debtors	482,968	172,354
Prepayments and accrued income	146,627	145,770
Total	1,157,141	884,176

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	1,053,306	1,408,884
Bank borrowings and overdrafts	-	76,389
Taxation and social security	718,184	633,219
Finance lease and HP contracts	90,897	116,148
Other creditors	295,155	85,961
Accrued liabilities and deferred income	2,160,409	2,330,197
Total	4,317,951	4,650,798

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Other creditors	-	91,260
Total	-	91,260


	The other creditors are obligations under finance leases.

8.	Secured creditors
	Finance lease creditors are secured on the assets to which they relate.

9.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	-		91,260

10.	Provisions for liabilities
	Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax arises from accelerated capital allowances. Other provisions relate to a potential VAT liability referred to in note 11.

	2024	2023
	£	£
Net deferred tax liability (asset)	45,000	-
Other provisions	247,587	247,587
Total	292,587	247,587

11.	Contingent liabilities
	In respect of the VAT assessments provided for, the company has not provided for penalties in respect of these assessments as the quantum and likelihood of any charges is not known. No penalties have yet been raised by HMRC and the directors are hopeful that the assessments will be reversed upon appeal.

12.	Directors advances, credits and guarantees
	As at 30 June 2024 the Director owed the Company £325,487. No interest was charged on this loan. The loan is unsecured and repayable upon demand.

13.	Controlling party
	On 27 February 2024 the company's entire share capital was acquired by Alf-Fe Limited, a company registered in England and Wales, company number 13768186. The controlling company's registered office is the same as for Tasca Tankers Limited. At 30 June 2024 Alf-Fe Limited owed the company £54,095.

14.	Parent-subsidiary relationships
	As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		212,501		242,004
			212,501		242,004
Current assets
Stocks	4	3,571,704		3,670,775
Debtors	5	1,157,141		884,176
Cash at bank and on hand		133,141		291,023
		4,861,986		4,845,974
Creditors amounts falling due within one year	6	(4,317,951)		(4,650,798)
Net current assets (liabilities)			544,035		195,176
Total assets less current liabilities			756,536		437,180
Creditors amounts falling due after one year	7		-		(91,260)
Provisions for liabilities	10		(292,587)		(247,587)
Net assets			463,949		98,333
Capital and reserves
Called up share capital			22,000		22,000
Other reserves			2,000		2,000
Profit and loss account			439,949		74,333
Shareholders' funds			463,949		98,333