Tankspan Leasing Limited

	Page
Company Information	1
Balance Sheet	2—3
Notes to the Financial Statements	4—9

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Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 03690154

		2024		2023
	Notes	$	$	$	$
FIXED ASSETS
Tangible Assets	5		12,981,799		13,397,138

			12,981,799		13,397,138
CURRENT ASSETS
Debtors	6	1,029,877		912,323
Cash at bank and in hand		115,186		790,719

		1,145,063		1,703,042
Creditors: Amounts Falling Due Within One Year	7	(1,997,183 )		(2,874,796 )

NET CURRENT ASSETS (LIABILITIES)			(852,120 )		(1,171,754 )

TOTAL ASSETS LESS CURRENT LIABILITIES			12,129,679		12,225,384

Creditors: Amounts Falling Due After More Than One Year	8		(5,381,889 )		(6,179,347 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(509,632 )		(491,776 )

NET ASSETS			6,238,158		5,554,261

CAPITAL AND RESERVES
Called up share capital	11		16,000		16,000
Profit and Loss Account			6,222,158		5,538,261

SHAREHOLDERS' FUNDS			6,238,158		5,554,261

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Tankspan Leasing Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr D K Moon

Director

02/05/2025

The notes on pages 4 to 9 form part of these financial statements.

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Tankspan Leasing Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Tankspan Leasing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03690154 .

The registered office is

12 Tentercroft Street, Lincoln, Lincolnshire, LN5 7DB.

The principal place of business is:

PO Box 4327, Bracknell, RG42 9WS

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover comprises the fair value of the consideration received or receivable for managing, letting and promoting marine shipping containers. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of five years.

2.4. Tangible Fixed Assets and Depreciation

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

The assets' residual values and useful lives are reviewed, and adjusted if appropriate at the end of each reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Depreciation is charged so as to write off the cost of assets, less their residual value, over their estimated useful lives, as follows:

Plant & Machinery	6.67% straight line method
Fixtures & Fittings	33% straight line method

2.5. Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

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Tankspan Leasing Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the entity operates ($) which is the company's functional and the company's presentation currency.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2.9. Contract Revenue Recognition

The company leases tanks to its customers across all geographical locations. These services are provided on a contract basis, with contract terms generally over 3 months with a 60 day notice period.

Revenue from leasing contracts is recognised on a month by month basis. Where the contracts last beyond the year end revenue is recognised as a percentage of the total contract period.

If circumstances arise that may change the original estimates of revenues, estimates are revised. These revisions may result in increases or decreases in estimated revenues reflected in income in the period in which the circumstances that give rise to the revision become known by management.

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Tankspan Leasing Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.10. Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2.11. Leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Rentals payable are apportioned between the finance charge and a reduction of the outstanding obligation for future amounts payable so that the charge for each accounting period is a constant percentage of the remaining balance of the capital sum outstanding.

Amounts due from lessees under finance leases are recorded as receivables at the amount of the company's investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company's net investment outstanding in respect of the leases.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease agreements.

2.12. Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2.13. Trade debtors

Trade debtors are amounts due from customers for the managing, letting and promoting marine shipping containers in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

2.14. Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2.15. Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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Tankspan Leasing Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was 3 (2023: 3)

4. Intangible Assets

	Goodwill
	$
Cost
As at 1 January 2024	100,000

As at 31 December 2024	100,000

Amortisation
As at 1 January 2024	100,000

As at 31 December 2024	100,000

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

5. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Total
	$	$	$
Cost
As at 1 January 2024	16,364,776	6,904	16,371,680
Additions	40,000	-	40,000
Disposals	(20,556 )	-	(20,556 )

As at 31 December 2024	16,384,220	6,904	16,391,124

Depreciation
As at 1 January 2024	2,967,925	6,617	2,974,542
Provided during the period	437,253	287	437,540
Disposals	(2,757 )	-	(2,757 )

As at 31 December 2024	3,402,421	6,904	3,409,325

Net Book Value
As at 31 December 2024	12,981,799	-	12,981,799

As at 1 January 2024	13,396,851	287	13,397,138

6. Debtors

	2024	2023
	$	$
Due within one year
Trade debtors	919,770	810,924
Prepayments and accrued income	110,107	95,232
Other debtors	-	6,167

	1,029,877	912,323

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Tankspan Leasing Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	$	$
Net obligations under finance lease and hire purchase contracts	591,669	1,594,823
Trade creditors	1,042,068	924,707
Bank loans and overdrafts	192,275	179,098
Corporation tax	131,697	120,158
PAYE and NIC Creditor	39,474	56,010

	1,997,183	2,874,796

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	$	$
Net obligations under finance lease and hire purchase contracts	4,838,011	5,443,194
Bank loans	543,878	736,153

	5,381,889	6,179,347

9. Secured Creditors

Bank borrowings are demoniated in US$ with a nominal interest rate of 6.93% (2023: 6.93%). The final instalment is due in June 2028.

Bank borrowings are secured on all inventory, book debts and monies due or payable to the company.

Finance lease liabilities of are secured on the underlying assets financed.

	2024	2023
	$	$
Net obligations under finance lease and hire purchase contracts	5,429,680	7,038,017
Bank loans and overdrafts	736,153	915,251

10. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	$	$
The future minimum finance lease payments are as follows:
Not later than one year	591,669	1,594,823
Later than one year and not later than five years	4,838,011	5,443,194

	5,429,680	7,038,017

	5,429,680	7,038,017

11. Share Capital

	2024	2023
	$	$
Allotted, Called up and fully paid	16,000	16,000

12. Capital Commitments

The total amount of financial commitments not included in the balance sheet is US$568,800 (2023 -US$1,354,301). The financial commitments relate to the operating leases on tanks for US$568,800. Each operating lease is subsequently leased to a customer at a higher price. The revenues due from these leases to customers total US$723,811 (2023 - US$1,696,924). The lease periods run to the same date.

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Tankspan Leasing Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Related Party Transactions

Summary of transactions with other related parties

(Companies with a Director in common with BDLS LLC)

During the year the company purchased no services (2023 - $57,448).The company sold services of $457,062 (2023 - $534,812). At the balance sheet date nothing was due to Tankspan Leasing Limited (2023 - $45,199) and no amount was owed (2023 - $5,332).

Summary of transactions with parent

Boleyn Containers Leasing Services Limited

(Immediate parent company) At the balance sheet date the amount due to Boleyn Containers Leasing Services Limited was $Nil, (2023 - $Nil).

14. Ultimate Parent Undertaking and Controlling Party

The company's immediate parent is Boleyn Containers Leasing Services Limited, incorporated in United Kingdom.

The ultimate controlling party is Mr D K Moon.

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Director	Mr D K Moon

Company Number	03690154

Registered Office	12 Tentercroft Street
	Lincoln
	Lincolnshire
	LN5 7DB

Business	PO Box 4327
	Bracknell
	RG42 9WS

Accountants	Saul Fairholm Limited
	Chartered Accountants
	12 Tentercroft Street
	Lincoln
	Lincolnshire
	LN5 7DB