REGISTERED NUMBER: 04787001 (England and Wales)

Isotank Transport Services Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

J Wilson

A J Leighton

REGISTERED OFFICE:

Limerick Road

Dormanstown

Redcar

Cleveland

TS10 5JU

REGISTERED NUMBER:

04787001 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

The directors present their strategic report for the year ended 31st December 2024.

ECONOMIC OVERVIEW

For the financial year ending December 2024, market conditions have continued to be challenging and we have seen a prolonged contraction of the European chemical market due to less manufacturing taking place. The continued war in Russia/Ukraine and unstable utility prices haven't helped give economic confidence. To combat this, we monitored our cost base and therefore capital spent to keep a good handle on our cash

PERFORMANCE OF BUSINESS

As a transport operation, the main adversities we have experienced as a result of the international spill over from the war in the Ukraine are rising costs of fuel, maintenance and labour. This resulted in the business spending more on its COS, notably labour cost, where the National Living wage increased by 9.8%, on the backdrop of further year on year increases from 2021. Following Brexit, securing skilled drivers has also been a problem which exacerbates the wage rises further.

In the year we added 25 replacement trucks on our fleet which created cost savings versus an ageing truck profile. We also invested in a new fleet system, TAS, with Trannsics telemetry software providing real time updates on truck locations and efficiencies, so things such as fuel can be monitored and reduced.

Despite the challenging environment, we did not see a big deterioration in demand, with the business winning new work and showing strong volumes across our fleet versus a weak backdrop. Sales in the year were £13.2m (£13.7m in 2023), with us operating more trucks in the prior year. Through active cost control and an established customer base, we are well placed to remain competitive and improve performance year on year.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company may be broadly grouped into categories of financial, commercial and regulatory.

Even before the war in the Ukraine inflation had risen significantly with many central banks tightening monetary policy. We aim to control our cost as much as possible, by hedging our energy cost and having energy surcharges in place with our customers. To maintain a strong financial position and generate cash for ongoing investment, we aim to use our group position to seek more favourable rates with suppliers. From the use of technology we monitor fuel consumption and seek to improve our efficiencies.

The group operates in a competitive market and is committed to delivering a service that adds value to our customers and through training and investment aims to ensure sustainable future growth. We are mindful that financial pressures on us also affect our customers and suppliers and as such we continue to implement strong financial disciplines to manage the risk, just as our customers do with us.

Safety, Health, Environmental and Quality ("SHEQ") issues are a major focus of the Company. Following the incidents at the start of 2024 this has been given even more emphasis. Additional experienced SHEQ staff have been recruited, industry leading policies and KPIs have been introduced to help staff understand the safety culture that we are enforcing. Each site has 12 Golden rules to follow and work by which allows focus and ownership.

The directors acknowledge their requirement under the Companies Act 2006 to report the principal risks and uncertainties of the businesses together with a comprehensive analysis of development and performance using financial key performance indicators. Given the competitive commercial environment the directors are of the opinion that disclosure of any further information would be prejudicial to the growth and future performance of the group and as such have taken the decision to limit disclosure to that provided in the financial statements and to the information provided above.

OUTLOOK OF BUSINESS

Over the next 12 months we are expecting the market place to be very difficult. There has been a reduction in manufacturing and therefore usage of chemicals across the UK and Europe. But as part of our business strategy, we remain focussed on growing our customer base and setting up in new locations, to further offer services to our customers and stay ahead of the competition. We will not stand still, so will actively recruit top talent to push the business forward into its next growth stage.

ON BEHALF OF THE BOARD:

A J Leighton - Director

30th September 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of transport services.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

J Wilson

A J Leighton

Other changes in directors holding office are as follows:

T Morsovillo - resigned 1st June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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 of 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;

-	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. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A J Leighton - Director

30th September 2025

Opinion

We have audited the financial statements of Isotank Transport Services Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Stocks FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

1st October 2025

TURNOVER

3

13,212,672

13,702,765

Cost of sales

11,172,182

11,265,815

GROSS PROFIT

2,040,490

2,436,950

Administrative expenses

2,065,760

2,339,812

OPERATING (LOSS)/PROFIT

5

(25,270

)

97,138

Interest payable and similar expenses

6

42,000

25,733

(LOSS)/PROFIT BEFORE TAXATION

(67,270

)

71,405

Tax on (loss)/profit

7

(12,599

)

21,227

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(54,671

)

50,178

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(54,671

)

50,178

FIXED ASSETS

Intangible assets

8

37,506

54,202

Tangible assets

9

25,181

7,214

62,687

61,416

CURRENT ASSETS

Stocks

10

144,910

152,296

Debtors

11

2,746,443

2,397,910

Cash at bank

229,917

588,666

3,121,270

3,138,872

CREDITORS

Amounts falling due within one year

12

1,740,524

1,702,184

NET CURRENT ASSETS

1,380,746

1,436,688

TOTAL ASSETS LESS CURRENT LIABILITIES

1,443,433

1,498,104

CAPITAL AND RESERVES

Called up share capital

15

2

2

Retained earnings

16

1,443,431

1,498,102

SHAREHOLDERS' FUNDS

1,443,433

1,498,104

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2025 and were signed on its behalf by:

A J Leighton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

2

1,447,924

1,447,926

Changes in equity

Total comprehensive income

-

50,178

50,178

Balance at 31st December 2023

2

1,498,102

1,498,104

Changes in equity

Total comprehensive income

-

(54,671

)

(54,671

)

Balance at 31st December 2024

2

1,443,431

1,443,433

1.	STATUTORY INFORMATION

Isotank Transport Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The directors, having considered the current year performance and the forecasts for the period to December 2025, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Significant judgements and estimates

In application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions concerning future events. Estimates and associated assumptions are based on historical experience and known factors, the resulting estimates may therefore differ from the actual results but are believed to be reasonable. Significant judgements in applying the company's accounting policies include the provision for liability on potential insurance claim matters. The directors consider any incidents on a case by case basis and estimate the expected future cost, if any.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the provision of transport services is recognised as the service is provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and equipment

3 - 10 years

Motor vehicles

2 - 6 years

Depreciation on assets transferred from the parent company, Isotank Services Limited, is calculated on original cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Current tax represents the amount payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Retirement benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

8,375,758

6,312,449

EU

4,059,729

6,358,736

Rest of world

777,185

1,031,580

13,212,672

13,702,765

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

5,454,993

5,631,851

Social security costs

523,168

542,361

Other pension costs

108,061

122,867

6,086,222

6,297,079

The average number of employees during the year was as follows:

2024

2023

Management and administration

17

21

Manual

95

102

112

123

2024

2023

£

£

Directors' remuneration

-

-

5.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

569

400

Profit on disposal of fixed assets

(3,000

)

-

Goodwill amortisation

16,696

16,696

Foreign exchange differences

2,310

2,062

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

42,000

25,733

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

-

12,683

Deferred tax

(12,599

)

8,544

Tax on (loss)/profit

(12,599

)

21,227

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

(Loss)/profit before tax

(67,270

)

71,405

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(16,818

)

17,851

Effects of:

Expenses not deductible for tax purposes

4,219

4,173

Change in rate of taxation

-

(797

)

Total tax (credit)/charge

(12,599

)

21,227

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2024

and 31st December 2024

168,350

AMORTISATION

At 1st January 2024

114,148

Amortisation for year

16,696

At 31st December 2024

130,844

NET BOOK VALUE

At 31st December 2024

37,506

At 31st December 2023

54,202

9.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1st January 2024

6,680

8,070

240,247

254,997

Additions

-

18,536

-

18,536

Disposals

-

-

(20,194

)

(20,194

)

At 31st December 2024

6,680

26,606

220,053

253,339

DEPRECIATION

At 1st January 2024

-

8,070

239,713

247,783

Charge for year

-

168

401

569

Eliminated on disposal

-

-

(20,194

)

(20,194

)

At 31st December 2024

-

8,238

219,920

228,158

NET BOOK VALUE

At 31st December 2024

6,680

18,368

133

25,181

At 31st December 2023

6,680

-

534

7,214

10.

STOCKS

2024

2023

£

£

Raw materials and consumables

144,910

152,296

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,336,985

2,088,715

Amounts owed by group undertakings

157,976

180

Tax

-

104,124

Deferred tax asset

30,894

18,295

Prepayments and accrued income

220,588

186,596

2,746,443

2,397,910

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

754,479

771,108

Amounts owed to group undertakings

305,024

218,564

Corporation tax

3,822

-

Social security and other taxes

131,578

288,775

Other creditors

325,186

230,337

Accruals and deferred income

220,435

193,400

1,740,524

1,702,184

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

190,534

39,492

Between one and five years

726,044

615

In more than five years

16,588

-

933,166

40,107

14.	DEFERRED TAX

£

Balance at 1st January 2024

(18,295

)

Credit to Statement of Comprehensive Income during year

(12,599

)

Balance at 31st December 2024

(30,894

)

The deferred tax asset relates to accelerated capital allowances of £29,394 (2023: £16,393) and short term timing differences of £1,501 (2023: £1,902).

The expected net reversal of deferred tax assets in the next financial year is a credit of £1,135. This is due to reversal of accelerated capital allowances.

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

£1

2

2

16.

RESERVES

Retained

earnings

£

At 1st January 2024

1,498,102

Deficit for the year

(54,671

)

At 31st December 2024

1,443,431

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

17.	PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme. The charge in the profit and loss account was £108,061 (2023 £122,867). At 31st December 2024 there were outstanding contributions of £15,836 (2023: 17,827).

18.	ULTIMATE PARENT COMPANY

KKR Spark Holdings II LP (incorporated in USA ) is regarded by the directors as being the company's ultimate parent company.

The parent company is Isotank Services Limited which owns the entire issued share capital of the company.

The smallest group in which the results of the company to 31 December 2024 are consolidated is that headed by Channelside AcquisitionCo Inc.. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

19.	CONTINGENT LIABILITIES

There is a group VAT registration with the parent company and fellow subsidiaries. The maximum potential liability at the year end was £10,970 (2023 £nil).

20.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions under Financial Reporting Standard 102 in respect of transactions with its parent and fellow subsidiary companies on the basis that the consolidated accounts of the group are publicly available.

21.	ULTIMATE CONTROLLING PARTY

The company is not controlled by any one party.