Formula Tanker Rental Limited - Filleted accounts

Registered number

08547674

Formula Tanker Rental Limited

Filleted Accounts

31 July 2025

Formula Tanker Rental Limited
Registered number:		08547674
Balance Sheet
as at 31 July 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		2,049,116			1,457,739

Current assets
Debtors	4	127,504			142,908
Cash at bank and in hand		163,611			309,822
		291,115			452,730

Creditors: amounts falling due within one year	5	(763,185)			(423,017)

Net current (liabilities)/assets			(472,070)			29,713

Total assets less current liabilities			1,577,046			1,487,452

Creditors: amounts falling due after more than one year	6		(380,914)			(416,037)



Net assets			1,196,132			1,071,415

Capital and reserves
Called up share capital			1,001			1,001
Profit and loss account			1,195,131			1,070,414

Shareholders' funds			1,196,132			1,071,415

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr P. A. Catton
Director
Approved by the board on 23 April 2026

Formula Tanker Rental Limited
Notes to the Accounts
for the year ended 31 July 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	Management assess the going concern of the entity on a routine basis. There has been nothing noted to suggest that the entity is unable to continue to trade for the 12 months following the signing of the financial statements.

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	10% - 15% straight line

	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.

	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.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.

1	Accounting policies (continued)

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2025		2024
Number				Number

	Average number of persons employed by the company		5		5


3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 August 2024				3,058,796
	Additions				797,742
	Disposals				(170,170)
	At 31 July 2025				3,686,368

	Depreciation
	At 1 August 2024				1,601,057
	Charge for the year				201,732
	On disposals				(165,537)
	At 31 July 2025				1,637,252

	Net book value
	At 31 July 2025				2,049,116
	At 31 July 2024				1,457,739


4	Debtors		2025		2024
£				£

	Trade debtors		107,504		122,908
	Other debtors		20,000		20,000
			127,504		142,908


5	Creditors: amounts falling due within one year		2025		2024
£				£

	Obligations under finance lease and hire purchase contracts		189,361		163,133
	Trade creditors		161,823		32,619
	Taxation and social security costs		(58,648)		113,501
	Other creditors		470,649		113,764
			763,185		423,017


6	Creditors: amounts falling due after one year		2025		2024
£				£

	Obligations under finance lease and hire purchase contracts		380,914		407,704
	Other creditors		-		8,333
			380,914		416,037


7	Other information

	Formula Tanker Rental Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Springfield House
	North Road
	Ellesmere Port
	England
	CH65 1BA