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 2025

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.

	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 the Income Statement

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 the Income Statement

	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


		2025		2024
	Average number of employees during the year	57		63

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost or valuation
At 01 July 24	56,188	778,687	223,290	42,814	1,100,979
Additions	27,958	-	7,350	2,817	38,125
Disposals	-	-	(36,242)	-	(36,242)
At 30 June 25	84,146	778,687	194,398	45,631	1,102,862
Depreciation and impairment
At 01 July 24	50,158	594,571	212,259	31,490	888,478
Charge for year	3,108	26,322	2,985	2,183	34,598
On disposals	-	-	(35,547)	-	(35,547)
At 30 June 25	53,266	620,893	179,697	33,673	887,529
Net book value
At 30 June 25	30,880	157,794	14,701	11,958	215,333
At 30 June 24	6,030	184,116	11,031	11,324	212,501

4.	Stocks

	2025	2024
	£	£
Raw materials and consumables	1,855,121	1,746,779
Work in progress	2,049,524	1,824,925
Total	3,904,645	3,571,704

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	689,356	527,546
Other debtors	1,036,568	482,968
Prepayments and accrued income	142,466	146,627
Total	1,868,390	1,157,141

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	1,462,096	1,053,306
Bank borrowings and overdrafts	19,741	-
Taxation and social security	964,476	718,184
Finance lease and HP contracts	32,741	90,897
Other creditors	157,904	295,155
Accrued liabilities and deferred income	2,004,435	2,160,409
Total	4,641,393	4,317,951

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	73,218	-
Total	73,218	-


	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

		2025		2024
		£		£
	Finance lease and HP contracts	105,959		90,897

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.

	2025	2024
	£	£
Net deferred tax liability (asset)	45,000	45,000
Other provisions	247,587	247,587
Total	292,587	292,587

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 at tribunal.

12.	Directors advances, credits and guarantees
	As at 30 June 2025 the Director owed the Company £249,564 (2024 - £325,487). Interest was charged at the HMRC official rate on this loan. The loan is unsecured and repayable upon demand.

13.	Related party transactions
	Tasca Tankers Limited has entered into a guarantee and indemnity to provide support to the company's former shareholders for Alf-Fe Limited's liabilities to them for deferred consideration on the purchase of their shares. This includes a fixed and floating charge over the company's assets and undertaking.

14.	Controlling party
	Tasca Tankers Limited is a wholly-owned subsidiary of 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 2025 Alf-Fe Limited owed the company £709,095 (2024 - £54,095).

15.	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	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		215,333		212,501
			215,333		212,501
Current assets
Stocks	4	3,904,645		3,571,704
Debtors	5	1,868,390		1,157,141
Cash at bank and on hand		232		133,141
		5,773,267		4,861,986
Creditors amounts falling due within one year	6	(4,641,393)		(4,317,951)
Net current assets (liabilities)			1,131,874		544,035
Total assets less current liabilities			1,347,207		756,536
Creditors amounts falling due after one year	7		(73,218)		-
Provisions for liabilities	10		(292,587)		(292,587)
Net assets			981,402		463,949
Capital and reserves
Called up share capital			22,000		22,000
Other reserves			2,000		2,000
Profit and loss account			957,402		439,949
Shareholders' funds			981,402		463,949