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OIL TANK INSTALLATIONS SERVICES LIMITED - Company Information

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Draft

Oil Tank Installations Services Limited

Registered Number:03856762

For the year ended 31 October 2018

England and Wales

Unaudited Financial Statements

Draft

For the year ended 31 October 2018

Oil Tank Installations Services Limited

Contents Page

Statement of Financial Position

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Notes to the Financial Statements

Draft

As at 31 October 2018

Oil Tank Installations Services Limited

Statement of Financial Position

Registered Number :

03856762

2017

2018

Notes

Fixed assets

Property, plant and equipment

185,318

Current assets

Inventories

42,000

Trade and other receivables

138,180

138,424

Cash and cash equivalents

138,424

318,604

Trade and other payables: amounts falling due within one

year

(316,124)

2,480

Net current assets

Total assets less current liabilities

187,798

Trade and other payables: amounts falling due after more

than one year

(23,774)

164,024

Net assets

164,024

Capital and reserves

Called up share capital

100

Retained earnings

163,924

164,024

Shareholders' funds

For the year ended 31 October 2018 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006

The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of

each financial year and of its profit or loss for each financial year in accordance with the requirements of Section

394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial

statements, so far as applicable to the company.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Andrew James Middleton Director

These financial statements were approved and authorised for issue by the Board on 27 July 2019 and were signed by:

The notes form part of these financial statements

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Draft

For the year ended 31 October 2018

Oil Tank Installations Services Limited

Notes to the Financial Statements

Statutory Information

Oil Tank Installations Services Limited is a private limited company, limited by shares, domiciled in England and

Wales, registration number 03856762.

Registered address:

Suite 1 & 2, Business Centre

Hagley Golf & Country Club

Wassell Grove Lane

Hagley

DY9 9JW

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the

Companies Act 2006. The financial statements have been prepared under the historical costs convention as

modified by the revaluation of certain assets.

Revenue recognition

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Property, plant and equipment

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Inventories

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing commitments

The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.

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Draft

For the year ended 31 October 2018

Oil Tank Installations Services Limited

Notes to the Financial Statements Continued

2. Property, plant and equipment

Total

Computer

equipment

Fixtures and

fittings

Motor vehicles

Plant and

machinery

Cost or

valuation

At 01 November 2017

515,011

1,655

32,925

306,605

173,826

At 31 October 2018

306,605

32,925

1,655

515,011

173,826

Provision for depreciation and impairment

At 01 November 2017

329,693

1,219

16,948

258,506

53,020

At 31 October 2018

329,693

1,219

16,948

258,506

53,020

At 31 October 2018

Net book value

120,806

48,099

15,977

436

185,318

At 31 October 2017

120,806

48,099

15,977

436

185,318

3. Inventories

2017

2018

Stocks

42,000

4. Trade and other receivables

2017

2018

Trade debtors

83,311

Other debtors

54,869

138,180

5. Trade and other payables: amounts falling due within one year

2017

2018

Trade creditors

189,446

Taxation and social security

96,995

Other creditors

29,683

316,124

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Draft

For the year ended 31 October 2018

Oil Tank Installations Services Limited

Notes to the Financial Statements Continued

6. Trade and other payables: amounts falling due after more than one year

2017

2018

Bank loans and overdraft

23,774

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