Merkland Tank Limited - Accounts to registrar (filleted) - small 18.2
Merkland Tank Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| MERKLAND TANK LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2020 |
| MERKLAND TANK LIMITED (REGISTERED NUMBER: SC282068) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MERKLAND TANK LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| Citypoint 2 |
| 25 Tyndrum Street |
| Glasgow |
| G4 0JY |
| BANKERS: |
| 339 Byres Road |
| Glasgow |
| G12 8QH |
| MERKLAND TANK LIMITED (REGISTERED NUMBER: SC282068) |
| BALANCE SHEET |
| 31 JANUARY 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
| MERKLAND TANK LIMITED (REGISTERED NUMBER: SC282068) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2020 |
| 1. | STATUTORY INFORMATION |
| Merkland Tank Limited is a private company, limited by shares, registered in Scotland. The company's |
| registered number is SC282068 and its registered office is 14 Loanbank Quadrant, Govan, Glasgow, G51 3HZ. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
| 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 cost |
| convention. |
| Going concern |
| In their assessment of going concern the directors have considered the current and developing impact on the |
| business as a result of the COVID-19 virus. The COVID-19 pandemic has had a significant, immediate impact |
| on the company's operations. The company closed temporarily during the period but has since reopened. Recent |
| sales enquiry levels have been below normal but the directors expect this to be temporary as they currently have |
| a strong order book and significant cash reserves. |
| In response to these unprecedented circumstances, the directors have accessed the government's coronavirus job |
| retention scheme for the company's staff and have also successfully obtained additional financing facilities which |
| they do not expect to utilise. The directors have also prepared budgets and stress tested projections to understand |
| the impact of an extended period below normal trading rasing no particular concerns. The company has adequate |
| resources to continue in operational existence for the foreseeable future. There are no known material |
| uncertainties and it is therefore appropriate to prepare the financial statements on a going concern basis. |
| Accordingly, the financial statements do not include any adjustments on the carrying amounts and classifications |
| of assets and liabilities that may arise if the company were unable to continue as a going concern. |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable. |
| Turnover represents net invoiced sale of tank and boiler servicing, insulation and engineering, excluding value |
| added tax. |
| Tangible fixed assets |
| Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their |
| estimated useful lives as follows: |
| Plant and machinery | 5 years |
| Motor vehicles | 5 years |
| Fixtures and fittings | 5 years |
| Computer equipment | 3 years |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| MERKLAND TANK LIMITED (REGISTERED NUMBER: SC282068) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Debtors |
| Trade and other debtors are recognised at the settlement amount due with appropriate allowances for any |
| irrecoverable amounts when there is objective evidence that the asset is impaired. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of |
| maturity, being twelve months or less, from the opening of the deposit or similar account. |
| Creditors |
| Trade creditors and other creditors due in less than one year are all recognised where the company has a present |
| obligation resulting from a past event and are recognised at the settlement amount due after allowing for any |
| trade discounts due. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 February 2019 |
| Additions |
| Disposals | ( |
) |
| At 31 January 2020 |
| DEPRECIATION |
| At 1 February 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 January 2020 |
| NET BOOK VALUE |
| At 31 January 2020 |
| At 31 January 2019 |
| MERKLAND TANK LIMITED (REGISTERED NUMBER: SC282068) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2020 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 February 2019 |
| Additions |
| At 31 January 2020 |
| DEPRECIATION |
| At 1 February 2019 |
| Charge for year |
| At 31 January 2020 |
| NET BOOK VALUE |
| At 31 January 2020 |
| At 31 January 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contracts |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| 8. | SECURED DEBTS |
| Nevis Capital LLP hold a floating charge over the whole of the property and undertaking of the company. |
| MERKLAND TANK LIMITED (REGISTERED NUMBER: SC282068) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2020 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary shares | £1 | 5,000 | 5,000 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | COMMITMENTS |
| Non-cancellable operating leases - commitments over the remaining life of those leases fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Within one year | 40,504 | 40,504 |
| Between one and five years | 160,126 | 161,638 |
| Due after five years | 56,667 | 96,667 |
| 257,297 | 298,809 |
| 12. | SUBSEQUENT EVENTS |
| The Company has evaluated events and transactions occurring subsequent to 31 January 2020 for items that |
| should have been recognised or disclosed in these financial statements. The evaluation was conducted through to |
| the date of signing these financial statements, which is the date the financial statements were available to be |
| issued. |
| The Company identified the following subsequent event: |
| In December 2019, a novel strain of coronavirus ("COVID-19") surfaced in Wuhan, China, and has spread |
| around the world, with resulting business and social disruption around the world. COVID-19 was declared a |
| Public Health Emergency of International Concern by the World Health Organization on January 30, 2020. The |
| impact of the COVID-19 pandemic is discussed within going concern in the notes to the financial statements. |
| 13. | PARENT UNDERTAKING |
| The company is a subsidiary of Merkland Tank Holdings Limited, a company incorporated in the UK. |
| The registered office of Merkland Tank Holdings Limited is 221 West George Street, Glasgow, G2 2ND. |