Grangemouth Tank Services Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC240026 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

GRANGEMOUTH TANK SERVICES LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G Scott

SECRETARY:

E F Bryson

REGISTERED OFFICE:

C/O Calachem

Earls Road

Grangemouth

Stirlingshire

FK3 8XG

REGISTERED NUMBER:

SC240026 (Scotland)

ACCOUNTANT:

I M Neilson

Chartered Accountant

62e Cleveden Drive

Glasgow

G12 0NX

FIXED ASSETS

Tangible assets

4

332,916

370,436

CURRENT ASSETS

Debtors

318,361

458,804

Cash at bank

157,185

65,094

475,546

523,898

CREDITORS

Amounts falling due within one year

(149,549

)

(183,195

)

NET CURRENT ASSETS

325,997

340,703

TOTAL ASSETS LESS CURRENT LIABILITIES

658,913

711,139

CREDITORS

Amounts falling due after more than one year

(100,193

)

(138,562

)

PROVISIONS FOR LIABILITIES

5

(38,879

)

(39,906

)

NET ASSETS

519,841

532,671

CAPITAL AND RESERVES

Called up share capital

6

2

2

Retained earnings

519,839

532,669

SHAREHOLDERS' FUNDS

519,841

532,671

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps 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 Sections 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director on 25 January 2018 and were signed by:

G Scott - Director

1.	STATUTORY INFORMATION

Grangemouth Tank Services Ltd is a private company, limited by shares , registered in Scotland. 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

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided on the straight line method on all tangible fixed assets at the following rates:-

Machinery & Equipment

20 - 33 1/3%

Office Equipment

33 1/3%

Motor Vehicles

25%

Furniture & Fixtures

20%

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2016

762,463

Additions

118,620

Disposals

(39,029

)

At 30 June 2017

842,054

DEPRECIATION

At 1 July 2016

392,027

Charge for year

132,718

Eliminated on disposal

(15,607

)

At 30 June 2017

509,138

NET BOOK VALUE

At 30 June 2017

332,916

At 30 June 2016

370,436

The net book value of assets held under hire purchase contracts was £255,988 (2016: £277,800)

5.	PROVISIONS FOR LIABILITIES

30.6.17

30.6.16

£

£

Deferred tax

38,879

39,906

Deferred

tax

£

Balance at 1 July 2016

39,906

Credit to Income Statement during year

(1,027

)

Balance at 30 June 2017

38,879

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.17

30.6.16

value:

£

£

2

ordinary

1

2

2