Grangemouth Tank Services Ltd - Accounts to registrar (filleted) - small 18.2
Grangemouth Tank Services Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
FOR |
GRANGEMOUTH TANK SERVICES LTD |
GRANGEMOUTH TANK SERVICES LTD (REGISTERED NUMBER: SC240026) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GRANGEMOUTH TANK SERVICES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
Chartered Accountant |
62e Cleveden Drive |
Glasgow |
G12 0NX |
GRANGEMOUTH TANK SERVICES LTD (REGISTERED NUMBER: SC240026) |
ABRIDGED BALANCE SHEET |
30 JUNE 2018 |
30.6.18 | 30.6.17 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 5 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
GRANGEMOUTH TANK SERVICES LTD (REGISTERED NUMBER: SC240026) |
ABRIDGED BALANCE SHEET - continued |
30 JUNE 2018 |
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 |
GRANGEMOUTH TANK SERVICES LTD (REGISTERED NUMBER: SC240026) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
1. | STATUTORY INFORMATION |
Grangemouth Tank Services Ltd is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any |
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the |
asset to the location and condition necessary for it to be capable of operating in the manner intended by |
management. |
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item |
when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the |
company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to |
profit or loss during the period in which they are incurred. |
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% |
The assets residual values, useful lives and depreciation methods are reviewed annually and adjusted |
prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in the Statement of comprehensive income. |
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. |
GRANGEMOUTH TANK SERVICES LTD (REGISTERED NUMBER: SC240026) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
2. | ACCOUNTING POLICIES - continued |
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 |
Assets acquired under finance leases or hire purchase contracts are capitalised as tangible assets and depreciated |
over their useful lives. Finance charges and interest are taken to the profit and loss account in constant proportion |
to the remaining balance of capital repayments or net obligations outstanding. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially |
at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest |
method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
effective interest method. |
Dividends |
Equity dividends are recognised when they become legally payable. Interm equity dividends are recognised when |
paid. |
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 can be made of the amount |
of the obligation. |
Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware |
of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to |
settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GRANGEMOUTH TANK SERVICES LTD (REGISTERED NUMBER: SC240026) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2017 |
Additions |
At 30 June 2018 |
DEPRECIATION |
At 1 July 2017 |
Charge for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
The net book value of assets held under hire purchase contracts was £180,864 (2017: £255,988) |
5. | PROVISIONS FOR LIABILITIES |
30.6.18 | 30.6.17 |
£ | £ |
Deferred tax | 30,807 | 38,879 |
Deferred |
tax |
£ |
Balance at 1 July 2017 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2018 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.18 | 30.6.17 |
value: | £ | £ |
ordinary | 1 | 2 | 2 |