Tortank Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02706206 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Tortank Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S J Blakey

Mrs C Blakey

SECRETARY:

Mr S J Blakey

REGISTERED OFFICE:

c/o Xitax Ltd

Pera Business Park

Nottingham Road

Melton Mowbray

Leicestershire

LE13 0PB

BUSINESS ADDRESS:

Marlin House

Kings Road

Immingham

DN40 1AW

REGISTERED NUMBER:

02706206 (England and Wales)

ACCOUNTANTS:

Xitax Limited

Pera Business Park

Nottingham Road

Melton Mowbray

Leicestershire

LE13 0PB

FIXED ASSETS

Tangible assets

4

71,110

87,190

CURRENT ASSETS

Debtors

164,418

157,945

Cash at bank

120,894

50,181

285,312

208,126

CREDITORS

Amounts falling due within one year

150,624

100,132

NET CURRENT ASSETS

134,688

107,994

TOTAL ASSETS LESS CURRENT LIABILITIES

205,798

195,184

CREDITORS

Amounts falling due after more than one year

-

(3,613

)

PROVISIONS FOR LIABILITIES

(13,512

)

(16,567

)

NET ASSETS

192,286

175,004

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

192,086

174,804

SHAREHOLDERS' FUNDS

192,286

175,004

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

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

The directors acknowledge their 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 Income Statement and an abridged Balance Sheet for the year ended 31 December 2018 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 Board of Directors on 28 February 2019 and were signed on its behalf by:

Mr S J Blakey - Director

1.	STATUTORY INFORMATION

Tortank Limited is a private company, limited by shares , registered in England and Wales. 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 at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

12.5% on cost

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

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2018

and 31 December 2018

161,150

DEPRECIATION

At 1 January 2018

73,960

Charge for year

16,080

At 31 December 2018

90,040

NET BOOK VALUE

At 31 December 2018

71,110

At 31 December 2017

87,190

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2018

and 31 December 2018

114,500

DEPRECIATION

At 1 January 2018

39,960

Charge for year

16,080

At 31 December 2018

56,040

NET BOOK VALUE

At 31 December 2018

58,460

At 31 December 2017

74,540

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.18

31.12.17

£

£

Net obligations repayable:

Within one year

3,613

13,005

Between one and five years

-

3,613

3,613

16,618

Non-cancellable

operating leases

31.12.18

31.12.17

£

£

Within one year

227,049

162,960

Between one and five years

332,974

132,774

560,023

295,734

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S J Blakey.