Isovet Tanker Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06684585 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

ISOVET TANKER SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

4

DIRECTOR:

R A Lane

REGISTERED OFFICE:

Landguard Manor

Landguard Manor Road

Shanklin

Isle of Wight

PO37 7JB

REGISTERED NUMBER:

06684585 (England and Wales)

ACCOUNTANTS:

Bright Brown Limited

Chartered Accountants

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

FIXED ASSETS

Tangible assets

4

333

443

CURRENT ASSETS

Debtors

5

850,467

818,670

Cash at bank

276,501

182,800

1,126,968

1,001,470

CREDITORS

Amounts falling due within one year

6

73,295

94,040

NET CURRENT ASSETS

1,053,673

907,430

TOTAL ASSETS LESS CURRENT LIABILITIES

1,054,006

907,873

CAPITAL AND RESERVES

Called up share capital

66

66

Capital redemption reserve

34

34

Retained earnings

1,053,906

907,773

1,054,006

907,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 22 June 2020 and were signed by:

R A Lane - Director

1.	STATUTORY INFORMATION

Isovet Tanker Services 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Plant and machinery etc

-

25% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2018

and 30 September 2019

2,159

DEPRECIATION

At 1 October 2018

1,716

Charge for year

110

At 30 September 2019

1,826

NET BOOK VALUE

At 30 September 2019

333

At 30 September 2018

443

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

157,399

148,019

Amounts owed by group undertakings

658,816

658,817

Amounts recoverable on contract

27,904

-

Other debtors

6,348

11,834

850,467

818,670

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

37,891

65,230

Taxation and social security

34,304

27,510

Other creditors

1,100

1,300

73,295

94,040