Harry_Lawson_Tankers_Limi - Accounts
Harry_Lawson_Tankers_Limi - Accounts
Harry Lawson Tankers Limited is a private company limited by shares incorporated in Scotland. The registered office is Balunie Drive, Broughty Ferry, Dundee, DD4 8UU.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel and transactions with fellow group entities.
The financial statements of the company are consolidated in the financial statements of Lawson Trailer Rentals Limited. These consolidated financial statements are available from its registered office.
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was:
Each ordinary share carries one vote and is entitled to participate pari passu with other ordinary shares in any dividend or capital distribution.
Profit and loss reserves include all current and prior year retained profits and losses.
There is a cross guarantee between Harry Lawson Tankers Limited, Lawson Trailer Rentals Limited, Harry Lawson Limited, and all other subsidiaries of Lawson Trailer Rentals and Harry Lawson Limited. The company has also granted a bond and floating charge over its assets to the Clydesdale Bank Plc. The amounts owed by these companies to the bank at 31 May 2022 were £Nil (2021 - £Nil).
The company is a wholly owned subsidiary of Lawson Trailer Rentals Limited, a company registered in Scotland and incorporated in Great Britain.
The party with ultimate control of the company is HS Lawson.