Tanks and Vessels Industries Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01307388 (England and Wales)

Tanks and Vessels Industries Limited

Unaudited Financial Statements For The Year Ended 30 April 2023

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A D Morris

G A Smith

SECRETARY:

G A Smith

REGISTERED OFFICE:

Bankwood Lane Trading Estate

Bankwood Lane

New Rossington

Doncaster

South Yorkshire

DN11 0PS

REGISTERED NUMBER:

01307388 (England and Wales)

ACCOUNTANTS:

Kingswood Allotts Limited

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,836,096

4,702,230

Investment property

6

407,814

407,814

5,243,910

5,110,044

CURRENT ASSETS

Stocks

1,748,086

2,130,039

Debtors

7

3,687,663

2,394,625

Cash in hand

4,107

2,669

5,439,856

4,527,333

CREDITORS

Amounts falling due within one year

2,682,223

2,029,413

NET CURRENT ASSETS

2,757,633

2,497,920

TOTAL ASSETS LESS CURRENT LIABILITIES

8,001,543

7,607,964

CREDITORS

Amounts falling due after more than one year

(834,663

)

(787,042

)

PROVISIONS FOR LIABILITIES

(76,300

)

(74,745

)

NET ASSETS

7,090,580

6,746,177

CAPITAL AND RESERVES

Called up share capital

9

49,000

49,000

Revaluation reserve

10

2,753,324

2,754,879

Capital redemption reserve

51,000

51,000

Retained earnings

4,237,256

3,891,298

SHAREHOLDERS' FUNDS

7,090,580

6,746,177

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2023 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 and authorised for issue on 11 December 2023 and were signed on its behalf by:

G A Smith - Director

1.	STATUTORY INFORMATION

Tanks and Vessels Industries 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services excluding value added tax, discounts allowed, rents and management charges.

Turnover is recognised on the despatch of goods or the completion of services being provided.

Patents

These were written off over their estimated useful life of two years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land and buildings

-

2.5% on cost

Plant and machinery

-

33% on cost, 20% on cost and 10% on cost

Office equipment

-

33% on cost and 10% on cost

Motor vehicles

-

33% on cost and 25% on cost

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a first in, first out basis. Net realisable value is based on estimated selling price less further costs expected to be incurred on completion and disposal. Work in progress includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The Company operates a non-contributory self-administered pension scheme for the chairman and a contributory money purchase scheme for the other director and selected employees. Each scheme's funds are administered by the trustees and are independent of the company's finances. Contributions are charged to the profit and loss account in the period in which the contributions are made.

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 obligation is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Grant income

Grant income relating to capital expenditure is treated as deferred income and recognised in the profit and loss account in the same period in which the related depreciation is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2022

and 30 April 2023

16,319

AMORTISATION

At 1 May 2022

and 30 April 2023

16,319

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 May 2022

7,922,876

Additions

211,244

Disposals

(65,288

)

At 30 April 2023

8,068,832

DEPRECIATION

At 1 May 2022

3,220,647

Charge for year

64,595

Eliminated on disposal

(52,506

)

At 30 April 2023

3,232,736

NET BOOK VALUE

At 30 April 2023

4,836,096

At 30 April 2022

4,702,229

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

2,793,178

2,645,668

Aggregate depreciation

1,111,218

1,108,426

Value of land in freehold land and buildings is £3,250,000.

Freehold land and buildings were valued on an open market basis on 30 November 2005 by Lambert Smith Hampton.

The directors have taken advantage of the transitional provisions of FRS102 to retain the historic freehold property cost at 2005 as its deemed cost.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2022

and 30 April 2023

407,814

NET BOOK VALUE

At 30 April 2023

407,814

At 30 April 2022

407,814

Fair value at 30 April 2023 is represented by:

£

Valuation in 2012

350,000

Cost

57,814

407,814

If Investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

562,847

562,847

Investment property was valued on an open market basis on 3 April 2012 by Drewery and Wheeldon.

The directors consider the open market valuation at the year end to be that of the revaluation

7.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other debtors

599,994

190,394

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdrafts

146,003

129,092

Hire purchase contracts

-

5,234

Bank loans

-

949,717

146,003

1,084,043

The loans, bank loans and overdrafts are secured on the company's property and other assets.

The hire purchase liabilities are secured on the assets concerned.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

49,000

Ordinary

£1

49,000

49,000

10.

RESERVES

Revaluation

reserve

£

At 1 May 2022

2,754,879

Transfer re: deferred tax

(1,555

)

At 30 April 2023

2,753,324

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

2023

2022

£

£

A D Morris

Balance outstanding at start of year

584,549

225,823

Amounts advanced

1,244,438

358,726

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,828,987

584,549

G A Smith

Balance outstanding at start of year

578,968

578,968

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

578,968

578,968

The loans are interest free and repayable on demand.

12.	RELATED PARTY DISCLOSURES

Included within creditors is a loan of £808,898 (2022 - Nil), which is secured by a personal guarantee and security provided by A D Morris.