ACCOUNTS - Final Accounts

P & D TANK SERVICES LTD - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-08-312017-08-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruesupply and installation of oil tanks, including Envirostore tanksfalse2016-09-01 08182477 2016-09-01 2017-08-31 08182477 2015-09-01 2016-08-31 08182477 2017-08-31 08182477 2016-08-31 08182477 c:Director1 2016-09-01 2017-08-31 08182477 c:Director2 2016-09-01 2017-08-31 08182477 c:RegisteredOffice 2016-09-01 2017-08-31 08182477 d:PlantMachinery 2016-09-01 2017-08-31 08182477 d:PlantMachinery 2017-08-31 08182477 d:PlantMachinery 2016-08-31 08182477 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-09-01 2017-08-31 08182477 d:MotorVehicles 2016-09-01 2017-08-31 08182477 d:MotorVehicles 2017-08-31 08182477 d:MotorVehicles 2016-08-31 08182477 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-09-01 2017-08-31 08182477 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2016-09-01 2017-08-31 08182477 d:OfficeEquipment 2016-09-01 2017-08-31 08182477 d:OfficeEquipment 2017-08-31 08182477 d:OfficeEquipment 2016-08-31 08182477 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-09-01 2017-08-31 08182477 d:OwnedOrFreeholdAssets 2016-09-01 2017-08-31 08182477 d:LeasedAssetsHeldAsLessee 2016-09-01 2017-08-31 08182477 d:Goodwill 2016-09-01 2017-08-31 08182477 d:Goodwill 2017-08-31 08182477 d:Goodwill 2016-08-31 08182477 d:CurrentFinancialInstruments 2017-08-31 08182477 d:CurrentFinancialInstruments 2016-08-31 08182477 d:Non-currentFinancialInstruments 2017-08-31 08182477 d:Non-currentFinancialInstruments 2016-08-31 08182477 d:CurrentFinancialInstruments d:WithinOneYear 2017-08-31 08182477 d:CurrentFinancialInstruments d:WithinOneYear 2016-08-31 08182477 d:Non-currentFinancialInstruments d:AfterOneYear 2017-08-31 08182477 d:Non-currentFinancialInstruments d:AfterOneYear 2016-08-31 08182477 d:ShareCapital 2017-08-31 08182477 d:ShareCapital 2016-08-31 08182477 d:RetainedEarningsAccumulatedLosses 2017-08-31 08182477 d:RetainedEarningsAccumulatedLosses 2016-08-31 08182477 c:FRS102 2016-09-01 2017-08-31 08182477 c:AuditExemptWithAccountantsReport 2016-09-01 2017-08-31 08182477 c:FullAccounts 2016-09-01 2017-08-31 08182477 c:PrivateLimitedCompanyLtd 2016-09-01 2017-08-31 08182477 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-09-01 2017-08-31 08182477 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-08-31 08182477 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-08-31 iso4217:GBP xbrli:pure

Registered number: 08182477

P & D TANK SERVICES LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

P & D TANK SERVICES LTD

COMPANY INFORMATION

Directors	Mrs P Mihalop
	Mr R B Mihalop


Registered number	08182477


Registered office	7 The Close
	Norwich
	Norfolk
	NR1 4DJ


Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

P & D TANK SERVICES LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF P & D TANK SERVICES LTD
FOR THE YEAR ENDED 31 AUGUST 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P & D Tank Services Ltd for the year ended 31 August 2017 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of P & D Tank Services Ltd, as a body, in accordance with the terms of our engagement letter dated 02 January 2013. Our work has been undertaken solely to prepare for your approval the financial statements of P & D Tank Services Ltd and state those matters that we have agreed to state to the Board of Directors of P & D Tank Services Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P & D Tank Services Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that P & D Tank Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of P & D Tank Services Ltd. You consider that P & D Tank Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of P & D Tank Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

11 April 2018

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P & D TANK SERVICES LTD

REGISTERED NUMBER: 08182477

BALANCE SHEET

AS AT 31 AUGUST 2017

		2017		2016
Note		£		£

Fixed assets
Intangible assets	4		34,500		41,400
Tangible assets	5		49,798		55,596
			84,298		96,996
Current assets
Stocks	6	28,158		27,033
Debtors: amounts falling due within one year	7	37,519		48,116
Cash at bank and in hand		49,718		52,596
		115,395		127,745
Creditors: amounts falling due within one year	8	(137,027)		(145,098)
Net current liabilities			(21,632)		(17,353)
Total assets less current liabilities			62,666		79,643
Creditors: amounts falling due after more than one year	9		(3,528)		(18,852)
Provisions for liabilities
Deferred tax		(8,635)		(9,607)
			(8,635)		(9,607)
Net assets			50,503		51,184

Capital and reserves
Called up share capital	20	20
Profit and loss account	50,483	51,164
	50,503	51,184

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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P & D TANK SERVICES LTD

REGISTERED NUMBER: 08182477

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2017

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ Mr R B Mihalop	................................................ Mrs P Mihalop
Director	Director

Date: 11 April 2018	Date:11 April 2018

The notes on pages 4 to 11 form part of these financial statements.

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P & D TANK SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

1.	General information

The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The company's principal activity is that of supply and installation of oil tanks, including Envirostore tanks.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements for the year ended 31 August 2017 are the company’s first financial statements that comply with FRS 102. The company’s date of transition to FRS 102 is 1 September 2015. The company’s last financial statements prepared in accordance with previous UK GAAP were for the year ended 31 August 2016.
The principal accounting policies adopted in the preparation of the financial statements are set out below, remain unchanged from the previous year and have been consistently applied within the same accounts.

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P & D TANK SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life of 10 years.

2.4

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.

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P & D TANK SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, 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 Income and Retained Earnings.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.7

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Operating leases

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

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P & D TANK SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 4 (2016 - 5).

Page 7

P & D TANK SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 September 2016	69,000
	At 31 August 2017	69,000
	Amortisation
	At 1 September 2016	27,600
	Charge for the year	6,900
	At 31 August 2017	34,500
	Net book value
	At 31 August 2017	34,500
	At 31 August 2016	41,400

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P & D TANK SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

5.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 September 2016	36,702	63,085	2,726	102,513
Additions	9,284	1,617	4,394	15,295
Disposals	(2,337)	(10,000)	-	(12,337)
At 31 August 2017	43,649	54,702	7,120	105,471
Depreciation
At 1 September 2016	21,932	22,936	2,049	46,917
Charge for the year on owned assets	5,829	1,027	1,790	8,646
Charge for the year on financed assets	-	8,543	-	8,543
Disposals	(1,598)	(6,836)	-	(8,434)
At 31 August 2017	26,163	25,670	3,839	55,672
Net book value
At 31 August 2017	17,486	29,032	3,281	49,799
At 31 August 2016	14,770	40,149	677	55,596

6.	Stocks
		2017	2016
		£	£

Raw materials and consumables	28,158	25,683
Work in progress	-	1,350
	28,158	27,033

Page 9

P & D TANK SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Debtors

					2017	2016
					£	£


Trade debtors	29,434	41,427
Other debtors	5,792	4,111
Prepayments and accrued income	2,293	2,578
	37,519	48,116

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	83,092	107,120
Corporation tax	4,564	-
Other taxation and social security	8,845	13,039
Obligations under finance lease and hire purchase contracts	16,271	8,026
Other creditors	21,998	14,718
Accruals and deferred income	2,257	2,195
	137,027	145,098

Finance leases and hire purchase contracts are secured on the assets to which they relate.

9.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Net obligations under finance leases and hire purchase contracts	3,528	18,852
	3,528	18,852

Finance leases and hire purchase contracts are secured on the assets to which they relate.

10.	Related party transactions
	As at 31 August 2017, the company owed the directors £21,975 (2016: £14,718) as included in other creditors note 8 above. The loan is interest free and is repayable on demand. Dividends of £8,000 (2016: £NIL) were paid to the directors during the year.

Page 10

P & D TANK SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

11.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 11