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REGISTERED NUMBER:
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Tanks and Vessels Industries Limited |
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Unaudited Financial Statements For The Year Ended 30 April 2019 |
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REGISTERED NUMBER:
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Tanks and Vessels Industries Limited |
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Unaudited Financial Statements For The Year Ended 30 April 2019 |
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Tanks and Vessels Industries Limited (Registered number: 01307388) |
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Contents of the Financial Statements |
For The Year Ended 30 April 2019 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Tanks and Vessels Industries Limited |
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Company Information |
For The Year Ended 30 April 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
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BANKERS: |
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PO Box 17 |
19 St Sepulchre Gate |
Doncaster |
DN1 1TD |
Tanks and Vessels Industries Limited (Registered number: 01307388) |
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Abridged Balance Sheet |
30 April 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Revaluation reserve | 11 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Tanks and Vessels Industries Limited (Registered number: 01307388) |
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Abridged Balance Sheet - continued |
30 April 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Tanks and Vessels Industries Limited (Registered number: 01307388) |
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Notes to the Financial Statements |
For The Year Ended 30 April 2019 |
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1. | STATUTORY INFORMATION |
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Tanks and Vessels Industries Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods and services excluding value added tax, discounts allowed, |
rents and management charges. |
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Turnover is recognised on the despatch of goods or the completion of services being provided. |
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Patents |
These were written off over their estimated useful life of two years. |
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Tangible fixed assets |
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Freehold land and buildings | - |
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Improvements to property | - |
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Plant and machinery | - |
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Office equipment | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investment in subsidiary undertakings were previously recognised at cost less any provision for impairment. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Tanks and Vessels Industries Limited (Registered number: 01307388) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 May 2018 |
and 30 April 2019 |
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AMORTISATION |
At 1 May 2018 |
and 30 April 2019 |
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NET BOOK VALUE |
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At 30 April 2019 |
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At 30 April 2018 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 May 2018 |
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Additions |
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Disposals | ( |
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At 30 April 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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Tanks and Vessels Industries Limited (Registered number: 01307388) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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If freehold land and buildings had not been revalued they would have been included at the following historical |
cost: |
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2019 | 2018 |
£ | £ |
Cost | 2,253,781 | 2,157,171 |
Aggregate depreciation | 1,008,200 | 973,200 |
Value of land in freehold land and buildings is £3,250,000. |
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Freehold land and buildings were valued on an open market basis on 30 November 2005 by Lambert Smith |
Hampton. |
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The directors consider the valuations referred to above represent a reasonable valuation of the open market |
value at the year end for accounting purposes. |
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6. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 May 2018 | 131,032 |
Amounts written off | (131,032 | ) |
At 30 April 2019 | - |
PROVISIONS |
At 1 May 2018 | 20,065 |
Amounts written off | (20,065 | ) |
At 30 April 2019 | - |
NET BOOK VALUE |
At 30 April 2019 | - |
At 30 April 2018 | 110,967 |
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7. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 May 2018 |
and 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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Fair value at 30 April 2019 is represented by: |
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£ |
Valuation in 2012 | 350,000 |
Cost | 52,129 |
402,129 |
Tanks and Vessels Industries Limited (Registered number: 01307388) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2019 |
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7. | INVESTMENT PROPERTY - continued |
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If Investment property had not been revalued it would have been included at the following historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 557,162 | 557,162 |
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Investment property was valued on an open market basis on 3 April 2012 by Drewery and Wheeldon. |
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The directors consider the open market valuation at the year end to be that of the revaluation |
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8. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Other loans |
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Hire purchase contracts | 13,669 | 23,300 |
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The loans, bank loans and overdrafts are secured on the company's property and other assets. |
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The hire purchase liabilities are secured on the assets concerned. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 49,000 | 49,000 |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 May 2018 |
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Transfer re: deferred tax | 45,000 |
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At 30 April 2019 |
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Tanks and Vessels Industries Limited (Registered number: 01307388) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 April 2019 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30 April 2019 and |
30 April 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loans are interest free and repayable on demand. |
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13. | RELATED PARTY DISCLOSURES |
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At 30 April 2018 group undertakings were owed £131,880. |