REGISTERED NUMBER:
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Williams Tanker Services Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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REGISTERED NUMBER:
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Williams Tanker Services Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Contents of the Financial Statements |
for the year ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 |
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Williams Tanker Services Limited |
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Company Information |
for the year ended 31 December 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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AUDITORS: |
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Chartered Accountants & Statutory Auditor |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
Williams Tanker Services Limited (Registered number: 03133504) |
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Strategic Report |
for the year ended 31 December 2019 |
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The directors present their strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
The company continued to sell new and used road tankers and to provide the service, repair and refurbishment of road tankers. |
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The result for the company shows a pre-tax profit of £389,813 (2018: £18,992) and turnover of £12,254,725 (2018: £10,855,252). |
The company had net assets of £3,718,759 (2018: £3,400,896) at the year end date. |
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Expectations for the current year are for a similar level of sales activity. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and execution of the Company's strategy are subject to a number of risks. The key business risks |
and uncertainties affecting the company are considered to relate to the strength of the pound relative to the Euro, and the current |
economic uncertainty resulting from Brexit which is resulting in lower capital investment and demand for new equipment in the UK. |
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KEY PERFORMANCE INDICATORS |
Performance during the year is set out in the table below: |
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2019 | 2018 |
Turnover (£m) | 12.3 | 10.9 |
The increase compared to the previous year is due to a significant increase
in the number of new tankers sold. Turnover also benefitted from increased activity in the workshop. |
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Gross margin (%) | 8.1 | 6.7 |
Gross margin is calculated as the ratio of gross profit expressed as a
percentage of sales. The increase in gross margin compared to the previous year was driven by increased workshop activity. The company focused on improving its operating procedures to deliver efficiencies and reduce operating costs. The company continues to invest in Health and Safety and site improvements which negatively impact the gross margin. |
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RESEARCH AND DEVELOPMENT |
The company continues to invest in new modern road tankers for sale. The directors regard the investment in research and |
development as integral to the continuing success of the business. |
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FUTURE OUTLOOK |
The external commercial outlook is expected to remain challenging in 2020. However, with continued product development and |
high quality service levels, we are confident that we will be in a strong position to improve performance. |
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ON BEHALF OF THE BOARD: |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Report of the Directors |
for the year ended 31 December 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of selling new and used road tankers and also repairing and |
testing of road trailers. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2019. |
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DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 January 2019 to the date of this |
report. |
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The directors shown below were in office at 31 December 2019 but did not hold any interest in the Ordinary shares of £1 each at |
1 January 2019 or 31 December 2019. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements |
unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue
in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that |
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company |
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order |
to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Williams Tanker Services Limited (Registered number: 03133504) |
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Report of the Directors |
for the year ended 31 December 2019 |
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AUDITORS |
The auditors, Jolliffe Cork LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Williams Tanker Services Limited |
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Opinion |
We have audited the financial statements of Williams Tanker Services Limited (the 'company') for the year ended |
31 December 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in |
Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting |
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United |
Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit |
of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities |
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide |
a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and |
the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in |
our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider |
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or |
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are |
required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other |
information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, |
we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Williams Tanker Services Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not |
identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the |
directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due |
to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the |
directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance |
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a |
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in |
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial |
statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act |
2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to |
them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume |
responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the |
opinions we have formed. |
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for and on behalf of
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Chartered Accountants & Statutory Auditor |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Income Statement |
for the year ended 31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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385,650 | 15,554 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Other Comprehensive Income |
for the year ended 31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
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PROFIT/(LOSS) FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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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 | 12 |
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PROVISIONS FOR LIABILITIES | 15 | ( |
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NET ASSETS |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Balance Sheet - continued |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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Williams Tanker Services Limited (Registered number: 03133504) |
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Statement of Changes in Equity |
for the year ended 31 December 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2019 |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements |
for the year ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Williams Tanker Services Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The company's principal place of business is Howley Park Road East, Morley, Leeds, West Yorkshire, LS27 0SW. |
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The functional and presentation currency for the company is the pound sterling (£). All financial information presented has |
been rounded to the nearest (£), unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors are of the opinion that the company continues to be a going concern and have therefore adopted that basis in |
the preparation of the financial statements. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as |
permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Turnover |
Turnover represents net invoiced sale of goods and services, excluding value added tax. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Fixed assets are initially recorded at cost. |
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Stocks |
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. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing |
stocks to their present location and condition. |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
date or matching forward contract rate where relevant. 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. |
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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 obligations 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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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
charged to profit or loss in the period to which they relate. |
Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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2019 | 2018 |
£ | £ |
United Kingdom |
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Europe |
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4. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Production staff | 29 | 30 |
Administrative staff | 3 | 3 |
Directors | 2 | 2 |
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2019 | 2018 |
£ | £ |
Directors' remuneration |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2019 | 2018 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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(Profit)/loss on disposal of fixed assets | ( |
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Auditors' remuneration |
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Foreign exchange losses / (profits) | ( |
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In addition to remuneration for the audit, the auditors have also levied the following fees: |
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2019 | 2018 |
£ | £ |
Tax advisory services | 1,175 | 1,375 |
Other services | - | - |
1,175 | 1,375 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Hire purchase |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
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Over/under provision in |
prior year | (10,767 | ) | 99,346 |
Total current tax |
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Deferred tax | ( |
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Tax on profit |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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7. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained |
below: |
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2019 | 2018 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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Adjustments to tax charge in respect of previous periods | ( |
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Other timing differences |
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Total tax charge | 71,950 | 126,737 |
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8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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( |
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Reclassification/transfer |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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8. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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9. | STOCKS |
2019 | 2018 |
£ | £ |
Work-in-progress |
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Parts | 462,708 | 377,009 |
Tanker stock |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 13) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 574,263 | 113,707 |
Other creditors |
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Accruals and deferred income |
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12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 13) |
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13. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2019 | 2018 |
£ | £ |
Within one year |
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14. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 7,508 | 25,200 |
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The obligations under hire purchase are secured against the assets to which they relate. |
Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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15. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 38,818 | 47,451 |
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Deferred |
tax |
£ |
Balance at 1 January 2019 |
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Accelerated capital allowances | (8,633 | ) |
Balance at 31 December 2019 |
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16. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary | £1 | 1,000 | 1,000 |
|
17. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2019 |
|
Profit for the year |
|
At 31 December 2019 |
|
Williams Tanker Services Limited (Registered number: 03133504) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
|
|
18. | ULTIMATE PARENT COMPANY & CONTROLLING PARTIES |
|
The company's immediate parent company is TIP Trailer Services UK Limited, incorporated in England and Wales. |
|
Until the 1 August 2018 the Company's majority ultimate shareholders were the Hainan Cihang Charity Foundation, Inc. |
("US Cihang Foundation") and the Hainan Province Cihang Foundation ("Cihang Foundation") indirectly controlling the |
majority interest in the Company. The US Cihang Foundation, established on 7 December 2016 in accordance with the |
Non-For-Profit Corporation Law of the State of New York of the United States of America, is a legal person organized for |
the sole purpose of engaging in charitable, educational and scientific activities. It is a charitable organization and does not |
have any individual owners. All its assets and all revenues derived from such assets must be used to serve charitable and |
educational purposes. The Cihang Foundation, established on 8 October 2010 in accordance with China´s Foundation |
Control Measures Law, is a legal person organized for the sole purpose of engaging in charitable and educational activities |
and no individuals are permitted to have or entitled to any benefit under this foundation. |
|
Subsequent to 1 August 2018, ISQ Global Fund II GP, LLC indirectly exercises management, control and operations of the |
Company via Cube Transportation Europe Coöperatief U.A. which is the most senior TIP holding company. ISQ Global |
Fund II GP, LLC is a limited liability company incorporated in Delaware on 5th of April 2017 and registered in Delaware |
under file number 6370470 with its registered address at Corporation Service Company, 251 Little Falls Drive, |
Wilmington, New Castle County, Delaware 19808. There is no natural person who ultimately is entitled to or controls (in |
each case whether directly or indirectly) more than a 25% share of the capital, profits, or voting rights of ISQ Global Fund |
II GP, LLC and the Company other than Mr. Sadek Wahba who indirectly controls more than 25% of the Company via his |
indirect interest of more than 25% in ISQ Global Fund II GP, LLC. As of the date of this report, there were no investors |
owning 10% or more of the economic interests in the entire ISQ Global Infrastructure Fund II structure, of which ISQ |
Global Fund II GP, LLC is the general partner. |
|
19. | CONTINGENT LIABILITIES |
|
The company is party to a group cross guarantee in respect of a Facility Agreement of Global TIP Finance Holdings Two |
B.V. and related parties. |
|
20. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |