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 2020 |
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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 2020 |
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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 2020 |
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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 | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 10 |
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Other Comprehensive Income | 11 |
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Balance Sheet | 12 |
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Statement of Changes in Equity | 14 |
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Notes to the Financial Statements | 15 |
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Williams Tanker Services Limited |
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Company Information |
for the year ended 31 December 2020 |
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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 2020 |
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The directors present their strategic report for the year ended 31 December 2020. |
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REVIEW OF BUSINESS |
During 2020, 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 loss of £52,636 (2019: profit £389,813) for the year and turnover of £9,257,028 (2019: £12,254,725). |
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The company has net assets of £3,654,933 (2019: £3,718,759). |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the 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 current economic uncertainty resulting from Brexit and the covid pandemic leading to delay in investment decisions from customers. |
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On March 11, 2020 the World Health Organisation declared the COVID-19 outbreak a world pandemic. As a result, many economic sectors are currently seeing a substantial negative impact. The effect of this pandemic is still being determined but may include impacts on the business such as decreased sales. We feel confident that the company's business priorities and plans respond to the prevailing consumer and customer needs and trends, including how the markets in which the company operates are expected to be affected by general economic activity and consumer sentiment. |
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KEY PERFORMANCE INDICATORS |
The company's key performance indicators remained stable compared to previous periods, although Brexit uncertainty and the Covid pandemic resulted in lower capital investment demand for new equipment and large refurbishment projects in UK. We continue to see good demand for general workshop services and vehicle maintenance in an uncertain environment. We enter 2021 cautiously positive and ready to flex our investments in new equipment to support our distributor agreements and take advantage of any sudden economic and market shifts. Overall, we anticipate that investment in road freight and wet waste equipment will remain solid. |
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Performance during the year is set out in the table below: |
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2020 | 2019 |
Turnover (£m) | 9.3 | 12.3 |
The decrease compared to the previous year is due to a significant
decrease in the number of new tankers sold. Turnover also suffered from decreased activity in the workshop. |
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Gross margin (%) | 5.3 | 8.1 |
Gross margin is calculated as the ratio of gross profit expressed as a
percentage of sales. The decrease in gross margin compared to the previous year was driven by decreased workshop activity and the depressed demand for new tankers. The company continued to focus on improving its operating procedures to deliver efficiencies and reduce operating costs. The company also continues to invest in Health and Safety and site improvements which negatively impact the gross margin. |
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Williams Tanker Services Limited (Registered number: 03133504) |
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Strategic Report |
for the year ended 31 December 2020 |
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RESEARCH AND DEVELOPMENT |
The Company continues to invest in workshop services and new equipment to support our distributor agreements. 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 environment is expected to remain challenging in 2021. However, with our additional innovative products offerings, high quality service levels and expanded distributor network, we are confident that we will be in a strong position to improve performance as the market continues to recover. |
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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 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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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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RESULTS |
The loss for the year after taxation was £63,826 (2019: Profit £317,863). |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2020 (2019: £nil). |
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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 2020 to the date of this report. |
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The directors shown below were in office at 31 December 2020 but did not hold any interest in the Ordinary shares of £1 each at 1 January 2020 or 31 December 2020. |
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GOING CONCERN |
In common with many other businesses of similar size and nature, the company has ongoing exposure to certain business risks and uncertainties as described in the Strategic Report on page 2. These matters are continually reviewed by the Board and mitigating strategies and responses applied as necessary.The coronavirus pandemic, which began to take effect on a global scale from February 2020 has added a further, unprecedented level of risks and uncertainties. |
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Nevertheless, the company traded effectively throughout 2020 and the directors feel confident that the business priorities and plans will continue to respond to the prevailing consumer and customer needs in 2021. The directors have a reasonable expectation the the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements. |
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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; |
- | 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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Williams Tanker Services Limited (Registered number: 03133504) |
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Report of the Directors |
for the year ended 31 December 2020 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
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. |
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AUDITORS |
The auditors, SMH Jolliffe Cork Audit Ltd, 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 2020 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 2020 and of its loss 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 |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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 this gives rise to a material misstatement in the financial statements themselves. 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: |
- | 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. |
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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: |
- | 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 pages four and five, 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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Report of the Independent Auditors to the Members of |
Williams Tanker Services Limited |
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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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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error, to obtain sufficient audit evidence regarding the assessed risks of material misstatement due to fraud or error, through designing and implementing appropriate responses and to respond appropriately to those risks. However the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. In addition, owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
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In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
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- | We obtained an understanding, through discussions with directors and management, of the legal and regulatory framework that is applicable to the company and determined that the most significant are those that relate to the reporting framework (United Kingdom Generally Accepted Practice, FRS 102 and the Companies Act 2006), the relevant tax compliance regulations and certain laws and regulations relating to health and safety and employee matters. This information was communicated throughout the audit team which remained alert to any indications of non-compliance in the course of the audit. |
- | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. |
- | We assessed the susceptibility of the company's financial statements to material misstatement including how fraud might occur. Audit procedures that we performed included: obtaining an understanding of how those charged with governance addressed the potential for override or inappropriate influence over the financial reporting process; challenging assumptions and judgements made by management in its significant accounting estimates; journal entry testing particularly those large or unusual in nature and identifying and assessing those controls management has implemented to prevent and detect fraud. |
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We did not identify any key audit matters relating to irregularities, including fraud. |
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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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Report of the Independent Auditors to the Members of |
Williams Tanker Services Limited |
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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 2020 |
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2020 | 2019 |
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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(97,270 | ) | 385,650 |
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Other operating income |
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OPERATING (LOSS)/PROFIT | 5 | ( |
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Interest payable and similar expenses | 6 |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 7 |
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(LOSS)/PROFIT 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 2020 |
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2020 | 2019 |
Notes | £ | £ |
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(LOSS)/PROFIT 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 2020 |
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2020 | 2019 |
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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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 2020 |
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2020 | 2019 |
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 and authorised for issue 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 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2019 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2020 |
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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 2020 |
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1. | STATUTORY INFORMATION |
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Williams Tanker Services 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. 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 |
In common with many other businesses of similar size and nature, the company has ongoing exposure to certain business risks and uncertainties as described in the Strategic Report on page 2. These matters are continually reviewed by the Board and mitigating strategies and responses applied as necessary.The coronavirus pandemic, which began to take effect on a global scale from February 2020 has added a further, unprecedented level of risks and uncertainties. |
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The company traded effectively throughout 2020 and did not find it necessary to seek significant amounts of the Government financial support that was on offer. The directors feel confident that the business priorities and plans will continue to respond to the prevailing consumer and customer needs in 2021 and are encouraged by the successful commencement of a programme of mass vaccination in the UK, although the ultimate outcome of the coronavirus pandemic is beyond any normal range of predictability. |
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Taking account of any reasonably possible changes in trading performance, the directors have prepared forecasts covering a period of at least 12 months from the date of approval of the financial statements and these indicate that the company has adequate resources to continue in operational existence for a period of at least that period. Accordingly, they continue to adopt the going concern basis in preparing the annual report and 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. |
Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. Estimates and Judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include: |
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(i) Useful economic lives of tangible assets |
The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
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(ii) Stock provisions |
When calculating the stock provisions, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. |
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(iii) Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
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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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Government grants - coronavirus |
Grants received in relation to Business Rates Relief and the Job Retention Scheme are accounted for as they fall due and are included within other operating income. |
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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. |
Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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. |
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The company has no 'Other financial assets'. |
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Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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Financial liabilities |
Basic financial liabilities, including trade and other creditors and hire purchase contracts, 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 receipts discounted at a market rate of interest. |
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The company has no 'Other financial liabilities'. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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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. |
Williams Tanker Services Limited (Registered number: 03133504) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | TURNOVER |
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The turnover and loss (2019 - 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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2020 | 2019 |
£ | £ |
United Kingdom |
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Europe |
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4. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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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 2020 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
2020 | 2019 |
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Production staff | 23 | 29 |
Administrative staff | 3 | 3 |
Directors | 2 | 2 |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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5. | OPERATING (LOSS)/PROFIT |
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The operating loss (2019 - operating profit) is stated after charging/(crediting): |
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2020 | 2019 |
£ | £ |
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 on disposal of fixed assets | ( |
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Auditors' remuneration |
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Foreign exchange losses / (profits) |
|
( |
) |
|
In addition to remuneration for the audit, the auditors have also levied the following fees: |
|
2020 | 2019 |
£ | £ |
Tax advisory services | 1,200 | 1,175 |
Other services | - | - |
1,200 | 1,175 |
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2020 | 2019 |
£ | £ |
Bank interest |
|
|
Intercompany interest |
|
|
Hire purchase |
|
|
|
|
Williams Tanker Services Limited (Registered number: 03133504) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Over/under provision in |
prior year | 10,765 | (10,767 | ) |
Total current tax |
|
|
|
Deferred tax | ( |
) | ( |
) |
Tax on (loss)/profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2020 | 2019 |
£ | £ |
(Loss)/profit before tax | ( |
) |
|
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
( |
) |
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Depreciation in excess of capital allowances |
|
|
Adjustments to tax charge in respect of previous periods |
|
( |
) |
Other timing differences | ( |
) |
|
Total tax charge | 11,190 | 71,950 |
Williams Tanker Services Limited (Registered number: 03133504) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
|
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
( |
) |
|
( |
) | ( |
) |
At 31 December 2020 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
( |
) |
|
( |
) | ( |
) |
At 31 December 2020 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2020 |
|
Transfer to ownership | (54,217 | ) |
At 31 December 2020 |
|
DEPRECIATION |
At 1 January 2020 |
|
Transfer to ownership | (33,085 | ) |
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
Williams Tanker Services Limited (Registered number: 03133504) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
|
9. | STOCKS |
2020 | 2019 |
£ | £ |
Work-in-progress |
|
|
Parts | 470,592 | 462,708 |
Tanker stock |
|
|
|
|
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 12) |
|
|
Hire purchase contracts (see note 13) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 582,776 | 574,263 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
12. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Williams Tanker Services Limited (Registered number: 03133504) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
|
14. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Bank overdrafts |
|
|
Hire purchase contracts | - | 7,508 |
|
|
|
The bank overdraft is secured by way of a fixed charge over the freehold land and buildings of the company together with a floating charge over all the property or undertaking of the company. |
|
The obligations under hire purchase are secured against the assets to which they relate. |
|
15. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 34,459 | 38,818 |
|
Deferred |
tax |
£ |
Balance at 1 January 2020 |
|
Accelerated capital allowances | (3,806 | ) |
Pension creditor | (553 | ) |
Balance at 31 December 2020 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary | £1 | 1,000 | 1,000 |
Williams Tanker Services Limited (Registered number: 03133504) |
|
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
|
17. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2020 |
|
Deficit for the year | ( |
) |
At 31 December 2020 |
|
|
18. | ULTIMATE PARENT COMPANY & CONTROLLING PARTIES |
|
The company's immediate parent company is TIP Trailer Services UK Limited, incorporated in England and Wales. |
|
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 for all the company's assets 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. |