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Registration number: 05869476

Andover Pallets Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Andover Pallets Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Andover Pallets Limited

(Registration number: 05869476)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

178,400

196,006

Current assets

 

Stocks

5

12,000

12,000

Debtors

6

257,476

359,303

Cash at bank and in hand

 

675,427

413,666

 

944,903

784,969

Creditors: Amounts falling due within one year

7

(165,743)

(196,923)

Net current assets

 

779,160

588,046

Total assets less current liabilities

 

957,560

784,052

Creditors: Amounts falling due after more than one year

7

(883)

(82,311)

Provisions for liabilities

(39,851)

(33,632)

Net assets

 

916,826

668,109

Capital and reserves

 

Called up share capital

100

100

Retained earnings

916,726

668,009

Shareholders' funds

 

916,826

668,109

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Andover Pallets Limited

(Registration number: 05869476)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 19 October 2023 and signed on its behalf by:
 

.........................................
P N Tarner
Director

 

Andover Pallets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Pallet Yard
Andover Industrial Estate
Andover Down
Andover
Hampshire
SP11 6LJ

These financial statements were authorised for issue by the Board on 19 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amount chargeable, net of value added tax, in respect of sale of goods and services to customers.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Andover Pallets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold land and buildings

over 2 years

Office Equipment

20% Straight line

Motor Vehicles

25% Reducing balance

Plant and Machinery

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Andover Pallets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases


Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 16).

 

Andover Pallets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 July 2022

203,729

14,677

227,877

155,684

601,967

Additions

5,293

791

44,374

28,570

79,028

Disposals

-

-

(17,000)

-

(17,000)

At 30 June 2023

209,022

15,468

255,251

184,254

663,995

Depreciation

At 1 July 2022

181,445

10,789

119,197

94,530

405,961

Charge for the year

24,904

1,167

34,279

20,347

80,697

Eliminated on disposal

-

-

(1,063)

-

(1,063)

At 30 June 2023

206,349

11,956

152,413

114,877

485,595

Carrying amount

At 30 June 2023

2,673

3,512

102,838

69,377

178,400

At 30 June 2022

22,284

3,888

108,680

61,154

196,006

Included within the net book value of land and buildings above is £2,672 (2022 - £22,284) in respect of short leasehold land and buildings.
 

 

Andover Pallets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Other inventories

12,000

12,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

257,447

355,512

Prepayments

-

3,788

Other debtors

29

3

 

257,476

359,303

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,595

41,262

Taxation and social security

 

153,118

153,148

Accruals and deferred income

 

-

2,600

Other creditors

 

2,030

(87)

 

165,743

196,923

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

883

11,478

Other non-current financial liabilities

 

-

70,833

 

883

82,311