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REGISTERED NUMBER: NI622699 (Northern Ireland)















TODDS LEAP PALLET RACKING &
SHELVING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






TODDS LEAP PALLET RACKING &
SHELVING LIMITED (REGISTERED NUMBER: NI622699)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


TODDS LEAP PALLET RACKING &
SHELVING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: B O'Hanlon
N O'Hanlon



REGISTERED OFFICE: 30 Todds Leap Road
Ballygawley
Co. Tyrone
BT70 2BW



REGISTERED NUMBER: NI622699 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Danske Bank
45-48 High Street
Portadown
Craigavon
Armagh
BT62 1LB

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
TODDS LEAP PALLET RACKING &
SHELVING LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 28 February 2023 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report 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 Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 28 February 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

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






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


24 November 2023

TODDS LEAP PALLET RACKING &
SHELVING LIMITED (REGISTERED NUMBER: NI622699)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 590,627 437,742

CURRENT ASSETS
Stocks 522,890 337,112
Debtors 5 174,739 150,373
Cash at bank 9,021 46,715
706,650 534,200
CREDITORS
Amounts falling due within one year 6 664,656 451,542
NET CURRENT ASSETS 41,994 82,658
TOTAL ASSETS LESS CURRENT
LIABILITIES

632,621

520,400

CREDITORS
Amounts falling due after more than one
year

7

(39,676

)

(41,347

)

PROVISIONS FOR LIABILITIES (82,756 ) (58,548 )
NET ASSETS 510,189 420,505

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 509,989 420,305
SHAREHOLDERS' FUNDS 510,189 420,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TODDS LEAP PALLET RACKING &
SHELVING LIMITED (REGISTERED NUMBER: NI622699)

BALANCE SHEET - continued
28 FEBRUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by:




B O'Hanlon - Director



N O'Hanlon - Director


TODDS LEAP PALLET RACKING &
SHELVING LIMITED (REGISTERED NUMBER: NI622699)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Todds Leap Pallet Racking & Shelving Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are required when applying accounting policies. These 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.

Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic 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 future investments, economic utilisation and the physical conditions of the assets.

Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land & buildings - 2% straight line
Plant and machinery - 10% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TODDS LEAP PALLET RACKING &
SHELVING LIMITED (REGISTERED NUMBER: NI622699)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

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.

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

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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. An losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 21 ) .

TODDS LEAP PALLET RACKING &
SHELVING LIMITED (REGISTERED NUMBER: NI622699)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Land & Plant and Motor
buildings machinery vehicles Totals
£    £    £    £   
COST
At 1 March 2022 210,534 149,286 225,111 584,931
Additions 123,747 27,858 58,300 209,905
Disposals - - (14,150 ) (14,150 )
At 28 February 2023 334,281 177,144 269,261 780,686
DEPRECIATION
At 1 March 2022 - 24,120 123,069 147,189
Charge for year 5,361 13,230 27,119 45,710
Eliminated on disposal - - (2,840 ) (2,840 )
At 28 February 2023 5,361 37,350 147,348 190,059
NET BOOK VALUE
At 28 February 2023 328,920 139,794 121,913 590,627
At 28 February 2022 210,534 125,166 102,042 437,742

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2022 28,500 22,250 50,750
Additions - 34,300 34,300
Transfer to ownership - (22,250 ) (22,250 )
At 28 February 2023 28,500 34,300 62,800
DEPRECIATION
At 1 March 2022 2,850 9,434 12,284
Charge for year 2,565 4,565 7,130
Transfer to ownership - (9,426 ) (9,426 )
At 28 February 2023 5,415 4,573 9,988
NET BOOK VALUE
At 28 February 2023 23,085 29,727 52,812
At 28 February 2022 25,650 12,816 38,466

TODDS LEAP PALLET RACKING &
SHELVING LIMITED (REGISTERED NUMBER: NI622699)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 174,739 115,134
Other debtors - 35,239
174,739 150,373

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 142,618 15,253
Hire purchase contracts 16,188 12,137
Trade creditors 438,589 343,403
Taxation and social security 15,084 35,376
Other creditors 52,177 45,373
664,656 451,542

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 22,728 32,422
Hire purchase contracts 16,948 8,925
39,676 41,347

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 132,118 4,753
Bank loans 33,228 42,922
165,346 47,675

Bank loans and overdrafts are secured by way of a fixed and floating charge over the company's assets.