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REGISTERED NUMBER: 03112231 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Pallet Express Systems Limited

Pallet Express Systems Limited (Registered number: 03112231)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Pallet Express Systems Limited (Registered number: 03112231)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 419,303 400,084
Investments 6 10,020 10,020
429,323 410,104

CURRENT ASSETS
Debtors 7 514,273 570,896
Cash at bank 168,511 147,138
682,784 718,034
CREDITORS
Amounts falling due within one year 8 511,729 568,886
NET CURRENT ASSETS 171,055 149,148
TOTAL ASSETS LESS CURRENT LIABILITIES 600,378 559,252

CREDITORS
Amounts falling due after more than one year 9 (117,004 ) (143,388 )

PROVISIONS FOR LIABILITIES (101,164 ) (69,118 )
NET ASSETS 382,210 346,746

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 382,110 346,646
SHAREHOLDERS' FUNDS 382,210 346,746

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Pallet Express Systems Limited (Registered number: 03112231)

Balance Sheet - continued
31 October 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2024 and were signed on its behalf by:




W G Bowers - Director M W Bowers - Director




Ms A L Bowers - Director


Pallet Express Systems Limited (Registered number: 03112231)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Pallet Express Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03112231

Registered office: Excellence House
Dalewood Road
Lymedale Business Park
Newcastle-under-Lyme
Staffordshire
ST5 9QH

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
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.

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

Revenue is recognised as the company becomes entitled to consideration for the services supplied.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, has been amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Pallet Express Systems Limited (Registered number: 03112231)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 32 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 255,825
AMORTISATION
At 1 November 2022
and 31 October 2023 255,825
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

Pallet Express Systems Limited (Registered number: 03112231)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 506,838 131,777 903,624 1,542,239
Additions 1,290 9,981 128,594 139,865
Disposals - - (96,298 ) (96,298 )
At 31 October 2023 508,128 141,758 935,920 1,585,806
DEPRECIATION
At 1 November 2022 414,281 93,870 634,004 1,142,155
Charge for year 18,756 9,220 84,098 112,074
Eliminated on disposal - - (87,726 ) (87,726 )
At 31 October 2023 433,037 103,090 630,376 1,166,503
NET BOOK VALUE
At 31 October 2023 75,091 38,668 305,544 419,303
At 31 October 2022 92,557 37,907 269,620 400,084

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 November 2022 36,124 227,030 263,154
Additions - 89,647 89,647
At 31 October 2023 36,124 316,677 352,801
DEPRECIATION
At 1 November 2022 3,494 79,162 82,656
Charge for year 6,526 49,637 56,163
At 31 October 2023 10,020 128,799 138,819
NET BOOK VALUE
At 31 October 2023 26,104 187,878 213,982
At 31 October 2022 32,630 147,868 180,498

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 20 10,000 10,020
NET BOOK VALUE
At 31 October 2023 20 10,000 10,020
At 31 October 2022 20 10,000 10,020

Pallet Express Systems Limited (Registered number: 03112231)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 458,046 506,617
Other debtors 56,227 64,279
514,273 570,896

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,000 35,045
Hire purchase contracts 67,567 58,931
Trade creditors 176,230 201,716
Amounts owed to group undertakings 25,000 75,000
Taxation and social security 200,856 182,994
Other creditors 17,076 15,200
511,729 568,886

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 43,750 68,750
Hire purchase contracts 73,254 74,638
117,004 143,388

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 140,821 133,569
Bank loans - 10,045
140,821 143,614

The bank loan is secured by legal charge over the property at Excellence House, Dalewood Road. This property is owned by the group parent company Magnolio Holdings Limited.

Hire purchase liabilities are secured over the assets to which they relate.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Magnolio Holdings Limited.

W G Bowers and his wife have ultimate control by virtue of their combined shareholding in the parent company Magnolio Holdings Limited.