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REGISTERED NUMBER: 05236198 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 30 September 2023

for

N & C Pallets Limited

N & C Pallets Limited (Registered number: 05236198)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


N & C Pallets Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: N Poxon
Mrs L J Poxon





SECRETARY: Mrs L J Poxon





REGISTERED OFFICE: Red Lane
Worksop
Nottinghamshire
S81 0TP





REGISTERED NUMBER: 05236198 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Office 1
Engine House
Marshalls Yard
Gainsborough
Lincolnshire
DN21 2NA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
N & C Pallets 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 Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of N & C Pallets Limited for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of N & C Pallets Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of N & C Pallets Limited and state those matters that we have agreed to state to the Board of Directors of N & C Pallets Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N & C Pallets Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that N & C Pallets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N & C Pallets Limited. You consider that N & C Pallets Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of N & C Pallets Limited. 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 statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
Office 1
Engine House
Marshalls Yard
Gainsborough
Lincolnshire
DN21 2NA


25 March 2024

N & C Pallets Limited (Registered number: 05236198)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 752,197 683,024
Investment property 5 230,000 230,000
982,197 913,024

CURRENT ASSETS
Stocks 37,500 14,600
Debtors 6 359,154 260,628
Cash at bank and in hand 878,778 833,890
1,275,432 1,109,118
CREDITORS
Amounts falling due within one year 7 233,842 282,007
NET CURRENT ASSETS 1,041,590 827,111
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,023,787

1,740,135

CREDITORS
Amounts falling due after more than one
year

8

(39,413

)

(42,556

)

PROVISIONS FOR LIABILITIES (137,325 ) (106,508 )
NET ASSETS 1,847,049 1,591,071

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 40,689 42,259
Retained earnings 1,806,260 1,548,712
SHAREHOLDERS' FUNDS 1,847,049 1,591,071

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

N & C Pallets Limited (Registered number: 05236198)

Balance Sheet - continued
30 September 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 25 March 2024 and were signed on its behalf by:




N Poxon - Director



Mrs L J Poxon - Director


N & C Pallets Limited (Registered number: 05236198)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

N & C Pallets 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.

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 as modified by the revaluation of certain assets.

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 each asset over its estimated useful life.
Land and Buildings - 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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.

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 9 (2022 - 12 ) .

N & C Pallets Limited (Registered number: 05236198)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS
Land and Plant and Motor Computer
Buildings machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 163,915 476,323 878,423 2,190 1,520,851
Additions - 45,538 191,180 - 236,718
Disposals - - (74,950 ) - (74,950 )
At 30 September 2023 163,915 521,861 994,653 2,190 1,682,619
DEPRECIATION
At 1 October 2022 31,519 286,664 519,036 608 837,827
Charge for year 3,279 34,129 110,334 523 148,265
Eliminated on disposal - - (55,670 ) - (55,670 )
At 30 September 2023 34,798 320,793 573,700 1,131 930,422
NET BOOK VALUE
At 30 September 2023 129,117 201,068 420,953 1,059 752,197
At 30 September 2022 132,396 189,659 359,387 1,582 683,024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 230,000
NET BOOK VALUE
At 30 September 2023 230,000
At 30 September 2022 230,000

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2023 52,171
Cost 177,829
230,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 230,000 230,000
Aggregate depreciation (52,171 ) (52,171 )

Investment property was valued on an open market basis on 30 September 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 307,592 251,217
Other debtors 51,562 9,411
359,154 260,628

N & C Pallets Limited (Registered number: 05236198)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,952 9,707
Hire purchase contracts 11,826 27,455
Trade creditors 37,439 40,277
Taxation and social security 164,379 136,862
Other creditors 10,246 67,706
233,842 282,007

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,423 32,388
Hire purchase contracts 16,990 10,168
39,413 42,556

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 32,375 42,095
Hire purchase contracts 28,816 37,623
61,191 79,718

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

2022 2021
Number: Class: Nominal value: £ £
100 Ordinary £1 - 100
45 Ordinary A £1 45 -
45 Ordinary B £1 45 -
5 Ordinary C £1 5 -
5 Ordinary D £1 5 -
100 100

11. RESERVES
Fair
value
reserve
£   
At 1 October 2022 42,259
Deferred tax transfer (1,570 )

At 30 September 2023 40,689

N & C Pallets Limited (Registered number: 05236198)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
N Poxon and Mrs L J Poxon
Balance outstanding at start of year (64,428 ) 38,107
Amounts advanced 144,672 20,959
Amounts repaid (32,662 ) (123,494 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 47,582 (64,428 )