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Registration number: 05239848

Spavin Pallets Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Spavin Pallets Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Spavin Pallets Limited

(Registration number: 05239848)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

8,125

15,625

Tangible assets

5

116,918

105,124

 

125,043

120,749

Current assets

 

Stocks

6

242,260

265,248

Debtors

7

477,386

505,594

Cash at bank and in hand

 

80,056

281,789

 

799,702

1,052,631

Creditors: Amounts falling due within one year

8

(746,574)

(1,013,867)

Net current assets

 

53,128

38,764

Total assets less current liabilities

 

178,171

159,513

Creditors: Amounts falling due after more than one year

8

(28,433)

(35,176)

Provisions for liabilities

(13,086)

(10,270)

Net assets

 

136,652

114,067

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

136,552

113,967

Shareholders' funds

 

136,652

114,067

For the financial year ending 30 September 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.

 

Spavin Pallets Limited

(Registration number: 05239848)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 


Mr R I Spavin
Director

   
 

Spavin Pallets Limited

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

1

General information

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

The address of its registered office is:
Scotter Road South
South Park Industrial Estate
Scunthorpe
North Lincolnshire
DN17 2BW

Registration number: 05239848

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Spavin Pallets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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 15 years

Plant and machinery

20% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

20% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

 

Spavin Pallets Limited

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

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 are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Spavin Pallets Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 17 (2022 - 16).

 

Spavin Pallets Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

150,000

150,000

At 30 September 2023

150,000

150,000

Amortisation

At 1 October 2022

134,375

134,375

Amortisation charge

7,500

7,500

At 30 September 2023

141,875

141,875

Carrying amount

At 30 September 2023

8,125

8,125

At 30 September 2022

15,625

15,625

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

88,943

297,674

10,500

397,117

Additions

-

31,911

-

31,911

Disposals

-

(2,390)

-

(2,390)

At 30 September 2023

88,943

327,195

10,500

426,638

Depreciation

At 1 October 2022

52,150

231,705

8,138

291,993

Charge for the year

2,537

16,942

591

20,070

Eliminated on disposal

-

(2,343)

-

(2,343)

At 30 September 2023

54,687

246,304

8,729

309,720

Carrying amount

At 30 September 2023

34,256

80,891

1,771

116,918

At 30 September 2022

36,793

65,969

2,362

105,124

Included within the net book value of land and buildings above is £34,256 (2022 - £36,793) in respect of short leasehold land and buildings.

 

Spavin Pallets Limited

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

6

Stocks

2023
£

2022
£

Other inventories

242,260

265,248

7

Debtors

2023
£

2022
£

Trade debtors

451,288

479,834

Other debtors

26,098

25,760

Total current trade and other debtors

477,386

505,594

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

23,346

15,575

Trade payables

 

225,155

308,676

Amounts due to related parties

11

2,714

9,576

Social security and other taxes

 

144,437

141,929

Other payables

 

350,922

538,111

 

746,574

1,013,867

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

28,433

35,176

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Spavin Pallets Limited

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

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,035

9,546

Hire purchase contracts

13,311

6,029

23,346

15,575

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,062

29,339

Hire purchase and finance lease account

9,371

5,837

28,433

35,176

Other borrowings

Hire purchase and finance lease are denominated in £ . The carrying amount at year end is £22,682 (2022 - £11,866).

The hire purchase and finance lease liabilities are secured on the assets to which the loan relates

11

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr R I Spavin

Director's loan account - no interest is charged

(2,110)

82,890

(80,780)

-

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr R I Spavin

Director's loan account - no interest is charged

6,010

51,880

(60,000)

(2,110)