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REGISTERED NUMBER: SC404244 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

FOR

JOHN PETRIE PALLETS LTD

JOHN PETRIE PALLETS LTD (REGISTERED NUMBER: SC404244)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 7

JOHN PETRIE PALLETS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2023







DIRECTOR: J C Petrie





REGISTERED OFFICE: Unit B12
Howemuir Road
Blackhills
Peterhead
Aberdeenshire
AB42 3LJ





REGISTERED NUMBER: SC404244 (Scotland)





ACCOUNTANTS: Goldwells Ltd
Goldwells House
Grange Road
Peterhead
Aberdeenshire
AB42 1WN

JOHN PETRIE PALLETS LTD (REGISTERED NUMBER: SC404244)

BALANCE SHEET
31ST AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 102,046 131,909

CURRENT ASSETS
Stocks 221,450 253,650
Debtors 6 176,280 139,265
Cash at bank 183,796 50,873
581,526 443,788
CREDITORS
Amounts falling due within one year 7 398,268 413,927
NET CURRENT ASSETS 183,258 29,861
TOTAL ASSETS LESS CURRENT
LIABILITIES

285,304

161,770

CREDITORS
Amounts falling due after more than one
year

8

(18,214

)

(60,855

)

PROVISIONS FOR LIABILITIES (18,471 ) (23,943 )
NET ASSETS 248,619 76,972

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 248,617 76,970
248,619 76,972

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

JOHN PETRIE PALLETS LTD (REGISTERED NUMBER: SC404244)

BALANCE SHEET - continued
31ST AUGUST 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22nd April 2024 and were signed by:





J C Petrie - Director


JOHN PETRIE PALLETS LTD (REGISTERED NUMBER: SC404244)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023

1. STATUTORY INFORMATION

John Petrie Pallets Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency is sterling.

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.
Plant and machinery etc - 25% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

JOHN PETRIE PALLETS LTD (REGISTERED NUMBER: SC404244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st September 2022 372,519
Additions 5,900
Disposals (4,727 )
At 31st August 2023 373,692
DEPRECIATION
At 1st September 2022 240,610
Charge for year 34,016
Eliminated on disposal (2,980 )
At 31st August 2023 271,646
NET BOOK VALUE
At 31st August 2023 102,046
At 31st August 2022 131,909

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 153,463 108,830
Prepayments and accrued income 22,817 30,435
176,280 139,265

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,056 9,808
Hire purchase contracts 32,273 34,471
Trade creditors 7,754 70,624
Corporation tax 54,032 5,067
Social security and other taxes 61,515 24,795
Other creditors 576 576
Director's current account 231,522 268,046
Accrued expenses 540 540
398,268 413,927

JOHN PETRIE PALLETS LTD (REGISTERED NUMBER: SC404244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 18,214 28,271
Hire purchase contracts - 32,584
18,214 60,855

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st August 2023 and 31st August 2022:

2023 2022
£    £   
J C Petrie
Balance outstanding at start of year (268,046 ) (262,098 )
Amounts advanced 64,610 20,222
Amounts repaid (28,086 ) (26,170 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (231,522 ) (268,046 )

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
JOHN PETRIE PALLETS LTD

The following reproduces the text of the report prepared for the director 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 Director 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 John Petrie Pallets Ltd for the year ended 31st August 2023 which comprise the Statement of Income and Retained Earnings, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of John Petrie Pallets Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of John Petrie Pallets Ltd and state those matters that we have agreed to state to the director of John Petrie Pallets Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that John Petrie Pallets Ltd 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 John Petrie Pallets Ltd. You consider that John Petrie Pallets Ltd 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 John Petrie Pallets Ltd. 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.






Goldwells Ltd
Goldwells House
Grange Road
Peterhead
Aberdeenshire
AB42 1WN


22nd April 2024