Registered number
07639190
PALLET RECYCLING SOUTH WALES LIMITED
Filleted Accounts
31 March 2024
PALLET RECYCLING SOUTH WALES LIMITED
Registered number: 07639190
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,249,212 1,878,082
Current assets
Stocks 143,278 152,609
Debtors 4 1,575,572 1,177,311
Investments held as current assets 5 1,790 1,790
Cash at bank and in hand 540,205 856,271
2,260,845 2,187,981
Creditors: amounts falling due within one year 6 (1,724,307) (1,551,136)
Net current assets 536,538 636,845
Total assets less current liabilities 2,785,750 2,514,927
Creditors: amounts falling due after more than one year 7 (562,102) (632,690)
Provisions for liabilities (142,592) (86,477)
Net assets 2,081,056 1,795,760
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,080,956 1,795,660
Shareholders' funds 2,081,056 1,795,760
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L Ross
Director
Approved by the board on 13 June 2024
PALLET RECYCLING SOUTH WALES LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property 25% straight line
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 39 41
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 1,496,209 716,925 - 2,213,134
Additions 147,491 366,658 24,700 538,849
Disposals - (26,292) - (26,292)
At 31 March 2024 1,643,700 1,057,291 24,700 2,725,691
Depreciation
At 1 April 2023 73,268 261,784 - 335,052
Charge for the year 69,914 85,535 2,470 157,919
On disposals - (16,492) - (16,492)
At 31 March 2024 143,182 330,827 2,470 476,479
Net book value
At 31 March 2024 1,500,518 726,464 22,230 2,249,212
At 31 March 2023 1,422,941 455,141 - 1,878,082
4 Debtors 2024 2023
£ £
Trade debtors 1,346,468 1,026,082
Other debtors 229,104 151,229
1,575,572 1,177,311
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 1,790 1,790
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 36,817 38,358
Obligations under finance lease and hire purchase contracts - 3,939
Trade creditors 899,590 669,153
Taxation and social security costs 510,583 438,218
Other creditors 277,317 401,468
1,724,307 1,551,136
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 506,214 541,490
Obligations under finance lease and hire purchase contracts - 1,017
Other creditors 55,888 90,183
562,102 632,690
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 543,031 579,848
Lloyds Bank Plc security includes fixed charge and negative pledge. Also floating charge covers all the property or undertaking of the company.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr L Ross
Directors loan account (4,131) 348,180 (348,500) (4,451)
Mr L P Szade
Directors loan account (4,046) 338,587 (334,832) (291)
(8,177) 686,767 (683,332) (4,742)
10 Related party transactions
Mr L Ross, being a director and shareholder of Pallet Recycling South Wales Limited is also a director and shareholder of Edwards & Ross Pallets Limited.

At 31st March 2024, £276.42 (2023: £5,776.42) was owed by Edwards & Ross Pallets Limited in a non-trading loan. This is interest free and repayable upon demand.

At 31st March 2024, £99,440.39 (2023: £36,387.84) was owed to Edwards & Ross Pallets Limited in respect of goods for resale.

At 31st March 2024, £51,109.47(2023: £52,515.10) was owed to Pallet Recycling South Wales Limited in respect of goods for resale.
11 Controlling party
The company is ultimately controlled by the directors by virtue of their shareholding.
12 Other information
PALLET RECYCLING SOUTH WALES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Traston House
Corporation Road
Newport
South Wales
NP19 4RD
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