Company registration number 10928621 (England and Wales)
MOUNTFIELD PALLETS LTD
FINANACIAL STATMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MOUNTFIELD PALLETS LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
MOUNTFIELD PALLETS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
29,609
39,134
Current assets
Debtors
88,440
63,363
Cash at bank and in hand
2,008
28,608
90,448
91,971
Creditors: amounts falling due within one year
(202,868)
(117,086)
Net current liabilities
(112,420)
(25,115)
Net (liabilities)/assets
(82,811)
14,019
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(82,911)
13,919
Total equity
(82,811)
14,019
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 18 July 2024
Mr N Greaves
Director
Company registration number 10928621 (England and Wales)
MOUNTFIELD PALLETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Mountfield Pallets Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Office 43, The Cobalt Building, 1600 Eureka Park, Lower Pemberton, Ashford, Kent, TN25 4BF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Reducing balance method
Computers
20% Reducing balance method
Motor vehicles
25% Reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Factored debts
The company accounts for factored debts according to where the risks and benefits of ownership reside. A gross asset (equivalent in amount to the gross amount of the debts) is shown on the balance sheet within assets, and a corresponding liability in respect of the proceeds received from the factor is shown within liabilities
MOUNTFIELD PALLETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
36,733
441
28,125
65,299
Disposals
(3,125)
(3,125)
At 31 March 2024
36,733
441
25,000
62,174
Depreciation and impairment
At 1 April 2023
23,053
304
2,808
26,165
Depreciation charged in the year
2,736
27
6,317
9,080
Eliminated in respect of disposals
(2,680)
(2,680)
At 31 March 2024
25,789
331
6,445
32,565
Carrying amount
At 31 March 2024
10,944
110
18,555
29,609
At 31 March 2023
13,680
137
25,317
39,134
MOUNTFIELD PALLETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr N Greaves -
(4,709)
85,012
(84,959)
(4,656)
(4,709)
85,012
(84,959)
(4,656)