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Company registration number: 05259242
Pallet Truck Warehouse Limited
Unaudited filleted financial statements
31 December 2023
Pallet Truck Warehouse Limited
Contents
Director's report
Statement of financial position
Notes to the financial statements
Pallet Truck Warehouse Limited
Director's report
Year ended 31 December 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2023.
Director
The director who served the company during the year was as follows:
Mr M Curtis
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 August 2024 and signed on behalf of the board by:
Mr M Curtis
Director
Pallet Truck Warehouse Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,242,909 1,273,585
_______ _______
1,242,909 1,273,585
Current assets
Stocks 872,369 1,048,238
Debtors 6 160,293 183,137
Cash at bank and in hand 1,333,018 847,947
_______ _______
2,365,680 2,079,322
Creditors: amounts falling due
within one year 7 ( 268,201) ( 319,449)
_______ _______
Net current assets 2,097,479 1,759,873
_______ _______
Total assets less current liabilities 3,340,388 3,033,458
Provisions for liabilities ( 1,041) -
_______ _______
Net assets 3,339,347 3,033,458
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 3,339,345 3,033,456
_______ _______
Shareholders funds 3,339,347 3,033,458
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
Mr M Curtis
Director
Company registration number: 05259242
Pallet Truck Warehouse Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 West Street, Leighton Buzzard, Bedfordshire, LU7 1DA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 1,421,181 25,067 13,128 5,100 1,464,476
Additions - - 888 - 888
_______ _______ _______ _______ _______
At 31 December 2023 1,421,181 25,067 14,016 5,100 1,465,364
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 156,012 18,952 10,869 5,058 190,891
Charge for the year 26,424 3,336 1,762 42 31,564
_______ _______ _______ _______ _______
At 31 December 2023 182,436 22,288 12,631 5,100 222,455
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 1,238,745 2,779 1,385 - 1,242,909
_______ _______ _______ _______ _______
At 31 December 2022 1,265,169 6,115 2,259 42 1,273,585
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 111,553 169,122
Other debtors 48,740 14,015
_______ _______
160,293 183,137
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 128,388 89,976
Social security and other taxes 107,871 204,344
Other creditors 31,942 25,129
_______ _______
268,201 319,449
_______ _______