Limited Liability Partnership registration number OC375620 (England and Wales)
PALLET-PRO LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PALLET-PRO LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
PALLET-PRO LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PALLET-PRO LLP FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pallet-Pro LLP for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of Pallet-Pro LLP, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pallet-Pro LLP and state those matters that we have agreed to state to the limited liability partnership's members of Pallet-Pro LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pallet-Pro LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Pallet-Pro LLP 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 Pallet-Pro LLP. You consider that Pallet-Pro LLP 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 Pallet-Pro LLP. 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.

Ormerod Rutter Limited
15 May 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PALLET-PRO LLP
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,500
25,000
Tangible assets
4
53,010
51,260
75,510
76,260
Current assets
Debtors
5
21,977
46,755
Cash at bank and in hand
8,109
12,230
30,086
58,985
Creditors: amounts falling due within one year
6
(14,037)
(36,882)
Net current assets
16,049
22,103
Total assets less current liabilities
91,559
98,363
Creditors: amounts falling due after more than one year
7
(17,161)
(23,372)
Net assets attributable to members
74,398
74,991
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
74,398
74,991

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 30 November 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships' regime.

The financial statements were approved by the members and authorised for issue on 15 May 2024 and are signed on their behalf by:
15 May 2024
Mr A R Holland
Designated member
Limited Liability Partnership registration number OC375620 (England and Wales)
PALLET-PRO LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Pallet-Pro LLP is a limited liability partnership incorporated in England and Wales. The registered office is George Henry Road, Great Bridge, West Midlands, United Kingdom, DY4 7BU.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together 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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.5
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 machinery
25% on cost
Computer equipment
25% on cost
Motor vehicles
10% on reducing balance
PALLET-PRO LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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 recognised in the profit and loss account.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
25,000
Amortisation and impairment
At 1 December 2022
-
Amortisation charged for the year
2,500
At 30 November 2023
2,500
Carrying amount
At 30 November 2023
22,500
At 30 November 2022
25,000

 

PALLET-PRO LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
-
1,970
123,335
125,305
Additions
9,168
-
-
9,168
At 30 November 2023
9,168
1,970
123,335
134,473
Depreciation and impairment
At 1 December 2022
-
1,970
72,075
74,045
Depreciation charged in the year
2,292
-
5,126
7,418
At 30 November 2023
2,292
1,970
77,201
81,463
Carrying amount
At 30 November 2023
6,876
-
46,134
53,010
At 30 November 2022
-
-
51,260
51,260
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,114
35,443
Other debtors
1,863
11,312
21,977
46,755
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,211
6,211
Trade creditors
1,103
17,884
Taxation and social security
2,361
-
Other creditors
4,362
12,787
14,037
36,882
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,161
23,372
PALLET-PRO LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
23,372
29,583

Bank loans are secured by way of a government-backed guarantee.

9
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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