IRIS Accounts Productionv24.1.0.57803148044Board of Directors1.1.2331.12.2331.12.23truefalsetruefalsefalsetruefalse iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh031480442022-12-31031480442023-12-31031480442023-01-012023-12-31031480442021-12-31031480442022-01-012022-12-31031480442022-12-3103148044ns15:EnglandWales2023-01-012023-12-3103148044ns14:PoundSterling2023-01-012023-12-3103148044ns10:Director12023-01-012023-12-3103148044ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103148044ns10:SmallEntities2023-01-012023-12-3103148044ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3103148044ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103148044ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103148044ns10:FullAccounts2023-01-012023-12-310314804442ns10:Director22022-12-310314804442ns10:Director22021-12-310314804442ns10:Director22023-01-012023-12-310314804442ns10:Director22022-01-012022-12-310314804442ns10:Director22023-12-310314804442ns10:Director22022-12-3103148044ns10:Director22023-01-012023-12-3103148044ns10:CompanySecretary12023-01-012023-12-3103148044ns10:RegisteredOffice2023-01-012023-12-3103148044ns5:CurrentFinancialInstruments2023-12-3103148044ns5:CurrentFinancialInstruments2022-12-3103148044ns5:Non-currentFinancialInstruments2023-12-3103148044ns5:Non-currentFinancialInstruments2022-12-3103148044ns5:ShareCapital2023-12-3103148044ns5:ShareCapital2022-12-3103148044ns5:RetainedEarningsAccumulatedLosses2023-12-3103148044ns5:RetainedEarningsAccumulatedLosses2022-12-3103148044ns5:PlantMachinery2023-01-012023-12-3103148044ns5:PlantMachinery2022-12-3103148044ns5:PlantMachinery2023-12-3103148044ns5:PlantMachinery2022-12-3103148044ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103148044ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103148044ns5:RetainedEarningsAccumulatedLosses2022-12-3103148044ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31031480441ns10:Director12022-12-31031480441ns10:Director12021-12-31031480441ns10:Director12023-01-012023-12-31031480441ns10:Director12022-01-012022-12-31031480441ns10:Director12023-12-31031480441ns10:Director12022-12-31

REGISTERED NUMBER: 03148044 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 December 2023

for


Industrial Pallet & Transport Services
Limited


Industrial Pallet & Transport Services

Limited (Registered number: 03148044)







Contents of the Financial Statements

for the Year Ended 31 December 2023





Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

4




Industrial Pallet & Transport Services

Limited


Company Information

for the Year Ended 31 December 2023









DIRECTORS:

N Bennett


Mrs L Bennett







SECRETARY:

N Bennett







REGISTERED OFFICE:

Glassworks Way


Snape Lane


Harworth


Doncaster


South Yorkshire


DN11 8SP







REGISTERED NUMBER:

03148044 (England and Wales)







ACCOUNTANTS:

Xeinadin


Cabourn House


Station Street


Bingham


Nottinghamshire


NG13 8AQ


Industrial Pallet & Transport Services

Limited (Registered number: 03148044)


Balance Sheet

31 December 2023



31.12.23

31.12.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

3,476,674


3,898,957




CURRENT ASSETS

Stocks

617,214


975,017



Debtors

5

1,653,068


1,835,024



Cash at bank and in hand

2,195,790


2,231,809



4,466,072


5,041,850



CREDITORS

Amounts falling due within one year

6

987,710


1,670,459



NET CURRENT ASSETS

3,478,362


3,371,391



TOTAL ASSETS LESS CURRENT

LIABILITIES

6,955,036


7,270,348




CREDITORS

Amounts falling due after more than one year

7

(9,455

)

(375,651

)



PROVISIONS FOR LIABILITIES

(624,878

)

(527,565

)



ACCRUALS AND DEFERRED INCOME

(204,758

)

(211,256

)


NET ASSETS

6,115,945


6,155,876




CAPITAL AND RESERVES

Called up share capital

950


950



Retained earnings

9

6,114,995


6,154,926



SHAREHOLDERS' FUNDS

6,115,945


6,155,876




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


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


The directors acknowledge their 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.

Industrial Pallet & Transport Services

Limited (Registered number: 03148044)


Balance Sheet - continued

31 December 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 Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2024 and were signed on its behalf by:






N Bennett - Director



Industrial Pallet & Transport Services

Limited (Registered number: 03148044)


Notes to the Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



Industrial Pallet & Transport Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



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, 4% on cost and 2% on cost


Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently, tangible fixed assets are measured at cost less accumulated depreciation and impairment losses.


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 Income Statement, 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.

Industrial Pallet & Transport Services

Limited (Registered number: 03148044)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

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.


Investments


'Other investments' within fixed asset investments are measured at fair value.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 23 (2022 - 23 ) .


4.

TANGIBLE FIXED ASSETS


Plant and


machinery


etc

£   



COST


At 1 January 2023

6,139,581




Additions

271,534




Disposals

(716,275

)



At 31 December 2023

5,694,840




DEPRECIATION


At 1 January 2023

2,240,624




Charge for year

282,224




Eliminated on disposal

(304,682

)



At 31 December 2023

2,218,166




NET BOOK VALUE


At 31 December 2023

3,476,674




At 31 December 2022

3,898,957




5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Trade debtors

718,378


1,436,567




Other debtors

934,690


398,457



1,653,068


1,835,024




Industrial Pallet & Transport Services

Limited (Registered number: 03148044)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Hire purchase contracts

11,346


37,676




Trade creditors

635,087


1,186,299




Taxation and social security

205,126


372,163




Other creditors

136,151


74,321



987,710


1,670,459




7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR



31.12.23


31.12.22

£   

£   



Hire purchase contracts

9,455


375,651




8.

SECURED DEBTS



The following secured debts are included within creditors:



31.12.23


31.12.22

£   

£   



Hire purchase contracts

20,801


413,327





Hire Purchase contracts are secured on the assets to which they relate.


9.

RESERVES


Retained


earnings

£   




At 1 January 2023

6,154,926




Profit for the year

253,069




Dividends

(293,000

)



At 31 December 2023

6,114,995




Industrial Pallet & Transport Services

Limited (Registered number: 03148044)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


10.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:



31.12.23


31.12.22

£   

£   



N Bennett and Mrs L Bennett


Balance outstanding at start of year

88,174


(51,108

)



Amounts advanced

248,518


432,282




Amounts repaid

(293,000

)

(293,000

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

43,692


88,174





N Bennett and Mrs L Bennett


Balance outstanding at start of year

161,413


181,583




Amounts advanced

120,143


-




Amounts repaid

(24,033

)

(20,170

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

257,523


161,413




Neither loan is secured. Loan 2 is subject to interest charge by the company at the HMRC official rate of interest.