PALLY INTERNATIONAL LTD |
Notes to the Accounts |
for the year ended 31 August 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
10% per annum on cost |
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Fixtures, fittings and equipment |
10% per annum on cost |
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Motor vehicles |
10% per annum on cost |
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Stocks |
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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. |
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Debtors |
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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 recognised at transaction price including any transaction costs. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs. |
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Taxation |
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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. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
29 |
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29 |
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3 |
Tangible fixed assets |
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Plant and machinery |
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Fixtures, fittings & equipment |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 September 2022 |
895,023 |
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69,041 |
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113,046 |
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1,077,110 |
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Additions |
- |
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1,350 |
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- |
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1,350 |
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Disposals |
(132,300) |
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- |
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- |
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(132,300) |
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At 31 August 2023 |
762,723 |
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70,391 |
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113,046 |
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946,160 |
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Depreciation |
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At 1 September 2022 |
588,034 |
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45,162 |
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42,238 |
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675,434 |
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Charge for the year |
76,272 |
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7,039 |
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11,305 |
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94,616 |
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On disposals |
(66,150) |
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- |
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- |
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(66,150) |
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At 31 August 2023 |
598,156 |
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52,201 |
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53,543 |
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703,900 |
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Net book value |
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At 31 August 2023 |
164,567 |
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18,190 |
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59,503 |
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242,260 |
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At 31 August 2022 |
306,989 |
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23,879 |
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70,808 |
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401,676 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
173,563 |
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156,716 |
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Prepayments |
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30,283 |
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26,753 |
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Other debtors |
1,220 |
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1,220 |
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205,066 |
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184,689 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
304,223 |
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486,839 |
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Taxation and social security |
89,649 |
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36,466 |
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Accrued expenses |
17,237 |
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20,374 |
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Other creditors |
142,331 |
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152,885 |
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Directors' and shareholders' loan |
7,960 |
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6,683 |
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561,400 |
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703,247 |
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6 |
Related party transactions |
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During the year rent amounting to £35,200 (2022-£35,200) was paid to Mr J S Hayre and Mrs R K Hayre. |
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7 |
Other information |
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PALLY INTERNATIONAL LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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128A Evington Road |
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Leicester |
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LE2 1HL |