Registered number
05910992
PALLY INTERNATIONAL LTD
Filleted Accounts
31 August 2023
PALLY INTERNATIONAL LTD
Registered number: 05910992
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 242,260 401,676
Current assets
Stocks 33,542 26,500
Debtors 4 205,066 184,689
Cash at bank and in hand 717,018 926,063
955,626 1,137,252
Creditors: amounts falling due within one year 5 (561,400) (703,247)
Net current assets 394,226 434,005
Net assets 636,486 835,681
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 635,486 834,681
Shareholders' funds 636,486 835,681
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J S Hayre
Director
Approved by the board on 30 August 2024
PALLY INTERNATIONAL LTD
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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:
Plant and machinery 10% per annum on cost
Fixtures, fittings and equipment 10% per annum on cost
Motor vehicles 10% per annum on cost
Stocks
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.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 29 29
3 Tangible fixed assets
Plant and machinery Fixtures, fittings & equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 895,023 69,041 113,046 1,077,110
Additions - 1,350 - 1,350
Disposals (132,300) - - (132,300)
At 31 August 2023 762,723 70,391 113,046 946,160
Depreciation
At 1 September 2022 588,034 45,162 42,238 675,434
Charge for the year 76,272 7,039 11,305 94,616
On disposals (66,150) - - (66,150)
At 31 August 2023 598,156 52,201 53,543 703,900
Net book value
At 31 August 2023 164,567 18,190 59,503 242,260
At 31 August 2022 306,989 23,879 70,808 401,676
4 Debtors 2023 2022
£ £
Trade debtors 173,563 156,716
Prepayments 30,283 26,753
Other debtors 1,220 1,220
205,066 184,689
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 304,223 486,839
Taxation and social security 89,649 36,466
Accrued expenses 17,237 20,374
Other creditors 142,331 152,885
Directors' and shareholders' loan 7,960 6,683
561,400 703,247
6 Related party transactions
During the year rent amounting to £35,200 (2022-£35,200) was paid to Mr J S Hayre and Mrs R K Hayre.
7 Other information
PALLY INTERNATIONAL LTD is a private company limited by shares and incorporated in England. Its registered office is:
128A Evington Road
Leicester
LE2 1HL
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