Down Pallets Limited NI690888 false 2022-09-06 2023-09-30 2023-09-30 The principal activity of the company is manufacture and distribution of pallets Digita Accounts Production Advanced 6.30.9574.0 true true true NI690888 2022-09-06 2023-09-30 NI690888 2023-09-30 NI690888 bus:OrdinaryShareClass1 2023-09-30 NI690888 core:CurrentFinancialInstruments 2023-09-30 NI690888 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 NI690888 core:Goodwill 2023-09-30 NI690888 core:FurnitureFittingsToolsEquipment 2023-09-30 NI690888 core:LandBuildings 2023-09-30 NI690888 core:MotorVehicles 2023-09-30 NI690888 bus:SmallEntities 2022-09-06 2023-09-30 NI690888 bus:Audited 2022-09-06 2023-09-30 NI690888 bus:FilletedAccounts 2022-09-06 2023-09-30 NI690888 bus:SmallCompaniesRegimeForAccounts 2022-09-06 2023-09-30 NI690888 bus:RegisteredOffice 2022-09-06 2023-09-30 NI690888 bus:Director1 2022-09-06 2023-09-30 NI690888 bus:Director2 2022-09-06 2023-09-30 NI690888 bus:Director3 2022-09-06 2023-09-30 NI690888 bus:OrdinaryShareClass1 2022-09-06 2023-09-30 NI690888 bus:PrivateLimitedCompanyLtd 2022-09-06 2023-09-30 NI690888 core:Goodwill 2022-09-06 2023-09-30 NI690888 core:FurnitureFittingsToolsEquipment 2022-09-06 2023-09-30 NI690888 core:LandBuildings 2022-09-06 2023-09-30 NI690888 core:MotorVehicles 2022-09-06 2023-09-30 NI690888 core:OfficeEquipment 2022-09-06 2023-09-30 NI690888 core:PlantMachinery 2022-09-06 2023-09-30 NI690888 core:Vehicles 2022-09-06 2023-09-30 NI690888 1 2022-09-06 2023-09-30 NI690888 countries:NorthernIreland 2022-09-06 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI690888

Down Pallets Limited

Filleted Financial Statements

for the Period from 6 September 2022 to 30 September 2023

 

Down Pallets Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Down Pallets Limited

Company Information

Directors

Fergal Moran

Mark Sheeran

Ashleigh Doyle

Registered office

46b Cooks Brae
Kirkubbin
Newtownards
BT22 2SG

Auditors

MBS Chartered Accountants & Registered Auditors
3 High Street
Larne
BT40 1JN

 

Down Pallets Limited

(Registration number: NI690888)
Balance Sheet as at 30 September 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

420,000

Tangible assets

5

429,462

 

849,462

Current assets

 

Stocks

6

9,636

Debtors

7

603,238

Cash at bank and in hand

 

123,637

 

736,511

Creditors: Amounts falling due within one year

8

(1,580,953)

Net current liabilities

 

(844,442)

Net assets

 

5,020

Capital and reserves

 

Called up share capital

9

1

Retained earnings

5,019

Shareholders' funds

 

5,020

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Fergal Moran
Director

.........................................
Mark Sheeran
Director

 

Down Pallets Limited

Notes to the Financial Statements for the Period from 6 September 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
46b Cooks Brae
Kirkubbin
Newtownards
BT22 2SG

These financial statements were authorised for issue by the Board on 5 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 5 September 2024 was Simon Hopper FCA, who signed for and on behalf of MBS Chartered Accountants & Registered Auditors.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Down Pallets Limited

Notes to the Financial Statements for the Period from 6 September 2022 to 30 September 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Land and buildings are held a fair value and reviewed on an annual basis by the directors with a professional valuation carried out every 5 years.

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Buildings

No Depreciation

Plant & Machinery

15% Straight line

Office Equipment

15% Straight line

Motor Vehicles

20% Straight line

 

Down Pallets Limited

Notes to the Financial Statements for the Period from 6 September 2022 to 30 September 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Down Pallets Limited

Notes to the Financial Statements for the Period from 6 September 2022 to 30 September 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7.

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

450,000

450,000

At 30 September 2023

450,000

450,000

Amortisation

Amortisation charge

30,000

30,000

At 30 September 2023

30,000

30,000

Carrying amount

At 30 September 2023

420,000

420,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

335,000

96,056

18,200

449,256

At 30 September 2023

335,000

96,056

18,200

449,256

Depreciation

Charge for the period

-

13,227

6,567

19,794

At 30 September 2023

-

13,227

6,567

19,794

Carrying amount

At 30 September 2023

335,000

82,829

11,633

429,462

Included within the net book value of land and buildings above is £335,000 in respect of freehold land and buildings.
 

 

Down Pallets Limited

Notes to the Financial Statements for the Period from 6 September 2022 to 30 September 2023

6

Stocks

2023
£

Raw materials and consumables

9,636

7

Debtors

Current

2023
£

Trade debtors

601,085

Prepayments

2,153

 

603,238

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Trade creditors

 

229,501

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,156,119

Taxation and social security

 

72,840

Accruals and deferred income

 

121,330

Other creditors

 

1,163

 

1,580,953

9

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary Shares of £1 each

1

1

   

10

Parent and ultimate parent undertaking

The company's immediate parent is CJ Sheeran Group Ltd, incorporated in Republic of Ireland.