Company registration number 03600889 (England and Wales)
THE PALLET COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE PALLET COMPANY LIMITED
CONTENTS
PAGE
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 6
THE PALLET COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
4
627,709
618,109
CURRENT ASSETS
Stocks
123,583
105,379
Debtors
5
2,133,260
705,444
Investments
6
19,284
19,284
Cash at bank and in hand
170,558
1,009,593
2,446,685
1,839,700
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(977,351)
(537,388)
NET CURRENT ASSETS
1,469,334
1,302,312
TOTAL ASSETS LESS CURRENT LIABILITIES
2,097,043
1,920,421
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
8
(23,259)
(107,976)
PROVISIONS FOR LIABILITIES
9
(156,987)
(117,500)
NET ASSETS
1,916,797
1,694,945
CAPITAL AND RESERVES
Called up share capital
10
100
100
Profit and loss reserves
1,916,697
1,694,845
TOTAL EQUITY
1,916,797
1,694,945

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

THE PALLET COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr S Hijazi
DIRECTOR
COMPANY REGISTRATION NO. 03600889
THE PALLET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
ACCOUNTING POLICIES
COMPANY INFORMATION

The Pallet Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charles Street, West Bromwich, West Midlands, B70 0BY.

2.1
ACCOUNTING CONVENTION

These financial statements have been prepared in accordance 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

2.2
TURNOVER

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

2.3
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:

Warehouse improvements
20% on cost
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Motor vehicles
25% on cost

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 credited or charged to profit or loss.

2.4
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

THE PALLET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
ACCOUNTING POLICIES
(Continued)
- 4 -
2.5
STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

2.6
CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.7
TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

 

2.8
RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.9
FOREIGN EXCHANGE

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was 55 (2022 - 37).

THE PALLET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
TANGIBLE FIXED ASSETS
Warehouse improvement
Plant and machinery etc
Total
£
£
£
COST
At 1 January 2023
229,047
1,396,611
1,625,658
Additions
-
0
211,808
211,808
At 31 December 2023
229,047
1,608,419
1,837,466
DEPRECIATION AND IMPAIRMENT
At 1 January 2023
210,227
797,322
1,007,549
Depreciation charged in the year
4,705
197,503
202,208
At 31 December 2023
214,932
994,825
1,209,757
CARRYING AMOUNT
At 31 December 2023
14,115
613,594
627,709
At 31 December 2022
18,820
599,289
618,109
5
DEBTORS
2023
2022
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
560,410
674,067
Amounts owed by group undertakings
1,521,176
-
0
Other debtors
44,168
20,000
Prepayments and accrued income
7,506
11,377
2,133,260
705,444
6
CURRENT ASSET INVESTMENTS
Other investments
19,284
19,284

In 2020 £17,496 was invested by the company in Pallet Logistics Supply Limited during 2022

a further £1,788 was invested.

7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
£
£
Obligations under finance leases
84,716
96,758
Trade creditors
523,272
128,175
Corporation tax
77,408
125,606
Other taxation and social security
100,748
141,202
Other creditors
181,607
38,847
Accruals and deferred income
9,600
6,800
977,351
537,388
THE PALLET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
£
£
Other creditors
23,259
107,976
9
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
BALANCES:
£
£
Accelerated capital allowances
117,500
97,000
117,500
97,000
Deferred tax balances
156,987
117,500
Difference
(39,487)
(20,500)
10
CALLED UP SHARE CAPITAL
2023
2022
£
£
ORDINARY SHARE CAPITAL
ISSUED AND FULLY PAID
100  of £1 each
100
100
100
100
11
RELATED PARTY TRANSACTIONS

The director has a loan account with the company. The amount owed the director at the balance sheet date was £24,168 (2022 £30,297 was due to the director).

 

The director owns the property occupied by the company. Rent of £286,500 (2022 - £286,500) was paid during the year.

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