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REGISTERED NUMBER: 02884957 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

P.R.S. (PALLETS) LIMITED

P.R.S. (PALLETS) LIMITED (Registered number: 02884957)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


P.R.S. (PALLETS) LIMITED

Company Information
for the Year Ended 29 February 2024







DIRECTORS: A C Parkin
D R Parkin





REGISTERED OFFICE: 50 Roundhills
Waltham Abbey
Essex
EN9 1TP





REGISTERED NUMBER: 02884957 (England and Wales)





ACCOUNTANTS: GCA Associates
50 Roundhills
Waltham Abbey
Essex
EN9 1TP

P.R.S. (PALLETS) LIMITED (Registered number: 02884957)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 313,832 139,966

CURRENT ASSETS
Stocks 35,932 21,575
Debtors 5 273,985 198,184
Cash at bank 155,181 198,556
465,098 418,315
CREDITORS
Amounts falling due within one year 6 595,613 394,346
NET CURRENT (LIABILITIES)/ASSETS (130,515 ) 23,969
TOTAL ASSETS LESS CURRENT
LIABILITIES

183,317

163,935

CAPITAL AND RESERVES
Called up share capital 7 150 150
Retained earnings 8 183,167 163,785
SHAREHOLDERS' FUNDS 183,317 163,935

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

P.R.S. (PALLETS) LIMITED (Registered number: 02884957)

Statement of Financial Position - continued
29 February 2024


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 28 September 2024 and were signed on its behalf by:





A C Parkin - Director


P.R.S. (PALLETS) LIMITED (Registered number: 02884957)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

P.R.S. (PALLETS) 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.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Motor vehicles - 10% on reducing balance
Computer equipment - 25% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

P.R.S. (PALLETS) LIMITED (Registered number: 02884957)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 4 ).

4. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 3,950 111,507 471,114 6,144 592,715
Additions - - 208,272 145 208,417
At 29 February 2024 3,950 111,507 679,386 6,289 801,132
DEPRECIATION
At 1 March 2023 - 66,066 381,114 5,569 452,749
Charge for year - 4,544 29,827 180 34,551
At 29 February 2024 - 70,610 410,941 5,749 487,300
NET BOOK VALUE
At 29 February 2024 3,950 40,897 268,445 540 313,832
At 28 February 2023 3,950 45,441 90,000 575 139,966

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors (16,342 ) 40,892
Other debtors 290,327 157,292
273,985 198,184

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 316,393 133,137
Taxation and social security 279,220 177,452
Other creditors - 83,757
595,613 394,346

P.R.S. (PALLETS) LIMITED (Registered number: 02884957)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
150 ordinary 1.00 150 150

8. RESERVES
Retained
earnings
£   

At 1 March 2023 163,785
Profit for the year 37,382
Dividends (18,000 )
At 29 February 2024 183,167