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REGISTERED NUMBER: 09652351 (England and Wales)















PALLINC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






PALLINC LIMITED (REGISTERED NUMBER: 09652351)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


PALLINC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: J R Waring
Mrs K Waring
R J Waring
S P Dukes





SECRETARY: J R Waring





REGISTERED OFFICE: Pallinc House
Beehive Business Park
Rand
Lincoln
Lincolnshire
LN8 5NJ





REGISTERED NUMBER: 09652351 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

PALLINC LIMITED (REGISTERED NUMBER: 09652351)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,259,921 2,401,608
Investments 5 19,000 9,908
3,278,921 2,411,516

CURRENT ASSETS
Inventories 444,456 250,000
Debtors 6 2,433,893 1,721,842
Cash at bank - 27
2,878,349 1,971,869
CREDITORS
Amounts falling due within one year 7 3,511,411 2,262,621
NET CURRENT LIABILITIES (633,062 ) (290,752 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,645,859 2,120,764

CREDITORS
Amounts falling due after more than one year 8 (1,944,004 ) (1,477,715 )

PROVISIONS FOR LIABILITIES (188,942 ) (138,408 )
NET ASSETS 512,913 504,641

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 52,785 52,785
Fair value reserve 11 6,819 -
Retained earnings 453,209 451,756
SHAREHOLDERS' FUNDS 512,913 504,641

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

PALLINC LIMITED (REGISTERED NUMBER: 09652351)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 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 1 October 2024 and were signed on its behalf by:





J R Waring - Director


PALLINC LIMITED (REGISTERED NUMBER: 09652351)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Pallinc 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Pallinc Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts.

Turnover from the sale of pallets is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 20% on reducing balance, 12.5% on reducing balance, 10% on cost and 10% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversions and other costs incurred in bring stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.

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.


PALLINC LIMITED (REGISTERED NUMBER: 09652351)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals are paid under operating leases are charged to the income statement on straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's
pension scheme are charged to the income statement in the period to which they relate.

Government grants
Government grant in relation to tangible fixed asset is credited to income statement over the useful life of the related asset.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 76 (2023 - 50 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 730,000 2,128,475 2,858,475
Additions - 1,269,196 1,269,196
Disposals - (207,765 ) (207,765 )
At 30 June 2024 730,000 3,189,906 3,919,906
DEPRECIATION
At 1 July 2023 - 456,867 456,867
Charge for year 12,825 233,400 246,225
Eliminated on disposal - (43,107 ) (43,107 )
At 30 June 2024 12,825 647,160 659,985
NET BOOK VALUE
At 30 June 2024 717,175 2,542,746 3,259,921
At 30 June 2023 730,000 1,671,608 2,401,608

PALLINC LIMITED (REGISTERED NUMBER: 09652351)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. PROPERTY, PLANT AND EQUIPMENT - continued

Cost or valuation at 30 June 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 32,677 - 32,677
Cost 697,323 3,189,906 3,887,229
730,000 3,189,906 3,919,906


5. FIXED ASSET INVESTMENTS

30.6.24 30.6.23
£    £   
Shares in group undertakings 1,000 1,000
Other investments not loans 18,000 8,908
19,000 9,908

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1,000
NET BOOK VALUE
At 30 June 2024 1,000
At 30 June 2023 1,000

Paintings were valued on an open market basis at 30 June 2024 by the Directors.

Investments (neither listed nor unlisted) were as follows:
30.6.24 30.6.23
£    £   
Paintings 18,000 8,908

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 2,045,841 1,575,364
Other debtors 388,052 146,478
2,433,893 1,721,842

PALLINC LIMITED (REGISTERED NUMBER: 09652351)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 33,862 30,531
Hire purchase contracts 454,997 227,891
Trade creditors 1,489,508 874,237
Amounts owed to group undertakings 13,162 26,899
Taxation and social security 93,155 152,729
Other creditors 1,426,727 950,334
3,511,411 2,262,621

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans 308,418 332,829
Hire purchase contracts 1,635,586 1,144,886
1,944,004 1,477,715

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 174,351 198,886

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 332,867 356,768
Hire purchase contracts 2,090,583 1,372,777
Invoice financing 1,106,242 582,414
3,529,692 2,311,959

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 2024 2023
value: £    £   
45 Ordinary A £1 45 45
45 Ordinary B £1 45 45
5 Ordinary C £1 5 5
5 Ordinary D £1 5 5
100 100

PALLINC LIMITED (REGISTERED NUMBER: 09652351)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 July 2023 52,785 - 52,785
Revaluation in the year - 9,092 9,092
Deferred tax - (2,273 ) (2,273 )

At 30 June 2024 52,785 6,819 59,604

12. CAPITAL COMMITMENTS
30.6.24 30.6.23
£    £   
Contracted but not provided for in the
financial statements 805,918 1,051,526