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COMPANY REGISTRATION NUMBER: 08835661
PALLETS 4 U LIMITED
Filleted Unaudited Financial Statements
30 January 2024
PALLETS 4 U LIMITED
Statement of Financial Position
30 January 2024
2024
2023
Note
£
£
£
Current assets
Stocks
6,000
6,000
Debtors
5
6,078
5,226
Cash at bank and in hand
9,987
11,261
--------
--------
22,065
22,487
Creditors: amounts falling due within one year
6
102,450
98,551
---------
--------
Net current liabilities
80,385
76,064
--------
--------
Total assets less current liabilities
( 80,385)
( 76,064)
Creditors: amounts falling due after more than one year
7
2,900
4,100
--------
--------
Net liabilities
( 83,285)
( 80,164)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 83,286)
( 80,165)
--------
--------
Shareholders deficit
( 83,285)
( 80,164)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PALLETS 4 U LIMITED
Statement of Financial Position (continued)
30 January 2024
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr N C Swanston
Director
Company registration number: 08835661
PALLETS 4 U LIMITED
Notes to the Financial Statements
Year ended 30 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Artemis House, 4a Bramley Road, Milton Keynes, MK1 1PT, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis, assuming the continued support of the directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 1 ).
5. Debtors
2024
2023
£
£
Trade debtors
2,478
1,626
Other debtors
3,600
3,600
-------
-------
6,078
5,226
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
809
Trade creditors
1,291
Social security and other taxes
1,228
1,326
Other creditors
99,931
96,416
---------
--------
102,450
98,551
---------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,900
4,100
-------
-------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr N C Swanston
( 51,242)
( 13,567)
12,004
( 52,805)
--------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr N C Swanston
( 56,287)
( 92,075)
97,120
( 51,242)
--------
--------
--------
--------
9. Related party transactions
The company was under the control of Mr Swanston throughout the current year. Mr Swanston is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.