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REGISTERED NUMBER: 06483082 (England and Wales)





















Financial Statements

for the Year Ended 31 March 2024

for

N J Smith Pallet Services Limited

N J Smith Pallet Services Limited (Registered number: 06483082)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


N J Smith Pallet Services Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: N J Smith





REGISTERED OFFICE: Newton Cottages
Barking
Needham Market
Suffolk
IP6 8SD





REGISTERED NUMBER: 06483082 (England and Wales)





ACCOUNTANTS: Pinfold & Co
8 Deben Mill Business Centre
Old Maltings Approach
Woodbridge
Suffolk
IP12 1BL

N J Smith Pallet Services Limited (Registered number: 06483082)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 108 145
108 145

CURRENT ASSETS
Stocks 1,000 600
Debtors 85,870 81,443
Cash at bank 1,066 39
87,936 82,082
CREDITORS
Amounts falling due within one year 58,412 55,219
NET CURRENT ASSETS 29,524 26,863
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,632

27,008

CREDITORS
Amounts falling due after more than one
year

6

(25,684

)

(25,043

)

PROVISIONS FOR LIABILITIES 7 (21 ) (28 )
NET ASSETS 3,927 1,937

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 3,827 1,837
SHAREHOLDERS' FUNDS 3,927 1,937

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

N J Smith Pallet Services Limited (Registered number: 06483082)

Abridged Balance Sheet - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 November 2024 and were signed by:





N J Smith - Director


N J Smith Pallet Services Limited (Registered number: 06483082)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

N J Smith Pallet Services 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
The turnover represents net invoiced sales of goods and services, excluding value added tax, arising from the supply and repair of pallets.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

N J Smith Pallet Services Limited (Registered number: 06483082)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 5,000
AMORTISATION
At 1 April 2023
and 31 March 2024 5,000
NET BOOK VALUE

At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 9,199
DEPRECIATION
At 1 April 2023 9,054
Eliminated on disposal 37
At 31 March 2024 9,091
NET BOOK VALUE
At 31 March 2024 108
At 31 March 2023 145

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.24 31.3.23
£    £   
Repayable by instalments
Bank loans more than 5 years 7,119 -

7. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 21 28

N J Smith Pallet Services Limited (Registered number: 06483082)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 28
Provided during year (7 )
Balance at 31 March 2024 21

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

9. SUMMARY OF TRANSACTIONS WITH DIRECTORS

The following advances by and repayments to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
N J Smith
Balance outstanding at start of year (58,032 ) (5,081 )
Amounts advanced 14,000 -
Amounts repaid (9,235 ) (52,951 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (53,267 ) (58,032 )

10. ULTIMATE CONTROLLING PARTY

Mr N J Smith controls the company by virtue of his 100% shareholding.