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Registered number: 04340971










FOX'S PALLETS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FOX'S PALLETS LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Notes to the financial statements
 
 
3 - 11


 
FOX'S PALLETS LIMITED
REGISTERED NUMBER: 04340971

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,562,306
1,522,742

Current assets
  

Stocks and work in progress
  
365,610
377,205

Debtors: amounts falling due within one year
 6 
1,601,697
1,531,177

Cash at bank and in hand
 7 
263
874

  
1,967,570
1,909,256

Creditors: amounts falling due within one year
 8 
(2,197,883)
(1,994,581)

Net current liabilities
  
 
 
(230,313)
 
 
(85,325)

Total assets less current liabilities
  
1,331,993
1,437,417

Creditors: amounts falling due after more than one year
 9 
(1,058,178)
(1,076,142)

Provisions for liabilities
  

Deferred tax
 10 
(150,325)
(134,825)

Net assets
  
123,490
226,450


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
123,390
226,350

  
123,490
226,450


Page 1

 
FOX'S PALLETS LIMITED
REGISTERED NUMBER: 04340971
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R L J Fox
Director

Date: 22 November 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FOX'S PALLETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

The principal activity of the company during the year was that of the wholesale of wood, construction materials and sanitary equipment and is expected to remain so for the foreseeable future. The company is a private company, limited by shares and is incorporated and domiciled in the UK. The address of its registered office is Century House, The Lakes, Northampton, NN4 7HD

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Director has looked forward 12 months and have concluded that the Company should be able to operate within its current cash resources for the foreseeable future and therefore believe it is appropriate to prepare these financial statements on a going concern basis.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
FOX'S PALLETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
FOX'S PALLETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
FOX'S PALLETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.12
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25% reducing balance
Motor vehicles
-
15% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
FOX'S PALLETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.19

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 29 (2022 - 34).


4.


INTANGIBLE ASSETS




Goodwill

£



Cost


At 1 January 2023
15,000



At 31 December 2023

15,000



Amortisation


At 1 January 2023
15,000



At 31 December 2023

15,000



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 7

 
FOX'S PALLETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
933,112
1,050,535
2,617
1,986,264


Additions
150,200
266,800
-
417,000


Disposals
(80,130)
(104,480)
-
(184,610)



At 31 December 2023

1,003,182
1,212,855
2,617
2,218,654



Depreciation


At 1 January 2023
170,804
291,071
1,647
463,522


Charge for the year on owned assets
121,638
174,671
144
296,453


Disposals
(64,343)
(39,284)
-
(103,627)



At 31 December 2023

228,099
426,458
1,791
656,348



Net book value



At 31 December 2023
775,083
786,397
826
1,562,306



At 31 December 2022
762,308
759,464
970
1,522,742


6.


DEBTORS

2023
2022
£
£


Trade debtors
1,327,916
1,301,915

Other debtors
185,367
130,419

Prepayments and accrued income
60,706
77,521

Tax recoverable
27,708
21,322

1,601,697
1,531,177


Page 8

 
FOX'S PALLETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
263
874

Less: bank overdrafts
(57,596)
-

(57,333)
874



8.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
57,596
-

Bank loans
11,274
13,548

Trade creditors
481,007
433,624

Corporation tax
-
27,718

Other taxation and social security
250,562
210,673

Obligations under finance lease and hire purchase contracts
356,732
300,158

Other creditors
1,037,712
1,005,860

Accruals and deferred income
3,000
3,000

2,197,883
1,994,581


Bank loans are secured by a fixed and floating charge over the undertaking and assets of the Company.
The hire purchase contracts are secured on the related assets of the Company. 
The Company has a Invoice Financing agreement with Close Brothers Limited, this is secured by a fixed and floating charge over the assets of the Company.

Page 9

 
FOX'S PALLETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
11,274

Net obligations under finance leases and hire purchase contracts
1,058,178
1,064,868

1,058,178
1,076,142


Bank loans are secured by a fixed and floating charge over the undertaking and assets of the Company.
The hire purchase contracts are secured on the related assets of the Company. 
The Company has a Invoice Financing agreement with Close Brothers Limited, this is secured by a fixed and floating charge over the assets of the Company.


10.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(134,825)
(118,422)


Charged to profit or loss
(15,500)
(16,403)



At end of year
(150,325)
(134,825)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(385,471)
(374,427)

Tax losses carried forward
235,146
239,602

(150,325)
(134,825)

Page 10

 
FOX'S PALLETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


RELATED PARTY TRANSACTIONS

The company was under the control of the directors throughout the current and previous year.
At 31 December 2023, Mr R L J Fox owed £83,717 to the company in respect of his director's loan account (2022: £80,008). 

At 31 December 2023, Mr P L Fox was owed £20,314 by the company in respect of his director's loan account (2022: owed to the Company  £1,251).
Interest has been charged on these loan at 2.5%.
The loans are unsecured and have no set repayment date.
At 31 December 2023, £59,964 (2022: £Nil) was owed by FANDL Logistics Ltd, a Company with a common Director. 

 
Page 11