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Registration number: NI058498

Derryadd Pallets Ltd

Filleted Financial Statements

for the Period from 1 May 2023 to 31 December 2023

 

Derryadd Pallets Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Derryadd Pallets Ltd

Company Information

Directors

Ashleigh Doyle

Fergal Moran

Mark Sheeran

Registered office

78 Crowhill Road
Craigavon
BT66 7AT

Auditors

MBS Chartered Accountants & Registered Auditors
3 High Street
Larne
BT40 1JN

 

Derryadd Pallets Ltd

(Registration number: NI058498)
Balance Sheet as at 31 December 2023

Note

2023
£

2023
£

Fixed assets

 

Tangible assets

5

451,646

486,185

Current assets

 

Stocks

6

151,158

166,336

Debtors

7

415,373

426,228

Cash at bank and in hand

 

59,420

150,330

 

625,951

742,894

Creditors: Amounts falling due within one year

8

(479,234)

(529,245)

Net current assets

 

146,717

213,649

Total assets less current liabilities

 

598,363

699,834

Creditors: Amounts falling due after more than one year

8

(70,769)

(148,032)

Provisions for liabilities

(28,612)

-

Net assets

 

498,982

551,802

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

498,882

551,702

Shareholders' funds

 

498,982

551,802

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Ashleigh Doyle
Director

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Period from 1 May 2023 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
78 Crowhill Road
Craigavon
BT66 7AT
Northern Ireland

These financial statements were authorised for issue by the Board on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 29 November 2024 was S Hopper FCA, who signed for and on behalf of MBS Chartered Accountants & Registered Auditors.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Period from 1 May 2023 to 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Period from 1 May 2023 to 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Period from 1 May 2023 to 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 21 (2023 - 23).

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Period from 1 May 2023 to 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

100,000

100,000

At 31 December 2023

100,000

100,000

Amortisation

At 1 May 2023

100,000

100,000

At 31 December 2023

100,000

100,000

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

337,199

594,074

931,273

Additions

-

5,075

5,075

At 31 December 2023

337,199

599,149

936,348

Depreciation

At 1 May 2023

-

445,088

445,088

Charge for the period

-

39,614

39,614

At 31 December 2023

-

484,702

484,702

Carrying amount

At 31 December 2023

337,199

114,447

451,646

At 30 April 2023

337,199

148,986

486,185

Included within the net book value of land and buildings above is £337,199 (2023 - £337,199) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2023
£

Raw materials and consumables

151,158

166,336

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Period from 1 May 2023 to 31 December 2023

7

Debtors

Current

2023
£

2023
£

Trade debtors

414,865

423,392

Prepayments

508

2,836

 

415,373

426,228

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Period from 1 May 2023 to 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2023
£

Due within one year

 

Loans and borrowings

10

150,651

81,086

Trade creditors

 

87,737

223,643

Taxation and social security

 

139,383

131,562

Accruals and deferred income

 

23,243

15,679

Other creditors

 

78,220

77,275

 

479,234

529,245

Creditors: amounts falling due after more than one year

Note

2023
£

2023
£

Due after one year

 

Loans and borrowings

10

70,769

148,032

9

Share capital

Allotted, called up and fully paid shares

2023

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2023
£

Bank borrowings

15,107

58,764

Hire purchase contracts

55,662

89,268

70,769

148,032

Current loans and borrowings

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Period from 1 May 2023 to 31 December 2023

2023
£

2023
£

Bank borrowings

10,648

36,173

Hire purchase contracts

48,673

44,913

Other borrowings

91,330

-

150,651

81,086

11

Dividends

2023

2023

£

£

Interim dividend of £511.67 (2023 - £665.51) per ordinary share

51,167

66,551

 

 

12

Related party transactions

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Period from 1 May 2023 to 31 December 2023

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

2023
£

Remuneration

19,590

17,047

13

Parent and ultimate parent undertaking

Transactions with other companies in the CJ Sheeran Group Limited are not disclosed as the company has taken advantage of the exemption available to wholly owned members of a group under FRS "Related Party Disclosures".

 The company's immediate parent is CJ Sheeran Group Limited, incorporated in Ireland.

 

The parent of the largest group in which these financial statements are consolidated is CJ Sheeran Group Limited, incorporated in Republic of Ireland.

The address of CJ Sheeran Group Limited is:
Shannon Street,
Mountrath,
Co. Laois,
R32 RRX8,