Pallet Suppliers Limited 02889666 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the manufacture, repair and distribution of wooden pallets. The company is also a self storage provider. Digita Accounts Production Advanced 6.30.9574.0 true true 02889666 2023-07-01 2024-06-30 02889666 2024-06-30 02889666 core:CurrentFinancialInstruments 2024-06-30 02889666 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 02889666 core:FurnitureFittingsToolsEquipment 2024-06-30 02889666 core:LandBuildings 2024-06-30 02889666 core:MotorVehicles 2024-06-30 02889666 bus:SmallEntities 2023-07-01 2024-06-30 02889666 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 02889666 bus:FilletedAccounts 2023-07-01 2024-06-30 02889666 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 02889666 bus:RegisteredOffice 2023-07-01 2024-06-30 02889666 bus:Director2 2023-07-01 2024-06-30 02889666 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02889666 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 02889666 core:LandBuildings 2023-07-01 2024-06-30 02889666 core:MotorVehicles 2023-07-01 2024-06-30 02889666 core:PlantMachinery 2023-07-01 2024-06-30 02889666 countries:AllCountries 2023-07-01 2024-06-30 02889666 2023-06-30 02889666 core:FurnitureFittingsToolsEquipment 2023-06-30 02889666 core:LandBuildings 2023-06-30 02889666 core:MotorVehicles 2023-06-30 02889666 2022-07-01 2023-06-30 02889666 2023-06-30 02889666 core:CurrentFinancialInstruments 2023-06-30 02889666 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 02889666 core:FurnitureFittingsToolsEquipment 2023-06-30 02889666 core:LandBuildings 2023-06-30 02889666 core:MotorVehicles 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 02889666

Pallet Suppliers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Pallet Suppliers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Pallet Suppliers Limited

(Registration number: 02889666)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

435,548

447,998

Current assets

 

Stocks

5

6,500

13,300

Debtors

6

142,095

159,072

Cash at bank and in hand

 

638,384

602,340

 

786,979

774,712

Creditors: Amounts falling due within one year

7

(126,380)

(167,577)

Net current assets

 

660,599

607,135

Total assets less current liabilities

 

1,096,147

1,055,133

Provisions for liabilities

(63,408)

(65,773)

Net assets

 

1,032,739

989,360

Capital and reserves

 

Called up share capital

104

104

Revaluation reserve

240,062

240,062

Retained earnings

792,573

749,194

Shareholders' funds

 

1,032,739

989,360

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

Pallet Suppliers Limited

(Registration number: 02889666)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

.........................................
Mr N C Vowles
Director

 

Pallet Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Grove Lane
Marston Trading Estate
Frome
Somerset
BA11 4AT
England

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.

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.

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.

 

Pallet Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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:

Asset class

Depreciation method and rate

Land and buildings

Nil

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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.

 

Pallet Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Pallet Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

398,198

136,935

16,000

551,133

At 30 June 2024

398,198

136,935

16,000

551,133

Depreciation

At 1 July 2023

-

90,417

12,718

103,135

Charge for the year

-

11,629

821

12,450

At 30 June 2024

-

102,046

13,539

115,585

Net book value

At 30 June 2024

398,198

34,889

2,461

435,548

At 30 June 2023

398,198

46,518

3,282

447,998

5

Stocks

2024
£

2023
£

Stock

6,500

13,300

6

Debtors

2024
£

2023
£

Trade debtors

135,791

149,980

Other debtors

6,304

7,862

Prepayments

-

1,230

142,095

159,072

 

Pallet Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,901

7,947

Taxation and social security

73,764

71,886

Accruals and deferred income

3,465

2,633

Other creditors

43,250

85,111

126,380

167,577