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Registration number: 08322731

R Ingham (Pallets) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

R Ingham (Pallets) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

R Ingham (Pallets) Ltd

(Registration number: 08322731)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

1,111,446

519,179

Investment property

5

138,499

138,499

 

1,249,945

657,678

Current assets

 

Stocks

6

44,500

44,500

Debtors

7

359,798

369,294

Cash at bank and in hand

 

114,615

132,329

 

518,913

546,123

Creditors: Amounts falling due within one year

8

(412,382)

(449,589)

Net current assets

 

106,531

96,534

Total assets less current liabilities

 

1,356,476

754,212

Creditors: Amounts falling due after more than one year

8

(100,645)

(96,586)

Provisions for liabilities

(61,979)

(45,747)

Net assets

 

1,193,852

611,879

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

546,902

-

Retained earnings

646,850

611,779

Shareholders' funds

 

1,193,852

611,879

 

R Ingham (Pallets) Ltd

(Registration number: 08322731)
Balance Sheet as at 31 January 2025

For the financial year ending 31 January 2025 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.

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 

.........................................
P Ingham
Director

 

R Ingham (Pallets) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

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

The address of its registered office is:
The Sawmills
Gorse Street
Blackburn
Lancashire
BB1 3EU
England

These financial statements were authorised for issue by the Board on 17 April 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) 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.

 

R Ingham (Pallets) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Plant and machinery

20% reducing balance

Office equipment

25% reducing balance

Furniture and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Land and buildings

2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

R Ingham (Pallets) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

R Ingham (Pallets) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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.

Leases

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2024 - 16).

 

R Ingham (Pallets) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2024

350,543

30,423

63,464

192,130

636,560

Revaluations

489,545

-

-

-

489,545

Additions

9,912

815

63,785

38,732

113,244

Disposals

-

-

-

(7,200)

(7,200)

At 31 January 2025

850,000

31,238

127,249

223,662

1,232,149

Depreciation

At 1 February 2024

50,347

22,437

10,738

33,859

117,381

Charge for the year

7,011

1,808

20,924

33,300

63,043

Eliminated on disposal

-

-

-

(2,363)

(2,363)

Revaluations

(57,358)

-

-

-

(57,358)

At 31 January 2025

-

24,245

31,662

64,796

120,703

Carrying amount

At 31 January 2025

850,000

6,993

95,587

158,866

1,111,446

At 31 January 2024

300,196

7,986

52,726

158,271

519,179

Revaluation

The fair value of the company's property was revalued on 5 December 2024 by an independent valuer . The name and qualification of the independent valuer are Brent Forbes (BSc MRICS).
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £303,097 (2024 - £300,196).

5

Investment properties

2025
£

At 1 February

138,499

At 31 January

138,499

6

Stocks

2025
£

2024
£

Other inventories

44,500

44,500

 

R Ingham (Pallets) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

7

Debtors

Current

2025
£

2024
£

Trade debtors

287,145

336,819

Prepayments

23,955

20,475

Other debtors

48,698

12,000

 

359,798

369,294

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

46,419

31,599

Trade creditors

 

282,057

328,991

Taxation and social security

 

76,555

82,130

Accruals and deferred income

 

1,900

1,750

Other creditors

 

5,451

5,119

 

412,382

449,589


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £46,419 (2024 - £31,599)

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

100,645

96,586


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £100,645 (2024 - £96,586).

 

R Ingham (Pallets) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

546,902

546,902

10

Loans and borrowings

2025
£

2024
£

Non-current loans and borrowings

Bank borrowings

65,905

85,201

Hire purchase contracts

34,740

11,385

100,645

96,586

2025
£

2024
£

Current loans and borrowings

Bank borrowings

16,908

14,520

Hire purchase contracts

29,511

17,079

46,419

31,599

Bank loans and hire purchase contracts are secured on the assets to which they relate.

 

R Ingham (Pallets) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

11

Related party transactions

Transactions with directors

2025

At 1 February 2024
£

Advances to director
£

Repayments by director
£

At 31 January 2025
£

P Ingham

Director loan account

78

(117,699)

92,000

(25,621)

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

P Ingham

Director loan account

6,257

(86,179)

80,000

78