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Registration number: 14433059

Pallet Corporation Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Pallet Corporation Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Pallet Corporation Ltd

Company Information

Director

Mr S Kasapoglu

Registered office

Pallet Corporation Ltd
Western International Market
Hayes Road
Southall
Middlesex
UB2 5XJ

Accountants

Sterling Grove Accountants Limited
Chartered Certified AccountantsFawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Pallet Corporation Ltd

(Registration number: 14433059)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

33,603

30,036

Current assets

 

Debtors

5

44,373

39,504

Cash at bank and in hand

 

44,251

26,362

 

88,624

65,866

Creditors: Amounts falling due within one year

6

(119,308)

(95,236)

Net current liabilities

 

(30,684)

(29,370)

Net assets

 

2,919

666

Capital and reserves

 

Called up share capital

10

10

Retained earnings

2,909

656

Shareholders' funds

 

2,919

666

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 April 2025
 

.........................................
Mr S Kasapoglu
Director

 

Pallet Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Pallet Corporation Ltd
Western International Market
Hayes Road
Southall
Middlesex
UB2 5XJ
United Kingdom

These financial statements were authorised for issue by the director on 24 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 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.

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 and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current 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 Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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

Office equipment

25% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

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. 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.

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.

Share capital

Ordinary shares are classified as equity.

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.

 

Pallet Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Pallet Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

279

32,500

32,779

Additions

817

11,500

12,317

At 31 October 2024

1,096

44,000

45,096

Depreciation

At 1 November 2023

35

2,708

2,743

Charge for the year

104

8,646

8,750

At 31 October 2024

139

11,354

11,493

Carrying amount

At 31 October 2024

957

32,646

33,603

At 31 October 2023

244

29,792

30,036

5

Debtors

Current

2024
£

2023
£

Trade debtors

33,440

38,370

Prepayments

595

300

Other debtors

10,338

834

 

44,373

39,504

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

23,064

15,356

Accruals and deferred income

1,500

1,500

Other creditors

94,744

78,380

119,308

95,236

 

Pallet Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

Advanced

10,000

10,000

At end of period

10,000

10,000

Terms of loans to related parties

The loan to the related party is interest free, and has no fixed repayment terms.