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REGISTERED NUMBER: 03112231 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Pallet Express Systems Limited

Pallet Express Systems Limited (Registered number: 03112231)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Pallet Express Systems Limited (Registered number: 03112231)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 547,346 419,303
Investments 6 10,020 10,020
557,366 429,323

CURRENT ASSETS
Debtors 7 582,179 514,273
Cash at bank 144,851 168,511
727,030 682,784
CREDITORS
Amounts falling due within one year 8 620,307 511,729
NET CURRENT ASSETS 106,723 171,055
TOTAL ASSETS LESS CURRENT LIABILITIES 664,089 600,378

CREDITORS
Amounts falling due after more than one year 9 (149,620 ) (117,004 )

PROVISIONS FOR LIABILITIES (135,391 ) (101,164 )
NET ASSETS 379,078 382,210

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 378,978 382,110
SHAREHOLDERS' FUNDS 379,078 382,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Pallet Express Systems Limited (Registered number: 03112231)

Balance Sheet - continued
31 October 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 May 2025 and were signed on its behalf by:




Mr W G Bowers - Director Mr M W Bowers - Director




Ms A L Bowers - Director


Pallet Express Systems Limited (Registered number: 03112231)

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

1. STATUTORY INFORMATION

Pallet Express Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03112231

Registered office: Excellence House
Dalewood Road
Lymedale Business Park
Newcastle-under-Lyme
Staffordshire
ST5 9QH

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the services supplied.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, has been amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Pallet Express Systems Limited (Registered number: 03112231)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 33 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 255,825
AMORTISATION
At 1 November 2023
and 31 October 2024 255,825
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

Pallet Express Systems Limited (Registered number: 03112231)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2023 508,128 141,758 935,920 1,585,806
Additions 28,241 3,294 218,000 249,535
Disposals - - (45,498 ) (45,498 )
At 31 October 2024 536,369 145,052 1,108,422 1,789,843
DEPRECIATION
At 1 November 2023 433,037 103,090 630,376 1,166,503
Charge for year 17,124 8,643 89,591 115,358
Eliminated on disposal - - (39,364 ) (39,364 )
At 31 October 2024 450,161 111,733 680,603 1,242,497
NET BOOK VALUE
At 31 October 2024 86,208 33,319 427,819 547,346
At 31 October 2023 75,091 38,668 305,544 419,303

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2023 36,124 316,677 352,801
Additions 23,235 218,000 241,235
Disposals - (7,998 ) (7,998 )
Transfer to ownership - (83,950 ) (83,950 )
At 31 October 2024 59,359 442,729 502,088
DEPRECIATION
At 1 November 2023 10,020 128,799 138,819
Charge for year 6,834 61,492 68,326
Eliminated on disposal - (6,153 ) (6,153 )
Transfer to ownership - (62,222 ) (62,222 )
At 31 October 2024 16,854 121,916 138,770
NET BOOK VALUE
At 31 October 2024 42,505 320,813 363,318
At 31 October 2023 26,104 187,878 213,982

Pallet Express Systems Limited (Registered number: 03112231)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 November 2023
and 31 October 2024 20 10,000 10,020
NET BOOK VALUE
At 31 October 2024 20 10,000 10,020
At 31 October 2023 20 10,000 10,020

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 524,888 458,046
Other debtors 57,291 56,227
582,179 514,273

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 25,000 25,000
Hire purchase contracts 145,787 67,567
Trade creditors 191,062 176,230
Amounts owed to group undertakings 56,241 25,000
Taxation and social security 186,199 200,856
Other creditors 16,018 17,076
620,307 511,729

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 18,750 43,750
Hire purchase contracts 130,870 73,254
149,620 117,004

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 276,657 140,821

The bank loan is secured by legal charge over the property at Excellence House, Dalewood Road. This property is owned by the group parent company Magnolio Holdings Limited.

Hire purchase liabilities are secured over the assets to which they relate.

Pallet Express Systems Limited (Registered number: 03112231)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

11. ULTIMATE CONTROLLING PARTY

The controlling party is Magnolio Holdings Limited.

W G Bowers and his wife have ultimate control by virtue of their combined shareholding in the parent company Magnolio Holdings Limited.