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Registration number: 03985696

County Crest Pallets (UK) Limited

Unaudited Abridged Financial Statements

for the Year Ended 30 September 2024

 

County Crest Pallets (UK) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

County Crest Pallets (UK) Limited

Company Information

Directors

Mrs. K.H. Tracey

Mr. A.E. Tracey

Mr. R. Harris

Company secretary

Mrs. K.H. Tracey

Registered office

First Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

Bankers

National Westminster Bank plc.
Hedge End
2 Lower Northern Road
Hedge End
Southampton
Hampshire
SO30 4PA

Accountants

Palmer, Riley & Co.
Chartered AccountantsFirst Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

 

County Crest Pallets (UK) Limited

(Registration number: 03985696)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,864

10,270

Current assets

 

Stocks

5

1,375

2,350

Debtors

28,691

47,212

Cash at bank and in hand

 

914

9,471

 

30,980

59,033

Creditors: Amounts falling due within one year

(75,619)

(63,934)

Net current liabilities

 

(44,639)

(4,901)

Total assets less current liabilities

 

(36,775)

5,369

Creditors: Amounts falling due after more than one year

(16,393)

(7,005)

Provisions for liabilities

(1,494)

(1,951)

Accruals and deferred income

 

(2,396)

(2,239)

Net liabilities

 

(57,058)

(5,826)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(57,158)

(5,926)

Shareholders' deficit

 

(57,058)

(5,826)

 

County Crest Pallets (UK) Limited

(Registration number: 03985696)
Abridged Balance Sheet as at 30 September 2024

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 19 May 2025 and signed on its behalf by:
 

.........................................
Mrs. K.H. Tracey
Company secretary and director

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

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

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.

 

County Crest Pallets (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 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:
First Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

The principal place of business is:
Foxwood
Fairthorne Grange Farm
Botley Road
Botley
Hampshire
SO30 2HB

These financial statements were authorised for issue by the Board on 19 May 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 abridged 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 abridged 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;
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.

 

County Crest Pallets (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

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:

Asset class

Depreciation method and rate

Plant & Machinery

15% per annum on net book value

Motor Vehicles

25% per annum on net book value

Office Equipment

15% per annum on net book value

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.

 

County Crest Pallets (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 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.

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.

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 9 (2023 - 11).

 

County Crest Pallets (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

2,024

34,710

8,177

44,911

Disposals

-

-

(875)

(875)

At 30 September 2024

2,024

34,710

7,302

44,036

Depreciation

At 1 October 2023

1,338

30,589

2,714

34,641

Charge for the year

104

1,030

1,272

2,406

Eliminated on disposal

-

-

(875)

(875)

At 30 September 2024

1,442

31,619

3,111

36,172

Carrying amount

At 30 September 2024

582

3,091

4,191

7,864

At 30 September 2023

686

4,121

5,463

10,270

5

Stocks

2024
£

2023
£

Other inventories

1,375

2,350

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

7

Dividends

2024

2023

£

£

 

 
 

County Crest Pallets (UK) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

2024

2023

£

£

 

 

8

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr. A.E. Tracey

Advances to the director at 2.25% per annum

(11,433)

(15,800)

21,148

(6,085)

Mrs. K.H. Tracey

Advances to the director at 2.5% per annum

(11,433)

(15,800)

21,148

(6,085)

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr. A.E. Tracey

Advances to the director at 2.25% per annum

(12,394)

(23,674)

24,635

(11,433)

Mrs. K.H. Tracey

Advances to the director at 2.5% per annum

(12,394)

(23,674)

24,635

(11,433)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

27,924

27,924

In respect of the highest paid director:

2024
£

2023
£

Remuneration

27,924

12,740