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Registration number: 03048779

Mid-Cheshire Pallets Ltd

Unaudited Filleted Abridged Financial Statements

for the Period from 1 May 2024 to 31 March 2025

 

Mid-Cheshire Pallets Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 12

 

Mid-Cheshire Pallets Ltd

Company Information

Directors

Mr Paul James Rivers

Mr Michael David Gilligan

Company secretary

Mrs Angela Catherine Rivers

Registered office

Leslie Road
Woodford Park Industrial Estate
Winsford
Cheshire
CW7 2RB

 

Mid-Cheshire Pallets Ltd

(Registration number: 03048779)
Abridged Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

982,148

1,019,954

Investments

5

100

100

 

982,248

1,020,054

Current assets

 

Stocks

6

38,492

70,771

Debtors

199,439

232,481

Cash at bank and in hand

 

141,946

56,719

 

379,877

359,971

Prepayments and accrued income

 

20,770

-

Creditors: Amounts falling due within one year

(651,909)

(459,296)

Net current liabilities

 

(251,262)

(99,325)

Total assets less current liabilities

 

730,986

920,729

Creditors: Amounts falling due after more than one year

(103,555)

(356,742)

Provisions for liabilities

(105,543)

(124,543)

Accruals and deferred income

 

(2,600)

(5,719)

Net assets

 

519,288

433,725

Capital and reserves

 

Called up share capital

7

200

200

Revaluation reserve

185,025

185,025

Retained earnings

334,063

248,500

Shareholders' funds

 

519,288

433,725

For the financial period ending 31 March 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 period 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.

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.

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.

 

Mid-Cheshire Pallets Ltd

(Registration number: 03048779)
Abridged Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 24 June 2025 and signed on its behalf by:
 

.........................................
Mr Paul James Rivers
Director

 

Mid-Cheshire Pallets Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2024 to 31 March 2025

1

General information

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

The address of its registered office is:
Leslie Road
Woodford Park Industrial Estate
Winsford
Cheshire
CW7 2RB
United Kingdom

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

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.

 

Mid-Cheshire Pallets Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2024 to 31 March 2025

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 and Machinery

15% Reducing balance

Fixtures and Fittings

15% Reducing balance

Motor Vehicles

15% Reducing balance

Office Equiptment

15% Reducing balance

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.

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.

 

Mid-Cheshire Pallets Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2024 to 31 March 2025

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.

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.

 

Mid-Cheshire Pallets Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2024 to 31 March 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 period, was 16 (2024 - 15).

 

Mid-Cheshire Pallets Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2024 to 31 March 2025

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2024

745,000

6,375

359,682

188,922

1,299,979

At 31 March 2025

745,000

6,375

359,682

188,922

1,299,979

Depreciation

At 1 May 2024

-

5,236

153,983

120,806

280,025

Charge for the period

-

156

28,284

9,366

37,806

At 31 March 2025

-

5,392

182,267

130,172

317,831

Carrying amount

At 31 March 2025

745,000

983

177,415

58,750

982,148

At 30 April 2024

745,000

1,139

205,699

68,116

1,019,954

Included within the net book value of land and buildings above is £745,000 (2024 - £745,000) in respect of freehold land and buildings.
 

 

Mid-Cheshire Pallets Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2024 to 31 March 2025

5

Investments

Total
£

Cost or valuation

At 1 May 2024

100

Provision

Carrying amount

At 31 March 2025

100

At 30 April 2024

100

2025
£

2024
£

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2025

2024

Subsidiary undertakings

Mid-Cheshire Panels Ltd

Leslie Road,
Woodford Park Industrial Estate,
Winsford,
Cheshire,
CW7 2RB

England

Ordinary

100%

100%

Subsidiary undertakings

Mid-Cheshire Panels Ltd

The principal activity of Mid-Cheshire Panels Ltd is that of the production of pannels.

6

Stocks

2025
£

2024
£

Other inventories

38,492

70,771

 

Mid-Cheshire Pallets Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2024 to 31 March 2025

7

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary of £0 (2024 - £1) each

-

-

200

200

Ordinary A of £1 (2024 - £0) each

100

100

-

-

Ordinary B of £1 (2024 - £0) each

70

70

-

-

Ordinary C of £1 (2024 - £0) each

30

30

-

-

200

200

200

200

8

Dividends

Interim dividends paid

2025
£

2024
£

Interim dividend of £123.00 (2024 - £240.00) per each Ordinary

24,600

48,000

Interim dividend of £100.00 (2024 - £Nil) per each Ordinary B

7,000

-

Interim dividend of £80.00 (2024 - £Nil) per each Ordinary C

2,400

-

34,000

48,000

 

Mid-Cheshire Pallets Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2024 to 31 March 2025

9

Related party transactions

Key management personnel

Mr P. Rivers
Mr P. Stanley
Mr D. Gilligan

Summary of transactions with key management

Director loan acoount

 As at the balance sheet date, the company owed Mr Rivers £150,521 (2024: £68,698) in the form of a directors loan. This loan is interest free and repayable upon demand.

As at the balance sheet date, the company owed Mr Stanley £Nil (2024: £1,944) in the form of a directors loan.

As at the balance sheet date, the company owed Mr Gilligan £Nil (2024: £Nil) in the form of a directors loan.

 

Directors' remuneration

The directors' remuneration for the period was as follows:

2025
£

2024
£

Remuneration

18,500

81,249

Contributions paid to money purchase schemes

188

-

18,688

81,249

Summary of transactions with parent

M&M Holdings (Cheshire) Limited
Parent loan

As at the balance sheet date, the company owed M&M Holdings (Cheshire) Limited £150,000 in the form of a parent loan. This loan is interest free and repayable upon demand.

 

Mid-Cheshire Pallets Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2024 to 31 March 2025

Summary of transactions with entities with joint control or significant interest

M & M Pallets Limited
Conntected Entity Transactions

M & M Pallets Limited is connected by the vitue of the parent company M&M Holdings (Cheshire) Limited shareholding in the same.

The subsequent connection is by the virtue of Mr David Gilligan's directorship in the same.

During the period the company made net purchased of £15,215 from M&M Pallets Limited. As at the balance sheet date, the company owed M&M Pallets Limited £NIL in relation to this.

Summary of transactions with subsidiaries

Mid-Cheshire Panels Ltd
Subsidiaries
As at the balance sheet date, the company owed Mid-Cheshire Panels Ltd £100 (2024: £100) in relation so share capital introduction.

10

Parent and ultimate parent undertaking

The company's immediate parent is M & M Holdings (Cheshire) Ltd, incorporated in England & Wales.

 The ultimate controlling party is Mr David & Mrs Maria Gilligan.