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Registration number: 11256434

Westexe Pallet Storage Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Westexe Pallet Storage Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Westexe Pallet Storage Limited

Company Information

Directors

R C Carter

A R B Carter

R A B Carter

M R Carter

Registered office

Greendale Business Park
Woodbury Salterton
Devon
EX5 1EW

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Westexe Pallet Storage Limited

(Registration number: 11256434)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

199,463

285,831

Current assets

 

Stocks

5

3,703

5,359

Debtors

6

899,627

601,684

Cash at bank and in hand

 

345,134

337,047

 

1,248,464

944,090

Creditors: Amounts falling due within one year

7

(374,806)

(424,500)

Net current assets

 

873,658

519,590

Total assets less current liabilities

 

1,073,121

805,421

Creditors: Amounts falling due after more than one year

7

(9,018)

(77,234)

Provisions for liabilities

(381,647)

(64,497)

Net assets

 

682,456

663,690

Capital and reserves

 

Called up share capital

90

90

Retained earnings

682,366

663,600

Shareholders' funds

 

682,456

663,690

 

Westexe Pallet Storage Limited

(Registration number: 11256434)
Balance Sheet as at 31 March 2025

For the financial year 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 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 29 July 2025 and signed on its behalf by:
 

.........................................
Director

.........................................
Director

 

Westexe Pallet Storage Limited

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

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:
Greendale Business Park
Woodbury Salterton
Devon
EX5 1EW

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

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.

 

Westexe Pallet Storage Limited

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

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Property improvements

Over 1 to 10 years straight line

Fixtures, fittings and equipment

Over 1 to 3 years straight line

Motor vehicles

Over 1 to 3 years straight line

Plant and machinery

Over 1 to 10 years straight line

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.

 

Westexe Pallet Storage Limited

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

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Westexe Pallet Storage Limited

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

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.

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 14 (2024 - 14).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2024

405,980

5,599

9,097

30,854

451,530

Additions

2,565

-

-

-

2,565

Disposals

(9,706)

(3,249)

(2,018)

(6,171)

(21,144)

At 31 March 2025

398,839

2,350

7,079

24,683

432,951

Depreciation

At 1 April 2024

131,753

3,549

9,097

21,300

165,699

Charge for the year

87,009

1,175

-

749

88,933

Eliminated on disposal

(9,706)

(3,249)

(2,018)

(6,171)

(21,144)

At 31 March 2025

209,056

1,475

7,079

15,878

233,488

Carrying amount

At 31 March 2025

189,783

875

-

8,805

199,463

At 31 March 2024

274,227

2,050

-

9,554

285,831

Included within the net book value of land and buildings above is £189,783 (2024 - £274,227) in respect of short leasehold land and buildings.
 

 

Westexe Pallet Storage Limited

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

5

Stocks

2025
£

2024
£

Other stocks

3,703

5,359

6

Debtors

2025
£

2024
£

Trade debtors

 

476,223

347,363

Amounts owed by related parties

 

150

67,350

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

134,835

134,835

Other debtors

 

-

28,240

Prepayments and accrued income

 

288,419

23,896

Total current trade and other debtors

 

899,627

601,684

7

Creditors

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

68,216

68,216

Trade creditors

 

175,263

62,531

Taxation and social security

 

81,352

6,370

Other creditors

 

937

1,364

Accrued expenses and deferred income

 

49,038

286,019

 

374,806

424,500


Creditors include net obligations under hire purchase contracts which are secured of £58,216 (2024 - £58,216).

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

9,018

77,234


Creditors include net obligations under hire purchase contracts which are secured of £4,851 (2024 - £67,683).

 

Westexe Pallet Storage Limited

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

8

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

10,000

10,000

Hire purchase contracts

58,216

58,216

68,216

68,216

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

4,167

14,167

Hire purchase contracts

4,851

63,067

9,018

77,234

 

Westexe Pallet Storage Limited

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

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £542,992 (2024 - £1,161,279).

Financial commitments not included in the balance sheet relate wholly to leasehold property. Where there is a break clause in the lease, the financial commitment is only recognised up to that date.

10

Deferred tax and other provisions

Deferred tax
£

Other provisions
£

Total
£

At 1 April 2024

62,501

-

62,501

Increase in existing provisions

-

336,000

336,000

Provisions used

(16,854)

-

(16,854)

At 31 March 2025

45,647

336,000

381,647

Other provisions relates to a dilapidation provision in respect of property held on short term lease and a rates provision.

11

Related party transactions

Summary of transactions with other related parties

Westexe Forklifts Limited
 During the year the company extended a loan to Westexe Forklifts Limited, a company with directors in common. At the year end £150 (2024: £67,350) was due from Westexe Forklifts Limited. The loan is interest free and repayable on demand.