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Registration number: NI058498

Derryadd Pallets Ltd

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Derryadd Pallets Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Derryadd Pallets Ltd

Company Information

Directors

Ashleigh Doyle

Fergal Moran

Mark Sheeran

Registered office

78 Crowhill Road
Craigavon
BT66 7AT

Auditors

MBS Chartered Accountants & Registered Auditors 3 High Street
Larne
BT40 1JN

 

Derryadd Pallets Ltd

(Registration number: NI058498)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

699,223

451,646

Current assets

 

Stocks

6

206,721

151,158

Debtors

7

646,264

415,373

Cash at bank and in hand

 

364,335

59,420

 

1,217,320

625,951

Creditors: Amounts falling due within one year

8

(1,194,644)

(479,234)

Net current assets

 

22,676

146,717

Total assets less current liabilities

 

721,899

598,363

Creditors: Amounts falling due after more than one year

8

(17,983)

(70,769)

Provisions for liabilities

(24,171)

(28,612)

Net assets

 

679,745

498,982

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

104,738

-

Retained earnings

574,907

498,882

Shareholders' funds

 

679,745

498,982

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.

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 

.........................................
Ashleigh Doyle
Director

.........................................
Mark Sheeran
Director

 

Derryadd Pallets Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
78 Crowhill Road
Craigavon
BT66 7AT
Northern Ireland

These financial statements were authorised for issue by the Board on 20 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 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.

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 20 June 2025 was S Hopper FCA, who signed for and on behalf of MBS Chartered Accountants & Registered Auditors.

.........................................

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.

 

Derryadd Pallets Ltd

Notes to the Financial Statements for the Year Ended 31 December 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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/Vehicles

20%, reducing balance

Computer Equipment

20%, reducing balance

Fixtures & Fittings

20%, reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% of cost

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.

 

Derryadd Pallets Ltd

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

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.

 

Derryadd Pallets Ltd

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

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 year, was 21 (2023 - 21).

 

Derryadd Pallets Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

100,000

100,000

At 31 December 2024

100,000

100,000

Amortisation

At 1 January 2024

100,000

100,000

At 31 December 2024

100,000

100,000

Carrying amount

At 31 December 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

337,199

599,149

936,348

Revaluations

104,738

-

104,738

Additions

163,063

162,510

325,573

Disposals

-

(200,060)

(200,060)

At 31 December 2024

605,000

561,599

1,166,599

Depreciation

At 1 January 2024

-

484,702

484,702

Charge for the year

-

62,609

62,609

Eliminated on disposal

-

(79,935)

(79,935)

At 31 December 2024

-

467,376

467,376

Carrying amount

At 31 December 2024

605,000

94,223

699,223

At 31 December 2023

337,199

114,447

451,646

Included within the net book value of land and buildings above is £605,000 (2023 - £337,199) in respect of freehold land and buildings.
 

 

Derryadd Pallets Ltd

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

6

Stocks

2024
£

2023
£

Raw materials and consumables

206,721

151,158

7

Debtors

Current

2024
£

2023
£

Trade debtors

454,452

414,865

Amounts owed by related parties

188,559

-

Prepayments

3,253

508

 

646,264

415,373

 

Derryadd Pallets Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

58,817

150,651

Trade creditors

 

75,668

87,737

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

 

869,502

-

Taxation and social security

 

131,539

139,383

Accruals and deferred income

 

55,776

23,243

Other creditors

 

3,342

78,220

 

1,194,644

479,234

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

17,983

70,769

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

104,738

104,738

 

Derryadd Pallets Ltd

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

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

15,107

Hire purchase contracts

17,983

55,662

17,983

70,769

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,642

10,648

Hire purchase contracts

43,175

48,673

Other borrowings

-

91,330

58,817

150,651

Other borrowings

The carrying amount of Loans and borrowings at year end is £662,203 (2023 - £150,651).

12

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £511.67) per ordinary share

-

51,167

 

 

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

19,590

 

Derryadd Pallets Ltd

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

14

Parent and ultimate parent undertaking

Transactions with other companies in the CJ Sheeran Group Limited are not disclosed as the company has taken advantage of the exemption available to wholly owned members of a group under FRS "Related Party Disclosures".

 The company's immediate parent is CJ Sheeran Group Limited, incorporated in Ireland.