Registration number: NI690888

Down Pallets Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 10

Down Pallets Limited

Company Information

Directors

Fergal Moran Mr Mark Sheeran Mrs Ashleigh Doyle

Registered office

46b Cooks Brae Kirkubbin Newtownards BT22 2SG

Auditors

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

Down Pallets Limited

(Registration number: NI690888)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	347,428	363,750
Tangible assets	5	418,567	430,120
		765,995	793,870
Current assets
Stocks	6	58,702	52,885
Debtors	7	487,190	528,151
Cash at bank and in hand		20,017	74,527
		565,909	655,563
Creditors: Amounts falling due within one year	8	(1,372,167)	(1,451,836)
Net current liabilities		(806,258)	(796,273)
Total assets less current liabilities		(40,263)	(2,403)
Creditors: Amounts falling due after more than one year	8	(12,114)	(30,150)
Net liabilities		(52,377)	(32,553)
Capital and reserves
Called up share capital	9	1	1
Revaluation reserve		15,000	15,000
Retained earnings		(67,378)	(47,554)
Shareholders' deficit		(52,377)	(32,553)

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 11 June 2026 and signed on its behalf by:
 

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

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

Down Pallets Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

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

The address of its registered office is:
46b Cooks Brae
Kirkubbin
Newtownards
BT22 2SG

These financial statements were authorised for issue by the Board on 11 June 2026.

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 11 June 2026 was Simon 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.

Down Pallets Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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.

Land and buildings are held a fair value and reviewed on an annual basis by the directors with a professional valuation carried out every 5 years.

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

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
Freehold Buildings	No Depreciation
Plant & Machinery	20% Straight line
Office Equipment	20% Straight line
Motor Vehicles	20% Straight line

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:

Down Pallets Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Asset class	Amortisation method and rate
Goodwill	Straight line over 10 years

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.

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.

Down Pallets Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2024 - 7).

Down Pallets Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

4	Intangible assets

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2025	450,000	-	450,000
Additions acquired separately	-	30,726	30,726
At 31 December 2025	450,000	30,726	480,726
Amortisation
At 1 January 2025	86,250	-	86,250
Amortisation charge	45,000	2,048	47,048
At 31 December 2025	131,250	2,048	133,298
Carrying amount
At 31 December 2025	318,750	28,678	347,428
At 31 December 2024	363,750	-	363,750

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	350,000	100,514	41,700	492,214
Additions	-	11,777	-	11,777
At 31 December 2025	350,000	112,291	41,700	503,991
Depreciation
At 1 January 2025	-	53,057	9,037	62,094
Charge for the year	-	16,350	6,980	23,330
At 31 December 2025	-	69,407	16,017	85,424
Carrying amount
At 31 December 2025	350,000	42,884	25,683	418,567
At 31 December 2024	350,000	47,457	32,663	430,120

Included within the net book value of land and buildings above is £350,000 (2024 - £350,000) in respect of freehold land and buildings.
 

Down Pallets Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

6

Stocks

	2025 £	2024 £
Raw materials and consumables	58,702	52,885

7

Debtors

Current	2025 £	2024 £
Trade debtors	484,970	519,663
Prepayments	2,220	8,488
	487,190	528,151

Down Pallets Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	11	9,018	-
Trade creditors		249,063	304,706
Amounts owed to group undertakings and undertakings in which the company has a participating interest		1,060,246	1,088,246
Taxation and social security		43,988	45,285
Accruals and deferred income		8,671	12,093
Other creditors		1,181	1,506
		1,372,167	1,451,836

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	11	12,114	30,150

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary Shares of £1 each	1	1	1	1

10

Reserves

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

	Revaluation reserve £	Total £
Surplus/deficit on property, plant and equipment revaluation	15,000	15,000

Down Pallets Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

11	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	12,114	30,150

Current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	9,018	-

12	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 Ltd, incorporated in Republic of Ireland.