SA1 PALLETS LIMITED Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07678537

SA1 PALLETS LIMITED

Filleted Unaudited Financial Statements

30 June 2018

SA1 PALLETS LIMITED

Statement of Financial Position

30 June 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		9,120	3,600

Current assets

Cash at bank and in hand	298		–

Creditors: amounts falling due within one year	6	10,998		8,183
		--------		-------
Net current liabilities			10,700	8,183
			--------	-------
Total assets less current liabilities			( 1,580)	( 4,583)

Creditors: amounts falling due after more than one year	7	5,396	–
		-------	-------
Net liabilities		( 6,976)	( 4,583)
		-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 6,977)	( 4,584)
	-------	-------
Shareholders deficit	( 6,976)	( 4,583)
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

SA1 PALLETS LIMITED

Statement of Financial Position (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 5 December 2018 , and are signed on behalf of the board by:

MR DAVID WALKER
Director

Company registration number: 07678537

SA1 PALLETS LIMITED

Notes to the Financial Statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in England and Wales.

The address of the registered office is 41 WERN ROAD, LANDORE, SWANSEA,

SA1 2PA, WEST GLAM.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

		-	20% straight line
		-	20% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2017: 4 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 July 2017	6,000	–	6,000
Additions	–	8,400	8,400
	-------	-------	--------
At 30 June 2018	6,000	8,400	14,400
	-------	-------	--------
Depreciation
At 1 July 2017	2,400	1,680	4,080
Charge for the year	1,200	–	1,200
	-------	-------	--------
At 30 June 2018	3,600	1,680	5,280
	-------	-------	--------
Carrying amount
At 30 June 2018	2,400	6,720	9,120
	-------	-------	--------
At 30 June 2017	3,600	( 1,680)	1,920
	-------	-------	--------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	286
Trade creditors	1,701	1,424
Other creditors	9,297	6,473
	--------	-------
	10,998	8,183
	--------	-------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	5,396	–
	-------	----

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
MR DAVID WALKER	6,473	2,823	9,296
	-------	-------	-------

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
MR DAVID WALKER	6,173	300	6,473
	-------	----	-------

9. Related party transactions