Mobile Pallets Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01722241 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

MOBILE PALLETS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Hollingworth

SECRETARY:

Mrs Mumford

REGISTERED OFFICE:

Riverside Works

Egmont Street

Mossley

Ashton Under Lyne

OL5 9PY

REGISTERED NUMBER:

01722241 (England and Wales)

ACCOUNTANTS:

BTMR Limited

Century Buildings

14 St Mary's Parsonage

Manchester

M3 2DF

BANKERS:

Barclays Bank PLC

1 Yorkshire Street

Rochdale

Lancashire

FIXED ASSETS

Tangible assets

4

25,969

31,304

Investments

5

12,630

12,630

38,599

43,934

CURRENT ASSETS

Stocks

127,725

162,800

Debtors

6

279,970

360,278

Cash at bank and in hand

1,980

1,754

409,675

524,832

CREDITORS

Amounts falling due within one year

7

428,003

460,648

NET CURRENT (LIABILITIES)/ASSETS

(18,328

)

64,184

TOTAL ASSETS LESS CURRENT LIABILITIES

20,271

108,118

CREDITORS

Amounts falling due after more than one year

8

7,500

-

NET ASSETS

12,771

108,118

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

12,671

108,018

12,771

108,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 November 2020 and were signed by:

A Hollingworth - Director

1.	STATUTORY INFORMATION

Mobile Pallets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is accounted for as revenue when, and to the extent that, the company obtains a right to consideration in exchange for its performance of its obligations under the sales contract with the customer. The amount reported as revenue is the fair value of the right to consideration - usually the price specified in the contractual arrangement net of discounts and net of VAT, and after any allowance for credit risk and other uncertainties.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Tangible fixed assets are initially recorded at cost.

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2018 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2019

128,772

8,570

137,342

Additions

18,000

667

18,667

Disposals

(62,905

)

-

(62,905

)

At 31 December 2019

83,867

9,237

93,104

DEPRECIATION

At 1 January 2019

99,030

7,008

106,038

Charge for year

4,248

335

4,583

Eliminated on disposal

(43,486

)

-

(43,486

)

At 31 December 2019

59,792

7,343

67,135

NET BOOK VALUE

At 31 December 2019

24,075

1,894

25,969

At 31 December 2018

29,742

1,562

31,304

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

18,000

At 31 December 2019

18,000

DEPRECIATION

Charge for year

2,700

At 31 December 2019

2,700

NET BOOK VALUE

At 31 December 2019

15,300

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2019

and 31 December 2019

12,630

NET BOOK VALUE

At 31 December 2019

12,630

At 31 December 2018

12,630

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

273,960

345,702

Amounts owed by associates

-

3,959

Other debtors

6,010

10,617

279,970

360,278

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

25,367

19,308

Hire purchase contracts (see note 9)

6,000

-

Trade creditors

355,884

407,440

Amounts owed to associates

13,397

-

Taxation and social security

21,863

27,977

Other creditors

5,492

5,923

428,003

460,648

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts (see note 9)

7,500

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.19

31.12.18

£

£

Net obligations repayable:

Within one year

6,000

-

Between one and five years

7,500

-

13,500

-

Non-cancellable

operating leases

31.12.19

31.12.18

£

£

Within one year

48,000

-

Between one and five years

84,000

-

132,000

-