Pallet Plus Ltd - Accounts to registrar (filleted) - small 18.2

Pallet Plus Ltd - Accounts to registrar (filleted) - small 18.2

PALLET PLUS LTD - Company Information

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REGISTERED NUMBER: 05529345 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

PALLET PLUS LTD
PALLET PLUS LTD (REGISTERED NUMBER: 05529345)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PALLET PLUS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2020







DIRECTOR: G Rowe





REGISTERED OFFICE: Unit 8
Crossways Business Park
17 Frating Road
Great Bromley
Essex
CO7 7JW





REGISTERED NUMBER: 05529345 (England and Wales)





ACCOUNTANTS: Baverstocks
Chartered Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ
Page 1
PALLET PLUS LTD (REGISTERED NUMBER: 05529345)

ABRIDGED BALANCE SHEET
31 AUGUST 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,338,845 747,318

CURRENT ASSETS
Debtors 1,213,548 667,261
Cash at bank and in hand 363,178 146,178
1,576,726 813,439
CREDITORS
Amounts falling due within one year 1,735,020 942,641
NET CURRENT LIABILITIES (158,294 ) (129,202 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,180,551
618,116

CREDITORS
Amounts falling due after more than one
year
(252,978
)
(111,613
)

PROVISIONS FOR LIABILITIES (231,780 ) (122,700 )
NET ASSETS 695,793 383,803

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 695,691 383,701
SHAREHOLDERS' FUNDS 695,793 383,803

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 notes form part of these financial statements

Page 2 continued...
PALLET PLUS LTD (REGISTERED NUMBER: 05529345)

ABRIDGED BALANCE SHEET - continued
31 AUGUST 2020


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 26 November 2020 and were signed by:





G Rowe - Director


The notes form part of these financial statements

Page 3
PALLET PLUS LTD (REGISTERED NUMBER: 05529345)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020

1. STATUTORY INFORMATION

Pallet Plus Ltd 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short Leasehold - Over the term of the Lease
Improvements to Leasehold Property - Over the term of the Lease
Plant and Machinery - 20% on reducing balance
Fixtures and Fittings - 20% on reducing balance
Office Equipment - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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.

Page 4 continued...
PALLET PLUS LTD (REGISTERED NUMBER: 05529345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2019 - 39 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2019 1,245,373
Additions 805,219
At 31 August 2020 2,050,592
DEPRECIATION
At 1 September 2019 498,055
Charge for year 213,692
At 31 August 2020 711,747
NET BOOK VALUE
At 31 August 2020 1,338,845
At 31 August 2019 747,318

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

Totals
£   
COST
At 1 September 2019 547,238
Additions 426,190
Transfer to ownership (246,480 )
At 31 August 2020 726,948
DEPRECIATION
At 1 September 2019 146,490
Charge for year 113,132
Transfer to ownership (108,890 )
At 31 August 2020 150,732
NET BOOK VALUE
At 31 August 2020 576,216
At 31 August 2019 400,748

5. OTHER FINANCIAL COMMITMENTS

The company has financial commitments of £603,726 in relation to non cancellable lease agreements.

Page 5 continued...
PALLET PLUS LTD (REGISTERED NUMBER: 05529345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2020 and 31 August 2019:

2020 2019
£    £   
G Rowe
Balance outstanding at start of year - 3,516
Amounts advanced 4,909 15,951
Amounts repaid - (19,467 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,909 -

Page 6