G. P. Pallets Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04597784 (England and Wales)

G. P. PALLETS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTOR:

I Redfield

REGISTERED OFFICE:

Unit 7 Peryton Park

Peryton Way

Europarc

Grimsby

Lincolnshire

DN37 9TL

REGISTERED NUMBER:

04597784 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Oxley House

Lincoln Way

Louth

Lincolnshire

LN11 0LS

BANKERS:

Barclays Bank

64 Eastgate

Louth

Lincolnshire

LN11 9PG

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

72,611

99,536

Investments

6

30,000

30,000

102,611

129,536

CURRENT ASSETS

Inventories

-

5,166

Debtors

7

14,236

84,092

14,236

89,258

CREDITORS

Amounts falling due within one year

8

74,801

81,693

NET CURRENT (LIABILITIES)/ASSETS

(60,565

)

7,565

TOTAL ASSETS LESS CURRENT LIABILITIES

42,046

137,101

CREDITORS

Amounts falling due after more than one year

9

(41,464

)

(56,409

)

PROVISIONS FOR LIABILITIES

(11,012

)

(15,784

)

NET (LIABILITIES)/ASSETS

(10,430

)

64,908

CAPITAL AND RESERVES

Called up share capital

11

200

200

Retained earnings

(10,630

)

64,708

SHAREHOLDERS' FUNDS

(10,430

)

64,908

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 and authorised for issue by the director and authorised for issue on 7 December 2023 and were signed by:

I Redfield - Director

1.	STATUTORY INFORMATION

G. P. 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property

- 20% on cost and 2% on cost

Plant and machinery

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer equipment

- 25% on reducing balance

Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged as it is not material.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments

The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investment in associates

Investments in associates are recognised at cost.

Going concern

Despite net current liabilities of £60,565 and net liabilities of £10,430, the accounts have been prepared on a going concern basis as the directors will continue to support the company as required.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

15,000

Disposals

(15,000

)

At 31 March 2022

-

AMORTISATION

At 1 April 2021

15,000

Eliminated on disposal

(15,000

)

At 31 March 2022

-

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2021

139,617

53,482

13,179

206,278

Disposals

(13,597

)

(25,300

)

(6,095

)

(44,992

)

At 31 March 2022

126,020

28,182

7,084

161,286

DEPRECIATION

At 1 April 2021

68,367

31,332

7,043

106,742

Charge for year

10,499

3,963

1,090

15,552

Eliminated on disposal

(10,299

)

(19,002

)

(4,318

)

(33,619

)

At 31 March 2022

68,567

16,293

3,815

88,675

NET BOOK VALUE

At 31 March 2022

57,453

11,889

3,269

72,611

At 31 March 2021

71,250

22,150

6,136

99,536

The net book value of property, plant and equipment includes £ 11,889 (2021 - £ 15,852 ) in respect of assets held under hire purchase contracts.

Depreciation on hire-purchased assets of £3,962 (2021 - £5,284) is included within motor vehicle depreciation for the year.

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2021

and 31 March 2022

30,000

NET BOOK VALUE

At 31 March 2022

30,000

At 31 March 2021

30,000

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Associated company

KAM Plastics Ltd

Registered office: United Kingdom

Nature of business: Plastic recycling and pallet sales

%

Class of shares:

holding

Ordinary

50.00

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

2,520

26,455

Other debtors

11,716

57,637

14,236

84,092

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

33,632

11,053

Hire purchase contracts

5,598

5,598

Trade creditors

-

18,540

Taxation and social security

16,229

11,655

Other creditors

19,342

34,847

74,801

81,693

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

31,667

41,947

Hire purchase contracts

9,797

14,462

41,464

56,409

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdrafts

23,632

3,000

Bank loans

41,667

50,000

Hire purchase contracts

15,395

20,060

80,694

73,060

The bank overdraft and loans are secured on the assets of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

1

100

100

100

B Ordinary

1

100

100

200

200

12.	RELATED PARTY DISCLOSURES

K.A.M. Plastics ltd

The investment shown on the balance sheet of £30,000 relates to 50% of the share capital of K.A.M. Plastics Ltd. The other 50% of K.A.M. Plastics Ltd share capital is owned by the director, Mr I Redfield and his partner.