G. P. Pallets Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04597784 (England and Wales)

G. P. PALLETS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

Chartered Accountants' Report

6

DIRECTORS:

I Redfield

M T Henry

REGISTERED OFFICE:

Office G6

Enterprise Village

Prince Albert Gardens

Grimsby

NE Lincs

DN31 3AG

REGISTERED NUMBER:

04597784 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

15 Chequergate

Louth

Lincolnshire

LN11 0LJ

BANKERS:

Barclays Bank plc

64 Eastgate

Louth

Lincolnshire

LN11 9PQ

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

49,305

39,350

49,305

39,350

CURRENT ASSETS

Stocks

33,559

8,084

Debtors

123,168

168,394

Cash at bank and in hand

24,181

12,875

180,908

189,353

CREDITORS

Amounts falling due within one year

127,680

129,182

NET CURRENT ASSETS

53,228

60,171

TOTAL ASSETS LESS CURRENT LIABILITIES

102,533

99,521

PROVISIONS FOR LIABILITIES

7,091

7,870

NET ASSETS

95,442

91,651

CAPITAL AND RESERVES

Called up share capital

4

200

Profit and loss account

95,242

91,451

SHAREHOLDERS' FUNDS

95,442

91,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 6 July 2016 and were signed on its behalf by:

I Redfield - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

20% on cost and Nil

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 net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

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

balance sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

15,000

AMORTISATION

At 1 April 2015

and 31 March 2016

15,000

NET BOOK VALUE

At 31 March 2016

-

At 31 March 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

81,027

Additions

34,711

Disposals

(18,195

)

At 31 March 2016

97,543

DEPRECIATION

At 1 April 2015

41,677

Charge for year

11,183

Eliminated on disposal

(4,622

)

At 31 March 2016

48,238

NET BOOK VALUE

At 31 March 2016

49,305

At 31 March 2015

39,350

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

B Ordinary Shares

£1

100

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary Shares

£1

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

2016

2015

£

I Redfield

Balance outstanding at start of year

9,338

(2,448

)

Amounts advanced

48,450

133,795

Amounts repaid

(47,897

)

(122,009

)

Balance outstanding at end of year

9,891

9,338

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five) have

been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of G. P. Pallets Limited for the year ended 31 March 2016 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of G. P. Pallets Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of G. P. Pallets Limited and state those matters that we have agreed to state to the Board of Directors of G. P. Pallets Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that G. P. Pallets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G. P. Pallets Limited. You consider that G. P. Pallets Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of G. P. Pallets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Duncan & Toplis Limited

15 Chequergate

Louth

Lincolnshire

LN11 0LJ

6 July 2016