Pallet Control & Management Limited - Accounts to registrar - small 16.3d

Unaudited Financial Statements for the Year Ended 31 May 2016

for

Pallet Control & Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Osborne

REGISTERED OFFICE:

14 North View

Ealing

London

W5 1QL

REGISTERED NUMBER:

05455140 (England and Wales)

ACCOUNTANTS:

Peter Upton

Bridge House

2 Bridge Avenue

Maidenhead

Berkshire

SL6 1RR

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

-

223

-

223

CURRENT ASSETS

Debtors

4

23,567

8,079

Cash at bank

33,931

45,030

57,498

53,109

CREDITORS

Amounts falling due within one year

5

56,739

50,634

NET CURRENT ASSETS

759

2,475

TOTAL ASSETS LESS CURRENT LIABILITIES

759

2,698

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

7

758

2,697

SHAREHOLDERS' FUNDS

759

2,698

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 6 January 2017 and were signed by:

J Osborne - Director

1.	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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost

Deferred tax

Deferred tax assets and liabilities are recognised in the balance sheet in respect of all timing

differences that have originated but not reversed at the balance sheet date where transactions or events

that result in an obligation to pay more or a right to pay less tax in the future have occurred by the

balance sheet date.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the

periods in which the timing differences are expected to reverse. Any movements in the year are

recognised in the profit and loss account.

2.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2015

and 31 May 2016

80,000

AMORTISATION

At 1 June 2015

and 31 May 2016

80,000

NET BOOK VALUE

At 31 May 2016

-

At 31 May 2015

-

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 June 2015

and 31 May 2016

2,691

DEPRECIATION

At 1 June 2015

2,468

Charge for year

223

At 31 May 2016

2,691

NET BOOK VALUE

At 31 May 2016

-

At 31 May 2015

223

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.16

31.5.15

£

£

Trade debtors

23,567

8,079

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.16

31.5.15

£

£

Tax

6,463

4,909

VAT

3,258

2,593

Directors' current accounts

37,793

33,907

Accruals and deferred income

9,225

9,225

56,739

50,634

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.16

31.5.15

value:

£

£

1

Ordinary

£1

1

1

7.

RESERVES

Retained

earnings

£

At 1 June 2015

2,697

Profit for the year

25,561

Dividends

(27,500

)

At 31 May 2016

758

8.	RELATED PARTY DISCLOSURES

J Osborne

During the year the director paid expenses on behalf of the company amounting to £5,786 and

received repayments of £1,901from the company.

31.5.16

31.5.15

£

£

Amount due to related party at the balance sheet date

37,792

33,907

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Osborne.