REGISTERED NUMBER:
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Shaw Pallet Limited |
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Financial Statements |
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for the Year Ended 31 March 2022 |
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REGISTERED NUMBER:
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Shaw Pallet Limited |
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Financial Statements |
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for the Year Ended 31 March 2022 |
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Shaw Pallet Limited (Registered number: 01150422) |
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Contents of the Financial Statements |
for the year ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Shaw Pallet Limited |
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Company Information |
for the year ended 31 March 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditor |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
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BANKERS: |
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8 Market Place |
Huddersfield |
HD1 2AN |
Shaw Pallet Limited (Registered number: 01150422) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Shaw Pallet Limited (Registered number: 01150422) |
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Notes to the Financial Statements |
for the year ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Shaw Pallet Limited is a
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The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax and is attributable to the one principal activity of the company. All sales related to the UK market. |
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Depreciation |
All fixed assets are initially recorded at cost. |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
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Plant, machinery and computer equipment | - 15% to 25% reducing balance |
Motor Vehicles | - 25% reducing balance |
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Government grants |
Grants receivable in relation to revenue expenditure, including the Coronavirus Job Retention Scheme, are credited to profit and loss in the period to which they relate. |
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Stock and work in progress |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
Shaw Pallet Limited (Registered number: 01150422) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Financial assets and liabilities are only offset in the balance sheet when and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
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Financial assets are derecognised when and only when; a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or, c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
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Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for its employees, the assets of which are held in independent trustee administered funds. Payments to defined contribution pension schemes are charged as an expense as they fall due. Any contributions unpaid at the balance sheet date are included as an accrual at that date. The company has no further payment obligations once the contributions have been paid. |
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The company also makes employer contributions into the directors' personal pension schemes. Contributions payable to these pension schemes are charged to the profit and loss account in the period to which they relate. |
Shaw Pallet Limited (Registered number: 01150422) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant, |
machinery & |
computer | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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Disposals | ( |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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Shaw Pallet Limited (Registered number: 01150422) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 133,773 | 69,139 |
Other creditors |
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Invoice financing account | 910,914 | - |
Accruals and deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Bank loans |
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Invoice financing account | 910,914 | - |
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The bank and invoice financing facilities are secured by fixed and floating charges over the company's assets. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | £1 | 30,000 | 30,000 |
Shaw Pallet Limited (Registered number: 01150422) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | RELATED PARTY DISCLOSURES |
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On 25 March 2022, the parent company Shaw Pallet (Holdings) Limited became a wholly owned subsidiary of Shaw Pallets Group Limited, a company registered in England. |
This resulted in Shaw Pallet (Holdings) Limited becoming the immediate parent company. The ultimate parent company is OVM Holdings Limited. |
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During the year, dividends of £68,320 (2021 - £105,600) were paid to the immediate parent company Shaw Pallet (Holdings) Limited. |