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false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
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No description of principal activity
2022-05-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
01334669
2022-05-01
2022-11-11
01334669
2022-11-11
01334669
2022-04-30
01334669
2021-05-01
2022-04-30
01334669
2022-04-30
01334669
core:LandBuildings
2022-05-01
2022-11-11
01334669
core:PlantMachinery
2022-05-01
2022-11-11
01334669
core:MotorVehicles
2022-05-01
2022-11-11
01334669
bus:Director3
2022-05-01
2022-11-11
01334669
bus:Director4
2022-05-01
2022-11-11
01334669
core:LandBuildings
2022-04-30
01334669
core:PlantMachinery
2022-04-30
01334669
core:MotorVehicles
2022-04-30
01334669
core:LandBuildings
2022-11-11
01334669
core:PlantMachinery
2022-11-11
01334669
core:MotorVehicles
2022-11-11
01334669
core:WithinOneYear
2022-11-11
01334669
core:WithinOneYear
2022-04-30
01334669
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-11-11
01334669
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-04-30
01334669
core:PlantMachinery
2022-04-30
01334669
core:MotorVehicles
2022-04-30
01334669
core:ShareCapital
2022-11-11
01334669
core:ShareCapital
2022-04-30
01334669
core:SharePremium
2022-11-11
01334669
core:SharePremium
2022-04-30
01334669
core:RetainedEarningsAccumulatedLosses
2022-11-11
01334669
core:RetainedEarningsAccumulatedLosses
2022-04-30
01334669
core:BetweenOneFiveYears
2022-11-11
01334669
core:LandBuildings
2022-04-30
01334669
bus:SmallEntities
2022-05-01
2022-11-11
01334669
bus:AuditExemptWithAccountantsReport
2022-05-01
2022-11-11
01334669
bus:FullAccounts
2022-05-01
2022-11-11
01334669
bus:SmallCompaniesRegimeForAccounts
2022-05-01
2022-11-11
01334669
bus:PrivateLimitedCompanyLtd
2022-05-01
2022-11-11
COMPANY REGISTRATION NUMBER:
01334669
Universal Pallet Services Limited
|
|
Filleted Unaudited Financial Statements
|
|
Universal Pallet Services Limited
|
|
Statement of Financial Position
|
|
11 November 2022
|
11 Nov 22
|
30 Apr 22
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Tangible assets
|
5
|
|
160,868
|
278,859
|
|
|
|
|
|
Current assets
Stocks
|
123,679
|
|
87,000
|
Debtors
|
6
|
393,526
|
|
359,845
|
Cash at bank and in hand
|
579,697
|
|
508,870
|
|
------------
|
|
---------
|
|
1,096,902
|
|
955,715
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
503,403
|
|
461,145
|
|
------------
|
|
---------
|
Net current assets
|
|
593,499
|
494,570
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
754,367
|
773,429
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
34,756
|
30,381
|
|
|
---------
|
---------
|
Net assets
|
|
719,611
|
743,048
|
|
|
---------
|
---------
|
|
|
|
|
Universal Pallet Services Limited
|
|
Statement of Financial Position (continued)
|
|
11 November 2022
|
11 Nov 22
|
30 Apr 22
|
Note
|
£
|
£
|
£
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
1,002
|
1,002
|
Share premium account
|
|
34,312
|
34,312
|
Profit and loss account
|
|
684,297
|
707,734
|
|
|
---------
|
---------
|
Shareholders funds
|
|
719,611
|
743,048
|
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 11 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
16 January 2023
, and are signed on behalf of the board by:
Mr B R Williams
|
Mr R Williams
|
Director
|
Director
|
|
|
Company registration number:
01334669
Universal Pallet Services Limited
|
|
Notes to the Financial Statements
|
|
Period from 1 May 2022 to 11 November 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pallet Yard, Preston Street, West Gorton, Manchester, M18 8DB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Land and buildings
|
-
|
15% reducing balance
|
|
Plant and machinery
|
-
|
15% reducing balance
|
|
Motor vehicles
|
-
|
15% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
17
(2022:
18
).
5.
Tangible assets
|
Land and buildings
|
Plant and machinery
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 May 2022
|
108,127
|
108,470
|
145,011
|
361,608
|
Additions
|
12,957
|
–
|
–
|
12,957
|
Disposals
|
(
93,457)
|
–
|
(
3,681)
|
(
97,138)
|
|
---------
|
---------
|
---------
|
---------
|
At 11 November 2022
|
27,627
|
108,470
|
141,330
|
277,427
|
|
---------
|
---------
|
---------
|
---------
|
Depreciation
|
|
|
|
|
At 1 May 2022
|
–
|
34,020
|
48,729
|
82,749
|
Charge for the period
|
6,026
|
6,810
|
6,935
|
19,771
|
Disposals
|
–
|
–
|
(
3,066)
|
(
3,066)
|
Revaluations
|
–
|
13,909
|
3,196
|
17,105
|
|
---------
|
---------
|
---------
|
---------
|
At 11 November 2022
|
6,026
|
54,739
|
55,794
|
116,559
|
|
---------
|
---------
|
---------
|
---------
|
Carrying amount
|
|
|
|
|
At 11 November 2022
|
21,601
|
53,731
|
85,536
|
160,868
|
|
---------
|
---------
|
---------
|
---------
|
At 30 April 2022
|
108,127
|
74,450
|
96,282
|
278,859
|
|
---------
|
---------
|
---------
|
---------
|
|
|
|
|
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Freehold property
|
Plant and machinery
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
At 11 November 2022
|
|
|
|
|
Aggregate cost
|
27,627
|
108,470
|
141,330
|
277,427
|
Aggregate depreciation
|
(6,026)
|
(54,739)
|
(55,794)
|
(116,559)
|
|
--------
|
---------
|
---------
|
---------
|
Carrying value
|
21,601
|
53,731
|
85,536
|
160,868
|
|
--------
|
---------
|
---------
|
---------
|
|
|
|
|
|
At 30 April 2022
|
|
|
|
|
Aggregate cost
|
121,157
|
108,470
|
145,011
|
374,638
|
Aggregate depreciation
|
–
|
(47,930)
|
(48,859)
|
(96,789)
|
|
---------
|
---------
|
---------
|
---------
|
Carrying value
|
121,157
|
60,540
|
96,152
|
277,849
|
|
---------
|
---------
|
---------
|
---------
|
|
|
|
|
|
6.
Debtors
|
11 Nov 22
|
30 Apr 22
|
|
£
|
£
|
Trade debtors
|
366,068
|
346,892
|
Other debtors
|
27,458
|
12,953
|
|
---------
|
---------
|
|
393,526
|
359,845
|
|
---------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
11 Nov 22
|
30 Apr 22
|
|
£
|
£
|
Bank loans and overdrafts
|
–
|
26,448
|
Trade creditors
|
249,400
|
270,429
|
Corporation tax
|
59,422
|
35,661
|
Social security and other taxes
|
88,398
|
80,514
|
Other creditors
|
106,183
|
48,093
|
|
---------
|
---------
|
|
503,403
|
461,145
|
|
---------
|
---------
|
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
11 Nov 22
|
30 Apr 22
|
|
£
|
£
|
Not later than 1 year
|
52,500
|
–
|
Later than 1 year and not later than 5 years
|
83,233
|
–
|
|
---------
|
----
|
|
135,733
|
–
|
|
---------
|
----
|
|
|
|
9.
Controlling party
Up to 11 November 2022 the company was under the control of Mrs R Hardcastle, since that date the company has been under the control of Mr B Williams who is the managing director of the new parent company A & B Containers Limited.