Shaw Pallet (Holdings) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06272041 (England and Wales)

Shaw Pallet (Holdings) Limited

Financial Statements

for the Year Ended 31 March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C J Hillaby

Mr M M Dragicevic

Mr J M Coupland

SECRETARY:

Mr M M Dragicevic

REGISTERED OFFICE:

Shaw Pallet Building

Bridge Street

Slaithwaite

Huddersfield

West Yorkshire

HD7 5JN

REGISTERED NUMBER:

06272041 (England and Wales)

AUDITORS:

Jolliffe Cork LLP

Chartered Accountants & Statutory Auditor

33 George Street

Wakefield

West Yorkshire

WF1 1LX

BANKERS:

National Westminster Bank Plc

8 Market Place

Huddersfield

HD1 2AN

FIXED ASSETS

Tangible assets

4

1,075,577

1,100,210

Investments

5

1,253,794

1,253,794

2,329,371

2,354,004

CURRENT ASSETS

Cash at bank

9,996

7,298

CREDITORS

Amounts falling due within one year

6

1,975,839

1,853,179

NET CURRENT LIABILITIES

(1,965,843

)

(1,845,881

)

TOTAL ASSETS LESS CURRENT LIABILITIES

363,528

508,123

CREDITORS

Amounts falling due after more than one year

7

-

(200,000

)

PROVISIONS FOR LIABILITIES

(7,322

)

(7,092

)

NET ASSETS

356,206

301,031

CAPITAL AND RESERVES

Called up share capital

10

80

80

Capital redemption reserve

20

20

Retained earnings

356,106

300,931

SHAREHOLDERS' FUNDS

356,206

301,031

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2020 and were signed on its behalf by:

Mr C J Hillaby - Director

Mr M M Dragicevic - Director

1.	STATUTORY INFORMATION

Shaw Pallet (Holdings) 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 functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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.

Going concern

The Directors have considered the risks and uncertainties arising from the coronavirus pandemic which began to take effect on a global scale from February 2020 onwards. The company's principal activities are those of a holding company and rental of property to its subsidiary undertaking, Shaw Pallet Limited, which has common Directors to those of the company. Having made an appropriate financial assessment as to the resources available to the subsidiary undertaking, the Directors have concluded that it should be able to operate within the level of its financial facilities and have continued to adopt the going concern basis in preparing its 31 March 2020 financial statements.

Consequently, in view of view of this assessment of the subsidiary undertaking, whilst the ultimate outcome of the coronavirus pandemic is beyond any normal range of predictability, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis in preparing these financial statements.

Tangible fixed assets

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

Freehold land and buildings

-

2% on cost

Plant and machinery

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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.

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 balance sheet date.

Deferred tax

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

Operating lease agreements

Where the company retains substantially all the risks and rewards of ownership of the asset subject to the lease, as lessor, the asset is shown within fixed assets and is depreciated over its useful life. Rental income from these operating leases is recognised on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

land and

Plant and

buildings

machinery

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

1,250,611

59,971

1,310,582

DEPRECIATION

At 1 April 2019

158,406

51,966

210,372

Charge for year

22,632

2,001

24,633

At 31 March 2020

181,038

53,967

235,005

NET BOOK VALUE

At 31 March 2020

1,069,573

6,004

1,075,577

At 31 March 2019

1,092,205

8,005

1,100,210

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

1,253,794

NET BOOK VALUE

At 31 March 2020

1,253,794

At 31 March 2019

1,253,794

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other loans (see note 8)

200,000

90,000

Amounts owed to group undertakings

1,750,694

1,730,694

Tax

17,551

14,712

VAT

5,460

3,448

Other creditors

-

12,074

Accruals and deferred income

2,134

2,251

1,975,839

1,853,179

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other loans (see note 8)

-

200,000

8.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Other loans

200,000

90,000

Amounts falling due between one and two years:

Other loans - 1-2 years

-

200,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Other loans

200,000

290,000

The rate of interest on the loan is 3.2% above Bank of England base rate. The loan is repayable at a rate of £7,500 per month with the final instalment of £170,000 payable on 19 July 2020.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

80

Ordinary

£1

80

80

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Timothy Hill FCA (Senior Statutory Auditor)

for and on behalf of Jolliffe Cork LLP

12.	RELATED PARTY DISCLOSURES

The company was under the control of the directors and shareholders throughout the current and the previous year.

During the year, dividends of £105,600 (2019 - £103,680) were received from its subsidiary Shaw Pallet Limited.