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Registration number: 02928961

The Paper Industry Technical Association (Trading) Limited
Annual Report and
Unaudited Financial Statements

31 December 2021

 

The Paper Industry Technical Association (Trading) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

The Paper Industry Technical Association (Trading) Limited

Balance Sheet
31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

-

190,449

Current assets

 

Debtors

5

492,489

419,424

Cash at bank and in hand

 

153,603

15,973

 

646,092

435,397

Creditors: Amounts falling due within one year

6

(100,103)

(67,056)

Net current assets

 

545,989

368,341

Net assets

 

545,989

558,790

Capital and reserves

 

Called up share capital

2

2

Share premium reserve

264,998

264,998

Revaluation reserve

-

136,106

Profit and loss account

280,989

157,684

Shareholders' funds

 

545,989

558,790

 

The Paper Industry Technical Association (Trading) Limited

Balance Sheet
31 December 2021

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 August 2022 and signed on its behalf by:
 

.........................................

Mr Stephen M Hutt

Director

.........................................

Dr Graham K Moore

Director

Company Registration Number: 02928961

 

The Paper Industry Technical Association (Trading) Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises of the actual cash received for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

The Paper Industry Technical Association (Trading) Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2021

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

The Paper Industry Technical Association (Trading) Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost

Furniture and fittings

25% on cost

Office equipment

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 6).

 

The Paper Industry Technical Association (Trading) Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2021

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2021

230,000

5,267

235,267

Disposals

(230,000)

-

(230,000)

At 31 December 2021

-

5,267

5,267

Depreciation

At 1 January 2021

39,551

5,267

44,818

Charge for the year

974

-

974

Eliminated on disposal

(40,525)

-

(40,525)

At 31 December 2021

-

5,267

5,267

Carrying amount

At 31 December 2021

-

-

-

At 31 December 2020

190,449

-

190,449

Included within the net book value of land and buildings above is £Nil (2020 - £190,449) in respect of long leasehold land and buildings.

During the year the company sold the long leasehold property that it had occupied since 1997 for £180,000.

 

The Paper Industry Technical Association (Trading) Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2021

5

Debtors

Note

2021
£

2020
£

Trade debtors

 

16,815

5,750

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

475,674

413,674

 

492,489

419,424

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

 

Trade creditors

 

10,960

11,295

Taxation and social security

 

2,144

1,761

Other creditors

 

86,999

54,000

 

100,103

67,056

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

136,106

136,106

8

Related party transactions

Summary of transactions with parent

During the year the company was charged £12,000 (2020: £12,000) for management services by its parent company, The Paper Industry Technical Association.

Included in debtors at the year end is an amount of £475,674 (2020: £413,674) owed from The Paper Industry Technical Association.