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REGISTERED NUMBER: 02170094 (England and Wales)















Polyflex Packaging Limited

Unaudited Financial Statements For The Year Ended 31 December 2023






Polyflex Packaging Limited (Registered number: 02170094)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Polyflex Packaging Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: D Cumberland
Mrs K R Cumberland
G A Cumberland





SECRETARY: Mrs K R Cumberland





REGISTERED OFFICE: Unit 1 Domino Court
Warrington Road
Manor Park
Runcorn
WA7 1SN





REGISTERED NUMBER: 02170094 (England and Wales)





ACCOUNTANTS: Huddart
Chartered Accountants
164 Walkden Road
Walkden
Worsley
Manchester
M28 7DP

Polyflex Packaging Limited (Registered number: 02170094)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 294,632 256,179
294,632 256,179

CURRENT ASSETS
Stocks 29,305 54,249
Debtors 6 236,799 305,700
Cash at bank 968,825 1,012,907
1,234,929 1,372,856
CREDITORS
Amounts falling due within one year 7 (358,780 ) (483,320 )
NET CURRENT ASSETS 876,149 889,536
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,170,781

1,145,715

CREDITORS
Amounts falling due after more than one
year

8

(22,000

)

-

PROVISIONS FOR LIABILITIES (28,162 ) (20,282 )
NET ASSETS 1,120,619 1,125,433

CAPITAL AND RESERVES
Called up share capital 33,334 33,334
Capital redemption reserve 6,666 6,666
Retained earnings 1,080,619 1,085,433
SHAREHOLDERS' FUNDS 1,120,619 1,125,433

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Polyflex Packaging Limited (Registered number: 02170094)

Balance Sheet - continued
31 December 2023


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 18 September 2024 and were signed on its behalf by:





D Cumberland - Director


Polyflex Packaging Limited (Registered number: 02170094)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Polyflex Packaging 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the amount earned from the ordinary activities of packaging converters and distributors during the year, excluding value added tax and discounts.

Goodwill
Goodwill written off, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 10% on cost and 5% on cost
Motor vehicles - 25% on reducing balance

Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct costs of purchase.


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.

Polyflex Packaging Limited (Registered number: 02170094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Leasing and hire purchase contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocate to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant rate of charge on the net obligation outstanding in each accounting period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes for the benefit of the directors and an employee. Pension payments are charged against profits in the period in which they become payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 10,000
AMORTISATION
At 1 January 2023
and 31 December 2023 10,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Polyflex Packaging Limited (Registered number: 02170094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 132,642 792,902 925,544
Additions - 58,712 58,712
At 31 December 2023 132,642 851,614 984,256
DEPRECIATION
At 1 January 2023 - 669,365 669,365
Charge for year - 20,259 20,259
At 31 December 2023 - 689,624 689,624
NET BOOK VALUE
At 31 December 2023 132,642 161,990 294,632
At 31 December 2022 132,642 123,537 256,179










6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 215,812 297,399
Other debtors & prepayments 20,987 8,301
236,799 305,700

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 8,000 -
Trade creditors 299,737 394,160
Taxation 365 30,456
Social security and other taxes 9,684 16,784
Pension creditor 412 497
VAT 9,234 8,763
Directors' current accounts 1,514 4,515
Accrued expenses 29,834 28,145
358,780 483,320

The directors loan is repayable on demand and bears interest at 1.75% above base rate.

Polyflex Packaging Limited (Registered number: 02170094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 22,000 -

9. RELATED PARTY DISCLOSURES

The company owed Mr D Cumberland £1,514 at 31 December 2023. (2022 £4,515).

10. ULTIMATE CONTROLLING PARTY

The controlling party is D Cumberland.