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REGISTERED NUMBER: 03088908 (England and Wales)











P H Flexible Packaging Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024






P H Flexible Packaging Limited (Registered number: 03088908)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P H Flexible Packaging Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: P Horobin
P A Maddox





SECRETARY: P Horobin





REGISTERED OFFICE: Unit G1 & 2
Gresley Business Park
Cadley Hill Road
Swadlincote
Derbyshire
DE11 9GE





REGISTERED NUMBER: 03088908 (England and Wales)





ACCOUNTANTS: TC Group
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

P H Flexible Packaging Limited (Registered number: 03088908)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 483,472 499,420
483,472 499,420

CURRENT ASSETS
Stocks 228,644 221,905
Debtors 6 446,104 530,639
Cash at bank and in hand 743,177 461,764
1,417,925 1,214,308
CREDITORS
Amounts falling due within one year 7 598,577 508,810
NET CURRENT ASSETS 819,348 705,498
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,302,820

1,204,918

PROVISIONS FOR LIABILITIES 112,340 114,266
NET ASSETS 1,190,480 1,090,652

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Revaluation reserve 10 197,533 197,533
Retained earnings 991,947 892,119
SHAREHOLDERS' FUNDS 1,190,480 1,090,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 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.

P H Flexible Packaging Limited (Registered number: 03088908)

Balance Sheet - continued
30 September 2024


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 19 June 2025 and were signed on its behalf by:





P Horobin - Director


P H Flexible Packaging Limited (Registered number: 03088908)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. STATUTORY INFORMATION

P H Flexible 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 amounts receivable for goods and services net of VAT and trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five 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.
Land and buildings - Straight line over the life of the lease
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


P H Flexible Packaging Limited (Registered number: 03088908)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to
exercise judgment in the process of applying the company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgments:

- A provision is recognised when the company has a present legal or constructive obligation as a result of a
past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management’s judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Depreciation and residual values. The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives are appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 19 ) .

P H Flexible Packaging Limited (Registered number: 03088908)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 10,000
AMORTISATION
At 1 October 2023
and 30 September 2024 10,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 89,459 1,105,929 1,195,388
Additions - 33,854 33,854
Disposals - (7,280 ) (7,280 )
At 30 September 2024 89,459 1,132,503 1,221,962
DEPRECIATION
At 1 October 2023 89,459 606,509 695,968
Charge for year - 46,662 46,662
Eliminated on disposal - (4,140 ) (4,140 )
At 30 September 2024 89,459 649,031 738,490
NET BOOK VALUE
At 30 September 2024 - 483,472 483,472
At 30 September 2023 - 499,420 499,420

Cost or valuation at 30 September 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2018 - (312,593 ) (312,593 )
Cost 89,459 1,445,096 1,534,555
89,459 1,132,503 1,221,962

P H Flexible Packaging Limited (Registered number: 03088908)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


5. TANGIBLE FIXED ASSETS - continued

If plant and machinery had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,149,197 1,128,639
Aggregate depreciation 945,142 917,647

Plant and machinery were valued on an open market basis on 30 September 2018 by the Directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 367,668 429,007
Other debtors 78,436 101,632
446,104 530,639

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 255,452 347,392
Taxation and social security 114,185 112,185
Other creditors 228,940 49,233
598,577 508,810

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 119,100 139,822
Between one and five years 33,565 30,957
152,665 170,779

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. RESERVES
Revaluation
reserve
£   
At 1 October 2023
and 30 September 2024 197,533

P H Flexible Packaging Limited (Registered number: 03088908)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


11. RELATED PARTY DISCLOSURES

Included in other creditors are loans to the company of £217,848 (2023 - £43,908) from the Directors. These loans are repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Horobin by virtue of his majority shareholding in the company.