Registration number:
The Packaging and Films Association Limited
trading as
(A company limited by guarantee)
for the Year Ended 31 December 2024
The Packaging and Films Association Limited
trading as The Packaging and Films Association
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Packaging and Films Association Limited
trading as The Packaging and Films Association
Company Information
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Directors |
Mr D R Muir Philip Kenneth Law |
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Registered office |
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Accountants |
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The Packaging and Films Association Limited
trading as The Packaging and Films Association
(Registration number: 02530361)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Reserves |
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Retained earnings |
164,512 |
192,254 |
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Surplus |
164,512 |
192,254 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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The Packaging and Films Association Limited
trading as The Packaging and Films Association
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a company limited by guarantee, incorporated in England and Wales , and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £500 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Computer equipment |
33% straight line |
The Packaging and Films Association Limited
trading as The Packaging and Films Association
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
The Packaging and Films Association Limited
trading as The Packaging and Films Association
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Financial instruments
Classification
Impairment
For the purpose 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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Current asset investments |
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2024 |
2023 |
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Shares in group undertakings |
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The Packaging and Films Association Limited
trading as The Packaging and Films Association
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Other creditors |
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