REGISTERED NUMBER: 06690985 (England and Wales)

Packaging Innovations UK Limited

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

N T Hutchinson

Mrs V Hutchinson

J Radford

SECRETARY:

Mrs V Hutchinson

REGISTERED OFFICE:

Albion Place

Maidstone

Kent

ME14 5EG

REGISTERED NUMBER:

06690985 (England and Wales)

ACCOUNTANTS:

Aggarwal & Co

Chartered Accountants

5 London Road

Rainham

Gillingham

Kent

ME8 7RG

FIXED ASSETS

Tangible assets

4

63,133

102,037

CURRENT ASSETS

Inventories

226,386

253,303

Debtors

5

768,912

1,050,099

Cash at bank

32,366

34,453

1,027,664

1,337,855

CREDITORS

Amounts falling due within one year

6

913,131

1,162,003

NET CURRENT ASSETS

114,533

175,852

TOTAL ASSETS LESS CURRENT LIABILITIES

177,666

277,889

CREDITORS

Amounts falling due after more than one year

7

(34,036

)

(86,387

)

PROVISIONS FOR LIABILITIES

(411

)

(7,087

)

NET ASSETS

143,219

184,415

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

143,119

184,315

SHAREHOLDERS' FUNDS

143,219

184,415

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 23 May 2025 and were signed on its behalf by:

N T Hutchinson - Director

1.	STATUTORY INFORMATION

Packaging Innovations UK 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Income recognition

Income represents amounts receivable for goods and services net of of VAT and trade discounts. Income is recognised when the company becomes entitled to it, usually on the rendering of an invoice which occurs when goods are despatched and the risk and rewards of ownership are transferred to the buyer.

Tangible fixed assets

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

Plant and machinery etc

-

Straight line over 3 years and Straight line over 5 years

Inventories

Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.

In respect of work in progress and finished goods, cost includes an appropriate proportion of attributable overheads according to the stage of manufacture/completion.

Financial instruments

The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

152,277

Disposals

(26,277

)

At 31 December 2024

126,000

DEPRECIATION

At 1 January 2024

50,240

Charge for year

25,917

Eliminated on disposal

(13,290

)

At 31 December 2024

62,867

NET BOOK VALUE

At 31 December 2024

63,133

At 31 December 2023

102,037

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

729,914

994,054

Other debtors

38,998

56,045

768,912

1,050,099

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

30,000

30,000

Hire purchase contracts

22,473

20,646

Trade creditors

261,703

286,405

Taxation and social security

232,624

250,793

Other creditors

366,331

574,159

913,131

1,162,003

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

12,501

42,520

Hire purchase contracts

21,535

43,867

34,036

86,387

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Close Brothers factoring

295,189

466,789

The factors holds a charge containing a fixed charge and a floating charge over all property or undertaking of the company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

N T Hutchinson and Mrs V Hutchinson

Balance outstanding at start of year

20,000

20,000

Amounts advanced

20,595

20,481

Amounts repaid

(20,000

)

(20,481

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,595

20,000

Interest is charged at the HMRC official rate on loans to directors that exceed the HMRC exempt amount. The loans are repayable on demand.