ACCOUNTS - Final Accounts

Operating surplus

The operating surplus is stated after charging:

Registered number: 00282883

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

COMPANY INFORMATION

Director	P K Law


Company secretary	D R Muir


Registered number	00282883


Registered office	6 Bath Place
	Rivington Street
	London
	EC2A 3JE


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

CONTENTS

	Page
Director's report	1 - 3
Independent auditors' report	4 - 8
Statement of comprehensive income	9
Statement of financial position	10 - 11
Statement of changes in equity	12
Notes to the financial statements	13 - 26

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The director presents his report and the financial statements for the year ended 31 December 2025.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The British Plastics Federation (BPF) is the principal trade association representing the interests of the plastics industry in the United Kingdom. The Federation's affairs are directed by a Council, the members of which are elected and receive no remuneration.

Page 1

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Business review

The BPF’s financial results were very much as budgeted, there was an increase in the membership revenue and a prudent financial control of general costs.

Total income for 2025 of £3,429,630 (2024 - £3,364,278) reflecting growth in membership, which continues to be a strong endorsement of our direction, performance, and the value we provide to members. Additionally, property rental income was bolstered by full tenancy of BPF House, further supporting our financial position.

Administrative expenses rose to £3,422,917 (2024 - £3,387,537) reflecting our continued investment in attracting and retaining high-calibre staff. The BPF team has gone from strength to strength, reinforcing our ability to support members effectively. Robust financial systems and controls have remained in place, ensuring a stable financial footing.

A post-tax loss of £11,460 (2024 - £4,939 profit), the overall financial outcome still remains positive, with the organisation’s balance sheet and reserves continuing to strengthen.

The BPF’s Council of Members has agreed to a 3% increase in membership subscriptions for 2026 (2025 - 3.0%).

Results and dividends

The loss for the year, after taxation, amounted to £11,460 (2024 - profit £4,939).

No dividend is payable and accordingly £11,460 loss is transferred to reserves.

Director

The director who served during the year was:

P K Law

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 1 April 2026 and signed on its behalf.

P K Law

Director

Page 3

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BRITISH PLASTICS FEDERATION

Opinion

We have audited the financial statements of The British Plastics Federation (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Page 4

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BRITISH PLASTICS FEDERATION (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's report and from the requirement to prepare a Strategic report.

Page 5

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BRITISH PLASTICS FEDERATION (CONTINUED)

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 6

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BRITISH PLASTICS FEDERATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
- We focused on specific laws and regulations, which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards;
- We assessed the extent of compliance with laws and regulations identified above through making enquires of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify and unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to

Page 7

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BRITISH PLASTICS FEDERATION (CONTINUED)

enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect that those that arise from errors as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Liggins (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

6 May 2026

Page 8

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover		3,429,630	3,364,278
Gross profit		3,429,630	3,364,278
Administrative expenses		(3,422,917)	(3,387,537)
Operating profit/(loss)	4	6,713	(23,259)
Interest receivable and similar income	7	40,811	53,146
Profit before tax		47,524	29,887
Tax on profit	8	(58,984)	(24,948)
(Deficit)/surplus for the financial year		(11,460)	4,939

Other comprehensive income for the year
Movements on deferred tax relating to land and building revaluation	84,513	-
Other comprehensive income for the year	84,513	-
Total comprehensive income for the year	73,053	4,939

The notes on pages 13 to 26 form part of these financial statements.

Page 9

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

REGISTERED NUMBER: 00282883

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	9		3,637,518		3,726,838
Investments	10		1		1
			3,637,519		3,726,839
Current assets
Debtors: amounts falling due within one year	11	1,035,249		1,584,726
Cash at bank and in hand	12	2,599,791		2,236,794
		3,635,040		3,821,520
Creditors: amounts falling due within one year	13	(3,100,412)		(3,387,434)
Net current assets			534,628		434,086
Total assets less current liabilities			4,172,147		4,160,925
Provisions for liabilities
Deferred tax	14	(388,010)		(449,841)
			(388,010)		(449,841)
Net assets			3,784,137		3,711,084

Capital and reserves
Revaluation reserve	16	2,518,689	2,491,171
Profit and loss account	16	1,265,448	1,219,913
		3,784,137	3,711,084

Page 10

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

REGISTERED NUMBER: 00282883

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 April 2026.

P K Law M Hitchin

Director President

The notes on pages 13 to 26 form part of these financial statements.

Page 11

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Revaluation reserve	Accumulated fund	Total equity
	£	£	£
At 1 January 2024	2,548,166	1,157,979	3,706,145

Surplus for the year	-	4,939	4,939
Transfer to/from accumulated fund*	(56,995)	56,995	-

At 1 January 2025	2,491,171	1,219,913	3,711,084

Surplus for the year	-	(11,460)	(11,460)
Movements on deferred tax relating to land and building revaluation	84,513	-	84,513
Transfer to/from accumulated fund*	(56,995)	56,995	-
At 31 December 2025	2,518,689	1,265,448	3,784,137

	The notes on pages 13 to 26 form part of these financial statements.
	*Excess depreciation charged on revalued property transferred from accumulated fund to revaluation reserve.

Page 12

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

The British Plastics Federation is a company limited by guarantee, domiciled and incorporated in England. The address of the company’s registered office and principal place of the business is 6 Bath Place, Rivington Street, London, EC2A 3JE.

The British Plastics Federation (BPF) is the principal trade association representing the interests of the plastics industry in the United Kingdom. The Federation's affairs are directed by a Council, the members of which are elected and receive no remuneration.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Federation is the parent company of a small sized group and does not therefore prepare consolidated financial statements. These financial statements present the financial position and financial performance of the Federation as a single entity.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. The Director has considered the surplus for the period and statement of financial position at the accounting date and reviewed the forecasts to ensure the company will be in a position to meet its liabilities as they fall due over the next 12 months. In arriving at this conclusion, the Director has taken account of current and anticipated financial performance in the current economic conditions, the Federation’s healthy reserves position and strong cash position. The Director has reviewed in detail the Federation’s position and the appropriate basis on which to prepare the financial statements. The Director has concluded that it remains appropriate to prepare the financial statements of the Federation on the going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 13

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Income

Income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Members’ subscriptions

Members’ subscriptions represent amounts receivable in respect of the 2024 annual subscription, excluding value added tax.

Other income

Other income is recognised at full selling price for which the company has a right to consideration. This includes a management fee from sponsored events and other project related activities, excluding value added tax. Professional services, management fees and rental income are also included within other income.

2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold premises	-	2% of valuation - Land is not depreciated
Furniture and fittings	-	10% to 20% of cost
Computer equipment	-	33.33% of cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 16

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

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.

2.15

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.

2.16

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.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 17

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

3.	Income
		2025	2024
		£	£


Subscription income and affiliation fees	1,556,306	1,533,325
Property rental income	160,793	156,390
Professional services	1,305,254	1,359,190
Events	309,149	222,310
Projects	19,553	12,208
Catering	41,888	46,449
On-line & publications	30,625	29,060
Other income	6,062	5,346
	3,429,630	3,364,278

Page 18

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	1,472,760	1,452,901
Social security costs	198,211	172,941
Pension costs - defined contribution scheme	243,711	251,789
Repairs and maintenance	103,015	123,309
Depreciation	109,290	101,870
Auditors remuneration	12,750	12,750
Exchange differences	140	(278)
Other operating lease rentals	10,311	10,606
Professional fees	119,867	121,043

Employees

The average monthly number of employees, including directors, during the year was 27 (2024 - 28).

6.	Director's remuneration
		2025	2024
		£	£

	Director's emoluments	258,009	239,341

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to Nil (2024 - Nil).

7.	Interest receivable
		2025	2024
		£	£

Bank interest receivable

40,811

53,146

Page 19

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	34,627	26,214
Adjustments in respect of previous periods	1,675	(1,266)
	36,302	24,948

Total current tax	36,302	24,948

Deferred tax
Origination and reversal of timing differences	22,682	-
Total deferred tax	22,682	-


	Tax on profit	58,984	24,948

Profit on ordinary activities before tax

47,524

29,887

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	11,881	7,472
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	669	5,211
Capital allowances for year in excess of depreciation	44,759	13,531
Adjustments to tax charge in respect of prior periods	1,675	(1,266)
Total tax charge for the year	58,984	24,948

Factors that may affect future tax charges

Page 20

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.Taxation (continued)

The Federation has recognised deferred tax on the revaluation of the freehold premises as shown in the deferred tax note.

9.	Tangible fixed assets

	Freehold property	Fixtures and fittings	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	3,860,000	192,105	141,057	4,193,162
Additions	-	2,686	17,284	19,970
Disposals	-	-	(7,574)	(7,574)
At 31 December 2025	3,860,000	194,791	150,767	4,205,558
Depreciation
At 1 January 2025	270,443	95,282	100,599	466,324
Charge for the year on owned assets	67,610	15,749	25,931	109,290
Disposals	-	-	(7,574)	(7,574)
At 31 December 2025	338,053	111,031	118,956	568,040
Net book value
At 31 December 2025	3,521,947	83,760	31,811	3,637,518
At 31 December 2024	3,589,557	96,823	40,458	3,726,838

The freehold property was valued on an existing use open market value basis at the 31 December 2020 by Tyser Greenwood, Chartered Surveyors, at a market value of £3,860,000. The land was valued at £885,129 and buildings £2,974,871. An internal assessment was made on 31st December 2025 by the Director who concluded that the valuation should not change from the previous year. The property was originally acquired at a cost of £1,132,069.

A combined area of 3,754 sq ft or 40.97% of the total freehold property (2024 - 3,322 sq ft or 36%) is rented out to five tenants (2024 - three tenants) under separate operating lease agreements. The property is a mixed use property and treated as freehold premises rather than investment property because the rented areas are not physically separable from the main property.

Page 21

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Cost or valuation at 31 December 2025 is as follows:

			Land and buildings
			£

		At cost	1,132,069
		At valuation:
			2,727,931

			3,860,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£


Cost	1,132,069	1,132,069
Accumulated depreciation	(581,224)	(563,061)
Net book value	550,845	569,008

10.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	1
	At 31 December 2025	1

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	BPF Energy Limited	6 Bath Place, Rivington Street, London, EC2A 3JE	Ordinary	100

Page 22

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Subsidiary undertakings (continued)

	The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

BPF Energy Limited

358,996

(1,176)

11.

Debtors

					2025	2024
					£	£


Trade debtors	915,641	1,449,401
Amounts owed by group undertakings	17,600	17,534
Other debtors	2,916	12,134
Prepayments and accrued income	99,092	105,657
	1,035,249	1,584,726

12.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	2,599,791	2,236,794

13.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	209,471	130,189
Amounts owed to group undertakings	-	4,541
Corporation tax	34,627	26,214
Other taxation and social security	355,897	422,901
Other creditors	954,756	1,047,873
Accruals and deferred income	1,545,661	1,755,716
	3,100,412	3,387,434

Page 23

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Deferred taxation

		2025
		£

	At beginning of year	(449,841)
	Provision adjusted in the year	61,831
	At end of year	(388,010)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Deferred tax on revaluation of freehold premises	(365,328)	(449,841)
Accelerated capital allowances	(22,682)	-
	(388,010)	(449,841)

15.	Constitution

The Federation is a company limited by guarantee. The liability of each member is limited to £1. The Federation has a total of 571 corporate members as at 31 December 2025 (2024 - 579).

16.

Reserves

Revaluation reserve

The cumulative revaluation gains and losses in respect of land and buildings, except revaluation gains and losses recognised in the accumulated fund.

Accumulated fund

Cumulative surplus or deficit.

17.	Pension commitments

The Federation operates a defined contribution pension scheme for all qualifying employees in the United Kingdom. The assets of the scheme are held separately from those of the Federation in an independently administered fund. The contributions payable by the Federation charged to comprehensive income amounted to £243,711 (2024 - £251,789). The amount outstanding at the end of the year was £nil (2024 - £Nil).

Page 24

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


Not later than 1 year	8,488	3,980
Later than 1 year and not later than 5 years	18,142	6,259
Later than 5 years	6,591	-
	33,221	10,239

The company as lessor: At the year end the company had contracted with tenants, under non-cancellable operating leases, for the following future minimum lease payments:
	2025	2024
	£	£


Not later than 1 year	53,901	53,901
Later than 1 year and not later than 5 years	129,920	151,385
Later than 5 years	48,432	80,868
	232,253	286,154

19.

Related party transactions

During the year, the Federation provided administration services of £1,082,361 (2024 - £1,146,117) to assist BPF Energy Limited, the Federation’s wholly owned subsidiary, to administer the Plastics Sector Climate Change Agreement (CCA). At the year-end £17,600 was owed by BPF Energy (2024 - £17,534).

At year-end, the Federation also owed £nil (2024 - £4,541) to The Plastics and Rubber Advisory Service, the Federation's wholly owned subsidiary which has now been dissolved.

Oversight of the Federation is carried out by the Council which consists of elected individuals from members of the BPF.

Owing to the nature of the Federation’s operations and the composition of the Council, transactions may take place with Council members or organisations in which a member of the Council has an interest. All transactions involving such organisations or individuals are conducted in accordance with the Federation’s financial regulations and normal procurement procedures.

Page 25

THE BRITISH PLASTICS FEDERATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Controlling party

The Federation is controlled by its members. There is no single controlling party.

Page 26