Proflex Packaging Co Ltd - Accounts to registrar (filleted) - small 18.2
Proflex Packaging Co Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended 31 December 2018 |
| for |
| Proflex Packaging Co Ltd |
| Proflex Packaging Co Ltd (Registered number: 07050358) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Proflex Packaging Co Ltd |
| Company Information |
| for the Year Ended 31 December 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Coburg House |
| 1 Coburg Street |
| Gateshead |
| Tyne and Wear |
| NE8 1NS |
| Proflex Packaging Co Ltd (Registered number: 07050358) |
| Balance Sheet |
| 31 December 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| 49,591 | 60,340 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Proflex Packaging Co Ltd (Registered number: 07050358) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2018 |
| 1. | STATUTORY INFORMATION |
| Proflex Packaging Co Ltd is a |
| 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. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
| receivable for the manufacture of large, multi-layer disposable plastic tanks for specialised shipping stated net |
| of discounts and value added tax. |
| The company recognises revenue when the amount of revenue can be measured reliably, when it is probable |
| that future economic benefits will flow to the company and is at the point of goods being shipped to the |
| customer. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment |
| losses. |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those |
| assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable |
| amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable |
| amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss |
| is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised |
| estimate of its recoverable amount, but not in excess of the amount that would have been determined had no |
| impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised |
| immediately in profit or loss. |
| Stocks |
| Stocks are measured at the lower of cost and estimated selling price less cost to complete and sell. Cost is |
| calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs |
| incurred in bringing the stock to their present location and condition. |
| Financial instruments |
| The company only enters into basic financial instrument transactions 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, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting |
| period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss |
| is recognised in profit or loss. |
| Proflex Packaging Co Ltd (Registered number: 07050358) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A |
| current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a |
| previous period. |
| Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses |
| in the financial statements and their inclusion in tax assessments. |
| 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 and other future taxable profits. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
| reporting date and that are expected to apply to the reversal of the timing difference. |
| Current and deferred tax assets and liabilities are not discounted. |
| Foreign currencies |
| Transactions denominated in foreign currencies are translated into sterling and recorded at the rate ruling at |
| the date of the transaction. |
| Balances at the year-end denominated in a foreign currency are translated at the rate of exchange ruling at |
| the balance sheet date. |
| Leasing and hire purchase commitments |
| 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 on a straight line basis. |
| Employee benefits, 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. |
| Short term employee benefits are recognised as an expense in the period in which they are incurred. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Proflex Packaging Co Ltd (Registered number: 07050358) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Mr A Leddra being the majority shareholder of the company's immediate and |
| ultimate parent undertaking Proflex Packaging Co. Limited, a company registered in the British Virgin Islands. |