Packaging Futures Limited - Period Ending 2018-07-31

Registration number: 03093117

Packaging Futures Limited

Financial Statements

for the Period from 1 May 2017 to 31 July 2018

Packaging Futures Limited

Contents

Director's Report	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 6

Packaging Futures Limited

Director's Report for the Period from 1 May 2017 to 31 July 2018

The director presents his report and the financial statements for the period from 1 May 2017 to 31 July 2018.

Director of the company

The director who held office during the period was as follows:

Mr Thomas Christopher Wrigley (resigned 15 February 2019)

The following director was appointed after the period end:

Mr James Alexander Urquhart (appointed 15 February 2019)

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

In the period to 31 July 2018 there was only 1 director, Mr Thomas Christopher Wrigley, and he made all the decisions for this company.

Small companies provision statement

This report has 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.

Approved by the director on 30 April 2019 and signed on its behalf by:

.........................................
Mr James Alexander Urquhart
Director

Page 1

Packaging Futures Limited

(Registration number: 03093117)
Statement of Financial Position as at 31 July 2018

	Note	2018 £	2017 £
Fixed assets
Investments	3	-	1
Current assets
Debtors	4	48,464	48,004
Cash at bank and in hand		26,292	6,126
		74,756	54,130
Creditors: Amounts falling due within one year	5	(100,051)	(103,000)
Net current liabilities		(25,295)	(48,870)
Net liabilities		(25,295)	(48,869)
Capital and reserves
Called up share capital	6	1,030	1,030
Profit and loss account		(26,325)	(49,899)
Total equity		(25,295)	(48,869)

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 and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 30 April 2019
 

.........................................

Mr James Alexander Urquhart
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Packaging Futures Limited

Notes to the Financial Statements for the Period from 1 May 2017 to 31 July 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
International House
24 Holborn Viaduct
London
EC1A 2BN

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependant on the continued support of connected parties not requiring the withdrawal of their monies owed to it until sufficient funds are available.
If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 April 2019 was Danie van Niekerk , who signed for and on behalf of Walker Dunnett & Co.

Page 3

Packaging Futures Limited

Notes to the Financial Statements for the Period from 1 May 2017 to 31 July 2018

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or 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.

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.

3	Investments

	2018 £	2017 £
Investments in subsidiaries	-	1

Page 4

Packaging Futures Limited

Notes to the Financial Statements for the Period from 1 May 2017 to 31 July 2018

Subsidiaries	£
Cost or valuation
At 1 May 2017	1
Disposals	(1)
At 31 July 2018	-
Provision
Carrying amount
At 31 July 2018	-
At 30 April 2017	1

4

Debtors

	2018 £	2017 £
Trade debtors	2,606	264
Other debtors	45,858	47,740
	48,464	48,004

5

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	(97)	2,653
Taxation and social security	1,670	-
Accruals and deferred income	2,478	2,605
Other creditors	96,000	97,742
	100,051	103,000

6	Share capital

Allotted, called up and fully paid shares

Page 5

Packaging Futures Limited

Notes to the Financial Statements for the Period from 1 May 2017 to 31 July 2018

	2018		2017
	No.	£	No.	£
Ordinary A of £1 each	280	280	280	280
Ordinary B of £1 each	250	250	250	250
Ordinary C of £1 each	250	250	250	250
Ordinary D of £1 each	250	250	250	250
	1,030	1,030	1,030	1,030

Page 6