Packaging Futures Limited - Period Ending 2019-12-31

Packaging Futures Limited

Contents

Director's Report	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 5

Packaging Futures Limited

Director's Report for the Year Ended 31 December 2019

The director presents his report and the financial statements for the year ended 31 December 2019.

Directors of the company

The directors who held office during the year were as follows:

Mr Thomas Christopher Wrigley (resigned 15 February 2019)

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 December 2018 there was only 1 director, Mr Thomas Christopher Wrigley, and he made all the decisions for this company.

At the time of signing these Accounts, the Director has taken the decision that this Company is no longer to trade, but remains active. There are no immediate plans for the closure of 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 31 July 2020 and signed on its behalf by:

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

Packaging Futures Limited

(Registration number: 03093117)
Statement of Financial Position as at 31 December 2019

	Note	2019 £	2018 £
Current assets
Debtors	3	86,030	87,756
Cash at bank and in hand		880	26
		86,910	87,782
Creditors: Amounts falling due within one year	4	(101,658)	(103,045)
Net liabilities		(14,748)	(15,263)
Capital and reserves
Called up share capital		1,030	1,030
Profit and loss account		(15,778)	(16,293)
Total equity		(14,748)	(15,263)

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 31 July 2020
 

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

Mr James Alexander Urquhart
Director

Packaging Futures Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

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

These financial statements were authorised for issue by the director on 31 July 2020.

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.

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 31 July 2020 was Danie van Niekerk , who signed for and on behalf of Walker Dunnett & Co.

Packaging Futures Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

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.

3

Debtors

	2019 £	2018 £
Trade debtors	-	1,898
Other debtors	86,030	85,858
	86,030	87,756

4

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	258	-
Taxation and social security	-	442
Accruals and deferred income	2,400	3,603
Other creditors	99,000	99,000
	101,658	103,045

Packaging Futures Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

5	Parent and ultimate parent undertaking

The company's immediate parent is Discovery Flexibles Limited, incorporated in England.

 

6	APB Ethical Standards relevant circumstances

In common with many other businesses of our size and nature we use our auditors to prepare and submit our returns to the tax authorities and assist with the preparation of financial statements.