The Packaging and Films Association Limited - Period Ending 2020-12-31
The Packaging and Films Association Limited - Period Ending 2020-12-31
COMPANY REGISTRATION NUMBER:
The Packaging and Films Association Limited
trading as
(A company limited by guarantee)
for the Year Ended 31 December 2020
The Packaging and Films Association Limited
trading as The Packaging and Films Association
(Registration number: 02530361)
Abridged Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Other reserves |
18,589 |
18,589 |
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Profit and loss account |
176,857 |
173,604 |
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Shareholders' funds |
195,446 |
192,193 |
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
The Packaging and Films Association Limited
trading as The Packaging and Films Association
(Registration number: 02530361)
Abridged Balance Sheet as at 31 December 2020
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 Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
The Packaging and Films Association Limited
trading as The Packaging and Films Association
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
General information |
The company is a company limited by guarantee, incorporated in England and Wales , and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £500 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged 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 abridged financial statements have been prepared using the historical cost convention.
Group accounts not prepared
Tax
The tax expense for the period comprises current 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 Packaging and Films Association Limited
trading as The Packaging and Films Association
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
33% straight line |
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
The Packaging and Films Association Limited
trading as The Packaging and Films Association
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
Financial instruments
Classification
Impairment
For the purpose of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Packaging and Films Association Limited
trading as The Packaging and Films Association
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Computer equipment |
Total |
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Cost or valuation |
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At 1 January 2020 |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
- |
- |
At 31 December 2019 |
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Current asset investments |
2020 |
2019 |
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Shares in group undertakings |
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