The Packaging and Films Association Limited - Period Ending 2022-12-31

The Packaging and Films Association Limited

trading as The Packaging and Films Association

(Registration number: 02530361)
Abridged Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Current assets
Debtors	5	98,492	220,289
Investments	6	2	2
Cash at bank and in hand		118,966	28,836
		217,460	249,127
Creditors: Amounts falling due within one year		(27,637)	(60,605)
Net assets		189,823	188,522
Reserves
Retained earnings		189,823	188,522
Surplus		189,823	188,522

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

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 Board on 28 July 2023 and signed on its behalf by:
 

The Packaging and Films Association Limited

trading as The Packaging and Films Association

(Registration number: 02530361)
Abridged Balance Sheet as at 31 December 2022

......................................... Mr D R Muir 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 2022

1	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:
Unit 10 Phoenix Park
Stephenson Industrial Estate
Telford Way
Coalville
Leicestershire
LE67 3HB

These financial statements were authorised for issue by the Board on 28 July 2023.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group..

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 2022

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.

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 2022

Financial instruments

Classification
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 entity after deducting all of its financial liabilities.
 Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2021 - 1).

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 2022

4	Tangible assets

	Computer equipment £	Total £
Cost or valuation
At 1 January 2022	2,226	2,226
Disposals	(2,226)	(2,226)
At 31 December 2022	-	-
Depreciation
At 1 January 2022	2,226	2,226
Eliminated on disposal	(2,226)	(2,226)
At 31 December 2022	-	-
Carrying amount
At 31 December 2022	-	-

5

Debtors

Debtors includes £Nil (2021 - £Nil) due after more than one year.

6	Current asset investments

	2022 £	2021 £
Shares in group undertakings	2	2