Registration number:
Unaudited Financial Statements
The Paper Industry Technical Association (Trading) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Paper Industry Technical Association (Trading) Limited
Balance Sheet
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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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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Called up share capital |
2 |
2 |
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Share premium reserve |
264,998 |
264,998 |
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Revaluation reserve |
136,106 |
136,106 |
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Profit and loss account |
157,684 |
171,290 |
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Shareholders' funds |
558,790 |
572,396 |
The Paper Industry Technical Association (Trading) Limited
Balance Sheet
31 December 2020
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.
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.
Approved and authorised by the
.........................................
Mr John Kirby
Director
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Dr Graham K Moore
Director
Company Registration Number: 02928961
The Paper Industry Technical Association (Trading) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
Revenue recognition
Turnover comprises of the actual cash received 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.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
The Paper Industry Technical Association (Trading) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2020
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
The Paper Industry Technical Association (Trading) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% on cost |
Furniture and fittings |
25% on cost |
Office equipment |
25% on cost |
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.
Trade debtors
Trade debtors are amounts due from customers in the ordinary course of business.
Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Paper Industry Technical Association (Trading) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2020
Tangible assets |
Long leasehold land and buildings |
Fixtures and fittings |
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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- |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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- |
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At 31 December 2019 |
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- |
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Included within the net book value of land and buildings above is £190,449 (2019 - £192,787) in respect of long leasehold land and buildings.
The Paper Industry Technical Association (Trading) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2020
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Summary of transactions with parent
Included in debtors at the year end is an amount of £413,674 (2019: £405,055) owed from The Paper Industry Technical Association.