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P H Flexible Packaging Limited |
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Financial Statements |
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for the Year Ended 30 September 2019 |
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REGISTERED NUMBER:
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P H Flexible Packaging Limited |
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Financial Statements |
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for the Year Ended 30 September 2019 |
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P H Flexible Packaging Limited (Registered number: 03088908) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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P H Flexible Packaging Limited |
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Company Information |
for the Year Ended 30 September 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Sterling House |
97 Lichfield Street |
Tamworth |
Staffordshire |
B79 7QF |
P H Flexible Packaging Limited (Registered number: 03088908) |
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Balance Sheet |
30 September 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Revaluation reserve | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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P H Flexible Packaging Limited (Registered number: 03088908) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2019 |
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1. | STATUTORY INFORMATION |
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P H Flexible Packaging Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
P H Flexible Packaging Limited (Registered number: 03088908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and |
depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are |
included in creditors net of the finance charge allocated to future periods. The finance element of the rental |
payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net |
obligation outstanding in each period. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 October 2018 |
and 30 September 2019 |
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AMORTISATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2018 |
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Additions |
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Disposals |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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P H Flexible Packaging Limited (Registered number: 03088908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 30 September 2019 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2018 | - | (306,343 | ) | (306,343 | ) |
Cost | 89,459 | 1,417,742 | 1,507,201 |
89,459 | 1,111,399 | 1,200,858 |
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If plant and machinery had not been revalued they would have been included at the following historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 1,033,950 | 1,033,950 |
Aggregate depreciation | 669,469 | 669,469 |
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Plant and machinery were valued on an open market basis on 30 September 2018 by the Directors . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
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Bank loans and overdrafts are secured on units G1 & G2 Gresley Business Park which are owned by P Horobin |
and D Norman, directors of the company, together with a debenture over the assets of the company. |
Additionally, P Horobin and D Norman have pledged a personal guarantee of £100,000 against the same |
liabilities. |
P H Flexible Packaging Limited (Registered number: 03088908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 26,164 | 45,293 |
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The hire purchase liabilities are secured over the assets to which they relate. Bank loans and overdrafts are |
secured by way of a fixed and floating charge over the undertaking and all property and assets present and |
future. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2018 |
and 30 September 2019 |
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P H Flexible Packaging Limited (Registered number: 03088908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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14. | CONTINGENT LIABILITIES |
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The company has given cross guarantees to National Westminster Bank PLC in respect of amounts |
outstanding with fellow group and connected companies. At the balance sheet date these amounted to £nil |
(2018: £nil). |
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15. | RELATED PARTY DISCLOSURES |
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Included in other creditors are loans to the company of £159,835 (2018 - £174,870) from the Directors. These |
loans are repayable on demand. |
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16. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is P Horobin by virtue of his majority shareholding in the company. |