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 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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2020 | 2019 |
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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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 and authorised for issue on
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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 2020 |
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1. | STATUTORY INFORMATION |
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P H Flexible Packaging Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. Additionally not all events or conditions can be predicted with the event of COVID 19 pandemic, which has brought with it additional unprecedented levels of uncertainty and the inability to assess fully, therefore, the impact of that on not only the company but also on the customers and suppliers it trades with. Budgets and cash flow projections compiled indicate that the company has sufficient reserves to continue to trade. The directors believe that support afforded, careful cashflow considerations and use of mitigating actions available, including furloughing of underutilised staff, is sufficient upon which to adopt the going concern basis. |
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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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Government grants |
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. |
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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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P H Flexible Packaging Limited (Registered number: 03088908) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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 2019 |
and 30 September 2020 |
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AMORTISATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 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 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2019 |
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Additions |
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Disposals |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Cost or valuation at 30 September 2020 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 | 1,347,238 | 1,436,697 |
89,459 | 1,040,895 | 1,130,354 |
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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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2020 | 2019 |
£ | £ |
Cost | 1,119,649 | 1,130,157 |
Aggregate depreciation | 790,304 | 728,968 |
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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 |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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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 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
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 |
2020 | 2019 |
£ | £ |
Bank loans |
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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. |
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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 |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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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 2020 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts | 6,589 | 26,164 |
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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 | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2019 |
and 30 September 2020 |
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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 (2019: £nil). |
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15. | RELATED PARTY DISCLOSURES |
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Included in other creditors are loans to the company of £62,160 (2019 - £159,835) 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. |