IRIS Accounts Production v23.3.1.45 00498909 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Ordinary 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh004989092022-03-31004989092023-03-31004989092022-04-012023-03-31004989092021-03-31004989092021-04-012022-03-31004989092022-03-3100498909ns10:Originalns15:EnglandWales2022-04-012023-03-3100498909ns14:PoundSterlingns10:Original2022-04-012023-03-3100498909ns10:Originalns10:Director12022-04-012023-03-3100498909ns10:Original2022-04-012023-03-3100498909ns10:Original2023-03-3100498909ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3100498909ns10:Originalns10:SmallEntities2022-04-012023-03-3100498909ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3100498909ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3100498909ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3100498909ns10:Originalns10:FullAccounts2022-04-012023-03-3100498909ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-3100498909ns10:Originalns10:OrdinaryShareClass22022-04-012023-03-3100498909ns10:Originalns10:Director22022-04-012023-03-3100498909ns10:CompanySecretary1ns10:Original2022-04-012023-03-3100498909ns10:Originalns10:RegisteredOffice2022-04-012023-03-3100498909ns10:Original2022-03-3100498909ns10:Originalns5:CurrentFinancialInstruments2023-03-3100498909ns10:Originalns5:CurrentFinancialInstruments2022-03-3100498909ns10:Originalns5:Non-currentFinancialInstruments2023-03-3100498909ns10:Originalns5:Non-currentFinancialInstruments2022-03-3100498909ns5:ShareCapitalns10:Original2023-03-3100498909ns5:ShareCapitalns10:Original2022-03-3100498909ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3100498909ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3100498909ns10:Originalns5:LeaseholdImprovements2022-04-012023-03-3100498909ns10:Originalns5:PlantMachinery2022-04-012023-03-3100498909ns10:Originalns5:FurnitureFittings2022-04-012023-03-3100498909ns10:Original2021-04-012022-03-3100498909ns10:Originalns5:LeaseholdImprovements2022-03-3100498909ns10:Originalns5:PlantMachinery2022-03-3100498909ns10:Originalns5:FurnitureFittings2022-03-3100498909ns10:Original2022-03-3100498909ns10:Originalns5:LeaseholdImprovements2023-03-3100498909ns10:Originalns5:PlantMachinery2023-03-3100498909ns10:Originalns5:FurnitureFittings2023-03-3100498909ns10:Originalns5:LeaseholdImprovements2022-03-3100498909ns10:Originalns5:PlantMachinery2022-03-3100498909ns10:Originalns5:FurnitureFittings2022-03-3100498909ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3100498909ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-04-012023-03-3100498909ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3100498909ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3100498909ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100498909ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3100498909ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3100498909ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-03-3100498909ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3100498909ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-3100498909ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100498909ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3100498909ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2023-03-3100498909ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2022-03-3100498909ns10:Originalns5:HirePurchaseContracts2023-03-3100498909ns10:Originalns5:HirePurchaseContracts2022-03-3100498909ns5:Securedns10:Original2023-03-3100498909ns5:Securedns10:Original2022-03-3100498909ns10:Originalns5:DeferredTaxation2022-03-3100498909ns10:Originalns5:DeferredTaxation2022-04-012023-03-3100498909ns10:Originalns5:DeferredTaxation2023-03-3100498909ns10:Originalns10:OrdinaryShareClass12023-03-3100498909ns10:Originalns10:OrdinaryShareClass22023-03-3100498909ns10:Original1ns10:Director12022-03-3100498909ns10:Original1ns10:Director12021-03-3100498909ns10:Original1ns10:Director12022-04-012023-03-3100498909ns10:Original1ns10:Director12021-04-012022-03-3100498909ns10:Original1ns10:Director12023-03-3100498909ns10:Original1ns10:Director12022-03-31
REGISTERED NUMBER: 00498909 (England and Wales)

















TERNEX LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






TERNEX LIMITED (REGISTERED NUMBER: 00498909)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TERNEX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A Barker
VM Nevel





SECRETARY: Dr A Nevel





REGISTERED OFFICE: 27 Ayot Green
Welwyn
Hertfordshire
AL6 9BA





REGISTERED NUMBER: 00498909 (England and Wales)





ACCOUNTANTS: Jones Hunt & Keelings
Chartered Certified Accountants and
Chartered Tax Advisers
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

TERNEX LIMITED (REGISTERED NUMBER: 00498909)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 232,496 248,957

CURRENT ASSETS
Stocks 129,586 110,217
Debtors 5 175,506 208,815
Cash at bank and in hand 30,064 140,908
335,156 459,940
CREDITORS
Amounts falling due within one year 6 267,403 375,245
NET CURRENT ASSETS 67,753 84,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

300,249

333,652

CREDITORS
Amounts falling due after more than one year 7 (51,932 ) (80,549 )

PROVISIONS FOR LIABILITIES 10 (32,282 ) (23,933 )
NET ASSETS 216,035 229,170

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 215,035 228,170
SHAREHOLDERS' FUNDS 216,035 229,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2024 and were signed on its behalf by:





VM Nevel - Director


TERNEX LIMITED (REGISTERED NUMBER: 00498909)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Ternex Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements, the directors have exercised judgement in the following principal areas:
- In determining the depreciation rates of tangible fixed assets, which are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as past experience and expected performance are taken into account.
- In estimating the quantum of doubtful debts when collection of the full amount is no longer probable. The directors' best estimate is based on the period the debt has been outstanding and the difficulties experienced and anticipated in pursuing collection.
- In assessing the net realisable value of the company's stock. Factors taken into consideration in reaching a decision include sales in the previous year and forecasts for the coming year.
- In determining whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching a decision include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Turnover
Turnover represents sales of sawmill and joinery products and is recognised when the customer takes physical possession of the goods. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Office equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost, with changes recognised as a profit or loss.

Taxation
Taxation for the year comprises current and deferred tax and is recognised in the Profit and Loss Account.

Current or deferred taxation assets and liabilities are not discounted.

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.


TERNEX LIMITED (REGISTERED NUMBER: 00498909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

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.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants have been accounted for under the accrual model, recognised as other income in the period to which they relate. There were no unfulfilled conditions or contingencies attached to the grant.

Going concern
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Office
property machinery equipment Totals
£    £    £    £   
COST
At 1 April 2022 248,819 504,948 38,844 792,611
Additions - 22,735 - 22,735
Disposals - - (449 ) (449 )
At 31 March 2023 248,819 527,683 38,395 814,897
DEPRECIATION
At 1 April 2022 129,066 380,100 34,488 543,654
Charge for year 18,969 18,858 1,369 39,196
Eliminated on disposal - - (449 ) (449 )
At 31 March 2023 148,035 398,958 35,408 582,401
NET BOOK VALUE
At 31 March 2023 100,784 128,725 2,987 232,496
At 31 March 2022 119,753 124,848 4,356 248,957

TERNEX LIMITED (REGISTERED NUMBER: 00498909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2022
and 31 March 2023 11,530
DEPRECIATION
At 1 April 2022 4,034
Charge for year 1,153
At 31 March 2023 5,187
NET BOOK VALUE
At 31 March 2023 6,343
At 31 March 2022 7,496

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 132,720 158,253
Directors' current accounts 38,801 50,528
VAT 2,795 -
Prepayments and accrued income 1,190 34
175,506 208,815

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,862 22,862
Hire purchase contracts (see note 8) 5,755 5,755
Trade creditors 189,524 203,441
Tax 12,549 34,994
Social security and other taxes 13,192 14,318
VAT - 81,925
Other creditors 9,806 5,847
Accrued expenses 13,715 6,103
267,403 375,245

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 22,862 22,862
Bank loans - 2-5 years 26,672 49,534
Hire purchase contracts (see note 8) 2,398 8,153
51,932 80,549

TERNEX LIMITED (REGISTERED NUMBER: 00498909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 5,755 5,755
Between one and five years 2,398 8,153
8,153 13,908

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 72,396 95,258
Hire purchase contracts 8,153 13,908
80,549 109,166

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 32,282 23,933

Deferred
tax
£   
Balance at 1 April 2022 23,933
Provided during year 8,349
Balance at 31 March 2023 32,282

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
800 Ordinary £1 800 800
200 Ordinary B £1 200 200
1,000 1,000

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
VM Nevel
Balance outstanding at start of year 50,528 43,664
Amounts advanced 37,273 64,864
Amounts repaid (49,000 ) (58,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,801 50,528

TERNEX LIMITED (REGISTERED NUMBER: 00498909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Interest on the overdrawn directors loan account payable on a monthly basis at the official rate of interest, however there are no agreed repayment terms.

During the year interest was paid amounting to £1,453 in respect of the overdrawn director' loan account (2022: £651).

13. RELATED PARTY DISCLOSURES

During the year:

- Rent of £39,900 (2022: £37,520) was paid to a director in respect of premises occupied by the company.

- Dividends were paid to a director this year of £36,500 (2022: £42,000).

- Dividends were paid to a close family member of the director of £12,500 (2022: £16,000).