Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-312022-06-0133The principal activity of the company continued to be that of the manufacture of packaging films.false36truetrue 04431892 2022-06-01 2023-05-31 04431892 2023-05-31 04431892 2021-06-01 2022-05-31 04431892 2022-05-31 04431892 2021-06-01 04431892 c:Director1 2022-06-01 2023-05-31 04431892 d:Buildings d:ShortLeaseholdAssets 2022-06-01 2023-05-31 04431892 d:Buildings d:ShortLeaseholdAssets 2023-05-31 04431892 d:Buildings d:ShortLeaseholdAssets 2022-05-31 04431892 d:PlantMachinery 2022-06-01 2023-05-31 04431892 d:PlantMachinery 2023-05-31 04431892 d:PlantMachinery 2022-05-31 04431892 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04431892 d:OfficeEquipment 2022-06-01 2023-05-31 04431892 d:OfficeEquipment 2023-05-31 04431892 d:OfficeEquipment 2022-05-31 04431892 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04431892 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04431892 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 04431892 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 04431892 d:OtherResidualIntangibleAssets 2022-06-01 2023-05-31 04431892 d:CurrentFinancialInstruments 2023-05-31 04431892 d:CurrentFinancialInstruments 2022-05-31 04431892 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04431892 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 04431892 d:ShareCapital 2023-05-31 04431892 d:ShareCapital 2022-05-31 04431892 d:RetainedEarningsAccumulatedLosses 2023-05-31 04431892 d:RetainedEarningsAccumulatedLosses 2022-05-31 04431892 c:OrdinaryShareClass1 2022-06-01 2023-05-31 04431892 c:OrdinaryShareClass1 2023-05-31 04431892 c:OrdinaryShareClass1 2022-05-31 04431892 c:FRS102 2022-06-01 2023-05-31 04431892 c:Audited 2022-06-01 2023-05-31 04431892 c:FullAccounts 2022-06-01 2023-05-31 04431892 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 04431892 d:WithinOneYear 2023-05-31 04431892 d:WithinOneYear 2022-05-31 04431892 d:BetweenOneFiveYears 2023-05-31 04431892 d:BetweenOneFiveYears 2022-05-31 04431892 c:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 04431892 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 04431892 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 04431892 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-06-01 2023-05-31 04431892 7 2022-06-01 2023-05-31 04431892 d:ExternallyAcquiredIntangibleAssets 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04431892


TERINEX FLEXIBLES LTD








AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
TERINEX FLEXIBLES LTD
REGISTERED NUMBER: 04431892

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
47,414
-

Tangible assets
 6 
598,744
643,210

  
646,158
643,210

Current assets
  

Stocks
 7 
330,545
417,399

Debtors: amounts falling due within one year
 8 
2,874,424
2,251,024

Bank and cash balances
  
192
1

  
3,205,161
2,668,424

Creditors: amounts falling due within one year
 9 
(2,126,634)
(1,811,127)

Net current assets
  
 
 
1,078,527
 
 
857,297

Total assets less current liabilities
  
1,724,685
1,500,507

Provisions for liabilities
  

Deferred tax
 10 
(133,295)
(141,012)

  
 
 
(133,295)
 
 
(141,012)

Net assets
  
1,591,390
1,359,495


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
1,590,390
1,358,495

  
1,591,390
1,359,495

Page 1

 
TERINEX FLEXIBLES LTD
REGISTERED NUMBER: 04431892
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
P Wightman
Director

Date: 15 February 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Terinex Flexibles Ltd (formerly QC Packaging Films Limited) is a private limited Company incorporated  in England and Wales. The Company's registered number is 04431892, and the registered office is Technology House, Heage Road Industrial Estate, Ripley, Derbyshire, DE5 3GH. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

In preparing the financial statements, a rounding difference of £5 has been aused, in accordance with Company policy and in line with the previous year.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software and licenses
-
10 years
Page 5

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over 15 years
Plant and machinery
-
6.67% - 33.33% straight line
Office equipment
-
20% - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
 
 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Page 7

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key judgments are as follows:
Property, plant and equipment and intangible assets:
Property, plant and equipment and intangible assets are depreciated over their useful economic life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account.


4.


Employees

The average monthly number of employees, including directors, during the year was 36 (2022 - 33).


5.


Intangible assets




Software and licenses
Total

£
£



Cost


Additions
47,414
47,414



At 31 May 2023

47,414
47,414






Net book value



At 31 May 2023
47,414
47,414



At 31 May 2022
-
-



Page 8

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2022
13,950
1,098,342
9,828
1,122,120


Additions
-
8,063
24,462
32,525



At 31 May 2023

13,950
1,106,405
34,290
1,154,645



Depreciation


At 1 June 2022
5,348
467,778
5,783
478,909


Charge for the year on owned assets
930
74,139
1,923
76,992



At 31 May 2023

6,278
541,917
7,706
555,901



Net book value



At 31 May 2023
7,672
564,488
26,584
598,744



At 31 May 2022
8,603
630,563
4,045
643,211

Page 9

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Stocks

2023
2022
£
£

Raw materials and consumables
306,887
403,869

Finished goods and goods for resale
23,658
13,530

330,545
417,399



8.


Debtors

2023
2022
£
£


Trade debtors
1,543,000
1,576,249

Amounts owed by group undertakings
532,231
632,663

Other debtors
664,063
-

Prepayments and accrued income
135,130
42,112

2,874,424
2,251,024


The amounts shown above in amounts owed by group undertakings are interest free and there is no fixed date for repayment.
HSBC UK Bank Plc hold a charge over the company in respect to a legal assignment of contract monies.

Page 10

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,070,089
903,956

Amounts owed to group undertakings
789,239
243,048

Other taxation and social security
73,080
86,070

Other creditors
61,607
456,976

Accruals and deferred income
132,619
121,077

2,126,634
1,811,127


The amounts shown above in amounts owed to group undertakings are interest free and there is no fixed date for repayment.
 
HSBC UK Bank PLC, hold a debenture over the Company, including a fixed charge over all book and other debts, both present and future; together with a floating charge over all assets and undertakings, both present and future.
The above security also includes an unlimited Multilateral Guarantee dated 12 May 2022, and given by
OGM (SW) Limited, Terinex Flexibles LTD (formerly QC Packaging Films Limited), Clear Sky Catering
Consumables Limited, Owen Greenings & Mumford (Holdings) Limited, and Owen Greenings & Mumford Limited, of which group set-off is held.
An amount of £21,917 
(2022: £416,783) within other creditors is secured by way of a fixed and floating charge.

2023
2022
£
£

Other taxation and social security

PAYE/NI control
25,168
25,251

VAT control
47,912
60,818

73,080
86,069


Page 11

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(141,012)
(99,000)


Utilised in year
7,717
(42,012)



At end of year
(133,295)
(141,012)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(133,295)
(141,012)

(133,295)
(141,012)


There is no expectation for the underlying assets to be disposed of, and as such the expectated reversal of deferred tax liabilities in the financial period following the reporting period end date will be to the extent of the depreciation charge on the underlying assets multiplied by the tax rate.


11.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



12.


Capital commitments


At 31 May 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
1,223,935
-

1,223,935
-

Page 12

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

13.


Pension commitments

The Company contributes to defined contribution pension scheme. The assets of the schemes are held separately from those of the Company, in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £28,499 (2022 - £22,796). Contributions totaling £4,619 (2022 - £3,750) were payable to the fund at the balance sheet date and are included in other creditors.


14.


Commitments under operating leases

At 31 May 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
92,989
8,094

Later than 1 year and not later than 5 years
7,622
15,716

100,611
23,810


15.


Related party transactions

The Company have taken advantage of the exemption under FRS102 section 33 paragraph 1a and therefore have not reported the related party transactions or balances of companies within the group.  


16.


Ultimate parent undertaking and controlling party

The parent undertaking is Clear Sky Catering Consumables Limited. The ultimate parent undertaking is Owen Greenings & Mumford (Holdings) Ltd, with registered office Unit 1 Mead Road, Oxford Industrial Park, Yarnton, Oxford, OX5 1QU, and registered number 06259950. Owen Greenings & Mumford (Holdings) Ltd is the parent of the smallest group for which consolidated financial statements will be prepared.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2023 was unqualified.

The audit report was signed on 16 February 2024 by Mr Matthew Wyatt (Senior Statutory Auditor) on behalf of Wellers.

 
Page 13