Ter (UK) Limited 08014397 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the supply of raw materials, speciality chemicals and food ingredients for various application industries. Digita Accounts Production Advanced 6.30.9574.0 true true true true true true true true 08014397 2023-01-01 2023-12-31 08014397 2023-12-31 08014397 bus:OrdinaryShareClass1 2023-12-31 08014397 core:RetainedEarningsAccumulatedLosses 2023-12-31 08014397 core:ShareCapital 2023-12-31 08014397 core:SharePremium 2023-12-31 08014397 core:CurrentFinancialInstruments 2023-12-31 08014397 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08014397 core:Goodwill 2023-12-31 08014397 core:BetweenTwoFiveYears 2023-12-31 08014397 core:WithinOneYear 2023-12-31 08014397 core:FurnitureFittingsToolsEquipment 2023-12-31 08014397 bus:FRS102 2023-01-01 2023-12-31 08014397 bus:Audited 2023-01-01 2023-12-31 08014397 bus:FullAccounts 2023-01-01 2023-12-31 08014397 bus:RegisteredOffice 2023-01-01 2023-12-31 08014397 bus:Chairman 2023-01-01 2023-12-31 08014397 bus:Director3 2023-01-01 2023-12-31 08014397 bus:Director5 2023-01-01 2023-12-31 08014397 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08014397 bus:Consolidated 2023-01-01 2023-12-31 08014397 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08014397 core:Goodwill 2023-01-01 2023-12-31 08014397 core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-01-01 2023-12-31 08014397 core:OfficeEquipment 2023-01-01 2023-12-31 08014397 core:UKTax 2023-01-01 2023-12-31 08014397 1 2023-01-01 2023-12-31 08014397 countries:EnglandWales 2023-01-01 2023-12-31 08014397 2022-12-31 08014397 core:Goodwill 2022-12-31 08014397 core:FurnitureFittingsToolsEquipment 2022-12-31 08014397 2022-01-01 2022-12-31 08014397 2022-12-31 08014397 bus:OrdinaryShareClass1 2022-12-31 08014397 core:RetainedEarningsAccumulatedLosses 2022-12-31 08014397 core:ShareCapital 2022-12-31 08014397 core:SharePremium 2022-12-31 08014397 core:CurrentFinancialInstruments 2022-12-31 08014397 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08014397 core:BetweenTwoFiveYears 2022-12-31 08014397 core:WithinOneYear 2022-12-31 08014397 core:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-01-01 2022-12-31 08014397 core:UKTax 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08014397

Ter (UK) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Ter (UK) Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account and Statement of Retained Earnings

8

Balance Sheet

9

Notes to the Financial Statements

10 to 18

 

Ter (UK) Limited

Company Information

Chairman

Mr A J Maddy

Directors

Mr A Frueh

Mr G K Manley

Registered office

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Solicitors

Greene & Greene
80 Guildhall Street
Bury St Edmunds
Suffolk
IP33 1QB

Auditors

JA Audit Limited
Chartered Accountants & Registered Auditors
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Ter (UK) Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is the supply of raw materials, speciality chemicals and food ingredients for various application industries.

Fair review of the business

Ter (UK) Limited is part of the TerChemicals Distribution Group, one of the leading European distributors for speciality chemicals and raw materials. The company was founded in 2012 to further strengthen the group's increasing pan-European network and is now an established leader in the importation, storage and distribution of speciality chemicals, intermediates and food ingredients.

The year to 31 December 2023 saw a 8% reduction in turnover, but the gross profit percentage was improved by almost 3 percentage points. Post-tax profit for 2023 amounted to £1,068,414 compared to £1,125,130 for 2022. That profit was retained in the company leading to growth in net assets to £4,360,787 from £3,292,373.

The company's mission of delivering value for customers and suppliers by providing materials and technology, creating customer satisfaction and hence long-term relations remains central in achieving the growth in turnover from both existing accounts and new ones.

The satisfaction of our customers and suppliers is how we define quality. Our responsibility and compliance with quality assurance requirements is confirmed by regular internal system checks and external audits.

Principal risks and uncertainties

The principal risk and uncertainties for the company are mainly financial and we have put measures in place to mitigate such risks where necessary. Particular areas of financial risk are:

Liquidity and credit risk: the company operates both GBP and non-GBP accounts and has tight credit controls in place over both levels of stock and credit limits of customers.

Foreign exchange rate risk: the company sources products from various countries worldwide and a significant element of purchases are in either USD or Euros and therefore the company is exposed to the fluctuations in these currencies. The company therefore operates a hedging system and operates with foreign currency bank accounts to mitigate the risk.

The management of Ter Hell & Co GmbH and of Ter (UK) Ltd continues to monitor the economic situation carefully and take measures as necessary.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr G K Manley
Director

 

Ter (UK) Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr A Frueh

Mr A J Maddy - Chairman

Mr G K Manley

Financial instruments

Objectives and policies

Management aims to minimise financial risk by keeping its borrowing under regular review and having in place rigorous credit management procedures. Forward contracts are used to mitigate foreign exchange risks.

Price risk, credit risk, liquidity risk and cash flow risk

As far as possible the company reaches agreement with suppliers to minimise price risk and customers credit status is regularly reviewed to minimise credit risk. The company mitigates cash flow and liquidity risk by the regular monitoring of amounts receivable and payable so as to optimise cash flow.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr G K Manley
Director

 

Ter (UK) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ter (UK) Limited

Independent Auditor's Report to the Members of Ter (UK) Limited

Opinion

We have audited the financial statements of Ter (UK) Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

Ter (UK) Limited

Independent Auditor's Report to the Members of Ter (UK) Limited

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The specific procedures for this engagement are:
Enquiry of management around actual and potential litigation and claims.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statemeants, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

 

Ter (UK) Limited

Independent Auditor's Report to the Members of Ter (UK) Limited

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Christopher Kelly FCA (Senior Statutory Auditor)
For and on behalf of JA Audit Limited, Statutory Auditor

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

31 July 2024

 

Ter (UK) Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

17,820,626

19,260,211

Cost of sales

 

(13,857,375)

(15,508,316)

Gross profit

 

3,963,251

3,751,895

Distribution costs

 

(264,742)

(256,741)

Administrative expenses

 

(2,087,702)

(2,194,958)

Other operating income

4

17,253

20,967

Operating profit

5

1,628,060

1,321,163

(Loss)/gain on financial assets at fair value through profit and loss

 

(161,064)

183,135

Interest payable and similar charges

6

(67,779)

(112,398)

 

(228,843)

70,737

Profit before tax

 

1,399,217

1,391,900

Taxation

10

(330,803)

(266,770)

Profit for the financial year

 

1,068,414

1,125,130

Retained earnings brought forward

 

3,108,973

1,983,843

Retained earnings carried forward

 

4,177,387

3,108,973

 

Ter (UK) Limited

(Registration number: 08014397)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

13

3,287,349

4,916,122

Debtors

14

2,033,914

2,303,352

Cash at bank and in hand

 

509,849

1,510,026

 

5,831,112

8,729,500

Creditors: Amounts falling due within one year

15

(1,470,325)

(5,437,127)

Net assets

 

4,360,787

3,292,373

Capital and reserves

 

Called up share capital

50,000

50,000

Share premium reserve

133,400

133,400

Retained earnings

4,177,387

3,108,973

Shareholders' funds

 

4,360,787

3,292,373

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr G K Manley
Director

 

Ter (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB
England

The principal place of business is:
Milton Hall
Ely Road
Milton
Cambridge
CB24 6WZ

These financial statements were authorised for issue by the Board on 31 July 2024.

2

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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.

Summary of disclosure exemptions

Disclosure exemptions permitted by paragraphs 1.12 and 33.1A of FRS 102 have been applied such that a cash flow statement is not included in these financial statements and total key management personnel compensation, information regarding financial instruments and transactions involving wholly owned group members are not disclosed.

Judgements

The main areas involving the exercise of judgement concern recoverability of debtors and condition of stocks. This has not materially affected the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ter (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

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.

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

Office equipment

20% per year straight line (fully depreciated)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line at 20% per year (now fully amortised)

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.

 

Ter (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using a Moving Average method.

The cost of goods for resale comprises purchase cost and, where applicable, those direct costs and overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Ter (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Foreign exchange forward contracts are classified as a financial asset or financial liability as appropriate.
 Recognition and measurement
The contracts are included at fair value based on comparison of contracted rates with market rates applying at the reporting date with the net gain or loss being recognised in the profit and loss account.
 

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Sale of goods

17,820,626

19,260,211

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
 £

2022
 £

Miscellaneous other operating income

17,253

20,967

5

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Foreign exchange (gains)/losses

(131,917)

115,004

Operating lease expense - plant and machinery

15,460

18,520

6

Interest payable and similar expenses

2023
 £

2022
 £

Interest on bank overdrafts and borrowings

65,893

111,943

Interest expense on other finance liabilities

1,886

455

67,779

112,398

 

Ter (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

1,089,327

1,002,387

Social security costs

125,770

132,906

Pension costs, defined contribution scheme

17,346

16,892

Other employee expense

12,680

5,763

1,245,123

1,157,948

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

6

6

Sales

14

12

20

18

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

201,432

194,464

Contributions paid to money purchase schemes

1,321

1,321

202,753

195,785

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
 No.

2022
 No.

Accruing benefits under money purchase pension scheme

1

1

9

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

30,250

13,250


 

 

Ter (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

330,803

266,770

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,399,217

1,391,900

Corporation tax at standard rate

329,096

264,461

Effect of expense not deductible in determining taxable profit (tax loss)

1,707

2,309

Total tax charge

330,803

266,770

11

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

60,754

60,754

At 31 December 2023

60,754

60,754

Amortisation

At 1 January 2023

60,754

60,754

At 31 December 2023

60,754

60,754

Carrying amount

At 31 December 2023

-

-

 

Ter (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

2,095

2,095

At 31 December 2023

2,095

2,095

Depreciation

At 1 January 2023

2,095

2,095

At 31 December 2023

2,095

2,095

Carrying amount

At 31 December 2023

-

-

13

Stocks

2023
 £

2022
 £

Finished goods and goods for resale

3,287,349

4,916,122

14

Debtors

Current

2023
£

2022
£

Trade debtors

1,963,811

1,733,979

Other debtors

46,971

26,116

Prepayments

23,132

543,257

 

2,033,914

2,303,352

 

Ter (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

15

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

18

-

3,211,774

Trade creditors

 

853,965

1,184,069

Amounts owed to group undertakings

71,268

330,164

Social security and other taxes

 

390,695

546,261

Outstanding defined contribution pension costs

 

5,136

5,116

Other payables

 

16,301

-

Accrued expenses

 

132,960

159,743

 

1,470,325

5,437,127

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £17,346 (2022 - £16,892).

Contributions totalling £5,136 (2022 - £5,116) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

         

The ordinary shares carry full rights to vote and participate in distributions and capital repayments.

18

Loans and borrowings

2023
 £

2022
 £

Current loans and borrowings

Bank overdrafts

-

3,211,774

 

Ter (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

51,715

145,981

Later than one year and not later than five years

18,464

38,664

70,179

184,645

The amount of non-cancellable operating lease payments recognised as an expense during the year was £176,780 (2022 - £140,714).

20

Financial guarantee contracts

The holding company has provided a guarantee regarding the company's bank borrowings.

A bank guarantee was in place at the reporting date as security for an HMRC customs duty deferment account.

The amount of the financial guarantee contract is £600,000.

21

Parent and ultimate parent undertaking

The company's immediate parent is Ter Chemicals GmbH & Co KG, incorporated in Germany.

 The most senior parent entity producing publicly available financial statements is Ter Hell & Co GMBH. These financial statements are available upon request from Boersenbrucke 2, 20457 Hamburg, Germany.


 The ultimate controlling party is Christian Westphal, a shareholder in Ter Hell & Co GMBH.