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Registered number: 11314134









Matrix Pack UK Limited (formerly The Paper Drinking Straw Company Limited)









Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Matrix Pack UK Limited (formerly The Paper Drinking Straw Company Limited)
Registered number: 11314134

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,308,923
727,714

Current assets
  

Stocks
 5 
618,514
493,066

Debtors: amounts falling due within one year
 6 
247,398
485,862

Cash at bank and in hand
 7 
33,065
83,835

  
898,977
1,062,763

Creditors: amounts falling due within one year
 8 
(2,093,299)
(826,834)

Net current (liabilities)/assets
  
 
 
(1,194,322)
 
 
235,929

Total assets less current liabilities
  
114,601
963,643

Provisions for liabilities
  

Deferred tax
  
-
(90,282)

Net assets
  
114,601
873,361


Capital and reserves
  

Called up share capital 
  
30
30

Profit and loss account
  
114,571
873,331

  
114,601
873,361


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: 



D Polychronopoulos
Director

Date: 31 January 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
Matrix Pack UK Limited (formerly The Paper Drinking Straw Company Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Matrix Pack UK Limited is a company limited by share capital incorporated in England, registered number 11314134. The address of the registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 31 December 2023, the company has net current liabilities of £1,194,322 (2022: net assets £235,929) and net assets of £114,601 (2022: £873,361).
After making enquires, and considering the parental support provided by Proteus Equity Holdings Ltd, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a minimum of 12 months from the date of approval of these financial statements.
Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.

 
2.3

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.

 
2.4

Revenue

Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery to the customer), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the cost incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

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.

Page 2

 
Matrix Pack UK Limited (formerly The Paper Drinking Straw Company Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

Pensions

Defined contribution pension plan

The company operates 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.

 
2.8

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.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 3

 
Matrix Pack UK Limited (formerly The Paper Drinking Straw Company Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

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:

Leasehold improvements
-
10%
Straight line
Plant and machinery
-
10%
Straight line
Fixtures and fittings
-
20%
Straight line
Office equipment
-
20%
Straight line
Computer equipment
-
10%
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.

 
2.11

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 first in, first out 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.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.14

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 4

 
Matrix Pack UK Limited (formerly The Paper Drinking Straw Company Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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 and loans to related parties.

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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2022 - 41).

Page 5

 
Matrix Pack UK Limited (formerly The Paper Drinking Straw Company Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 January 2023
109,358
982,449
10,741
11,301
1,113,849


Additions
-
768,325
2,019
5,893
776,237



At 31 December 2023

109,358
1,750,774
12,760
17,194
1,890,086



Depreciation


At 1 January 2023
76,297
306,841
268
2,729
386,135


Charge for the year
30,518
161,095
1,163
2,252
195,028



At 31 December 2023

106,815
467,936
1,431
4,981
581,163



Net book value



At 31 December 2023
2,543
1,282,838
11,329
12,213
1,308,923



At 31 December 2022
33,061
675,608
10,473
8,572
727,714


5.


Stocks

2023
2022
£
£

Raw materials
197,969
286,060

Finished goods
420,545
207,006

618,514
493,066



6.


Debtors

2023
2022
£
£


Trade debtors
210,722
188,134

Other debtors
910
147,539

Prepayments and accrued income
35,766
49,812

Tax recoverable
-
100,377

247,398
485,862


Page 6

 
Matrix Pack UK Limited (formerly The Paper Drinking Straw Company Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

7.


Cash

2023
2022
£
£

Cash at bank and in hand
33,065
83,835



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
319,549
451,610

Amounts owed to group undertakings
1,531,172
292,894

Other taxation and social security
175,373
29,677

Other creditors
38,484
16,211

Accruals and deferred income
28,721
36,442

2,093,299
826,834


Amounts due to group undertakings are repayable on 31 December 2024, unsecured and bear interest of 2%.


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £19,155 (2022: £17,762). Contributions totalling £6,226 (2022: £4,226) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

At 31 December 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
95,000
95,000

Later than 1 year and not later than 5 years
158,333
253,333

253,333
348,333


11.


Controlling party

The immediate parent company is Matrix Pack S.A. Its registered office is 2 Adrianeiou Str. 11525 Athens, Greece. 
The ultimate parent undertaking is Proteus Equity Holdings Ltd.

Page 7

 
Matrix Pack UK Limited (formerly The Paper Drinking Straw Company Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

12.


Auditors' information

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

The audit report was signed on 2 February 2024 by Chris Stewardson (senior statutory auditor) on behalf of Hurst Accountants Limited.

 
Page 8