Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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TIFLEX LIMITED
COMPANY INFORMATION
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TIFLEX LIMITED
CONTENTS
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TIFLEX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors are pleased to report a profitable year, despite challenging market conditions.
Health and safety throughout Tiflex Limited (the "Company") remains paramount, with emphasis placed on developing a culture of near-miss reporting to minimise the risk of injury. The Company continues to strive to maximise customers' satisfaction in their dealings with Tiflex. Working capital remains a key driver, with stock, debtor and creditor days being closely measured and managed. The Company acquired Acoustic Polymers Limited, a manufacturer of specialist polymeric materials, in September 2023, in order to develop a complementary product offering. Integration is progressing well and significant opportunities are being explored.
The following key performance indicators are measured and reviewed on a regular basis and enable the business to set and communicate its performance targets and monitor its performance against these targets.
Revenue growth – annual growth in revenue: 42.5% (2023: growth of 25.3%) Operating margin – operating profit after special items as a percentage of revenue: profit margin of 14.1% (2023: loss margin of 1.6%) Working capital levels – net current assets as a percentage of revenue 20.8% (2023: 18.8%) Shareholders’ funds: £6,491k (2023: £4,133k) During the year the Company spent £180k (2023: £669k) on capital expenditure.
The following additional key performance indicators are measured and reviewed on a regular basis by the Directors to provide visibility of the Company’s performance from a non-financial information perspective.
Customer service Although good progress was made from the previous Customer Satisfaction Survey there remains scope for improvement to deliver our goal of top quartile performance across the whole business. From the feedback received, staff knowledge, skills and helpfulness remain strengths in the eyes of customers. Greater consistency and problem handling are areas of focus. To this end a standardised series of customer-facing processes focusing on complaint handling are being developed linked to the International Organisation for Standardisation (ISO) requirements. Results in the year ended 31 March 2024 show stable level of satisfaction over the previous year. Employee matters Absenteeism levels were on average 2.6% (2023: 3.3%) which is significantly better than industry standards.
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TIFLEX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Market risk
The Company’s main exposure to market risk arises from the location of its customers, particularly in markets where economic downturn has been seen. The Company mitigates these risks by not being overly dependent upon either one key customer or single market sector. Operational risk The Company’s main operational risk arises from the increase of input costs in so far as these cannot be passed onto the customer due to the impact on price and market conditions. The Company seeks to mitigate the increase in costs by a combination of continuous manufacturing improvement initiatives to minimise the impact of input cost increases and, if applicable and commercially viable, increasing costs to customers. Financial risk The main financial risks faced by the Company are foreign currency risk, credit risk and liquidity risk. Foreign currency risk is managed by monitoring the foreign exchange markets and utilising hedging instruments, principally in our most exposed currency, the euro. Internal hedging arrangements between group companies are also used to mitigate the risk, with internal prices set based on the expected rates for the financial year. Credit risk is managed by monitoring limits and payment performance of counterparties and applying appropriate levels of credit to limit the Company’s exposure. Liquidity risk is managed through regular cash forecasting. Short term flexibility is provided via inter group loans and cash pooling facilities. Business risk Product innovation The Company supplies products which include materials that are subject to regulations and in some cases customer certifications. If these materials are prohibited or withdrawn this could stop the supply of certain products into the market place. We are identifying materials that could be at risk as well as researching and developing alternative solutions. Input costs Some of the Company's input costs, including labour and materials, have been increasing at high rates. We aim to mitigate this through operational efficiencies, cost saving initiatives and passing residual cost increases on to customers. Supply chain disruption Disruption of supply of raw and semi-finished materials continued to improve during the year, partly due to a number of measures which the Company has implemented. We continue to communicate closely with our suppliers, review critical raw material needs and monitor logistics partners.
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TIFLEX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Climate change
A warming, changing climate presents both medium and long-term risks and opportunities for the Company. The transition towards net zero, including policies to encourage decarbonisation, will, in future, require us to provide additional support and products to customers as they shift away from fossil fuel-based operation. Customers’ environmental expectations of their supply chains are expected to become more demanding. The Company is responding to the UN Sustainable Development Goals and is developing projects to reduce our energy intensity through better energy management, more efficient equipment and investment in sustainable energy sources.
This report was approved by the Board of Directors 11 July 2024 and signed on its behalf.
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TIFLEX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors present their report and the financial statements for the year ended 31 March 2024.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to 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.
The profit for the year, after taxation, amounted to £2,318k (2023: loss of £228k).
The Directors declared the payment of a dividend of £nil in the year (2023: £5,000k).
The Directors who served during the year were:
The Company is pleased to have a very healthy order book at the end of the financial year, amongst a mixed range of industrial sectors, which bodes well for the future.
The Directors are confident that the Company can continue as a going concern. The Board feels that the Company is in a sound financial position to maximise any opportunities throughout the year as it actively seeks to expand through organic growth.
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TIFLEX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Effective communication with employees is of vital importance and the Company has established procedures to provide information to, and consult with employees on financial and other matters that affect them.
It is the practice of the Company to facilitate the employment of disabled persons and to provide, whenever possible, opportunities for training, career development and promotion. Where employees become disabled whilst in service, every effort is made to rehabilitate them to their former jobs or some other suitable alternative and provide appropriate training and specialist advice.
To ensure that the Company keeps pace with the demanding changes in industry, its engineers and technologists have placed emphasis upon the need for research and development into materials and products.
The Company is committed to minimising the impact that its products and processes have on the environment and to providing a safe working environment for our employees.
The auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board of Directors on
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TIFLEX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIFLEX LIMITED
We have audited the financial statements of Tiflex Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the Directors' 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 financial statements are 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.
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TIFLEX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIFLEX LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Directors' report.
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TIFLEX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIFLEX LIMITED (CONTINUED)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for manufacturing businesses such as health and safety and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: • Inspecting correspondence with regulators and tax authorities; • Discussion with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; • Evaluating management's controls designed to prevent and detect irregularities; • Identifying and testing journals, in particular journal entries posted with unusual account combinations, anomalous keywords, related party transactions, frequency of transactions, and year-end adjustments; and • Challenging assumptions and judgements made by management in their critical accounting estimates. 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 statements, 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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TIFLEX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIFLEX LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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TIFLEX LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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TIFLEX LIMITED
REGISTERED NUMBER: 00394614
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on
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TIFLEX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1.Accounting policies
Tiflex Limited is a private company, limited by shares, registered and domiciled in England and Wales.
The registered office is: Lion House Oriental Road Woking Surrey GU22 8AP The principal place of business is: Tiflex House Liskeard Cornwall PL14 4NB The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2). Exemption from preparing consolidated financial statements The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of James Walker Group Limited as at 31 March 2024 and these financial statements may be obtained from its registered office.
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1.Accounting policies (continued)
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided as follows:
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 within 'other operating income' in the Income Statement.
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1.Accounting policies (continued)
The Group operates an Equity Participation Scheme in which employees of the Company are awarded share options based upon the profitability of the group. The fair value of the employee services received in exhange for the grant of share options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of share options granted each year depending on Group profits and therefore the Company recognises the expense of these options in the corresponding year.
The Company operates a defined contribution scheme for its employees. A defined contribution scheme is a pension scheme 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 the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the scheme are held separately from the Company in independently administered funds. Defined benefit pension scheme Where the risks of a defined benefit plan are shared between entities under common control, the net defined benefit cost is recognised in the financial statements of the Group entity which is legally responsible for the plan and all the other Group entities recognise a cost equal to their contribution for the period.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods.
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1.Accounting policies (continued)
On an ongoing basis, the Company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The following paragraphs detail the estimates and judgements the Company believes to have the most significant impact on the annual results under FRS 102. Property, plant and equipment (PPE) The estimated useful economic lives of PPE are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of PPE investment to the Company, variations between actual and estimated useful economic lives could impact operating results both positively and negatively, although historically few changes to estimated useful economic lives have been required. The Company is required to evaluate the carrying values of PPE for impairment whenever circumstances indicate, in management's judgement, that the carrying value of such assets may not be recoverable. An impairment review requires management to make subjective judgements concerning the cash flows,
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Judgments in applying accounting policies (continued)
Stock valuation The Company includes within the value of WIP a percentage of overheads judged by management to be incurred in direct relation to its manufacturing activities. The overhead absorption rate is a percentage of labour costs and general overheads that is applied consistently year-on-year, subject to annual review for reasonableness by management. At each financial year end, the Company recognises an impairment against stock. The provision recognised includes a fixed percentage of each stock-line based on its ageing. Investment in subsidiaries and recoverability of intercompany debtors The Company holds significant investment in a subsidiary company and provides financing by way of Group loans. Management evaluates the carrying value of these investments and Group loans for impairment whenever circumstances indicate, in management's judgment, that the carrying value may not be recoverable. An impairment review requires management to make subjective judgements concerning the cash flows, growth rates and discount rates of the cash generating units under review. Where actual cash flows in subsequent years differs to those forecast as part of the management's impairment review, or there are changes to growth rates or discount rates, this may result in additional impairments or conversely reversals of existing impairments recognised in future years. The carrying value of Investment in subsidiaries is £2,092k (2023: £nil) and the carrying value of intercompany debtors is £1,000k (2023: £560k). Following an impairment review, no impairment indicators have been identified related to the Investment in subsidiary in the year; hence a £nil impairment charge in the year. Similarly, no impairment has been recognised against the intercompany debtors in the year (2023: £nil). The whole of the turnover is attributable to the principal activity of the Company, the manufacture and sale of rubber and cork-based products to the following principal industries: rail, flooring and industrial.
Analysis of turnover by country of destination:
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
9.Taxation (continued)
Based on current investment plans the Company expects to continue to be able to claim capital allowances in excess of depreciation.
The Directors have reviewed the deferred tax assets arising in the Company and in view of the anticipated future timing differences, a deferred tax liability of £228k (2023: £115k) has been recognised in the statement of financial position. As of April 2023 the standard corporation tax rate in the UK rose to 25%.
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
18.Deferred taxation (continued)
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.
At 31 March 2024 the Company was party to a multilateral guarantee in respect of the indebtedness of other group companies to the value of £2,000k (2023: £2,000k).
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TIFLEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company participates in a group defined benefit plan, the James Walker Pension Scheme ("JWPS"). For the purposes of FRS102 s28 the Company cannot identify its share of the underlying assets & liabilities of the defined benefit schemes in which it participates and the Company's pension contributions are assessed in accordance with the advice of a qualified independent actuary whose calculations are based upon total scheme membership. There is no contractual agreement or stated policy for charging the cost of the plan to the individual companies. In overall terms at 31 March 2024 there was £nil deficit in respect of the UK schemes. The JWPS was closed to future accrual with effect from 30 April 2016 and active members of the scheme at that date were auto-enrolled into the James Walker Group Personal Pension Plan, a defined contribution scheme. Further information is included in the financial statements of the parent undertaking.
The ultimate parent undertaking is James Walker Group Limited. Its registered office is Lion House, Woking, Surrey, GU22 8AP.
Group financial statements for James Walker Group Limited are available to the public from Companies House, Crown Way, Cardiff.
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