Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-318532023-06-01The principal activity of the company continued to be that of the manufacture of packaging films.true35false36truefalse 04431892 2023-06-01 2024-05-31 04431892 2024-05-31 04431892 2022-06-01 2023-05-31 04431892 2023-05-31 04431892 2022-06-01 04431892 c:Director1 2023-06-01 2024-05-31 04431892 d:Buildings d:ShortLeaseholdAssets 2023-06-01 2024-05-31 04431892 d:Buildings d:ShortLeaseholdAssets 2024-05-31 04431892 d:Buildings d:ShortLeaseholdAssets 2023-05-31 04431892 d:PlantMachinery 2023-06-01 2024-05-31 04431892 d:PlantMachinery 2024-05-31 04431892 d:PlantMachinery 2023-05-31 04431892 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04431892 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 04431892 d:OfficeEquipment 2023-06-01 2024-05-31 04431892 d:OfficeEquipment 2024-05-31 04431892 d:OfficeEquipment 2023-05-31 04431892 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04431892 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 04431892 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04431892 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 04431892 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 04431892 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 04431892 d:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 04431892 d:CurrentFinancialInstruments 2024-05-31 04431892 d:CurrentFinancialInstruments 2023-05-31 04431892 d:Non-currentFinancialInstruments 2024-05-31 04431892 d:Non-currentFinancialInstruments 2023-05-31 04431892 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 04431892 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04431892 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 04431892 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 04431892 d:ShareCapital 2024-05-31 04431892 d:ShareCapital 2023-05-31 04431892 d:RetainedEarningsAccumulatedLosses 2024-05-31 04431892 d:RetainedEarningsAccumulatedLosses 2023-05-31 04431892 c:FRS102 2023-06-01 2024-05-31 04431892 c:Audited 2023-06-01 2024-05-31 04431892 c:FullAccounts 2023-06-01 2024-05-31 04431892 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04431892 d:WithinOneYear 2024-05-31 04431892 d:WithinOneYear 2023-05-31 04431892 d:BetweenOneFiveYears 2024-05-31 04431892 d:BetweenOneFiveYears 2023-05-31 04431892 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 04431892 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 04431892 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 04431892 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 04431892 d:HirePurchaseContracts d:MoreThanFiveYears 2024-05-31 04431892 d:HirePurchaseContracts d:MoreThanFiveYears 2023-05-31 04431892 c:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04431892 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 04431892 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 04431892 7 2023-06-01 2024-05-31 04431892 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-05-31 04431892 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-31 04431892 d:LeasedAssetsHeldAsLessee 2024-05-31 04431892 d:LeasedAssetsHeldAsLessee 2023-05-31 04431892 e:PoundSterling 2023-06-01 2024-05-31 04431892 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:PriorPeriodIncreaseDecrease 2023-05-31 04431892 d:PriorPeriodIncreaseDecrease 2023-05-31 iso4217:GBP xbrli:pure
Registered number: 04431892


TERINEX FLEXIBLES LTD








AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
TERINEX FLEXIBLES LTD
REGISTERED NUMBER: 04431892

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
47,414

Tangible assets
 6 
3,572,443
598,744

  
3,572,443
646,158

Current assets
  

Stocks
 7 
413,319
330,545

Debtors: amounts falling due within one year
 8 
2,514,053
2,874,424

Bank and cash balances
  
154,763
192

  
3,082,135
3,205,161

Creditors: amounts falling due within one year
 9 
(3,911,137)
(2,126,634)

Net current (liabilities)/assets
  
 
 
(829,002)
 
 
1,078,527

Total assets less current liabilities
  
2,743,441
1,724,685

Creditors: amounts falling due after more than one year
  
(1,046,474)
-

Provisions for liabilities
  

Deferred tax
 12 
(249,133)
(133,295)

  
 
 
(249,133)
 
 
(133,295)

Net assets
  
1,447,834
1,591,390


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,446,834
1,590,390

  
1,447,834
1,591,390


Page 1

 
TERINEX FLEXIBLES LTD
REGISTERED NUMBER: 04431892
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

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: 18 October 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Terinex Flexibles Ltd is a private limited Company incorporated  in England and Wales. The Company's registered number is 04431892, and the registered office is Unit 1 Foston Business Park, Uttoxeter Road, Foston, Derby, DE65 5SP

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

In preparing the financial statements, a rounding difference of £5 has been used, 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 2024

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

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

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 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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 2024

2.Accounting policies (continued)

 
2.9

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
-
5% - 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


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 35 (2023 - 36).

Page 7

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Intangible assets




Software and licenses
Total

£
£





At 1 June 2023
47,414
47,414


Transfer between classes
47,414
47,414



At 31 May 2024

-
-






Net book value



At 31 May 2024
-
-



At 31 May 2023
47,414
47,414



Page 8

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2023
13,950
1,106,405
34,290
1,154,645


Additions
-
2,945,624
190,390
3,136,014


Disposals
(13,950)
(459,380)
(3,497)
(476,827)


Transfers between classes
-
-
47,414
47,414



At 31 May 2024

-
3,592,649
268,597
3,861,246



Depreciation


At 1 June 2023
6,277
541,917
7,706
555,900


Charge for the year on owned assets
853
85,516
14,001
100,370


Charge for the year on financed assets
-
7,299
-
7,299


Disposals
(7,130)
(364,139)
(3,497)
(374,766)



At 31 May 2024

-
270,593
18,210
288,803



Net book value



At 31 May 2024
-
3,322,056
250,387
3,572,443



At 31 May 2023
7,673
564,487
26,584
598,744

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,306,580
-

1,306,580
-

Page 9

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Stocks

2024
2023
£
£

Raw materials and consumables
391,496
306,887

Finished goods and goods for resale
21,823
23,658

413,319
330,545



8.


Debtors

2024
2023
£
£


Trade debtors
2,022,267
1,543,000

Amounts owed by group undertakings
430,071
532,231

Other debtors
-
664,063

Prepayments and accrued income
61,715
135,130

2,514,053
2,874,424


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 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,872,860
1,070,089

Amounts owed to group undertakings
788,424
789,239

Other taxation and social security
47,152
73,080

Obligations under finance lease and hire purchase contracts
140,083
-

Other creditors
701,904
61,607

Accruals and deferred income
360,714
132,619

3,911,137
2,126,634


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 29 November 2023, and given by OGM (SW) Limited, Terinex Flexibles Ltd, 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 £650,408 
(2023: £21,917) within other creditors is secured by way of a fixed and floating charge.

Page 11

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
1,046,474
-

1,046,474
-


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
392,191
-

392,191
-

The amount secured under hire purchase and repayable in part more than five years after the balance sheet date is related to the finance of new plant and machinery. The finance has been provided by HSBC Equipment Finance (UK) Limited who have in place an unlimited multilateral guarantee with the group.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
140,083
-

Between 1-5 years
654,283
-

Over 5 years
392,191
-

1,186,557
-

The hire purchase addition in the year related to the finance of new plant and machinery. The finance has been provided by HSBC Equipment Finance (UK) Limited who have in place an unlimited multilateral guarantee with the group.

Page 12

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Deferred taxation




2024
2023


£

£






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


Utilised in year
(115,838)
7,717



At end of year
(249,133)
(133,295)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances in excess of carried forward losses
(249,133)
(133,295)

(249,133)
(133,295)


There is no expectation for the underlying assets to be disposed of, and as such the expected 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, less amounts group relieved in respect of carried forward losses. Carried forward losses have been recognised as deferred tax assets and offset against the deferred tax liability on the basis that future profits are at a minimum probable.


13.


Capital commitments


At 31 May 2024 the Company had capital commitments as follows:

2024
2023
£
£


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

-
1,223,935

The prior year capital commitment related to agreements signed on behalf of Terinex Flexibles Ltd at 31 May 2023. All commitments were exercised during the 2024 financial year and there were no such commitments contracted for at the 31 May 2024.

Page 13

 
TERINEX FLEXIBLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Pension commitments

The Company contributes to a 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 £25,863 (2023 - £28,499). Contributions totaling £5,064 (2023 - £4,619) were payable to the fund at the balance sheet date and are included in other creditors.


15.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
17,083
92,989

Later than 1 year and not later than 5 years
4,022
7,622

21,105
100,611


16.


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.  


17.


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.


18.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 18 October 2024 by Mr Matthew Wyatt (Senior Statutory Auditor) on behalf of Wellers.

 
Page 14