Company Registration No. 00937661 (England and Wales)
KRUGER TISSUE (INDUSTRIAL) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
31 December 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
KRUGER TISSUE (INDUSTRIAL) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
KRUGER TISSUE (INDUSTRIAL) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£000
£000
£000
£000
Current assets
-
-
Creditors: amounts falling due within one year
3
(210)
(47,819)
Net current liabilities
(210)
(47,819)
Capital and reserves
Called up share capital
5
5,460
5,460
Share premium account
47,833
127
Profit and loss reserves
(53,503)
(53,406)
Total equity
(210)
(47,819)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 15 July 2025
Mr D Angel
Director
Company registration number 00937661 (England and Wales)
KRUGER TISSUE (INDUSTRIAL) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£000
£000
£000
£000
Balance at 1 January 2022
5,460
127
(53,305)
(47,718)
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(101)
(101)
Balance at 31 December 2022
5,460
127
(53,406)
(47,819)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(97)
(97)
Issue of share capital
5
47,706
-
47,706
Balance at 31 December 2023
5,460
47,833
(53,503)
(210)
KRUGER TISSUE (INDUSTRIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Kruger Tissue (Industrial) Limited is a private company limited by shares incorporated in England and Wales. The registered office is No. 1 St Paul's Square, Liverpool, Merseyside, L3 9SJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a basis other than going concern on the grounds that the trading activities of the company have ceased and all future plans for the company are uncertain. As a result the company is no longer considered a going concern. Adjustments were made in a prior year financial statements to reduce assets to their realisable values and to reclassify fixed assets and long term liabilities as current assets and liabilities. Assets and liabilities continue to be recognised on this basis. Therefore, no restatement has been made of comparative figures. The company ceased to trade on 8 December 2009 and during the year to 31 December 202true3 the company was non trading.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
KRUGER TISSUE (INDUSTRIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
KRUGER TISSUE (INDUSTRIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Creditors: amounts falling due within one year
2023
2022
£000
£000
Amounts owed to group undertakings
210
27,544
Other creditors
20,275
210
47,819
Disclosure of the terms and conditions attached to the non-equity shares which are treated as debt are made in note 5.
Included within amounts owed to group undertakings was a loan balance of nil (2022 - £2.7m) due to Kruger Inc. Interest accrued at a rate of 2% above the Bank of England base rate on this loan and the amount was repayable on demand. All other amounts due to group undertakings are unsecured, non-interest bearing and repayable upon demand.
4
Deferred taxation
The potential deferred tax asset of £586,000 (2022 - £455,000) arising from unrelieved tax losses has not been recognised in the financial statements since the company no longer trades. The accumulated tax losses are considered to be unrelievable.
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary Shares of £1 each
5,460,003
5,460,000
5,460
5,460
2023
2022
2023
2022
Preference share capital
Number
Number
£000
£000
Issued and fully paid
Preference Shares of £1 each
0
4,477,000
4,477
Preference shares classified as liabilities
-
4,477
KRUGER TISSUE (INDUSTRIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Called up share capital
(Continued)
- 6 -
The preference shares were redeemable at the option of the company in whole or in part from time to time, upon 30 days prior written notice to the preference shareholders specifying the number of preference shares to be redeemed, at a price equal to their redemption value (£2.76 per share), plus unpaid dividends whether declared or not accrued up to the date fixed for redemption, payable in cash against surrender to the company for cancellation of the certificates representing the preference shares to be redeemed. The preference shareholders were entitled to receive fixed, cumulative, preferential cash dividends on the preferred shares in each year in an amount equal to 8% of their redemption value before any amount is distributed by way of dividend to the ordinary shareholders. These are accounted for as interest payable. The preference share dividend was waived in the current year and previous year and as a result there is no charge in the profit and loss account. Unpaid dividends in relation to these preference shares were £15,785,000 (2022 - £15,785,000) and these were included in other creditors within note 3. The preference shares were repaid during the current year.
In any voluntary or involuntary winding-up, liquidation or other marshalling of the assets of the company the preference shareholders were entitled to be paid on their preference shares by preference in cash an amount equal to the redemption value thereof plus all accrued and unpaid cumulative dividends thereon, whether declared or not, and after payment in full of such amount the remaining assets shall be distributed pro rata to the ordinary shareholders. No rights to attend or vote at a meeting shall attach to the preference shares.
The preference shares were held by another group company.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
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 loss 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.
We draw attention to note 1.2 of the financial statements, which describes the director's reasons why the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in this respect.
Senior Statutory Auditor:
Daniel Bowles BFP ACA FCCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
16 July 2025
KRUGER TISSUE (INDUSTRIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Parent company
On 28 July 2023 the immediate controlling party changed to Charles Turner & Company Limited, previously Kruger Tissue Group (UK) Limited. The ultimate parent undertaking and controlling party is Kruger Inc, a company registered in Canada. Kruger Inc is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements at 31 December 2023. The consolidated financial statements of Kruger Inc are available from the secretary, Kruger Inc, Bedford Road, Montreal, Canada.