Company registration number:
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
for the Year Ended 31 December 2018
Abrams Ashton Limited
Chartered Accountants and Statutory Auditor
7 Waterside Court
St. Helens
Merseyside
WA9 1UA
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
Contents
Company Information |
|
Statement of Directors' Responsibilities |
|
Balance Sheet |
|
Notes to the Financial Statements |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
Company Information
Directors |
Mr F Caresmel Mr A P Parisi Mr S V Parisi |
Company secretary |
Mr S V Parisi |
Registered office |
|
Auditors |
|
Page 1 |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens 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; |
• |
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.
Page 2 |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
(Registration number: 01732746)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
|||
Deferred tax |
(187,072) |
(216,004) |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Page 3 |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and services and is shown net of value added tax, returns, rebates and discounts. Turnover is recognised when the company has delivered the goods and services to the customer and they are accepted.
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Foreign currency transactions and balances
Page 4 |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
Notes to the Financial Statements for the Year Ended 31 December 2018
Deferred Tax
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Property Improvements |
10% straight line |
Plant and machinery |
15% reducing balance / straight line 10-15 years |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
33% reducing balance |
Computer equipment |
25% reducing balance |
Stocks
Stocks comprise raw materials and finished goods. Raw materials are stated at the lower of cost and estimated selling price less costs to complete and sell. Finished goods are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Leases
Assets held under finance leases and hire purchase contracts are recognised in the financial statements as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of liability.
Page 5 |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
Notes to the Financial Statements for the Year Ended 31 December 2018
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
Notes to the Financial Statements for the Year Ended 31 December 2018
Taxation |
Tax charged/(credited) in the income statement
2018 |
2017 |
|
Current taxation |
||
UK corporation tax |
- |
( |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax receipt in the income statement |
( |
( |
The company has trading losses totalling £258,403 (2017: £158,161) available to be carried forward and offset against future trading profits.
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Computer equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||||
At 1 January 2018 |
|
|
|
|
|
|
Additions |
- |
|
|
- |
- |
|
Disposals |
- |
- |
- |
( |
( |
( |
At 31 December 2018 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 January 2018 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 31 December 2018 |
|
|
|
|
|
|
Carrying amount |
||||||
At 31 December 2018 |
|
|
|
|
|
|
At 31 December 2017 |
|
|
|
|
|
|
Page 7 |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
Notes to the Financial Statements for the Year Ended 31 December 2018
Debtors |
Note |
2018 |
2017 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
- |
|
|
Prepayments and accrued income |
|
|
|
Corporation tax |
6,557 |
31,364 |
|
Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
|
Due within one year |
|||
Bank loans and overdrafts |
- |
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
|
|
Accruals and deferred income |
|
|
|
Social security and other taxes |
|
|
|
Obligations under finance lease and hire purchase contracts |
73,253 |
96,517 |
|
Directors loans |
- |
6,409 |
|
Other creditors |
|
|
|
1,322,460 |
1,758,443 |
Other creditors include advances on trade debtors which are secured by way of a fixed and floating charge over the assets of the company. Secured creditors with respect to advances on trade debtors amounts to £nil (2017: £338,483).
Obligations under hire purchase agreements are secured on the assets to which they relate. Secured creditors with respect to hire purchase agreements amount to £73,253 (2017: £96,517).
Short term bank loans are secured by way of fixed and floating charges over the assets of the company and amount to £nil (2017: £130,791).
The total amount of secured creditors disclosed in creditors due within one year amount to £73,253 (2017: £565,791),
Page 8 |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
Notes to the Financial Statements for the Year Ended 31 December 2018
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
|
Due after one year |
|||
Amounts owed to group undertakings |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
455,032 |
519,210 |
Creditors due after more than one year include net obligations hire purchase contracts which are secured of £59,943 (2017 - £133,721). Obligations under hire purchase agreements are secured on the assets to which they relate.
Included in creditors falling due after more than one year is an amount of £36,629 (2017: £91,572) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.
Commitments under operating leases |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
2018 |
At 1 January 2018 |
Advances to directors |
At 31 December 2018 |
Mr S V Parisi |
|||
Loans |
(2,956) |
|
|
(2,956) |
6,207 |
3,251 |
|
Mr S V Parisi |
|||
Loans |
(3,454) |
|
|
(3,454) |
7,242 |
3,788 |
|
Page 9 |
Schur Flexibles Uni UK Converting Limited (Formerly Uni Packaging St Helens Limited)
Notes to the Financial Statements for the Year Ended 31 December 2018
Summary of transactions with parent
The amounts owed (to)/from group companies are as follows:-
2018 |
2017 |
||
£ |
£ |
||
Uni Packing SAS |
(92,629) |
(106,686) |
|
Imprisac SA |
(92,967) |
(10,350) |
|
Schur Flexibles Uni UK Limited |
(139,977) |
(195,721) |
|
SAC SAS |
(9,194) |
8,312 |
|
Uni Packaging Helio SAS |
41,038 |
||
Dubray SARL |
(12,356) |
1,568 |
|
Schur Flexibles GmbH |
(300) |
||
UPA GmbH |
(7,354) |
||
(354,777) |
(261,839) |
||
Transactions with group companies were as follows:-
Sales |
Sales |
Purchases |
Purchases |
||||
2018 |
2017 |
2018 |
2017 |
||||
£ |
£ |
£ |
£ |
||||
Imprisac SAS |
512,650 |
555,082 |
|||||
Schur Flexibles Uni UK Limited |
5,250,710 |
2,289,845 |
268,541 |
332,035 |
|||
SAC SAS |
316,273 |
133,206 |
71,940 |
169,294 |
|||
Uni Packaging Helio SAS |
46,492 |
65,092 |
195,921 |
139,960 |
|||
Dubray SARL |
38,967 |
81,525 |
53,037 |
110,271 |
|||
UPA GmbH |
24,771 |
89,138 |
|||||
Polymer Sourcing GmbH |
10,361 |
||||||
Oui3 Limited |
312 |
||||||
5,677,213 |
2,569,668 |
1,201,900 |
1,306,642 |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
Page 10 |