Schur Flexibles Uni UK Converting Limited - Period Ending 2019-12-31

ADAPA UK ST HELENS LIMITED - Company Information

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Company registration number: 01732746

Schur Flexibles Uni UK Converting Limited

Filleted Financial Statements

for the Year Ended 31 December 2019

Schur Flexibles Uni UK Converting Limited

Contents

Company Information	1
Statement of Directors' Responsibilities	2
Balance Sheet	3
Notes to the Financial Statements	4 to 13

Schur Flexibles Uni UK Converting Limited

Company Information

Directors

Mr F Caresmel

Mr A P Parisi

Mr S V Parisi

Company secretary

Mr S V Parisi

Registered office

Unit 13
Brindley Road
Reginald Road Industrial Estate
St. Helens
Merseyside
WA9 4HY

Auditors

Abrams Ashton Ltd
Chartered Accountants and Statutory Auditor
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

Schur Flexibles Uni UK Converting 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.

Schur Flexibles Uni UK Converting Limited

(Registration number: 01732746)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	5	961,702	1,118,676
Current assets
Stocks		798,506	927,353
Debtors	6	157,799	70,604
Cash at bank and in hand		7,657	32,705
		963,962	1,030,662
Creditors: Amounts falling due within one year	7	(1,247,457)	(1,322,460)
Net current liabilities		(283,495)	(291,798)
Total assets less current liabilities		678,207	826,878
Creditors: Amounts falling due after more than one year	7	(250,000)	(455,032)
Provisions for liabilities
Deferred tax		(161,889)	(187,072)
Net assets		266,318	184,774
Capital and reserves
Called up share capital		72	72
Capital redemption reserve		50	50
Profit and loss account		266,196	184,652
Total equity		266,318	184,774

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 Board on 1 July 2020 and signed on its behalf by:

.........................................
Mr S V Parisi
Director

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 13
Brindley Road
Reginald Road Industrial Estate
St. Helens
Merseyside
WA9 4HY

2	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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 1 July 2020 was Darren Leigh FCCA, who signed for and on behalf of Abrams Ashton Ltd.

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.

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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 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.

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2018 - 30).

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Taxation

Tax charged/(credited) in the income statement

	2019 £	2018 £
Deferred taxation
Arising from origination and reversal of timing differences	(25,183)	(28,932)

The company has trading losses totalling £147,342 (2018: £246,363) available to be carried forward and offset against future trading profits.

5	Tangible assets

	Property Improvements £	Fixtures and fittings £	Plant and machinery £	Computer equipment £	Motor vehicles £	Total £
Cost or valuation
At 1 January 2019	84,714	111,227	2,355,017	41,134	9,104	2,601,196
Additions	-	-	31,240	-	-	31,240
Disposals	-	-	-	-	(7,997)	(7,997)
At 31 December 2019	84,714	111,227	2,386,257	41,134	1,107	2,624,439
Depreciation
At 1 January 2019	26,083	53,195	1,370,917	25,048	7,277	1,482,520
Charge for the year	8,471	8,702	165,291	4,024	233	186,721
Eliminated on disposal	-	-	-	-	(6,504)	(6,504)
At 31 December 2019	34,554	61,897	1,536,208	29,072	1,006	1,662,737
Carrying amount
At 31 December 2019	50,160	49,330	850,049	12,062	101	961,702
At 31 December 2018	58,631	58,032	984,100	16,086	1,827	1,118,676

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Debtors

	Note	2019 £	2018 £
Trade debtors		10,539	24,690
Amounts owed by group undertakings	9	76,045	-
Prepayments and accrued income		51,224	24,841
Corporation tax		6,557	6,557
Other debtors		13,434	14,516
		157,799	70,604

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Trade creditors		591,274	608,827
Amounts owed to group undertakings	9	330,520	354,777
Accruals and deferred income		88,521	107,158
Social security and other taxes		169,626	168,035
Obligations under finance lease and hire purchase contracts		59,419	73,253
Other creditors		8,097	10,410
		1,247,457	1,322,460

Obligations under hire purchase agreements are secured on the assets to which they relate. Secured creditors with respect to hire purchase agreements amount to £59,419 (2018: £73,253).

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Creditors: amounts falling due after more than one year

	2019 £	2018 £
Due after one year
Amounts owed to group undertakings	250,000	395,089
Obligations under finance leases and hire purchase contracts	-	59,943
	250,000	455,032

Creditors due after more than one year include net obligations hire purchase contracts which are secured of £nil (2018 - £59,943). 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 £nil (2018: £36,326) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.

8	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 £37,203 (2018 - £36,953). These commitments relate to the total minimum lease payments under non cancellable operating leases.

9	Related party transactions

2019	At 1 January 2019 £	At 31 December 2019 £
Mr S V Parisi
Loans	3,251	3,251
	3,251	3,251

Mr S V Parisi
Loans	3,788	3,788
	3,788	3,788

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

2018	At 1 January 2018 £	Advances to directors £	At 31 December 2018 £
Mr S V Parisi
Loans	(2,956)	6,207	3,251
	(2,956)	6,207	3,251

Mr S V Parisi
Loans	(3,454)	7,242	3,788
	(3,454)	7,242	3,788

Summary of transactions with parent

Included within creditors over one year at the balance sheet date is a long term loan owed to the parent company Schur Flexibles Uni SAS amounting to £250,000 (2018: £395,089). Interest is payable on this loan at 1.4% per annum.

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

The amounts owed (to)/from group companies are as follows:-

	2019	2018
	£	£

Schur Flexibles Uni SAS	(41,379)	(92,629)
Schur Flexibles Uni Coextrustion SA	(138,445)	(92,967)
Schur Flexibles Uni UK Limited	50,593	(139,977)
Schur Flexibles Uni Flexo SAS	(26,494)	(9,194)
Schur Flexibles Uni Pouches SARL	(13,613)	(12,356)
Schur Flexibles Finland OY	(54,206)	(300)
Schur Flexibles Dixie GmbH	(2,123)	(7,354)
Cats Flexible Packaging BV	5,850
Schur Flexibles Vacufol GmbH	675
Drukkerij Zwart BV	18,926
PS Polymer Sourcing	(54,260)

	(254,476)	(354,777)

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Transactions with group companies were as follows:-

	Sales	Sales	Purchases	Purchases
	2019	2018	2019	2018
	£	£	£	£
Schur Flexibles Coextrusion SA			405,721	512,650
Schur Flexibles Uni UK Limited	5,012,859	5,250,710	137,237	268,541
Schur Flexibles Uni Flexo SAS	26,279	316,273	53,860	71,940
Schur Flexibles Uni Roto SAS	41,354	46,492	198,627	195,921
Schur Flexible Pouches SARL	12,599	38,967	42,594	53,037
Schur Flexibles Vacufol GmbH	701	24,771
Cats Flexible Packaging BV	37,164
Schur Flexibles Austria GmbH			29,618	89,138
Polymer Sourcing GmbH			158,723	10,361
Oui3 Limited			-	312
Schur Flexibles Dixie GmbH			2,208
Schur Flexibles Finland OY			81,308
Drukkerij Zwart BV	19,688
	5,150,644	5,677,213	1,109,896	1,201,900

10	Parent and ultimate parent undertaking

The company's immediate parent is Schur Flexibles Uni SAS, registered in France.

The ultimate parent is Atlas Flexibles GmbH, incorporated in Germany.

Schur Flexibles Uni UK Converting Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

11	Going concern

The directors have reviewed the company's forecasts and projections and, in particular, have considered the potential implications of the Coronavirus (Covid-19) pandemic.

Whilst the eventual financial impact of the pandemic on the company, and the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic.

Flexible packaging solutions from Schur Flexibles are recognised in European contries as part of the supply chain for vital goods and packaging and manufacturers are therefore required by the authorities to ensure production and delivery of goods.

With the benefit of the government support packages available to help businesses through the pandemic and the support of its parent company, the directors have a reasonable expectation that the company will have adequate resources to continue its operational existence for the foreseeable future.

The company therefore continues to adopt the going concern basis in preparing its financial statements.