Registered number:
For the period ended
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Milacron UK Limited
Company Information
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Milacron UK Limited
Contents
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Milacron UK Limited
Directors' Report
For the period ended 30 September 2022
The directors present their report and the financial statements for the period ended 30 September 2022.
The directors are responsible for preparing the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then 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 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 directors who served during the period were:
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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Milacron UK Limited
Directors' Report (continued)
For the period ended 30 September 2022
This report was approved by the board and signed on its behalf.
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Milacron UK Limited
Independent Auditors' Report to the Members of Milacron UK Limited
We have audited the financial statements of Milacron UK Limited (the 'Company') for the period ended 30 September 2022, 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.
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.
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Milacron UK Limited
Independent Auditors' Report to the Members of Milacron UK Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the directors' report has 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 directors' report.
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Milacron UK Limited
Independent Auditors' Report to the Members of Milacron UK 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Milacron UK Limited
Independent Auditors' Report to the Members of Milacron UK Limited (continued)
We have also considered the risk of fraud through management override of controls by: • Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
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
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Stockport
Cheshire
SK1 1TD
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Milacron UK Limited
Statement of Comprehensive Income
For the period ended 30 September 2022
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Milacron UK Limited
Registered number: 04444980
Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 10 to 21 form part of these financial statements.
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Milacron UK Limited
Statement of Changes in Equity
For the period ended 30 September 2022
Page 9
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
Milacron UK Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Archway House, Station Road, Chester, CH1 3DR.
The company's principal activities and nature of its operations is the sale and servicing of capital and ancilliary equipment to the plastics industry.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies 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 FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The company changed its year end to 30 September 2022, and these financial statements are therefore for nine months, with the comparative period being twelve months. As a result, the numbers in the current year accounts are not wholly comparable with those of the prior year.
The following principal accounting policies have been applied:
The company made a profit of £28,023 for the year (2021: £146,156). Whilst distributable reserves remain negative, the company remains in a net asset position of £617,944 (2021: £658,921).
Management have prepared cash flow forecasts and are satisified that the company will continue to be able to pay its debts as they fall due for a period of at least 12 months from the date of signing these financial statements. As a result, management have elected to prepare the accounts on a going concern basis.
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
2.Accounting policies (continued)
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates 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 statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Defined benefit pension plan
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled. The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate'). The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'. The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises: a) the increase in net pension benefit liability arising from employee service during the period; and b) the cost of plan introductions, benefit changes, curtailments and settlements. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
2.Accounting policies (continued)
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Derecognition of pension surplus Management have reviewed the pension report provided by the actuary which suggests a significant asset has been created. As there is no indication of a physical cash refund or reduced contributions in the future, management have not recognised any asset in respect of this surplus, which has resulted in £1,062,000 being charged to other comprehensive income during the year (2021: £917,000).
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
Page 16
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
9.Taxation (continued)
In 2021, the Chancellor announced that the corporation tax rates would be increased to 25% from 1 April 2023. This will increase any taxation due on profits the company is set to make in the future.
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
Profit and loss account
Page 18
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,434 (2021: £10,247).
The Company operates a defined benefit pension scheme.
The Milacron UK Pension Plan is a multi-employer scheme that was closed to new members a number of years ago. In 2020, an agreement was signed whereby Milacron UK assumed the liabilities of the entire scheme, rather than just the Uniloy element. The pension cost is assessed in accordance with the advice of a qualified actuary using the "Projected unit credit method."
Significant contributions were made to the scheme in 2019 to ensure the scheme was appropriately funded. Further contributions were made in the year. The actuarial report received in respect of the year ended 30 September 2022 suggested that the scheme was in surplus by £1,979,000. Management consider that this surplus is not recoverable through either reduced future contributions, as the scheme is closed, nor from an actual refund from the scheme itself. As a result, the surplus has been derecognised in full in the financial statements. This resulted in a change in the impact of surplus not recognised from £917,000 in 2021 to £1,979,000 in 2022, an increase of £1,062,000.
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
15.Pension commitments (continued)
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Milacron UK Limited
Notes to the Financial Statements
For the period ended 30 September 2022
15.Pension commitments (continued)
The immediate parent company is
The smallest group within which the results of the company are included is headed by The ultimate parent undertaking and controlling party of this Company is
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