Registered number:
For the year ended
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Neenah Red Bridge International Limited
Company Information
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Neenah Red Bridge International Limited
Contents
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Neenah Red Bridge International Limited
Strategic Report
For the year ended 31 December 2023
The directors present the strategic report for the year ended 31 December 2023.
Sales continued to grow strongly, increasing by £4.8m, a further increase of 38% year on year, following a 34% year on year increase in 2022. Whilst UK sales declined by 6% from £1.8m to £1.7m, due to ongoing subdued demand, export turnover increased by 46% (50% in 2022) from £10.8m to £15.8m. The strong export growth was again driven by the Security sector; a combination of the bounce back in international travel boosting demand and a series of new contract wins that further boosted sales. Security continued to be the largest market segment for the business.
Operating profit increased from £0.9m to £3.1m, driven by the higher levels of sales revenue, combined with strong control over costs. Profit before tax also increased by £2.3m to £2.9m. The Directors consider that this is a good result, as the company continued to trade profitably and generate cash during the year.
The principal risk to the business lies in geopolitical events that can suppress demand for global travel, for a significant period of time. The company continues to develop products to serve alternative markets not linked to global travel to mitigate these risks. As a business selling globally, exchange rate fluctuations will continue to be a potential risk to both turnover and operating profit. The short term risks associated to this are managed by hedging exposure to foreign currency using appropriate hedging instruments.
Development and performance The company is well established in its chosen markets and expects to continue to provide quality products. The company will work closely with other Mativ associated companies to broaden and enhance the services offered. Where circumstances allow, the company will expect to take advantage of its financial and trading strength to increase geographical coverage and market share. The directors are confident that this strategy will ensure the long-term prosperity of the business. The directors believe that continued diversification will help mitigate this risk and expect to see a solid performance and satisfactory trading results in the coming year. Investment in capital assets, people and systems is being made in order to ensure that the company continues to provide best in class products for its customers
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Neenah Red Bridge International Limited
Strategic Report (continued)
For the year ended 31 December 2023
No non-financial KPIs have been presented as there are none monitored at the Neenah Red Bridge International Limited level. Non-financial KPIs are only monitored on a Group basis.
Position at the end of the period The company has continued to trade profitably and deliver on its key strategic focus areas during 2023 and remains well positioned to grow over the next few years. The global Security market continues to grow, and the company continues to win new cover contracts. The development of Performance Labels sales, is expected to drive Red Bridge growth for many years to come. In addition, there are new opportunities emerging through co-operation with other Mativ companies. The company's financial position at the year-end remained strong with net assets of £8.8m, an increase of £2m over the previous year, due to the profits generated. Strong cash generation drove a closing cash balance of almost £4.6m, up from £2.0m at the end of 2022. The Company’s forecasts, taking account of a range of possible changes in trading performance, show that the Company will be able to operate within the level of its cash balances. After making enquiries, the directors have a strong expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.
This report was approved by the board and signed on its behalf.
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Neenah Red Bridge International Limited
Directors' Report
For the year ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the year was that of the manufacture, conversion and distribution of coated materials.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 profit for the year, after taxation, amounted to £2,745,468 (2022: £508,032).
The directors do not recommend payment of a final dividend.
The directors who served during the year were:
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Neenah Red Bridge International Limited
Directors' Report (continued)
For the year ended 31 December 2023
The company will continue to develop its position within the markets suited to its core competencies, in all sectors, including publishing and security. Other markets are assessed, and where opportunities are identified, these are actively pursued. The spread of business, geographically and across multiple sectors positions the company to overcome any individual sector downturns. The export business is expected to slow down during 2024, as travel demand returns to a more normal outlook. The company continues to work with suppliers to reformulate processes, contain costs and introduce new substrates to protect margin levels.
Financial risk management objectives and policies The company is exposed to a moderate level of price risk, credit risk, liquidity risk and cash flow risk. The company manages these risks by financing its operations through retained profits, supplemented by group borrowings if necessary to fund expansion or capital expenditure programmes. The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of any group borrowings or overdrafts with the future cash flows expected to arise from the company's trading activities. The company makes use of appropriate hedging instruments to limit its exposure to fluctuations in currency exchanges. Research and development The company carries out research and development to improve its products and services. This involves the development of new products and improvements to existing product ranges. Strategic Report In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has chosen to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, which includes principal risk and uncertainties, development and performance. Going concern In determining whether the company's annual financial statements can be prepared on a going concern basis, the directors have considered the company's business activities, together with the factors likely to affect its future development, performance and position. The review also includes the financial position of the company, its cash flows, liquidity position and borrowing facilities. The Company meets its short-term working capital requirements through its generation of cash. The Company has managed to retain a strong positive cash balance during the year. The Company’s forecasts, taking account of a range of possible changes in trading performance, show that the Company will be able to operate within the level of its cash balances. After making enquiries, the directors have a strong expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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Neenah Red Bridge International Limited
Directors' Report (continued)
For the year ended 31 December 2023
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Neenah Red Bridge International Limited
Independent Auditors' Report to the Members of Neenah Red Bridge International Limited
We have audited the financial statements of Neenah Red Bridge International Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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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Neenah Red Bridge International Limited
Independent Auditors' Report to the Members of Neenah Red Bridge International Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have 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 Strategic Report or the Directors' Report.
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Neenah Red Bridge International Limited
Independent Auditors' Report to the Members of Neenah Red Bridge International 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, 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 relate 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 that had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti bribery and corruption policy.
Audit response to risks identified
Our procedures to respond to the risk identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having 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 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 that may indicate risks of material misstatement due to fraud;
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Neenah Red Bridge International Limited
Independent Auditors' Report to the Members of Neenah Red Bridge International Limited (continued)
We have also considered the risks of fraud through management override of controls:
∙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 asking 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 is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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
3 Stockport Exchange
Cheshire
SK1 3GG
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Neenah Red Bridge International Limited
Statement of Comprehensive Income
For the year ended 31 December 2023
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Neenah Red Bridge International Limited
Registered number: 04100665
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 33 form part of these financial statements.
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Neenah Red Bridge International Limited
Statement of Changes in Equity
For the year ended 31 December 2023
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Neenah Red Bridge International Limited
Statement of Changes in Equity
For the year ended 31 December 2022
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Neenah Red Bridge International Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Ainsworth. Bolton, Lancashire, BL2 5PD.
The company's principal activities and nature of its operations are disclosed in the Directors Report.
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 following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Mativ Holdings, Inc as at 31 December 2023 and these financial statements may be obtained from the Company Secretary, Mativ Holdings Inc., 100 Kimball Place, Suite 600 Alpharetta, Georgia, 30009, USA.
Functional and presentation currency
Transactions and balances
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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 asset or liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet 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'). Pension scheme assets are measured using market values. For quoted securities the current bid price is taken as market value. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality corporate of equivalent term and currency to the liability. 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 'actuarial gains/losses'. 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'. Where a defined benefit pension scheme is in surplus, this is recognised on the Balance Sheet only to the extent the Group can demonstrate that is has an unconditional right to refund in relation to the surplus. Where an unconditional right to a refund cannot be demonstrated, the asset is restricted to nil.
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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.
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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:
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.
No depreciation is charged on freehold land or assets under construction.
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised
when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Key sources of estimation uncertainty Defined benefit pension scheme Assumptions have been made by the actuary in calculating the valuation of the defined benefit pension scheme at the year end. Details of the assumptions made are included within note 23. Stock provision Stock is assessed for impairment at each reporting date. The carrying amount of stock is compared to its net realisable value, and any excess is recognised as an impairment loss immediately in profit or loss. At the year end the stock provision was £489,853 (2022: £262,800).
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Analysis of turnover by country of destination:
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
There were no factors that may affect future tax charges.
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
20.Deferred taxation (continued)
Profit and loss account
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
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 total pension cost for the Company in respect of the scheme for the period ended 31 December 2023 was £132,641 (2022: £155,954). Outstanding contributions at 31 December 2023 totaled £24,583 (2022: £19,323).
The Company also operates a Defined Benefit Pension Scheme.
The Neenah Red Bridge International Limited defined benefit pension scheme provided benefits based on final pensionable pay until the scheme was closed on 31 December 2011 to current and future employees.
The latest full triennial valuation was as at 31 December 2022. At 31 December 2023 the scheme's actuary undertook the annual review of the scheme and the calculations are reflected below. The valuation method used is the projected unit credit method.
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
23.Pension commitments (continued)
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
23.Pension commitments (continued)
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Neenah Red Bridge International Limited
Notes to the Financial Statements
For the year ended 31 December 2023
25.Financial commitments, guarantees and contingent liabilities
The company has export guarantees and credits of £144,822 (2022: £60,970) in place at the year end.
The immediate parent undertaking is Neenah International UK Limited, a company incorporated in England and Wales, registration number 06436245. The registered address is Red Bridge Offices, Ainsworth, Bolton, BL2 5PD .
The ultimate parent undertaking and controlling party is Mativ Holdings Inc., which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of the consolidated financial statements of Mativ Holdings Inc. may be obtained from its registered office, from the Company Secretary, Mativ Holdings Inc., 100 Kimball Place, Suite 600 Alpharetta, Georgia, 30009, USA.
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