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Registered number:
For the period ended
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Mold Masters (UK) Limited
Company Information
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Mold Masters (UK) Limited
Contents
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Mold Masters (UK) Limited
Director's Report
For the period ended 30 September 2024
The director presents his report and the financial statements for the period ended 30 September 2024.
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director who served during the period was:
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 director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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Mold Masters (UK) Limited
Director's Report (continued)
For the period ended 30 September 2024
This report was approved by the board and signed on its behalf.
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Mold Masters (UK) Limited
Independent Auditors' Report to the Members of Mold Masters (UK) Limited
We have audited the financial statements of Mold Masters (UK) Limited (the 'Company') for the period ended 30 September 2024, which comprise the statement of income and retained earnings, the statement of financial position 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 director's 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 director 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 director is 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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Mold Masters (UK) Limited
Independent Auditors' Report to the Members of Mold Masters (UK) Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the director's 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 director's report.
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Mold Masters (UK) Limited
Independent Auditors' Report to the Members of Mold Masters (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 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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Mold Masters (UK) Limited
Independent Auditors' Report to the Members of Mold Masters (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
3 Stockport Exchange
Railway Road
SK1 3GG
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Mold Masters (UK) Limited
Statement of Income and Retained Earnings
For the period ended 30 September 2024
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Mold Masters (UK) Limited
Registered number: 01912861
Statement of Financial Position
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 9 to 19 form part of these financial statements.
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
The Company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Netherwood Road, Rotherwas Industrial Estate, Hereford, HR2 6JU.
The company's principal activity is that of the import, assembly, sale and service of technical equipment.
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
2.Accounting policies (continued)
Page 10
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
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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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
2.Accounting policies (continued)
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method as appropriate.
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.
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
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. Inventory provisioning When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. At the year end, the company was carrying stock provisions of £194,470 (2023: £183,755). Impairment of debtors The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience. At the year end, the company was carrying debtor provisions of £2,918 (2023: £3,078).
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
Page 15
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
9.Tangible fixed assets (continued)
Page 16
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
Page 17
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
Capital redemption reserve
by the Company, less any capital reductions made.
Profit and loss account
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 £35,948 (2023: £31,529). Contributions totalling £9,290 (2023: £9,171) were payable to the fund at the reporting date and are included in creditors.
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Mold Masters (UK) Limited
Notes to the Financial Statements
For the period ended 30 September 2024
The immediate parent company is Milacron Nederland BV, a company incorporated in the Netherlands.
The smallest group within which the results of the company are included is headed by Coperion K-Tron Schweiz, a company incorporated in Switzerland. The consolidated financial statements of Coperion K-Tron (Schweiz) GmbH can be obtained from Lenzhardweg 43/45, 5702 Niederlenz, Switzerland. The ultimate parent undertaking and controlling party of this Company is Hillenbrand, Inc, incorporated in the United States of America, and the group headed by Hillenbrand, Inc is the largest group within which the results of the company are included. Copies of the accounts of the ultimate parent can be obtained from the company's head office, being 1 Batesville Blvd, Batesville, Indiana, 47006, United States.
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