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Registered number: 04444980









Milacron UK Limited









Directors' Report and Financial Statements

For the year ended 30 September 2024

 
Milacron UK Limited
 
 
Company Information


Director
W Gu (appointed 20 February 2024)




Company secretary
DTM Legal LLP



Registered number
04444980



Registered office
C/O DTM Legal LLP
Knight's Court

Weaver Street

Chester

CH1 2BQ




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Railway Road

Stockport

SK1 3GG





 
Milacron UK Limited
 

Contents



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 19


 
Milacron UK Limited
 
 
 
Directors' Report
For the year ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

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;

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 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 2006They 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.

Directors

The directors who served during the year were:

T S Haddad Jr (resigned 20 February 2024)
W Gu (appointed 20 February 2024)

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

 
Milacron UK Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
W Gu
Director

Date: 26 June 2025

Page 2

 
Milacron UK Limited
 
 
 
Independent Auditors' Report to the Members of Milacron UK Limited
 

Opinion


We have audited the financial statements of Milacron UK Limited (the 'Company') for the year ended 30 September 2024, 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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Other information


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 reportOur 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.


Page 3

 
Milacron UK Limited
 
 
 
Independent Auditors' Report to the Members of Milacron UK Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the directors' report for the financial year 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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
Milacron UK Limited
 
 
 
Independent Auditors' Report to the Members of Milacron UK Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

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.
 
Page 5

 
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;
• 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.


Use of our 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 2006Our 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.





Anthony Woodings (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Railway Road
Stockport
SK1 3GG

26 June 2025
Page 6

 
Milacron UK Limited
 
 
Statement of Comprehensive Income
For the year ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
  
881,773
1,524,371

Cost of sales
  
(560,763)
(991,396)

Gross profit
  
321,010
532,975

Administrative expenses
  
(546,182)
(377,334)

Operating (loss)/profit
 4 
(225,172)
155,641

Other finance income
  
90,000
102,000

(Loss)/profit before tax
  
(135,172)
257,641

Tax on (loss)/profit
 8 
-
(30,953)

(Loss)/profit for the financial year
  
(135,172)
226,688

Other comprehensive income for the year
  

Actuarial (losses) / gains on defined benefit pension scheme
  
(1,072,000)
(381,000)

Movement on pension surplus not recognised
  
1,172,000
264,000

Other comprehensive income for the year
  
100,000
(117,000)

Total comprehensive income for the year
  
(35,172)
109,688

The notes on pages 10 to 19 form part of these financial statements.

Page 7

 
Milacron UK Limited
Registered number: 04444980

Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 9 
237,646
212,180

Cash at bank and in hand
 10 
805,445
739,585

  
1,043,091
951,765

Creditors: amounts falling due within one year
 11 
(350,631)
(224,133)

Net current assets
  
 
 
692,460
 
 
727,632

  

Net assets
  
692,460
727,632


Capital and reserves
  

Called up share capital 
 12 
2,625,001
2,625,001

Profit and loss account
 13 
(1,932,541)
(1,897,369)

  
692,460
727,632


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
W Gu
Director

Date: 26 June 2025

The notes on pages 10 to 19 form part of these financial statements.

Page 8

 
Milacron UK Limited
 

Statement of Changes in Equity
For the year ended 30 September 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
2,625,001
(2,007,057)
617,944


Comprehensive income for the year

Profit for the year
-
226,688
226,688

Actuarial losses on pension scheme
-
(117,000)
(117,000)
Total comprehensive income for the year
-
109,688
109,688



At 1 October 2023
2,625,001
(1,897,369)
727,632


Comprehensive income for the year

Loss for the year
-
(135,172)
(135,172)

Actuarial gains on pension scheme
-
100,000
100,000
Total comprehensive income for the year
-
(35,172)
(35,172)


At 30 September 2024
2,625,001
(1,932,541)
692,460


The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

Milacron UK Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is C/O Dtm Legal LLP, Knights Court, Weaver Street, Chester, CH1 2BQ.
The company's principal activities and nature of its operations is the sale and servicing of capital and ancillary equipment to the plastics industry. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

The company made a loss of £135,172 for the year (2023profit £226,688). Whilst distributable reserves remain negative, the company remains in a net asset position of £692,460 (2023: £727,632).
Management have prepared cash flow forecasts and are satisfied 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.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 10

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is generated on sales of goods within the United Kingdom relating to products manufactured by overseas entities that reside within the group controlled by the company's ultimate parent.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 11

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.6

Pensions

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 FRS102 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'.

Page 12

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
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 £1,172,000 being credited to other comprehensive income during the year (2023: credit £264,000).

Page 13

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

4.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Exchange differences
1,444
(2,290)

Other operating lease rentals
200
1,419


5.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


6.


Directors' remuneration

W Gu was paid by the company's parent group. The amount of time spent undertaking her duties as a Director of Milacron UK Limited is limited and therefore no cost is allocated. 





7.


Other finance income

2024
2023
£
£

Interest income on pension scheme assets
243,000
263,000

Net interest on net defined benefit liability
(153,000)
(161,000)

90,000
102,000



8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
30,953


-
30,953


Total current tax
-
30,953

Deferred tax

Total deferred tax
-
-


Tax on (loss)/profit
-
30,953
Page 14

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(135,172)
257,641


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
(33,793)
56,681

Effects of:


Relief available in respect of pension scheme
24,782
(29,250)

Other differences leading to an increase (decrease) in the tax charge
-
3,522

Group relief
9,011
-

Total tax charge for the year
-
30,953


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Debtors

2024
2023
£
£


Trade debtors
168,278
143,392

Amounts owed by group undertakings
559
-

Other debtors
68,809
68,788

237,646
212,180



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
805,445
739,585


Page 15

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
124,123
7,268

Amounts owed to group undertakings
191,696
111,847

Other taxation and social security
2,181
48,412

Accruals and deferred income
32,631
56,606

350,631
224,133



12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,625,001 (2023 - 2,625,001) Ordinary shares of £1.00 each
2,625,001
2,625,001

The Company has one class of ordinary shares which have full voting, dividend and capital distribution rights. 



13.


Reserves

Profit and loss account

The profit and loss reserve represents cumulative profits and losses net of distributions to owners. 

Page 16

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

14.


Pension commitments

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 £Nil (2023: £29,294).

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 2024 suggested that the scheme was in surplus by £543,000. 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 £1,715,000 in 2023 to £543,000 in 2024, a reduction of £1,172,000.



Reconciliation of present value of plan liabilities:


2024
2023
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year (prior year - including asset ceiling)
2,825,000
3,707,000

Interest cost
153,000
161,000

Actuarial gains/losses
201,000
133,000

Benefits paid
(155,000)
(1,176,000)

At the end of the year
3,024,000
2,825,000



Reconciliation of present value of plan assets, shown here net of derecognised surplus:


2024
2023
£
£


At the beginning of the year (net of derecognised surplus)
2,825,000
3,707,000

Current service cost
(124,000)
-

Interest income
243,000
263,000

Actuarial gains/losses
(871,000)
(248,000)

Contributions
(66,000)
15,000

Benefits paid
(155,000)
(1,176,000)

Movement on surplus derecognised
1,172,000
264,000

At the end of the year
3,024,000
2,825,000

Page 17

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024
 
14.Pension commitments (continued)


Composition of plan assets:



Total plan assets

2024
2023
£
£


Fair value of plan assets
3,024,000
2,825,000

Present value of plan liabilities
(3,024,000)
(2,825,000)

Net pension scheme liability
-
-


The amounts recognised in profit or loss are as follows:

2024
2023
£
£


Current service cost
(124,000)
-

Interest on obligation
(153,000)
(161,000)

Interest income on plan assets
243,000
263,000

Total
(34,000)
102,000



The cumulative amount of actuarial gains and losses recognised in the statement of comprehensive income was £100,000 gain (2023 - £117,000 loss).



The Company expects to contribute £15,000 to its defined benefit pension scheme in 2025.




Page 18

 
Milacron UK Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024
 
14.Pension commitments (continued)


Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2024
2023
%
%
Discount rate


5.1

5.5
 
Inflation assumption


3.0

3.2
 
Mortality rates



 
- for a male aged 65 now


19.7

19.8
 
- for a female aged 65 now


22.3

22.3
 






15.


Related party transactions

The company was owed £559 (2023: £Nil) and owed £191,696 (2023: £111,847) to fellow subsidiaries of the ultimate parent.
Purchases of £560,763 (
2023: £991,395) were made from fellow subsidiaries of the ultimate parent. The company also incurred management recharges from fellow subsidiaries of £240,920 (2023: £228,554).


16.


Controlling party

The immediate parent company is Milacron B.V., 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 Hilenbrand, 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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