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Registered number:
For the Year Ended
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First Water Limited
Company Information
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First Water Limited
Contents
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First Water Limited
Strategic Report
For the Year Ended 31 December 2024
The directors present the audited annual report and accounts for the year ending 31 December 2024.
First Water Limited is a 100% directly owned subsidiary of Scapa Group Limited, which is part of Mativ Holdings Inc. The principal activity of the Company is to act as an intermediate holding company within the Mativ Holdings Inc group.
The principal activities of its subsidiaries was the research, development and manufacture of proprietary wound care, healthcare, and consumer care products.
The Company’s income for the year ending 31 December 2024 was £83k (2023: £nil) and other operating income £nil (2023: £5,382k). Administrative expenses were a credit £172k due to a gain on the disposal of the property totalling £253k (2023: expense £5,437k).
The Company delivered an operating profit totalling £27,414k (2023: £55k loss). In the year, the Company impaired the investment in Scapa Denver (North) Limited by £177k and reversed the impairment held against the investment in Systagenix Wound Management Manufacturing Limited by £27,336k. The net impact is an exceptional credit of £27,159k. The Company also disposed of its investment in First Water Ramsbury Limited during the year resulting in a loss of £2,184k. During the year, the Company allotted and issued 90,250,000 ordinary shares of £0.10 each for cash. The shares were allotted on 18 December 2024 at par, resulting in aggregate consideration received of £9,025,000. The shares carry full rights to vote, to dividends and to capital distribution (including on winding up) and are not redeemable Mativ Holdings Inc, has made a disclosure in accordance with the UK Modern Slavery Act 2015 which incorporates the requirements under the California Transparency in Supply Chains Act 2010. This can be found on the Mativ website at https://mativ.com/human -rights/ Mativ Transparency in Supply Chains Statement
As at 31 December 2024 the Company had net liabilities of £91k (2023: £31,750k).
As a wholly owned subsidiary of Mativ Holdings Inc., the directors of Mativ Holdings Inc manage the Group's risks at a Group level, rather than at an individual subsidiary level. The principal risks and uncertainties of Mativ Holdings Inc. which include those of the Company, are discussed in the business review in the Group’s annual report which does not form part of this report.
Innovation at competitive prices is the key to success in the advanced wound care market: Significant investment in development of new and innovative products is an ongoing activity, as is the drive to improve efficiency and take cost out of products to meet target pricing.
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First Water Limited
Strategic Report (continued)
For the Year Ended 31 December 2024
In order to maintain liquidity and to ensure that sufficient funds are available for ongoing operations and future developments, the Company reviews its cash flow requirements on an on-going basis. Use of inter group borrowings is available as necessary.
The Company is exposed to various financial risks: foreign exchange risk, interest rate risk and liquidity risk. Foreign exchange risk arises primarily from recognised assets and liabilities. The directors consider that there is currently no necessity for a strategy to mitigate this, as the numbers are not material to the business. As part of the wider Group, the Company has access to financial support from Mativ Holdings Inc, reducing any exposure to liquidity and interest rate risk.
Management uses a number of key performance indicators (KPI’s) to monitor the performance of the business. The financial KPI’s comprise the Net liabilities as at 31 December 2024 of £91k (2023: £31,750k).
No non-financial KPIs have been presented as there are none monitored at the First Water Limited level. Non-financial KPIs are only monitored on a Group basis.
The directors of the Company are responsible for overseeing the operations and strategic direction of the Company and are committed to fulfilling their duties under Section 172 of the Companies Act 2006. In performing their responsibilities, the directors have had regard to the interests of the Company’s key stakeholders, including shareholders, subsidiary companies, regulators, and other relevant parties.
Stakeholder Considerations in Decision-Making As a holding company, the Company does not have direct employees or external customers, but it plays a vital role in supporting and overseeing its subsidiaries and principally in the appointment of Directors and the allocation of capital within the Group’s subsidiaries. The directors engage with the management teams of subsidiary companies to ensure that strategic decisions align with the group’s long-term objectives and the interests of shareholders.
The board regularly considers:
∙The financial performance and capital requirements of subsidiary companies, ensuring appropriate funding and governance structures.
∙The distribution of profits through dividends and reinvestment decisions to promote sustainable long-term growth.
∙The regulatory and legal frameworks in which the group operates, ensuring compliance with all relevant obligations.
∙The environmental, social, and governance (ESG) responsibilities of the group as a whole.
This report was approved by the board and signed on its behalf.
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First Water Limited
Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, 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 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and 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 profit for the year, after taxation, amounted to £22,634k (2023 -loss £1,255k).
Dividends paid during the period amounted to £Nil (2023: £Nil).
The directors who served during the year were:
The Company is a wholly owned subsidiary of Mativ Holdings Inc and all decisions of the Company are aligned to the strategic priorities of the Group which is ‘Finding ways to improve everyday life’. All decisions of the Company are taken in line with our written policies, our Code of Conduct and Mativ Holdings Inc’s guiding principles which require that directors and employees demonstrate trust, respect and integrity in all that we do.
The Company strategy is to position itself to react quickly to change and take advantage of opportunities as they emerge to maximise profit margin and cash flow.
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First Water Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
There are no significant post balance sheet events.
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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First Water Limited
Independent Auditors' Report to the Members of First Water Limited
We have audited the financial statements of First Water Limited (the 'Company') for the year ended 31 December 2024, 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 101 ‘Reduced Disclosure Framework’ (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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First Water Limited
Independent Auditors' Report to the Members of First Water 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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First Water Limited
Independent Auditors' Report to the Members of First Water 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 Antibribery 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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First Water Limited
Independent Auditors' Report to the Members of First Water 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 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
Cheshire
SK1 3GG
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First Water Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2024
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First Water Limited
Registered number: 04421197
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 12 to 24 form part of these financial statements.
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First Water Limited
Statement of Changes in Equity
For the Year Ended 31 December 2024
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
First Water Limited is a private company limited by shares and incorporated in England and Wales, registered number 04421197. The address of the registered office is 997 Manchester Road, Ashton Under Lyne, Manchester, OL7 0ED. The nature of the Company's operations and its principal activities are set out in the strategic report.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 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 under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Mativ Holdings Inc. as at 31 December 2024 and these financial statements may be obtained from the Company Secretary, Mativ Holdings Inc., 100 Kimball Place, Suite 600 Alpharetta, Georgia, 30009, USA.
Copies of the consolidated financial statements of Mativ Holdings Inc. may be obtained from the Company Secretary, Mativ Holdings Inc., 100 Kimball Place, Suite 600 Alpharetta, Georgia, 30009, USA or the Mativ company website.
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
The following new standards and amendments are effective for the period beginning 1 January 2024:
∙Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
∙Non-current Liabilities with Covenants (Amendments to IAS 1)
∙Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
∙Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
None of these amendments had any impact on the Company.
At the year end, the Company had net liabilities of £91k (2023: £31,750k). Management have confirmed that the group will provide appropriate support, both through non-recall of intercompany debt, and cash provided by the trading subsidiaries where necessary, such that the Company will be able to continue to meet its debt repayments as they fall due. As a result, the financial statements are prepared on a going concern basis.
Functional and presentation currency
Transactions and balances
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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 method.
The estimated useful lives range as follows:
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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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 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.
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value. Financial assets All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. Impairment of financial assets The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. Financial liabilities Fair value through profit or loss Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship. At amortised cost Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
The key sources of estimation, uncertainty and critical accounting judgements in applying the Company’s policies are as follows: Carrying value of investments The assessment of the discounted cash flows and the key inputs into the future forecasts for the investments involves the use of market participant discount rates calculated at a CGU level. This includes the addition of a premium to reflect the current size and market capitalisation of the Company and compares this to a set of relevant comparators. The cash flows used for these assessments have been calculated using a management approved forecast. Should these estimates vary, the profit or loss and balance sheet of the following years could be significantly impacted. The carrying value of investments at the balance sheet date was £83,027k (2023: £57,471k). An impairment charge of £177k (2023: £nil) was recognised in the current year. There was also a reversal to a brought forward impairment charge of £27,336k (2023: £nil) following an improvement in the financial position of Systagenix Wound Management Manufacturing Limited.
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
There were no factors that may affect future tax charges.
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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First Water Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
During the year, the Company allotted and issued 90,250,000 ordinary shares of £0.10 each for cash. The shares were allotted on 18 December 2024 at par, resulting in aggregate consideration received of £9,025,000. The shares carry full rights to vote, to dividends and to capital distribution (including on winding up) and are not redeemable.
Revaluation reserve
Profit and loss account
The immediate parent company is Scapa Group Limited, a company incorporated in England and Wales, registration number 00826179.
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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