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Registered number:
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Scapa Group Limited
Company Information
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Scapa Group Limited
Contents
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Scapa Group Limited
Strategic report
For the year ended 31 December 2024
The directors present the audited annual report and accounts for the period ending 31 December 2024.
Scapa Group Limited (“the Company”) is a 100% wholly owned subsidiary of AMS HoldCo 2 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 Group of companies. There have not been any significant changes in the Company's principal activities in the period under review and the directors are not aware, at the date of this report, of any likely major changes in the next financial year. Review of developments and performance during the period During the period ended 31 December 2024 the Company made a profit before tax of £16,796k (2023: loss of £19,537k); As at 31 December 2024, the Company had net assets of £202,840k (2023: £155,346k) and net cash and cash equivalents of £136k (2023: £65k).
The Company is a wholly owned subsidiary of Mativ Holdings Inc. (NYSE: MATV). The directors of Mativ Holdings Inc. manage the Group's risks at a Group level, rather than at an individual subsidiary level. Scapa Group Limited has net assets which are dependent upon the recoverability of intercompany debtors and are therefore reliant on the trading entities’ performance, with the risks and uncertainties of those entities being indirectly relevant to Scapa Group Limited. In addition, the Company’s risks and uncertainties are also aligned with those of Mativ Holdings Inc. 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.
No KPIs have been used during the year as management deems metrics on non-trading companies to be not applicable.
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Scapa Group Limited
Strategic report (continued)
For the year ended 31 December 2024
The directors take their duties and responsibilities seriously when managing the Company.
The following highlights how the directors have delivered against the requirements of Section 172 in the application of their duties: Section 172(1) Statement 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 itself only has 20 direct employees on average through the year and has no 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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Scapa Group 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 £19,665k (2023 - loss £20,677k ).
Dividends paid during the period amounted to £Nil (2023: £Nil).
The directors who served during the year were:
The directors expect the general level of activity to remain consistent with the period ended 31 December 2024 in the forthcoming year.
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.
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Scapa Group Limited
Directors' report (continued)
For the year ended 31 December 2024
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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Scapa Group Limited
Independent auditors' report to the members of Scapa Group Limited
We have audited the financial statements of Scapa Group 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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Scapa Group Limited
Independent auditors' report to the members of Scapa Group 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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Scapa Group Limited
Independent auditors' report to the members of Scapa Group 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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Scapa Group Limited
Independent auditors' report to the members of Scapa Group 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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Scapa Group Limited
Statement of comprehensive income
For the year ended 31 December 2024
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Scapa Group Limited
Registered number: 00826179
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 13 to 31 form part of these financial statements.
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Scapa Group Limited
Statement of changes in equity
For the year ended 31 December 2024
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Scapa Group Limited
Statement of changes in equity
For the year ended 31 December 2023
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
Scapa Group Limited is a private company limited by shares incorporated in England and Wales, registered number 00826179. The address of the registered office is Manchester Road, Ashton Under-Lyne, Greater Manchester, OL7 0ED. The principal activity is that of an intermediate holding company.
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 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 its registered office, Mativ Holdings Inc., 100 Kimball Place, Suite 600 Alpharetta, Georgia, 30009, USA.
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Scapa Group 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.
Functional and presentation currency
Transactions and balances
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The amounts charged to operating profit are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the profit and loss account if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. Actuarial gains and losses are recognised immediately in the Statement of Comprehensive Income. For defined benefit schemes, the Company recognises plan assets where they are separable, solely for payment to the fund or to fund employee benefits, not available to the Company's creditors in bankruptcy and where assets cannot be returned to the Company unless all employee benefit obligations are met. Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Group, in separate Trustee-administered funds. Pension scheme assets are measures at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained annually and are updated at each Balance Sheet date. The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face of the Balance Sheet. 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 can't be demonstrated, the asset is restricted to nil.
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
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.
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Scapa Group 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.
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.
Fair value through profit or loss
Financial liabilities
Fair value through profit or loss
At amortised cost
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Derecognition of financial instruments
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. Critical judgements in applying the Company's accounting policies In the process of applying the Company's accounting policies, which are described above, the directors have made the following judgements which have a significant effect on the amounts recognised in the financial statements (apart from those involving estimations, which are dealt with below) and/or have involved particularly complex or involving subjective assessments: The Pension scheme, when measured under IAS 19, resulted in a surplus of £5.8m and the recognition of this surplus was assessed in-line with IFRIC 14. This states that the pension surplus can be recognised in the accounts if the Company can demonstrate an unconditional right to a refund in the circumstances specified in IFRIC 14. As the Company cannot demonstrate an unconditional right to a refund, no surplus has been recognised for the defined benefit scheme in the Company accounts. Key sources of estimation uncertainty Key sources of estimation uncertainty are as follows: Defined benefit pension scheme Accounting for retirement benefit schemes under IAS 19 (revised) requires an assessment of the future benefits payable in accordance with the actuarial assumptions. The future assumptions in relation to the discount rate applied in the calculation of scheme liabilities which are set out in note 22, represent a key source of uncertainty for the Company. The Company also applies sensitivities to these assumptions to assess the financial impact; these sensitivities are set out in note 22.
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
3.Judgements in applying accounting policies (continued)
The assessment of the discounted cash flows and the key inputs into the future forecasts for the investments involve the use of market participant discount rate 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 £27,938k (2023: £9,905k). There was a reversal to a brought forward impairment charge of £9,008k (2023: £nil) following an improvement in the financial position of First Water Limited, primarily as a result of the sale of its investment in First Water Ramsbury.
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
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Scapa Group 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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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
During the year, the Company issued 562,000,000 Ordinary shares with a nominal value of £0.05 each. The consideration received for each share was £0.05, fully paid.
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
Other reserves
Merger Reserve
Profit and loss account
Defined contribution scheme
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 this scheme for the period ended 31 December 2024 was £112k (2023: £114k). Outstanding contributions as at 31 December 2024 totaled £nil (2023: £nil). Defined benefit scheme
The Company operates a Defined benefit pension scheme.
The Scapa Group Limited Pension Scheme, which has the assets and liabilities of former employees. The scheme has been closed to new members and future accrual since 2007/08 and is wholly funded by the sponsoring employers, Scapa Group Limited and Scapa UK Limited. The assets of the scheme are held separately from the Company under Trust and both the assets and liabilities are held on a nonsectionalised basis. This scheme is managed by a professional trustee.
Scheme assets are stated at their market value as at 31 December 2024. The next formal triennial valuation is due 1 April 2026 and will be completed no later than 30 September 2027. The expected investment returns have been calculated using the weighted average of the expected investment returns for the different asset classes. The expected return on investments for the UK scheme is set out in the table in this note. The assumptions relating to UK longevity underlying the pension liabilities at the balance sheet date are based on standard actuarial mortality tables, with adjustments to reflect actual experience. For the period to 31 December 2024, the IAS 19 calculations have been performed using standard actuarial tables known as S3PA. Future improvements in mortality have been allowed for using the core CMI 2023 model, with a long-term rate of improvement of 1.00% per annum. In the current period these tables have been adjusted with a loading to reflect the geographic membership profile of the scheme. During the year to March 2016 a postcode mortality exercise was conducted on the scheme's membership. The results of this exercise showed that a best estimate adjustment to the base table used by the formal triennial actuarial valuation was 115% for all members. This assumption, reducing the expected longevity of members, has been used in the disclosures.
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
22.Pension commitments (continued)
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
22.Pension commitments (continued)
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Scapa Group Limited
Notes to the financial statements
For the year ended 31 December 2024
22.Pension commitments (continued)
The immediate parent Company is AMS Holdco 2 Limited, a company incorporated in England and Wales, registration number 12608527. The registered address is 125 Old Broad Street, London, England EC2N 1AR.
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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