Company registration number: 03933216
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report, directors’ report and the financial statements for the year ended 31 December 2024.
The principal activity of the Company is the production of high precision moulded plastic. The Company manages its operations as a single business unit.
The strategy of the business is to increase turnover through developing new income streams in a variety of sectors.
The directors report a small decrease in turnover for the year ended 31 December 2024 of 0.5% from £9,118,023 in 2023 to £9,071,539 in 2024 as the business transitions away from automotive business to more stable sectors. Loss before taxation has reduced from £816,506 to £246,888 in the year to 31 December 2024.
Whilst trading conditions are expected to remain competitive throughout FY25, the board consider the Company to be well positioned to manage and take on this challenge.
KPI’s 2024 2023
Turnover £9,072k £9,118K
Gross profit £3,216K £3,213K
Operating (loss)/profit (£262K) (£840K)
Cash at bank and in hand £535K £536K
(Loss)/profit before tax (£247K) (£817K)
The Company's profit and loss account for the year is set out on page 9.
The strategy of the business is to increase turnover through developing new income streams in a variety of sectors.
The directors report a small decrease in turnover for the year ended 31 December 2024 of 0.5% from £9,118,023 in 2023 to £9,071,539 in 2024 as the business transitions away from automotive business to more stable sectors. Loss before taxation has reduced from £816,506 to £246,888 in the year to 31 December 2024.
Whilst trading conditions are expected to remain competitive throughout FY25, the board consider the Company to be well positioned to manage and take on this challenge.
KPI’s 2024 2023
Turnover £9,072k £9,118K
Gross profit £3,216K £3,213K
Operating (loss)/profit (£262K) (£840K)
Cash at bank and in hand £535K £536K
(Loss)/profit before tax (£247K) (£817K)
The Company's profit and loss account for the year is set out on page 9.
The management of the business and the execution of the company's strategy are subject to a number of risks.
The key business risks can be summarised as follows:
Competition
The business’s major customers are split between the Data Centre, Consumer, Industrial, Automotive and Medical sectors. Despite selling on innovation and quality, there is a constant risk that a competitor may quote for the business, which could result in the loss or devaluation of a contract.
People
The business could be impacted by the loss of key individuals.
The business looks to increase staff engagement through (1) regular opportunities to give feedback and to influence future business developments and (2) training and progression opportunities.
Environment
Reputational and regulatory implications.
The company recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the group’s activities. The company operates in accordance with the group policies of its parent company. Initiatives have been designed to minimise the group’s impact on the environment – these include the safe disposal of manufacturing waste, recycling and reducing energy consumption.
The activities of the Company also exposes it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk.
The key business risks can be summarised as follows:
Competition
The business’s major customers are split between the Data Centre, Consumer, Industrial, Automotive and Medical sectors. Despite selling on innovation and quality, there is a constant risk that a competitor may quote for the business, which could result in the loss or devaluation of a contract.
People
The business could be impacted by the loss of key individuals.
The business looks to increase staff engagement through (1) regular opportunities to give feedback and to influence future business developments and (2) training and progression opportunities.
Environment
Reputational and regulatory implications.
The company recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the group’s activities. The company operates in accordance with the group policies of its parent company. Initiatives have been designed to minimise the group’s impact on the environment – these include the safe disposal of manufacturing waste, recycling and reducing energy consumption.
The activities of the Company also exposes it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk.
Page 1
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial risk management objectives and policies
The Company’s activities expose it primarily to the financial risks including price risk, credit risk, cash flow risk and liquidity risk. The Company does not use derivative financial instruments for speculative purposes.
Foreign exchange risk
The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Company maintains separate bank accounts which are denominated in British Pounds, Euros and US Dollars, which provides a natural hedge against currency fluctuations.
Credit Risk
The Company’s principal financial assets are bank balances and cash, trade and other receivables. The Company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses a mixture of long-term and short-term debt finance ensuring a balance between CAPEX and long term funds.
Price risk
The Company is exposed to commodity price risk as a result of its operations and this risk is managed where possible through normal procurement and sales processes inherent in the Company. The directors continually monitor the appropriateness and effectiveness of these procedures on an ongoing basis, The Company has no exposure to equity securities price risk as it holds no listed or other equity investments.
Health and safety of employees
The well-being of the Company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act, including the adoption of a Safety statement.
The Company’s activities expose it primarily to the financial risks including price risk, credit risk, cash flow risk and liquidity risk. The Company does not use derivative financial instruments for speculative purposes.
Foreign exchange risk
The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Company maintains separate bank accounts which are denominated in British Pounds, Euros and US Dollars, which provides a natural hedge against currency fluctuations.
Credit Risk
The Company’s principal financial assets are bank balances and cash, trade and other receivables. The Company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses a mixture of long-term and short-term debt finance ensuring a balance between CAPEX and long term funds.
Price risk
The Company is exposed to commodity price risk as a result of its operations and this risk is managed where possible through normal procurement and sales processes inherent in the Company. The directors continually monitor the appropriateness and effectiveness of these procedures on an ongoing basis, The Company has no exposure to equity securities price risk as it holds no listed or other equity investments.
Health and safety of employees
The well-being of the Company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act, including the adoption of a Safety statement.
The company is taking strategic steps to seek additional customers to minimise the concentration on any one sector or customer.
This report was approved by the board and signed on its behalf.
Page 2
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.
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 judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £460,802 (2023 -loss £668,490).
A dividend of £Nil (2023: £Nil) was received from a subsidiary company in the year and a dividend of £Nil (2023: £Nil) was paid to the parent company.
The directors who served during the year were:
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.
Page 3
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic report and Director's report) Regulations 2013, to set out within the company's strategic report information required by schedule 7 of the Large and Medium sized companies and groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review, future developments and details of the principal risks and uncertainties.
Azets Audit Services Limited resigned as auditors, with Menzies LLP filling a casual vacancy. Menzies LLP were appointed in accordance with section 485 of the companies Act 2006.
In accordance with the Company's articles, a resolution proposing that Menzies LLP be reappointed as auditor of the Company will be put at a General Meeting.
In accordance with the Company's articles, a resolution proposing that Menzies LLP be reappointed as auditor of the Company will be put at a General Meeting.
This report was approved by the board and signed on its behalf by:
Page 4
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPM PLASTICS LIMITED
We have audited the financial statements of SPM Plastics Limited (the 'Company') for the year ended 31 December 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 Auditor's 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.
Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPM PLASTICS 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.
Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPM PLASTICS 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 Auditor's 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:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were the most significant including:
∙
−The Companies Act 2006;
−Financial Reporting Standard 102;
−UK Employment Legislation;
−UK Health and Safety Legislation;
−UK Tax Legislation; and
−General Data Protection Regulations.
∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making enquiries to management, those responsible for legal and compliance procedures and the Company secretary. We corroborated our enquiries through our review of board minutes.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
−Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
−Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
−Challenging assumptions and judgements made by management in its significant accounting estimates; and
−Identifying and testing journal entries, in particular, any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
−The application of inappropriate judgements or estimation to manipulate the Company's financial position;
−Posting of unusual journals and complex transactions;
−The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPM PLASTICS LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's 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 Auditor's 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 Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 9
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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 28 form part of these financial statements.
Page 10
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SPM Plastics Limited (the Company) is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the general information page.
The registered office is also the trading address of the Company.
The registered office is also the trading address of the Company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Inspire UPG UK Limited as at 31 December 2024 and these financial statements may be obtained from the Registrar of Companies at Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
As at 31 December 2024, the Company had net current assets of £718,106 (2023: £1,145,139), net assets of £2,734,332 (2023: £3,200,134) and made a loss for the year of £460,802 (2023: £668,490).
The financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the statement of financial position, the likely future cashflows of the business and have considered the facilities that are in place at the date of signing the report.
The company does not currently have any external borrowings as any finance required is provided by the ultimate parent company The Partner Companies LLC. The Partner Companies LLC has confirmed it will continue to provide any financial support required for a period of at least twelve months from the signing of these financial statements.
The financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the statement of financial position, the likely future cashflows of the business and have considered the facilities that are in place at the date of signing the report.
The company does not currently have any external borrowings as any finance required is provided by the ultimate parent company The Partner Companies LLC. The Partner Companies LLC has confirmed it will continue to provide any financial support required for a period of at least twelve months from the signing of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.
Revenue from the sales of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of goods.
Revenue from the sales of tooling is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Revenue from the sales of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of goods.
Revenue from the sales of tooling is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The Company operates both a defined benefit scheme and pays contributions to a stakeholder scheme.
The Group's current and past service cost for the defined benefit scheme is charged to operating profit. Interest on the defined benefit scheme’s obligations and the expected return on the scheme's assets are recognised in net finance costs. Actuarial gains and losses are recognised directly in equity through statement
of total recognised gains and losses so that the Group's balance sheet reflects the fair value of the scheme's surpluses or deficits as at the balance sheet date.
In respect of the stakeholder scheme, contributions are charged in the profit or loss account as they become payable.
The Group's current and past service cost for the defined benefit scheme is charged to operating profit. Interest on the defined benefit scheme’s obligations and the expected return on the scheme's assets are recognised in net finance costs. Actuarial gains and losses are recognised directly in equity through statement
of total recognised gains and losses so that the Group's balance sheet reflects the fair value of the scheme's surpluses or deficits as at the balance sheet date.
In respect of the stakeholder scheme, contributions are charged in the profit or loss account as they become payable.
Defined benefit pension plan
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Page 15
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:
Assets under construction are not subject to depreciation until they are completed and ready for intended use.
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.
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.
Stocks are stated at the lower of cost and net realisable value. Costs are those incurred in bringing each product to its present location and condition on the following basis:
Raw materials - at purchase cost on a first-in, first out basis.
Work in progress and finished goods - at cost of direct materials and labour, plus attributable overheads based on the normal level of activity.
Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal.
At each reporting date, the Company assess whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price, less costs to complete and sell, is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Raw materials - at purchase cost on a first-in, first out basis.
Work in progress and finished goods - at cost of direct materials and labour, plus attributable overheads based on the normal level of activity.
Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal.
At each reporting date, the Company assess whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price, less costs to complete and sell, is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Defined Benefit Pension Scheme
During the year, the Company operated a defined benefit pension scheme the assets and liabilities of which were transferred to Just Retirement Limited on 30 July 2024 and the scheme formally wound up on 16 December 2024. The fair value recognised for this scheme is based on a report prepared by an authorised and regulated actuary that is entirely independent of SPM Plastics Limited. The assumptions and estimates underlying their calculations are disclosed in the notes to the financial statements.
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There are no factors that may affect future tax charges.
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Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Profit and loss account
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year it was identified that a reclassification of wages and salaries between administrative expenditure and cost of sales was required in the year ended 31 December 2023 to more fairly reflect the nature of these expenses. This reclassification totalled £644,147. There is no profit or tax effect to these adjustments.
The Company operates a Defined benefit pension scheme.
The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date.
The Company operates a funded pension scheme in the UK (the SPM Plastics Pension Scheme) providing benefits in both a Final Salary section and Money Purchase section. The Money Purchase section was wound up in November 2011 and individual member assets transferred to a stakeholder (private defined contribution) scheme. The Company makes a contribution by employee to the stakeholder scheme.
The Final Salary section was wound up on 16 December 2024.
Final Salary Section
Company contributions of £Nil (2023: £761,000) were paid during the year.
The final salary pension scheme is closed for future accruals. The valuations used for the final salary section disclosure has been based on the most recent full actuarial valuation at 31 March 2020, updated in 31 December 2024.
The Company operates a funded pension scheme in the UK (the SPM Plastics Pension Scheme) providing benefits in both a Final Salary section and Money Purchase section. The Money Purchase section was wound up in November 2011 and individual member assets transferred to a stakeholder (private defined contribution) scheme. The Company makes a contribution by employee to the stakeholder scheme.
The Final Salary section was wound up on 16 December 2024.
Final Salary Section
Company contributions of £Nil (2023: £761,000) were paid during the year.
The final salary pension scheme is closed for future accruals. The valuations used for the final salary section disclosure has been based on the most recent full actuarial valuation at 31 March 2020, updated in 31 December 2024.
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
20.Pension commitments (continued)
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
20.Pension commitments (continued)
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's immediate parent undertaking is Inspire UPG UK Limited, a company registered in England and Wales.
The ultimate parent and controlling undertaking is considered to be The Partner Companies LLC, a company incorporated in the United States of America.
In the opinion of the directors there is no overall controlling party.
The ultimate parent and controlling undertaking is considered to be The Partner Companies LLC, a company incorporated in the United States of America.
In the opinion of the directors there is no overall controlling party.
Page 28