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Registered number: 04100665









Neenah Red Bridge International Limited









Annual Report and Financial Statements

For the year ended 31 December 2025

 
Neenah Red Bridge International Limited
 
 
Company Information


Directors
D Fraser 
J Robson 
W Dickinson (appointed 20 May 2025)
B M Park (appointed 20 May 2025)




Company secretary
D Fraser



Registered number
04100665



Registered office
Ainsworth
Bolton

Lancashire

BL2 5PD




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Neenah Red Bridge International Limited
 

Contents



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12 - 13
Notes to the Financial Statements
 
14 - 33


 
Neenah Red Bridge International Limited
 
 
Strategic Report
For the year ended 31 December 2025

Introduction
 
The directors present the strategic report for the year ended 31 December 2025.

Business review
 
Sales increased by £0.9m, with growth of £1.1m (9.4%) in export sales partially offset by a small decline in domestic UK sales of £0.2m (11%). The growth in export sales was again driven by strong demand in the security market, which continues to form the largest market segment for the business.
Gross profit margin increased by 3.8% to 23.9% as the company continued to develop and market high value added solutions. As a result of increased sales and gross profit, and continued focus on cost containment, operating profit grew from £0.9m to £1.7m. 
Profit before tax rose accordingly to £1.7m from £0.9m. The Directors consider this to be  a good result, with the company continuing to trade profitably and generate cash during the year.

Principal risks and uncertainties
 
The principal risk to the business lies in geopolitical events that can suppress demand for global travel, for a significant period of time. The company continues to develop products to serve alternative markets not linked to global travel to mitigate these risks. 
As a business selling globally, exchange rate fluctuations continue to be a potential risk to both turnover and operating profit. The short-term risks associated with this are managed by hedging exposure to foreign currency using appropriate hedging instruments.
Development and performance
The company is well established in its chosen markets and expects to continue to provide quality products. The company will work closely with other Mativ associated companies to broaden and enhance the services offered.
Where circumstances allow, the company will take advantage of its financial and trading strengths to expand its geographical coverage and increase its market share. The directors are confident that this strategy will ensure the long-term prosperity of the business. The directors believe that continued diversification will help mitigate the geopolitical risk mentioned above and expect to see a solid performance and satisfactory trading results in the coming year.
Investment in capital assets, people and systems continues to be evaluated where appropriate in order to ensure that the company continues to provide best-in-class products for its customers.

Financial key performance indicators
 

2025
2024

(£m)
(£m)
Turnover
14.4
13.5
Operating profit
1.7
0.9
Profit for the financial year
1.3
0.9
Shareholders' funds
11.2
9.7


Page 1

 
Neenah Red Bridge International Limited
 

Strategic Report (continued)
For the year ended 31 December 2025

Other key performance indicators
 
No non-financial KPIs have been presented as these are not monitored at the Neenah Red Bridge International Limited level. Non-financial KPIs are only monitored on a Group basis.
Position at the end of the period
The company has continued to trade profitably and deliver on its key strategic focus areas during 2025 and remains well positioned to grow over the next few years. The company’s main global markets continue to demonstrate long term growth, and the company continues to win new contracts. New opportunities continue to emerge through co-operation with other Mativ companies.
The company's financial position at the year-end remained strong with net assets of £11.2m, an increase of £1.5m over the previous year, due to the profits generated. During the year, the company took advantage of its high levels of cash to repay some $7m of loan funding to the parent. As a result, cash balances declined by £0.8m to £2.9m year on year. 
The Company’s forecasts, taking account of a range of possible changes in trading performance, show that the Company will be able to operate within the level of its cash balances. After making enquiries, the directors have a strong expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.


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



J Robson
Director

Date: 28 August 2026

Page 2

 
Neenah Red Bridge International Limited
 
 
 
Directors' Report
For the year ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Principal activities
The principal activity of the company during the year was that of the manufacture, conversion and distribution of coated materials.

Directors' responsibilities statement

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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,260,036 (2024: £930,857).

The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

D Fraser 
J Robson 
W Dickinson (appointed 20 May 2025)
B M Park (appointed 20 May 2025)

Page 3

 
Neenah Red Bridge International Limited
 
 
 
Directors' Report (continued)
For the year ended 31 December 2025

Future developments

The company will continue to develop its position within the markets suited to its core competencies, in all sectors, including publishing and security. Other markets are assessed, and where opportunities are identified, these are actively pursued. The spread of business, geographically and across multiple sectors positions the company to overcome any individual sector downturns. The company continues to work with suppliers to contain costs and enter new markets to protect margin levels.
Financial risk management objectives and policies
The company is exposed to a moderate level of price risk, credit risk, liquidity risk and cash flow risk. The company manages these risks by financing its operations through retained profits, supplemented by group borrowings if necessary to fund expansion or capital expenditure programmes.
The management objectives are to retain sufficient liquid funds to enable it to meet its day-to-day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of any group borrowings or overdrafts with the future cash flows expected to arise from the company's trading activities. The company makes use of appropriate hedging instruments to limit its exposure to fluctuations in currency exchanges. 
Research and development
The company carries out research and development to improve its products and services. This involves the development of new products and improvements to existing product ranges.
Strategic Report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has chosen to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, which includes principal risks and uncertainties, development and performance.
Going concern
In determining whether the company's annual financial statements can be prepared on a going concern basis, the directors have considered the company's business activities, together with the factors likely to affect its future development, performance and position. The review also included the financial position of the company, its cash flows, liquidity position and borrowing facilities. 
The Company meets its short-term working capital requirements through its generation of cash. The Company has managed to retain a strong positive cash balance during the year. The Company’s forecasts, taking account of a range of possible changes in trading performance, show that the Company will be able to operate within the level of its cash reserves.
After making enquiries, the directors have a strong expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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 4

 
Neenah Red Bridge International Limited
 
 
 
Directors' Report (continued)
For the year ended 31 December 2025

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill 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.
 





J Robson
Director

Date: 28 August 2026

Page 5

 
Neenah Red Bridge International Limited
 
 
 
Independent Auditors' Report to the Members of Neenah Red Bridge International Limited
 

Opinion


We have audited the financial statements of Neenah Red Bridge International Limited (the 'Company') for the year ended 31 December 2025, 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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
Neenah Red Bridge International Limited
 
 
 
Independent Auditors' Report to the Members of Neenah Red Bridge International Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
Neenah Red Bridge International Limited
 
 
 
Independent Auditors' Report to the Members of Neenah Red Bridge International Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation  of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 
Page 8

 
Neenah Red Bridge International Limited
 
 
 
Independent Auditors' Report to the Members of Neenah Red Bridge International Limited (continued)



We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Helen Besant-Roberts (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

28 August 2026
Page 9

 
Neenah Red Bridge International Limited
 
 
Statement of Comprehensive Income
For the year ended 31 December 2025

2025
2024
Note
£
£

  

Turnover
 4 
14,413,883
13,516,318

Cost of sales
  
(10,964,007)
(10,793,871)

Gross profit
  
3,449,876
2,722,447

Distribution costs
  
(901,508)
(980,657)

Administrative expenses
  
(874,325)
(869,251)

Operating profit
 5 
1,674,043
872,539

Interest receivable and similar income
 9 
209,485
314,971

Interest payable and similar expenses
 10 
(206,428)
(245,801)

Profit before tax
  
1,677,100
941,709

Tax on profit
 11 
(417,064)
(10,852)

Profit for the financial year
  
1,260,036
930,857

Other comprehensive income for the year
  

Actuarial (losses)/gains on defined benefit pension scheme
 22 
(1,557,000)
(502,000)

Movement on pension surplus not recognised
 22 
1,627,000
399,000

Tax relating to other comprehensive income
  
155,057
25,750

Other comprehensive income for the year
  
225,057
(77,250)

Total comprehensive income for the year
  
1,485,093
853,607

The notes on pages 14 to 33 form part of these financial statements.

Page 10

 
Neenah Red Bridge International Limited
Registered number: 04100665

Balance Sheet
As at 31 December 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,256,291
1,360,733

Current assets
  

Stocks
 14 
3,021,383
3,291,460

Debtors: amounts falling due within one year
 15 
10,023,893
10,718,345

Cash at bank and in hand
 16 
2,924,162
3,738,504

  
15,969,438
17,748,309

Creditors: amounts falling due within one year
 17 
(3,661,667)
(1,146,463)

Net current assets
  
 
 
12,307,771
 
 
16,601,846

Total assets less current liabilities
  
13,564,062
17,962,579

Creditors: amounts falling due after more than one year
 18 
(2,223,513)
(7,957,890)

Provisions for liabilities
  

Deferred tax
 19 
(172,204)
(321,437)

Net assets
  
11,168,345
9,683,252


Capital and reserves
  

Called up share capital 
 20 
2,441,828
2,441,828

Profit and loss account
 21 
8,726,517
7,241,424

  
11,168,345
9,683,252


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




D Fraser
Director

Date: 28 August 2026

The notes on pages 14 to 33 form part of these financial statements.
Page 11

 
Neenah Red Bridge International Limited
 

Statement of Changes in Equity
For the year ended 31 December 2025


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2025
2,441,828
7,241,424
9,683,252


Comprehensive income for the year

Profit for the year

-
1,260,036
1,260,036

Actuarial gains on pension scheme
-
70,000
70,000

Tax relating to other comprehensive income
-
155,057
155,057


Other comprehensive income for the year
-
225,057
225,057


At 31 December 2025
2,441,828
8,726,517
11,168,345


The notes on pages 14 to 33 form part of these financial statements.

Page 12

 
Neenah Red Bridge International Limited
 

Statement of Changes in Equity
For the year ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
2,441,828
6,387,817
8,829,645


Comprehensive income for the year

Profit for the year

-
930,857
930,857

Actuarial losses on pension scheme
-
(103,000)
(103,000)

Tax relating to other comprehensive income
-
25,750
25,750


Other comprehensive income for the year
-
(77,250)
(77,250)


At 31 December 2024
2,441,828
7,241,424
9,683,252


The notes on pages 14 to 33 form part of these financial statements.

Page 13

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

1.


General information

Neenah Red Bridge International Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Ainsworth, Bolton, Lancashire, BL2 5PD.
The company's principal activities and nature of its operations are disclosed in the Directors' Report. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 Mativ Holdings, Inc  as at 31 December 2025 and these financial statements may be obtained from  the Company Secretary, Mativ Holdings Inc., 100 Kimball Place, Suite 600, Alpharetta, Georgia, 30009, USA.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Page 14

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

2.Accounting policies (continued)

 
2.4

Revenue

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

Sale of goods

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

 
2.5

Operating leases: the Company as lessee

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

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The asset or liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments (‘discount rate’).
Pension scheme assets are measured using market values. For quoted securities the current bid price is taken as market value. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality corporate of equivalent term and currency to the liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as ‘actuarial gains/losses’.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a ‘finance expense’.
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 cannot be demonstrated, the asset is restricted to nil.

Page 16

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

2.Accounting policies (continued)


2.11
Tangible fixed assets (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:

Freehold property
-
5%-10% per annum
Plant and machinery
-
3%-50% per annum
Fixtures and fittings
-
10% per annum
Computer equipment
-
20% per annum

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.

No depreciation is charged on freehold land or assets under construction.

 
2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

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

Page 18

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

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

 
2.16

Creditors

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

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Page 19

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual rights to future cash flows 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.

Page 20

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

2.Accounting policies (continued)

  
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised
when paid. Final equity dividends are recognised when approved by the shareholders at an annual general
meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Company's accounting policies have been set by management. The application of these accounting policies to specific scenarios requires reasonable estimates and assumptions to be made concerning the future. These are continually evaluated based on historical experience and expectations of future events. The resulting accounting estimates will, by definition, seldom equal the related results. 
Key sources of estimation uncertainty
Defined benefit pension scheme
Assumptions have been made by the actuary in calculating the valuation of the defined benefit pension scheme at the year end. Details of the assumptions made are included within note 22.
Stock provision
Stock is assessed for impairment at each reporting date. The carrying amount of stock is compared to its net realisable value, and any excess is recognised as an impairment loss immediately in profit or loss. At the year end the stock provision was £1,014,542 (2024: £496,896).


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Sales from the conversion and distribution of coated materials
14,111,641
13,246,528

Group recharges
302,242
269,790

14,413,883
13,516,318


Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
1,615,171
1,819,948

Rest of the world
12,798,712
11,696,370

14,413,883
13,516,318


Page 21

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

5.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Depreciation of owned tangible fixed assets
164,101
178,499

Exchange differences
(471,760)
76,917

Operating lease rentals
10,486
22,010


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
26,000
24,670

All other services

Non-audit services
4,900
4,740


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
2,855,358
2,343,987

Social security costs
255,771
198,603

Cost of defined contribution scheme
97,146
97,178

3,208,275
2,639,768


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Production staff
41
41



Administrative staff
15
17

56
58

Page 22

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

8.


Directors' remuneration

2025
2024
£
£

Directors emoluments
361,464
256,579

Company contributions to defined contribution pension schemes
15,969
14,592

377,433
271,171


During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £254,945 (2024 - £169,428).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,167 (2024 - £10,131).


9.


Interest receivable

2025
2024
£
£


Interest receivable on Defined Benefit Pension Scheme
87,000
103,000

Bank interest receivable
122,485
211,971

209,485
314,971


10.


Interest payable and similar expenses

2025
2024
£
£


Other loan interest payable
206,428
245,801

206,428
245,801

Page 23

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

11.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
411,047
-


Total current tax
411,047
-

Deferred tax


Origination and reversal of timing differences
(7,290)
10,852

Adjustments in respect of prior periods
13,307
-

Total deferred tax
6,017
10,852


Tax on profit
417,064
10,852

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
1,677,100
941,709


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
419,275
235,427

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
288
-

Capital allowances for year in excess of depreciation
5,944
61,627

Adjustments to tax charge in respect of prior periods - deferred tax
13,307
-

Other differences leading to an increase (decrease) in the tax charge
-
(69,936)

Group relief claimed
(411,047)
(216,266)

Payment for group relief
411,047
-

Deferred tax charged to OCI
(21,750)
-

Total tax charge for the year
417,064
10,852


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

12.


Intangible assets




Goodwill

£



Cost


At 1 January 2025
1,375,978



At 31 December 2025

1,375,978



Amortisation


At 1 January 2025
1,375,978



At 31 December 2025

1,375,978



Net book value



At 31 December 2025
-



At 31 December 2024
-



Page 25

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

13.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Assets Under Construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2025
1,138,318
4,554,174
212,437
69,216
81,013
6,055,158


Additions
6,350
103,252
-
32,341
-
141,943


Disposals
-
(6,768)
-
-
-
(6,768)


Transfers between classes
-
45,219
-
-
(45,219)
-


Revaluations
-
-
-
-
1,856
1,856



At 31 December 2025

1,144,668
4,695,877
212,437
101,557
37,650
6,192,189



Depreciation


At 1 January 2025
578,787
3,983,029
93,346
39,263
-
4,694,425


Charge for the year
37,311
101,795
16,789
8,206
-
164,101


Disposals
-
(6,768)
-
-
-
(6,768)


Impairment charge
-
84,140
-
-
-
84,140



At 31 December 2025

616,098
4,162,196
110,135
47,469
-
4,935,898



Net book value



At 31 December 2025
528,570
533,681
102,302
54,088
37,650
1,256,291



At 31 December 2024
559,531
571,145
119,091
29,953
81,013
1,360,733

Page 26

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

14.


Stocks

2025
2024
£
£

Raw materials and consumables
1,699,832
2,189,806

Work in progress (goods to be sold)
647,927
717,226

Finished goods and goods for resale
673,624
384,428

3,021,383
3,291,460


The carrying value of stocks are stated net of impairment losses totalling £1,014,542 (2024 - £496,896). An impairment loss of £517,646 (2024 - £7,043) was recognised  in profit and loss.


15.


Debtors

2025
2024
£
£


Trade debtors
1,453,732
1,896,778

Amounts owed by group undertakings
8,418,175
8,460,930

Other debtors
84,016
278,227

Prepayments and accrued income
67,970
82,410

10,023,893
10,718,345


Amounts owed by group undertakings of £8,418,175 (2024: £8,460,930) are legally repayable on demand. However, the directors have no intention to demand repayment within 12 months of the reporting date. No interest is charged on these balances.
Trade debtors includes provision for doubtful debts of £4,497 (
2024: £17,831).


16.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
2,924,162
3,738,504


Page 27

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

17.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
191,799
124,640

Amounts owed to group undertakings
2,662,293
375,168

Other creditors
604
-

Accruals and deferred income
806,971
646,655

3,661,667
1,146,463


Amounts owed to group undertakings of are interest free, unsecured and repayable on demand.


18.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Amounts owed to group undertakings
2,223,513
7,957,890


Amounts owed to group undertakings of £2,223,513 relate to a loan for $10,000,000 (2024: $10,000,000) on which interest is payable at a rate of 3.15% (2024: 3.15%). The loan is due for repayment on 31 December 2030.


19.


Deferred taxation




2025
2024


£

£






At beginning of year
(321,437)
(336,335)


Charged to profit or loss
(6,017)
(10,852)


Charged to other comprehensive income
155,250
25,750



At end of year
(172,204)
(321,437)

Page 28

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025
 
19.Deferred taxation (continued)

The deferred tax balance is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(172,722)
(172,773)

Deferred tax on actuarial gains/losses
-
(155,250)

Other short term timing differences
518
6,586

(172,204)
(321,437)

Comprising:

Liability
(172,204)
(321,437)

(172,204)
(321,437)



20.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



2,441,828 (2024 - 2,441,828) Ordinary shares of £1.00 each
2,441,828
2,441,828



21.


Reserves

Profit and loss account

The profit and loss reserve represent cumulative profits and losses, net of dividends. 

Page 29

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

22.


Pension commitments

The company operates a defined contribution 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 the scheme for the period ended 31 December 2025 was £97,146 (2024: £97,178). Outstanding contributions at 31 December 2025 totalled £888 (2024: £24,544).

The Company also operates a defined benefit pension scheme.

The Neenah Red Bridge International Limited defined benefit pension scheme provides benefits based on final pensionable pay until the scheme was closed on 31 December 2011 to current and future employees. 
The latest full triennial valuation was as at 31 December 2022. At 31 December 2025 the scheme's actuary undertook the annual review of the scheme and the calculations are reflected below. The valuation method used is the projected unit credit method. The triennial review for December 2025 is still ongoing.
During the year, the Trustees of the scheme entered into a bulk annuity (buy-in) insurance contract with an external insurer. The policy is held as an asset of the Scheme and provides income that exactly matches the benefit payments covered by the contract. 



Reconciliation of present value of plan liabilities:


2025
2024
£
£



At the beginning of the year
4,780,000
5,233,000

Interest income
259,000
247,000

Actuarial gains/losses
(154,000)
(513,000)

Benefits paid
(303,000)
(187,000)

At the end of the year
4,582,000
4,780,000



Reconciliation of present value of plan assets:


2025
2024
£
£


At the beginning of the year
6,414,000
7,266,000

Interest income
346,000
350,000

Actuarial gains/losses
(1,711,000)
(1,015,000)

Contributions
23,000
-

Benefits paid
(303,000)
(187,000)

Administrative expenses paid from plan assets
(180,000)
-

At the end of the year
4,589,000
6,414,000
Page 30

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025
 
22.Pension commitments (continued)


Composition of plan assets:


2025
2024
£
£


Cash and cash equivalents
7,000
4,000

Debt instruments
-
5,721,000

Other
-
689,000

Buy-in policy
4,582,000
-

Total plan assets
4,589,000
6,414,000

The amounts recognised in the balance sheet are as follows:

2025
2024
£
£


Fair value of plan assets
4,589,000
6,414,000

Present value of plan liabilities
(4,582,000)
(4,780,000)

Cumulative surplus not recognised
(7,000)
(1,634,000)

Net pension scheme liability
-
-


The amounts recognised in profit or loss was follows:

2025
2024
£
£


Interest on obligation
89,000
103,000

Total
89,000
103,000



Reconciliation of fair value of plan assets were as follows:

2025
2024
£
£


Opening fair value of scheme assets
6,300,000
7,429,000

Actuarial gains and (losses)
(1,711,000)
(1,015,000)

4,589,000
6,414,000

The Company expects to contribute £Nil (2024: £Nil) to its defined benefit pension scheme in 2026, as the scheme currently has a surplus of assets over projected liabilities.
Page 31

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025
 
22.Pension commitments (continued)




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

2025
2024
%
%
Discount rate


5.70

5.60
 
Future pension increases


2.90

3.10
 
RPI Inflation assumption


2.90

3.10
 
Mortality rates



 
- for a male aged 65 now


19.4

19.2
 
- at 65 for a male aged 45 now


20.7

20.4
 
- for a female aged 65 now


22.1

22.0
 
- at 65 for a female member aged 45 now


23.5

23.5
 


Assumed healthcare cost trend rates have a significant effect on the amounts recognised in profit or loss. Changes in assumed healthcare cost trend rates would have the following effects:

2025
2025
Discount rate + 0.50%

(7.00%)

(8.00%)

Discount rate - 0.50%

7.00%

7.00%

Inflation rate + 0.25%

4.00%

3.00%

Inflation rate - 0.25%

(3.00%)

(3.00%)

Life expectancy - 1 year

3.00%

3.00%



Amounts for the current and previous four periods are as follows:



2025
2024
2023
2022
2021
£
£
£
£
£
Defined benefit obligation

(4,582,000)

(4,780,000)

(5,233,000)
 
(5,423,000)
 
(9,628,000)

Fair value of plan assets

4,589,000

6,414,000

7,266,000
 
6,934,000
 
8,655,000

Cumulative asset restriction

(7,000)

(1,634,000)

(2,033,000)
 
(1,511,000)
 
-

Surplus
-

-

-
 
-
 
(973,000)




Page 32

 
Neenah Red Bridge International Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2025

23.


Commitments under operating leases

At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
9,870
9,144

Later than 1 year and not later than 5 years
15,396
9,497

25,266
18,641


24.Financial commitments, guarantees and contingent liabilities

The company has export guarantees and credits of £137,930 (2024: £222,942) in place at the year end. 


25.


Controlling party

The immediate parent undertaking is Neenah International UK Limited, a company incorporated in England and Wales, registration number 06436245. The registered address is Red Bridge Offices, Ainsworth, Bolton, BL2 5PD.
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.

Page 33