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Registered number:
For the Year Ended
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Scapa UK Limited
Company Information
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Scapa UK Limited
Contents
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Scapa UK Limited
Strategic Report
For the Year Ended 31 December 2025
The Directors present the Strategic Report for the year ended 31 December 2025.
Business Review Scapa UK Limited is a 100% wholly owned subsidiary of Porritts & Spencer Limited, which is a subsidiary of Mativ Holdings Inc. The principal activity of Scapa UK Limited (“the Company”) is the manufacture of adhesive foams and specialist tape into the industrial market. There have not been any significant changes in the Company's principal activities in the period under review and the directors are not aware, at the date of this report, of any likely major changes in the next financial year. Review of developments and performance during the year Revenue for the 12 months was £31,417k (2024: £30,716k), this is an increase of 2.3% on the prior period. Gross margin has increased to 10.8% (2024: 8.9%). The Company delivered an operating profit of £1,212k (2024: loss £965k). These figures are seen as the key performance indicators of the business. On behalf of the Company, the directors would like to thank all employees for their tremendous commitment, determination and dedication that enables the Company to maintain positive momentum. Mativ Holdings Inc. has made a disclosure in accordance with the UK Modern Slavery Act 2015 which incorporates the requirements under the California Transparency in Supply Chains Act 2010. This can be found on the Mativ Inc. website at https://mativ.com/about -us/ethics-and-compliance /. Review of position at year end As at 31 December 2025, the Company had net assets of £1,985k (2024: £1,253k) and net cash and cash equivalents of £1,743k (2024: £1,176k). Future developments During the period the Company strategy was to position itself to react quickly to change and take advantage of opportunities as they emerge to maximise profit margin and cash flow. The directors are confident the future prospects of the Company are positive and believe that the Company is well placed to meet challenging external economic conditions. The management team continues to address the requirement to become ever more competitive and efficient whilst focusing on strong cash management, with inflationary pressures being addressed via price increases. Environment, Health and Safety (EHS) The Health and Safety of our employees continues to be the utmost priority for the business alongside the protection of the environment in which we work. This philosophy extends to everyone who may be affected by our activities.
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Scapa UK Limited
Strategic Report (continued)
For the Year Ended 31 December 2025
Environment, Health and Safety (EHS) (continued)
The Company's senior managers, supported by the Corporate Sustainability function, ensure that adequate resources are available to successfully deploy and measure operational health, safety and environmental improvement plans.
The following initiatives highlight the key actions we are taking to strengthen our EHS performance, including the use of technology, leadership engagement, waste reduction, external certification and embedding safety throughout the business.
∙Optimised and maintained our Mativ EHS Software to deliver the Group strategy
∙Optimised and maintained our EHS Integrated Management System
∙Continued with our bespoke waste programme which diverts all waste from landfill, reduces waste sent for incineration, increases recycling and generate an income from premium waste
∙Maintained Certification to ISO 14001 (Environmental), ISO45001 (Health and Safety), ISO9001 (Quality Management System) and ISO50001 (Energy) without major and minor non-conformances.
∙Continued to ensure EHS plays a central part of the Mativ Group culture through employee and other stakeholder engagement such an employee forum and safety committee; and setting “Prioritizing Safety” as the primary Mativ Corporate Value
Greenhouse gas emissions, energy consumption and energy efficiency action
What the Company has done on reducing Green house gas emissions to date:
∙There is an active Climate Change Agreement in place which sets defined sector reduction targets, which year on year we have met.
∙Tracking of energy, waste, and water usage as a KPI for the business and site-specific reduction target.
∙Large scale project to upgrade to energy efficient LED lighting has been completed.
∙Procurement policy to only purchase energy efficient equipment.
∙Targeted projects including scaled back usage of energy intense equipment on site (example; variable operation of the reduced thermal oxidiser in line with emissions risks).
∙Optimised machine planning and utilisation, ensuring we are powering up and down high energy plant/machinery less frequently
What the Company plans to do on further Green house gas reductions:
∙Implementation of science-based energy targets.
∙Review energy purchasing and tariffs for consideration of green energy procurement.
∙Investment in sub metering to gain a better understanding of energy usage.
∙Project to review energy infrastructure including upgrades to existing transformers.
∙Completion of Energy Saving Opportunity Scheme (ESOS) phase 3.
∙Continue to optimise our machine planning to further reduce energy consumption.
∙Review supply chain, and where possible source raw materials at both national and/or local level where possible and practicable.
∙Steam delivery optimisation to ensure operational efficiency
The Company continues to assess opportunities to further reduce Green house gases.
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Scapa UK Limited
Strategic Report (continued)
For the Year Ended 31 December 2025
Principal risks and uncertainties
The company is a wholly owned subsidiary of Mativ Holdings Inc. (NYSE: MATV). The directors of Mativ Holdings Inc. manage the Group's risks at a Group level, rather than at an individual subsidiary level. The principal risks and uncertainties of Mativ Holdings Inc, which include those of the Company, are discussed in the business review in the Group’s annual report which does not form part of this report. The key risks identified for the Company are: Economic and political risks: The Company’s activities expose it to political and economic uncertainty, eg trade relations, which affects market and financial stability. This is managed by regular risk assessments of macro-economic impacts on key business areas, e.g. Supply Chain, Tax & People, Regulatory & Compliance requirements.
Principal risks and uncertainties (continued)
Foreign exchange risk: The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The net exposure is reduced as some sales and purchasing transactions are in foreign currencies where appropriate.
Credit risk:
The Company’s principal financial assets are bank balances and trade and other receivables. The Company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheets are net of allowances for doubtful receivables. The Company performs regular credit checks and monitoring on all significant customers. Liquidity risk: In order to maintain liquidity and to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses inter-group borrowings. Loss of a major customer: The Company operates in a competitive market which is a continuing risk to the Company and could result in the loss of sales to its competitors. The Company manages this risk by providing a high standard of service to its customers, responding quickly to customers’ requirements and maintaining strong relationships with them. Raw material pricing: The risk of increasing raw material prices and commodity market rises could impact on gross margins in the future. The Company seeks to minimise the impact of increasing prices by utilising the Group’s global supply chain function and using multi sourcing arrangements for its key materials.
The company's financial key performance indicators have been discussed above in the review of developments and performance during the year.
No non-financial KPIs have been presented as there are none monitored at the Scapa UK Limited level. Non-financial KPIs are only monitored on a Group basis.
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Scapa UK Limited
Strategic Report (continued)
For the Year Ended 31 December 2025
This report was approved by the board and signed on its behalf.
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Scapa UK 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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The profit for the year, after taxation, amounted to £616k (2024 - loss £1,334k).
The directors do not recommend the payment of a dividend. Dividends paid in the year totalled £nil (December 2024: £nil).
The directors who served during the year were:
Please see the paragraph included in the Strategic Report.
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Scapa UK Limited
Directors' Report (continued)
For the Year Ended 31 December 2025
There have been no post balance sheet events.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Scapa UK Limited
Independent Auditors' Report to the Members of Scapa UK Limited
We have audited the financial statements of Scapa UK 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Scapa UK Limited
Independent Auditors' Report to the Members of Scapa UK Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Scapa UK Limited
Independent Auditors' Report to the Members of Scapa UK Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: 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 management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Scapa UK Limited
Independent Auditors' Report to the Members of Scapa UK Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. 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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
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Scapa UK Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2025
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Scapa UK Limited
Registered number: 03261510
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 36 form part of these financial statements.
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Scapa UK Limited
Statement of Changes in Equity
For the Year Ended 31 December 2025
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Scapa UK Limited is a private company limited by share capital incorporated in England, number 03261510. The address of the registered office and principal place of business is 997 Manchester Road, Ashton Under Lyne, Manchester, OL7 0ED.
The nature of the company's operation and its principal activity is the manufacture of adhesive foams and specialist tape for the industrial market.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Mativ Holdings, Inc. as at 31 December 2025 and these financial statements may be obtained from the Company Secretary, Mativ Holdings Inc., 100 Kimball Place, Suite 600, Alpharetta, Georgia, 30009, USA.
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Copies of the consolidated financial statements of Mativ Holdings Inc. may be obtained from its registered office, Mativ Holdings Inc., 100 Kimball Place, Suite 600, Alpharetta, Georgia, 30009, USA.
At 31 December 2025 the Company had net current assets of £18,601k (2024: £18,299k) and made a profit before tax for the year of £1,105k (2024 : loss of £2,760k).
The directors are satisfied that the business remains resilient and has adapted to the current economic climate. The directors have prepared cash flow forecasts and are satisfied that the company will continue to be able to pay its debts as they fall due. Accordingly, the directors have prepared these financial statements on the fundamental assumption that the Company is a going concern.
Functional and presentation currency
Transactions and balances
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Defined benefit pension plan
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Impairment of financial assets
Financial liabilities
At amortised cost
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Critical judgements in applying the Company's accounting policies In the process of applying the Company's accounting policies, which are described above, the directors have made the following judgements which have a significant effect on the amounts recognised in the financial statements (apart from those involving estimations, which are dealt with below) and/or have involved particularly complex or involving subjective assessments: Key sources of estimation uncertainty Key sources of estimation uncertainty are as follows: Defined benefit pension scheme Accounting for retirement benefit schemes under IAS 19 (revised) requires an assessment of the future benefits payable in accordance with the actuarial assumptions. The future assumptions in relation to the discount rate applied in the calculation of scheme liabilities which are set out in note 25, represent a key source of uncertainty for the Company. The Company also applies sensitivities to these assumptions to assess the financial impact; these sensitivities are set out in note 25. Dilapidations provision The company have a dilapidations provision for the leasehold property in Ashton totalling £1.1m (2024: £1.1m). The amount disclosed in note 21 represents the Company's best estimate of the expectation arising from the reinstatement of the Ashton property.
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Analysis of turnover by country of destination:
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
12.Tangible fixed assets (continued)
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Page 30
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
20.Deferred taxation (continued)
Profit and loss account
At 31 December 2025, the Company had capital commitments, which were contracted for but not provided for in these financial statements of £3,446k (2024: £2,887k).
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
Defined contribution scheme
The Company operates a defined contribution pension scheme in the UK. Employer's contributions are charged to the profit and loss account as incurred. The total pension cost for the Company in respect of this scheme for the period ended December 2025 was £323k (2024: £298k). Outstanding contributions as at December 2025 totalled £Nil (2024: £Nil). Defined benefit scheme
The Company operates a Defined Benefit Pension Scheme.
The Company is a sponsoring employer to the Scapa Group Limited Pension Scheme, which has the assets and liabilities of former UK employees. The scheme has been closed to new members and future accrual since 2007/08 and is wholly funded by the sponsoring employers, Scapa Group Limited and Scapa UK Limited. The assets of the scheme are held separately from the Company under Trust and both the assets and liabilities are held on a non-sectionalised basis. The scheme is managed by a professional trustee.
Scheme assets are stated at their market value as at 31 December 2025. The next formal triennial valuation is due 1 April 2026 and will be completed no later than 30 September 2027. 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.
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
25.Pension commitments (continued)
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
25.Pension commitments (continued)
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Scapa UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2025
25.Pension commitments (continued)
The Company’s immediate parent company is Porritts & Spencer Limited, a company incorporated in England and Wales, registration number 00134606. The registered address is Manchester Road, Ashton Under Lyne, Manchester, OL7 0ED.
The ultimate parent undertaking and controlling party is Mativ Holdings Inc., which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of the consolidated financial statements of Mativ Holdings Inc. may be obtained from its registered office, from the Company Secretary, Mativ Holdings Inc., 100 Kimball Place, Suite 600 Alpharetta, Georgia, 30009, USA.
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