Annual Report and Accounts 2012 - Scapa

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Independent Auditor’s Report to the Members of Scapa Group plc We have audited the Parent Company financial statements of Scapa Group plc for the year ended 31 March 2012 which comprise the Parent Company Balance Sheet and the related notes 1 to 15. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditor As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of the Parent Company financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the Parent Company financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Parent Company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the parent company financial statements: – give a true and fair view of the state of the Company’s affairs as at 31 March 2012; – 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. Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the Parent Company financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: – adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or – the Parent Company 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. Other matter In our opinion the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the provisions of the Companies Act 2006 that would have applied were the company a quoted company. Although not required to do so, the Directors have voluntarily chosen to make a corporate governance statement detailing the extent of their compliance with the UK Corporate Governance Code. We reviewed: – the directors’ statement, contained within the Business Review, in relation to going concern; – the part of the Corporate Governance Statement relating to the Company’s compliance with the nine provisions of the UK Corporate Governance Code specified for our review; and – certain elements of the report to shareholders by the Board on directors’ remuneration. We have reported separately on the Parent Company financial statements of Scapa Group plc for the year ended 31 March 2012. Patrick Loftus (Senior Statutory Auditor) for and on behalf of Deloitte LLP Chartered Accountants and Statutory Auditor Manchester 29 May 2012 76 Scapa Group plc Annual Report and Accounts 2012
Company Balance Sheet As at 31 March 2012 note 31 March 2012 £m 31 March 2011 £m Fixed assets Tangible fixed assets 3 0.6 0.6 Investments in subsidiary undertakings 4 159.0 158.9 159.6 159.5 Current assets Debtors: amounts due within one year 5 4.5 3.3 Cash and cash equivalents 2.4 5.2 Debtors: amounts due after more than one year 5 61.5 58.0 Deferred tax asset 6 4.9 4.8 73.3 71.3 Creditors – amounts falling due within one year Bank loans and overdrafts 7 – – Creditors 8 (3.9) (3.8) (3.9) (3.8) Net current assets 69.4 67.5 Total assets less current liabilities 229.0 227.0 Creditors – amounts falling due after more than one year Creditors 8 (52.6) (46.8) (52.6) (46.8) Provisions for liabilities and charges 9 (0.8) (0.8) Net assets excluding pension liability 175.6 179.4 Net pension liability 12 (11.6) (10.8) Net assets 164.0 168.6 Shareholders’ funds Called-up share capital 10 7.3 7.3 Share premium 0.2 0.1 Other reserves 11 10.1 10.1 Profit and loss account 11 146.4 151.1 Shareholders’ funds – equity 164.0 168.6 The notes on pages 78 to 86 form part of these accounts. The financial statements of Scapa Group plc, registered number 826179, were approved by the Board of Directors and authorised for issue on 29 May 2012. They were signed on its behalf by: H R Chae Chief Executive Officer P Edwards Finance Director Scapa Group plc Annual Report and Accounts 2012 77 Overview Business Review Governance Financial Statements
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Annual Report and Accounts 2012 Gro
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Sector split Electronics Healthcare
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Chairman’s Statement A focus on s
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“Our goal is to deliver sustainab
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Revenue £145.9m +0.2% 74.6% of Gro
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Revenue £39.5m +16.9% 20.2%of Grou
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Revenue £10.2m -20.9% 5.2% of Grou
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KPIs Return on sales (*1) 5.5% Trad
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Lost Time Accidents (LTAs) FY12 FY1
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We take the view that the policies
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Introduction At the heart of how Sc
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Leadership Team L-R: Ian Marchant,
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Scapa has a combination of unionise
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Directors’ Remuneration Report Th
Page 29 and 30: Other benefits Purpose Policy for e
Page 31 and 32: Directors’ interests As of 31 Mar
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Page 35 and 36: Internal control system In accordan
Page 37 and 38: Under its terms of reference, the A
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Page 41 and 42: Consolidated Balance Sheet As at 31
Page 43 and 44: Consolidated Cash Flow Statement Fo
Page 45 and 46: Consolidation The consolidated fina
Page 47 and 48: Property, plant and equipment (incl
Page 49 and 50: The liability recognised in the Bal
Page 51 and 52: Notes on the Accounts 1. Segmental
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Page 55 and 56: 6. Key management compensation and
Page 57 and 58: 9. Taxation continued Movement in u
Page 59 and 60: 13. Goodwill Cost 1 April 34.2 45.8
Page 61 and 62: 16. Assets held for sale During the
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Page 65 and 66: 23. Derivative financial instrument
Page 67 and 68: 24. Provisions continued During the
Page 69 and 70: 25. Retirement benefit liabilities
Page 75 and 76: 27. Share options continued US Stoc
Page 77 and 78: 29. Commitments Capital commitments
Page 79: Scapa Group plc Parent Company Fina
Page 83 and 84: Foreign currencies Transactions in
Page 85 and 86: 4. Investments Shares in Group unde
Page 87 and 88: 10. Share capital Allotted, issued
Page 89 and 90: 12. Pension schemes continued Five
Page 91 and 92: Designed by luminous.co.uk
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