20645_Scapa_AR_160504

GROUP ACCOUNTING POLICIES POLICIES
FINANCIAL STATEMENTS
Scapa Group plc (‘the Company’) and its subsidiaries (together ‘the Group’) manufacture bonding products and adhesive components for
applications in the Healthcare and Industrial markets. The Group has manufacturing plants around the world and sells mainly in countries within
Europe, North America and Asia.
The Company is a limited liability company incorporated and domiciled in the UK. The address of its registered office is 997 Manchester Road,
Ashton-under-Lyne, Manchester OL7 0ED. The Company has its listing on the Alternative Investment Market.
These consolidated financial statements have been approved for issue by the Board of Directors on 24 May 2016.
A summary of the more important Group accounting policies applied in the preparation of these consolidated financial statements is set
out below.
BASIS OF PREPARATION
The consolidated financial statements of Scapa Group plc have been prepared in accordance with International Financial Reporting Standards
as adopted by the European Union (IFRSs as adopted by the EU), IFRIC interpretations and the Companies Act 2006 applicable to companies
reporting under IFRSs. The consolidated financial statements have been prepared under the historical cost convention, as modified by the
revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through the Income Statement.
GOING CONCERN
The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate
resources to continue in operational existence for the foreseeable future. Thus they continue to adopt a going concern basis of accounting in
preparing the financial statements. Further detail is contained in the Directors’ Report on page [57].
EARLY ADOPTION OF STANDARDS
The Group has not early adopted any Standards.
ADOPTION OF NEW AND REVISED STANDARDS
Standards affecting the reported results
There have been no new IFRSs that have come into effect in the period that have had a material impact on the disclosures or amounts reported
in these financial statements.
Standards not affecting the reported results nor the financial position
The following Standards and Interpretations have come into effect during the year. The adoption of these amendments has not had any material
impact on the disclosures or amounts reported in these financial statements:
IFRS 10 and 12 and IAS 27 (amendments) Investment Entities
IAS 36 (amendments) Recoverable Amount Disclosures for Non-Financial Assets
IAS 39 (amendments) Novation of Derivatives and Continuation of Hedge Accounting
IFRIC Interpretation 21 Levies
IAS 32 (amendments) Offsetting Financial Assets and Financial Liabilities
At the date of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements
were in issue but not yet effective (and in some cases had not yet been adopted by the EU). The Directors do not expect that the adoption of
the Standards and Interpretations listed below will have a material impact on the Group in future periods.
IFRS 9 Financial Instruments
IFRS 15 Revenue from Contracts with customers
IFRS 11 (amendments) Accounting for Acquisitions of Interests in Joint Operations
IAS 16 and IAS38 (amendments) Clarification of Acceptable Methods of Depreciation and Amortisation
IAS 16 and IAS41 Agriculture: Bearer Plants
IAS19 (amendments) Defined Benefit Plans: Employee Contributions
IAs 27 (amendments) Equity Method in Separate Financial Statements
IFRS10 and IAS 28 Sale or Contribution of Assets between an investor and its associate or Joint Venture
68
Scapa Group plc Annual Report and Accounts 2016
73
ANNUAL REPORT AND ACCOUNTS 2016 SCAPA GROUP PLC