12h 56min, jan 30, 2026 y - Mann+Hummel UK Key WP Review

Description:

Reporting entities:
Mann +Hummel
9+3
Local materiality
GA comfort: ITGC, migration to HANA (not yet received)

Non-reporting entities:
Volkes Air Treatment Holding owns:
Volkes Air Ltd
Volkes Air Treatment

Business:
-Mann Filters sold to large after-market motor factors such as GSF, Euro Car Parts, Parts Alliance Group, Intercompany
-Goods only (traded & manufactured 85:15)
-Manufacturing from Chard plant (closing currently in 2026 announced in June 2025), distribution from Wolverhampton
-Sig risks- Revenue recognition, management override
-Controls & substantive for Sales
-Purchases substantive only

Revenue £68m vs £69m
Sales
- incoterms considered
- manufacturing walkthrough didn't consider o/h or labour absorption
- controls test; does system work or R&P making it work? need error messages
Journals testing; no concerns


Provisions
- dilapidations £430k due to closure announcement
-restructuring provision; 56 informed 45 employees Chard site, remaining 11 centralised/shared services. Redundancies £1.2m
-onerous contract in respect of Chard deemed not necessary; production to cease in 2027

Added to timeline:

Date: