20h 4min, feb 10, 2026 y - MM Packaging & Securing Solutions Key WP Review

Description:

Holding, no trading
1 package
Full scope Group PM £350k
Auditing to Group PM
Substantive
Few transactions only
Excel-based ledger 100% tested

Received dividends from Newport & MMP Peurto Rico

Investment schedule received
-historic impairment provision b/fwd
-impairment DCF review to be done later Stat audit
-disposals during the year; Bangor sold to private equity and MMPLeeuwarden Netherlands
-Netherlands loss on disposal £2.95m
-Bangor profit £3.26m
-calculations checked and agreed
-capital contribution £8.2m to Barcelona

IC balances agreed to IC cockpit



Journals
-Support for prepayments, accruals journals needed

Revenues - down 3% to £14.9m
CEAV testing - fine
cut-off - fine

Fixed assets
-physical verification of pre-existing items missing
-productivity report missing
-AUC £1.3m converted; documentation of what was constructed all verbal nothing written

Inventory
-mostly RM £2.3m
-made to order
-valued at lower of cost and approx 80% of sales value therefore no absorption costing
-Inventory provision £150k
-appropriateness tested to stock movement reports but missing
-immaterial area so no utilisation checked

Trade receivables-£1m due to factoring (non-recourse) and credit insurance
-strong AR commentary
-ageing analysis for CY and PY missing
-trivial provision

Cash pooling arrangement in place

DTA £4m asset made small profit this year??; work paper needed that has all companies with their profits and also losses b/fwd. LoR point needed to confirm Group loss relief availability

Trade liabilities +£1.3m
supplier statement testing; no issues

Opex testing fine
Payroll reconciled no material issues
SUAD £296k Essentra receivable provision

Legal
- no external confirmations, all from in-house

Added to timeline:

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