West Pharmaceutical Services Cornwall Limited - Period Ending 2022-12-31
West Pharmaceutical Services Cornwall Limited - Period Ending 2022-12-31
Year Ended
Registration number:
West Pharmaceutical Services Cornwall Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Profit and Loss Account |
|
|
Statement of Comprehensive Income |
|
|
Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Notes to the Financial Statements |
West Pharmaceutical Services Cornwall Limited
Company Information
|
Directors |
S Selke E Y Grose S P Parish |
|
Company secretary |
Corporation Services Company (UK) Limited |
|
Registered office |
|
|
Bankers |
|
|
Auditors |
|
West Pharmaceutical Services Cornwall Limited
Strategic Report for the Year Ended 31 December 2022
The directors present their strategic report for the year ended 31 December 2022.
Review of the business
The principal activity of the company is the manufacture of rubber components and the construction of tooling used in the healthcare industry and for use in the wider West Group. The profit for the financial year is set out on page 13. In summary, the profit on ordinary activities before taxation was £6,362,000 (2021: £5,872,000) based on an annual turnover of £54,924,000 (2021: £51,456,000). Profit increased during the year due to increase in sales resulting in a higher margin. Gross profit margin has improved to 20% (2021: 17%) for the year end. The company had net assets of £27,073,000 at the balance sheet date (2021: £21,597,000). Part of this increase can be attributed to the increase in cash at bank and in hand balance. The company had a net cash flow for the year of £7,086,000 (2021: £6,591,000).
Key performance indicators ("KPIs")
The company utilises a number of KPIs that support and reinforce the continuous improvement culture of the company. The directors believe that the presentation of these KPIs will not provide information that will further assist the interpretation of the results, development or position of the company and therefore have excluded such information from their report.
Principal risks and uncertainties
The company is subject to business risk on the basis that many of the contracts under which it supplies are globally agreed and are with major customers of the industry. There is always a possibility that the customer will not pay the price the business is willing to sell at, thereby creating an exposure to loss of business. This is not considered to be an issue solely for the UK company but one for the global organisation. The global organisation would, in these circumstances, look to mitigate any lost business through product transfers from other Group entities or through continued business growth. The Directors monitor this risk in conjunction with regional and global company management. An issue for one part of the UK company is that there is significant customer concentration, however this is mitigated as the sole customer signed a long-term supply agreement for a ten year period, which commenced on 1 January 2020.
On 24 February 2022, Russian troops started invading Ukraine. To date, the war has had no significant impact on the company's assets and business. However, the longer term global economic impact of the war could potentially have an indirect impact on the business via global inflationary increases. The directors continue to actively review the situation in order to mitigate any impact that it may have on the business.
In the current year, the company has seen demand for its products continue to grow, both in terms of goods mandfactured in the UK and in its trade sales where where vaccine related products have contributed to a significant uplift in turnover.
In light of the above, the Directors consider that the going concern basis remains appropriate for the preparation of the company’s accounts for the year to 31 December 2022.
West Pharmaceutical Services Cornwall Limited
Strategic Report for the Year Ended 31 December 2022 (continued)
Section 172(1) statement
In accordance with the Act, the Directors have considered their duties of promoting the success of the Company for the benefit of its shareholders as a whole, and of its wider stakeholders.
West globally have identified 3 key core values:
• A Passion for Customers – Our customers’ success is our success
• Leadership in Quality – Never compromise on Quality; patients are counting on us. Every dose, every time – 100% commitment.
• One West Team – We strive to unleash the talent of each team member at West. Our diverse team of employees spans the Globe, but we are united by our integrity and mutual respect for one another, the safety of our work environments and the communities in which we operate.
The Directors and Senior Leaders have applied these values at a local (UK) level. We actively engage with our community by supporting local Charites via the West without Borders campaign. The Company also interacts with local Schools and Colleges in promoting an attractive Apprenticeship Scheme. The Senior Leadership team regularly meets with the workforce through a number of formal and informal initiatives, including a Works Council Scheme where representatives from across the Company have a direct route to engage and discuss a range of strategic and operational issues.
The company identifies the need to build good relationships with its commercial and residential neighbours and places great importance in ensuring it meets its environmental responsibilities.
Approved by the
|
......................................... |
West Pharmaceutical Services Cornwall Limited
Directors' Report for the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
Principal activity
The principal activity of the company is the manufacture of rubber components and the construction of tooling used in the healthcare industry.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The Directors closely monitor the liquidity, interest and foreign currency risks associated with the company’s activities. A combination of term debt and overdraft on both variable and fixed rates is used in order to minimise interest expense whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Management of financial risk
The company's operations expose it to a variety of financial risks, including the effects of credit risk, liquidity risk, interest rate risk and exchange rate risk. The policies in place to mitigate the potential impact of these financial risks are as follows:
Price risk, credit risk, liquidity risk and cash flow risk
Credit risk
Where appropriate, credit checks are made prior to the appointment of a new customer and these are reviewed on a periodic basis together with on-going checks in respect of existing customers. Weekly reviews of the debtors ledger are carried out with the finance and sales teams and action initiated, as appropriate, to collect any overdue amounts, thus optimising the company's liquidity position.
Interest rate risk
The rate of interest earned/paid on the company's cash balances/loans and overdrafts are monitored on an on-going basis by continuing review of rates available in the market. Deposits, loans and overdrafts are made with reference to these rates in conjuction with projections of future cash requirements.
Liquidity risk
The company actively maintains an appropriate level of cash reserves that is available for operations and planned expansions.
Exchange rate risk
The company monitors its exposure in the foreign currencies in which it regularly transacts business. Main currency risk occurs through transactional risk and the company actively seeks to minimise this through selling and purchasing in the same currencies. To assist with minimising currency risks, the Corporate Treasury department within the ultimate parent company, creates and monitors foreign currency hedges on a global basis which helps to protect some of the global raw materials purchases that are completed and distributed to its subsidiary companies.
West Pharmaceutical Services Cornwall Limited
Directors' Report for the Year Ended 31 December 2022 (continued)
Future developments
The future of the company continues to lie with tooling construction and the rubber business, whose customer signed a new long term supply agreement for a ten year period, which commenced 1 January 2020. During 2022, there was a purchase of additional machinery to increase the production capacity for the tooling construction side of the business.
West Pharmaceutical Services Cornwall Limited
Directors' Report for the Year Ended 31 December 2022 (continued)
Employees
The company's policy is to consult and discuss with employees, through employee committees and at meetings, matters likely to affect employees' interests and information on matters of concern to employees. There is an employee share purchase scheme whereby shares in the ultimate parent company can be acquired within the terms of the scheme.
The group is committed to employment policies, which follow best practice, based on equal opportunities for all employees, irrespective of sex, race, colour, disability or marital status. The group gives full and fair consideration to applications for employment for disabled persons, having regard to their particular aptitudes and abilities. Appropriate arrangements are made for the continued employment and training, career development and promotion of disabled persons employed by the group. If members of staff become disabled the group continues employment, either in the same or an alternative position, with appropriate retraining being given if necessary.
Business relationships
The business has long established relationships with its customers, key suppliers and logistical partners. The Directors place a high value on the long term nature of these partnerships and keep regular open lines of communication in place to support this.
Streamlined Energy and Carbon Reporting (SECR)
In accordance with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 we are required to disclose our UK energy and Greenhouse Gas emissions. This is the first year of reporting. Future reports will compare performance against the previous year.
UK GHG Emissions & Energy use for the Financial Year ending 31 December 2022
|
2022 |
2022 |
2021 |
2021 |
|||||
|
kWh |
Tonnes CO2e |
kWh |
Tonnes CO2e |
|||||
|
Scope 1 - Direct Emissions |
||||||||
|
Gas Combustion |
58,947 |
10.21 |
83,822 |
14.78 |
||||
|
Company vehicle fuel |
60,668 |
2.33 |
4,487 |
1.15 |
||||
|
Scope 2 - Indirect Emissions |
||||||||
|
Electricity |
4,628,631 |
981 |
4,094,271 |
954 |
||||
|
Total = |
4,748,246 |
994 |
4,182,580 |
1,050 |
Intensity Ratio = 18.05 (2021: 20.4) total tonnes (CO2e) per £M of turnover.
West Pharmaceutical Services Cornwall Limited
Directors' Report for the Year Ended 31 December 2022 (continued)
Methodology
Greenhouse gas emissions are reported in gross tonnes CO2e in line with the requirements of large unquoted companies set out in the UK Government’s Environmental Reporting Guidelines (March 2019 version) and use the UK Government GHG (Green House Gas) Conversion Factors for Company Reporting (2020 version 1.0). The operational control approach for the company’s UK activities has been applied and is guided by the GHG Protocol - Corporate Standard (revised edition). Gross calorific values have been applied to conversion of natural gas and net values to vehicle fuel. Emissions from electricity are location based and report grid purchased electricity (Scope 2) with associated transmission and distribution losses reported within Scope 3. Due to the data availability, an estimate has had to be made of emissions relating to company car use.
Energy efficiency
• An ongoing project to upgrade lighting to energy efficient LED alternatives at our St Austell and Bodmin sites continued through the year.
• The company car fleet has been upgraded with more than half of the vehicles now electric, hybrid or plug-in hybrid.
• The company continues to support the Cycle to Work Scheme with the installation of cycle shelters for staff.
• We operate 24 hours five days per week and have introduced a plant shut-down procedure at weekends to switch off and isolate machinery rather than leave them in a state of readiness to save electricity.
• Company has hybrid working due to there is a significant impact on transport fuel and increased the use of cloud-based video conferencing.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
|
......................................... |
West Pharmaceutical Services Cornwall Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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; and |
|
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
West Pharmaceutical Services Cornwall Limited
Independent Auditor's Report to the Members of West Pharmaceutical Services Cornwall Limited
Opinion
We have audited the financial statements of West Pharmaceutical Services Cornwall Limited (the 'company') for the year ended 31 December 2022, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended; |
• | 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. |
Basis for opinion
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 Auditor’s 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 UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
West Pharmaceutical Services Cornwall Limited
Independent Auditor's Report to the Members of West Pharmaceutical Services Cornwall Limited (continued)
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
|
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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 auditor’s 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:
West Pharmaceutical Services Cornwall Limited
Independent Auditor's Report to the Members of West Pharmaceutical Services Cornwall Limited (continued)
As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the company and the sector in which it operates to identify the key laws and regulations affecting the company.
The key laws and regulations we identified were health and safety and pharmaceutical quality regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, the reporting framework (FRS 102), and relevant tax compliance regulations in the UK.
We discussed with management how the compliance with these laws and regulations is monitored and we discussed the policies and procedures in place. We also identified the individuals who have responsiblity for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company's ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
-Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements;
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance;
- Reviewed the ISO 9001 audit which reviewed the internal quality audit process of the company and concluded that procedures were effective and meet the needs of the organisation to remain compliant with the pharmaceutical quality regulations; and
- Reviewed the ISO 45001 audit which covers health and safety and awards the company an acreditation for aligning managements health and safety procedures and practices with the requirements set out by ISO 45001. Overall this concluded that the health and safety procedures were found to be effective.
As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
We also evaluated the risk of fraud through management override including that arising from management's incentives. The key risks we identified were manipulation of revenue and fraudulent financial reporting.
In response to the identified risk, as part of our audit work we:
-Addressed the presumed risk of fraud in revenue recognition through sample testing over completeness and cut-off of income, and analytical review procedures;
-Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
-Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates;
-Used data analytics to test journal entries throughout the year and year end adjustments, for appropriateness;
- Obtained direct confirmations from customers confirming total sales and the amount receivable at year end.
No issues were identified during this work.
West Pharmaceutical Services Cornwall Limited
Independent Auditor's Report to the Members of West Pharmaceutical Services Cornwall Limited (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our 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 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.
......................................
Lowin House
Cornwall
TR1 2NA
West Pharmaceutical Services Cornwall Limited
Profit and Loss Account
Year Ended 31 December 2022
|
Note |
2022 |
2021 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Distribution costs |
( |
( |
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
- |
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
West Pharmaceutical Services Cornwall Limited
Statement of Comprehensive Income
Year Ended 31 December 2022
|
2022 |
2021 |
|
|
Profit for the year |
|
|
|
Remeasurements of net defined benefit obligation |
- |
3,206 |
|
Movement on deferred tax relating to pension liability |
- |
(801) |
|
- |
2,405 |
|
|
Total comprehensive income for the year |
|
|
West Pharmaceutical Services Cornwall Limited
Balance Sheet
31 December 2022
|
Note |
2022 |
2021 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
|
......................................... |
Company Registration Number: 00930319
West Pharmaceutical Services Cornwall Limited
Statement of Changes in Equity
Year Ended 31 December 2022
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 January 2022 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
At 31 December 2022 |
|
|
|
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 January 2021 |
|
|
|
|
Profit for the year |
- |
|
|
|
Other comprehensive income |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
At 31 December 2021 |
|
|
|
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Holmbush Industrial Estate
Bucklers Lane
St Austell
Cornwall
PL25 3JU
United Kingdom
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is also the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1,000, except where otherwise indicated.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
2 |
Accounting policies (continued) |
Summary of disclosure exemptions
FRS102 grants a qualifying entity exemptions from the full requirements of FRS102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity:
The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a Statement of Cash Flows, on the basis that it is a qualifying entity and its ultimate parent company, West Pharmaceutical Services Inc., includes the company's cash flows in its own consolidated financial statements.
As the consolidated financial statements of West Pharmaceutical Services Inc. include the equivalent disclsoures, the company has also taken the exemptions under FRS 102 available in respect of the following disclsosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
2 |
Accounting policies (continued) |
Judgements
The directors are satisfied, based upon the post year end financial performance of both the company and wider West Group, and outlook for a period of no less than 12 months from the date of approval of these financial statements, that the going concern basis of preparation remains appropriate. |
The directors have assessed that the company is acting as a principal for each of its revenue streams, in particular sales to United Kingdom and Republic of Ireland customers that the company is responsible for having purchased the goods from other West Group companies. The company has significant exposure to the risks and rewards associated with the sale of goods, in particular the company bears the credit risk for the amount receivable from the customer. In addition, the revenues that the company earns in relation to these sales are not, in substance, a commission. On this basis, the company is acting as the principal for all its revenue streams. |
Key sources of estimation uncertainty
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets so these are re-assessed annually and amended when necessary to reflect current estimates. The carrying amount is £10,066,000 (2021 -£8,253,000).
(iii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. There was no impairment of debtors at the balance sheet date (prior year: none).
(ii) Stock provisioning
The company manufactures and sells rubber components and tooling and is subject to changing consumer demands. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future useage of raw materials. The carrying amount is £52,000 (2021 -£254,000).
(v) Defined benefit pension scheme
The company has an obligation to pay pension benefits to certain employees past and present. The cost of defined benefit pension scheme is determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in the pension note along with a sensitivity analysis of the discount rate.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
2 |
Accounting policies (continued) |
(iv) Long service awards provision
The company makes a provision for long service awards payable to employees in the future dependent on length of service. The cost of the provision is determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, retirement ages, employee turnover rates, mortality assumptions and future salary increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. The carrying amount is £100,000 (2021 -£100,000).
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
(i) Freehold land and buildings
Land and buildings include freehold dactories and offices. Land and buildings are stated at cost less accumulated depreciation and accumulated impairment losses.
(ii) Plant and machinery and motor vehicles
Plant and machinery and fixtures, fittings, tools and rquipment and motor vehicles are stated at cost less accumulated depreciation and accumulated impiarment losses.
(iii) Assets under construction
Assets under construction are stated at cost. Once the asset is completed and ready for its intended use, it will be transferred to the appropriate asset category and depreciation will commence being charged over it's useful economic life per the depreciation rates stated below.
(v) Subsequent additions and major components
Subsequent costs, including major inspections, are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably. The carrying amount of any replaced component is derecognised. Major components are trwated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. Repairs, maintenance and minor inspection costs are expensed as incurred.
(vi) Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss and included in 'Administrative expenses'.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and assets under construction over their estimated useful lives, as detailed below. The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
|
Asset class |
Depreciation method and rate |
|
Freehold land and buildings |
15 - 40 years straight line |
|
Plant and machinery and motor vehicles |
3 - 15 years straight line |
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
2 |
Accounting policies (continued) |
Impairment of non-financial assets
At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.
The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s continued use. If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Bank overdrafts are shown within borrowings in current liabilities.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Inventories are recognised as an expense in the period in which the related revenue is recognised. Cost is determined using the first-in, first-out (FIFO) method.
Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to it present location and condition. The cost of manufactured finished goods and work in progress includes raw materials, direct labout and other direct costs and related production overheads (based on normal operating capacity).
At the end of each reporting date, stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
2 |
Accounting policies (continued) |
Leases
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Amounts not paid are shown in accruals at the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
2 |
Accounting policies (continued) |
Defined benefit pension obligation
The company operates a defined benefit plan for certain employees, which was closed to new entrants, and accrual of future benefits for all existing members ceased, on 31 October 2005. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The assets of the scheme are held separately from those of the company. The scheme’s funding is valued triennially by an independent qualified actuary using the aggregate method.
The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of the plan assets at the reporting date.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments (‘discount rate’).
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company’s policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets are disclosed as ‘Remeasurements of net defined benefit liability’.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
(a) the increase in pension benefit liability arising from employee service during the period, or recognition of past service costs; and
(b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss within' Interest payable and similar charges’.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
2 |
Accounting policies (continued) |
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Basic financial assets are initially recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is recognised in profit or loss. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Basic financial liabilities are initially recognised at transaction price. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the invoiced value of goods and services supplied. Turnover is recognised upon despatch of goods from the warehouse for goods manufactured by the company, or upon delivery to UK and Republic of Ireland customers for sales of goods on behalf of other West Group companies in which the company is responsible for. For goods manufactured by the company that will be sold to third parties outside of the West Group, turnover is recognised in line with costs incurred on a percentage complete basis.
Turnover is net of value added tax, after adjustments for known returns, rebates and discounts.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
2 |
Accounting policies (continued) |
Other employee benefits
(i) Short term benefits
Short term employee benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
(ii) Annual bonus plan
The company operates an annual bonus plan for employees. An expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payments under the plan.
|
Revenue |
The analysis of the company's turnover for the year by market (all relating to the sale of goods) is as follows:
|
2022 |
2021 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2022 |
2021 |
|
|
Government grants |
- |
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2022 |
2021 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
- |
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2022 |
2021 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2022 |
2021 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
208 |
161 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2022 |
2021 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Other directors’ emoluments have been borne by fellow West Pharmaceutical Services Inc. Group companies as these directors are also directors or officers of other companies within the West Pharmaceutical Services Inc. group. These directors’ services to the company do not occupy a significant amount of their time. As such, these directors do not consider that they have received any remuneration for their incidental services to the company for the year ended 31 December 2022 or 2021.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
Auditor's remuneration |
|
2022 |
2021 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other assurance services |
|
|
|
|
|
Included in the above audit fee are fees associated with the audits of other group companies which are borne by the company. They totalled £9,000 (2021: £9,000).
|
Other interest receivable and similar income |
|
2022 |
2021 |
|
|
Interest receivable from third parties |
|
|
The interest receivable from third parties relate to loans repayable in quarterly instalments.
|
Interest payable and similar expenses |
|
2022 |
2021 |
|
|
Bank charges |
|
|
|
Interest payable on balances with group companies |
|
|
|
Net pension scheme finance costs |
( |
|
|
|
|
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2022 |
2021 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2021 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2022 |
2021 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of revenues exempt from taxation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
- |
|
UK deferred tax expense/(credit) relating to changes in tax rates or laws |
|
( |
|
Increase from tax losses for which no deferred tax asset was recognised |
- |
|
|
Decrease from effect of tax incentives |
( |
( |
|
Tax increase from changes in pension fund prepayment |
- |
|
|
Total tax charge |
|
|
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
11 |
Taxation (continued) |
Deferred tax
Deferred tax assets and liabilities
|
2022 |
Liability |
|
Origination and reversal of timing differences |
|
|
Short term differences |
- |
|
|
|
2021 |
Asset |
|
Origination and reversal of timing differences |
|
|
Short term differences |
|
|
662 |
There are £920,829 of unused tax losses (2021 - £1,408,038) for which no deferred tax asset is recognised in the Balance Sheet.
Tax relating to items recognised in other comprehensive income or equity
|
2022 |
2021 |
|
|
Current tax related to items recognised as items of other comprehensive income |
- |
|
Deferred tax has been measured using a long-term corporation rate of 25%, as this was the last rate substantively enacted before the year end
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
Tangible assets |
|
Freehold land and buildings |
Plant and machinery and motor vehicles |
Assets under construction |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2022 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
- |
( |
|
Transfers |
|
|
( |
- |
|
At 31 December 2022 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2022 |
|
|
- |
|
|
Charge for the year |
|
|
- |
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 31 December 2022 |
|
|
- |
|
|
Carrying amount |
||||
|
At 31 December 2022 |
|
|
|
|
|
At 31 December 2021 |
|
|
|
|
Included within the net book value of land and buildings above is £37,506 (2021: £37,506) in respect of land.
Included within the net book value of land and buildings above is £2,431,287 (2021: £2,426,165) in respect of freehold land and buildings.
|
Stocks |
|
2022 |
2021 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
Debtors |
|
Note |
2022 |
2021 |
|
|
Trade debtors |
|
|
|
|
Amounts due from group undertakings |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Deferred tax assets |
- |
|
|
|
|
|
||
|
Less non-current portion |
- |
( |
|
|
|
|
Details of trade and other debtors
£Nil (2021 - £661,643) of the deferred tax asset is classified as non current.
Movements in the trade debtors provision would be recognised in administrative expenses within the profit and loss. Expense recognised in the year is £nil (2021: £nil).
|
Creditors |
|
2022 |
2021 |
|
|
Due within one year |
||
|
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Accruals and deferred income |
|
|
|
|
|
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2022 |
2021 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions for liabilities |
|
Employee benefits |
Deferred tax |
Total |
|
|
At 1 January 2022 |
|
- |
|
|
Additional provisions |
- |
|
|
|
At 31 December 2022 |
|
|
|
|
|
|||
Employee benefits provision relates to a long term service bonus.
|
Pension schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £376k (2021 - £270k).
Defined benefit pension schemes
The pension scheme is of the defined benefit type and its assets are held in a separate trustee administered fund.
The date of the most recent comprehensive actuarial valuation was
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
18 |
Pension schemes (continued) |
During 2008 the company reviewed the deficit in the UK Final Salary Pension Scheme and confirmed to all current members that the benefits they had earned up to 31 October 2005 would continue to be re-valued in the normal way. However, they would not accrue further years of service in the Final Salary Scheme and would not be asked to contribute to it. By contrast, the company will continue to pay into the Scheme in accordance with the Actuary’s recommendations.
To compensate for this change, the company set up a Defined Contribution Scheme whereby the company’s contributions vary from person to person in order to try and match the benefits they would have obtained from the previous Final Salary Scheme; this was due to individuals being of different ages and having different pensionable salaries. Employees were not asked to pay any more than they had previously under the old scheme. Any new members would pay in accordance with the rules of the new scheme.
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the statement of financial position are as follows:
|
2022 |
2021 |
|
|
Fair value of scheme assets |
|
|
|
Present value of defined benefit obligation |
( |
( |
|
1,536 |
1,029 |
|
|
Asset ceiling restriction |
(1,536) |
(1,029) |
|
Defined benefit pension scheme surplus/(deficit) |
- |
- |
The increase in scheme assets over scheme liabilities includes employer contributions of £nil (2021: £2,093,000) for which, due to the asset ceiling restriction above, no corresponding asset is recognised on the company balance sheet. These amounts have been recognised within Other Comprehensive Income as part of total actuarial losses for the year.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
18 |
Pension schemes (continued) |
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
|
2022 |
|
|
Present value at start of year |
|
|
Interest cost |
|
|
Actuarial gains and losses |
( |
|
Benefits paid |
( |
|
Present value at end of year |
|
Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
|
2022 |
|
|
Fair value at start of year |
|
|
Interest income |
|
|
Return on plan assets, excluding amounts included in interest income/(expense) |
( |
|
Benefits paid |
( |
|
Fair value at end of year |
|
Analysis of assets
The major categories of scheme assets are as follows:
|
2022 |
2021 |
|
|
Cash and cash equivalents |
|
|
|
Equities |
|
|
|
Bonds |
|
|
|
|
|
Return on scheme assets
|
2022 |
2021 |
|
|
Return on scheme assets |
|
|
The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
18 |
Pension schemes (continued) |
Principal actuarial assumptions
The principal actuarial assumptions at the statement of financial position date are as follows:
|
2022 |
2021 |
|
|
Discount rate |
|
|
|
Inflation |
|
|
Post retirement mortality assumptions
|
2022 |
2021 |
|
|
Current UK pensioners at retirement age - male |
22.00 |
22.00 |
|
Current UK pensioners at retirement age - female |
24.00 |
24.00 |
|
Share capital |
Allotted, called up and fully paid shares
|
2022 |
2021 |
|||
|
No. 000 |
£ 000 |
No. 000 |
£ 000 |
|
|
|
|
12,293 |
|
12,293 |
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
|
Related party transactions |
The company has taken advantage of the exemption under paragraph 33.1a of the provisions of FRS 102, “Related Party Disclosures”, on the grounds that it is a wholly owned subsidiary of a group headed by West Pharmaceutical Services Inc., whose financial statements are publicly available.
West Pharmaceutical Services Cornwall Limited
Notes to the Financial Statements
Year Ended 31 December 2022 (continued)
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is