INDORAMA POLYMERS WORKINGTON LIMITED

• ⚠

  Material uncertainty over going concern

  The financial statements have been prepared on a basis other than going concern. The directors of the company have continuously monitored the market situation and studied the future prospect of the PET industry in Europe and particularly in UK. Due to the stiff competition from imports, and new capacities with the latest technology having lower costs of production, following the mothballing of the Indorama Polymers Workington plant in 2014, the directors have decided not to restart the Workington Facility and ceased trading in 2017 and demolished the Workington plant. As the directors currently do not intend to acquire a replacement trade, they have prepared the financial statements on a basis other than going concern. The only remaining significant asset is the land of the former plant. Once this is sold the directors will wind down the company.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Gravita Audit II Limited

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The financial statements have been prepared on a basis other than going concern. The directors of the company have continuously monitored the market situation and studied the future prospect of the PET industry in Europe and particularly in UK. Due to the stiff competition from imports, and new capacities with the latest technology having lower costs of production, following the mothballing of the Indorama Polymers Workington plant in 2014, the directors have decided not to restart the Workington Facility and ceased trading in 2017 and demolished the Workington plant. As the directors currently do not intend to acquire a replacement trade, they have prepared the financial statements on a basis other than going concern. The only remaining significant asset is the land of the former plant. Once this is sold the directors will wind down the company.”

Significant events

• “During 2016, the directors took the decision to permanently cease trading.”
• “the Indorama Polymers Workington plant in 2014, the directors have decided not to restart the Workington Facility and ceased trading in 2017 and demolished the Workington plant.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  +4.6%

  £4,286 → £4,482

• Net assets

  -16.6%

  £149,177 → £124,397

• Employees

  —

  Not reported

• Operating profit

  -77%

  -£13,997 → -£24,780

• Profit before tax

  -77%

  -£13,997 → -£24,780

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers