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REGISTERED NUMBER: 13794031 (England and Wales)















FINANCIAL STATEMENTS

FOR THE PERIOD 10 DECEMBER 2021 TO 31 JANUARY 2023

FOR

PARTICLE INDUSTRIES EUROPE LIMITED

PARTICLE INDUSTRIES EUROPE LIMITED (REGISTERED NUMBER: 13794031)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 10 DECEMBER 2021 TO 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PARTICLE INDUSTRIES EUROPE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 10 DECEMBER 2021 TO 31 JANUARY 2023







DIRECTORS: L M Friberg
Z N Supalla





REGISTERED OFFICE: 4th Floor, St. James House
St. James Square
Cheltenham
GL50 3PR





REGISTERED NUMBER: 13794031 (England and Wales)





AUDITORS: Byrd Link Audit & Accountancy Services Limited
Honeybourne Place
Jessop Avenue
Cheltenham
Gloucestershire
GL50 3SH

PARTICLE INDUSTRIES EUROPE LIMITED (REGISTERED NUMBER: 13794031)

BALANCE SHEET
31 JANUARY 2023

Notes £   
CURRENT ASSETS
Debtors 4 270,417
Cash at bank 67,536
337,953
CREDITORS
Amounts falling due within one year 5 233,896
NET CURRENT ASSETS 104,057
TOTAL ASSETS LESS CURRENT
LIABILITIES

104,057

CAPITAL AND RESERVES
Called up share capital 100
Other reserves 10,695
Retained earnings 93,262
104,057

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





L M Friberg - Director


PARTICLE INDUSTRIES EUROPE LIMITED (REGISTERED NUMBER: 13794031)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 10 DECEMBER 2021 TO 31 JANUARY 2023


1. STATUTORY INFORMATION

Particle Industries Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PARTICLE INDUSTRIES EUROPE LIMITED (REGISTERED NUMBER: 13794031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 DECEMBER 2021 TO 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The director has sought and received response from the parent company that financial support will be forthcoming for the next 12 months. On this basis, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costed using the effective interest method.

PARTICLE INDUSTRIES EUROPE LIMITED (REGISTERED NUMBER: 13794031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 DECEMBER 2021 TO 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued

Share based payment transactions
The Company's ultimate parent company, Particle Industries Inc operates a share based payment scheme for all the employees of the Company. The stock options in Particle Industries Inc are granted to the Company's employees at a price equal to the fair value of the shares in Particle Industries Inc at the date of the grant and are denominated in US dollars. The stock options have a four year vesting period. If the stock options remain unexercised after a period of ten years from the date of the grant the stock options expire. Stock options are forfeited of the employee leaves the Company before the options vest. The Company did not enter into any share based payment transaction with parties other than employees during the period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Amounts owed by group undertakings 246,386
Other debtors 24,031
270,417

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 900
Taxation and social security 34,482
Other creditors 198,514
233,896

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Russel Byrd FCA (Senior Statutory Auditor)
for and on behalf of Byrd Link Audit & Accountancy Services Limited

7. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

PARTICLE INDUSTRIES EUROPE LIMITED (REGISTERED NUMBER: 13794031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 DECEMBER 2021 TO 31 JANUARY 2023


8. ULTIMATE CONTROLLING PARTY

The ultimate controlling is Particle Industries Inc. The Company is a wholly owned subsidiary of Particle Industries Inc., a company incorporated in the United States of America. The smallest group in which results of the Company are consolidated is that headed by Particle Industries Inc., with its registered office at 325 9th Street, San Francisco, California, 9410, USA.

9. SHARE-BASED PAYMENT TRANSACTIONS

The company participates in a share option scheme for all employees, Options are exercisable on the shares of the ultimate parent company at a price equal to the estimated fair value of the ultimate parent company's shares on the date of the grant.
The vesting period is four years. If the options remain unexercised after a period of ten years from the date of the grant the options expire. Options are forfeited if the employee leaves the company before the options vest.

Weighted
average
exercise
price
(dollars)Number
20232023
Granted during the period0.5590,192
Exercised during the period0.000
Cancelled & forfeited during the
period


0.55


(16,000

)

Outstanding at the beginning of the
period


0.00


0

Outstanding at the end of the
period


0.55


74,192


2023
£   

Share based payment expense10,695
10,695