REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 10 DECEMBER 2021 TO 31 JANUARY 2023 |
FOR |
PARTICLE INDUSTRIES EUROPE LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Taxation and social security |
Other creditors |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |
2023 | 2023 |
Granted during the period | 0.55 | 90,192 |
Exercised during the period | 0.00 | 0 |
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 expense | 10,695 |
10,695 |