IRIS Accounts Production v23.3.1.45 07690911 Board of Directors 1.1.23 31.12.23 31.12.23 11.3.2024 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh076909112022-12-31076909112023-12-31076909112023-01-012023-12-31076909112021-12-31076909112022-01-012022-12-31076909112022-12-3107690911ns10:Originalns15:EnglandWales2023-01-012023-12-3107690911ns14:PoundSterlingns10:Original2023-01-012023-12-3107690911ns10:Originalns10:Director12023-01-012023-12-3107690911ns10:Original2023-01-012023-12-3107690911ns10:Original2023-12-3107690911ns10:Originalns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107690911ns10:Originalns10:SmallEntities2023-01-012023-12-3107690911ns10:Originalns10:Audited2023-01-012023-12-3107690911ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107690911ns10:SmallCompaniesRegimeForAccountsns10:Original2023-01-012023-12-3107690911ns10:Originalns10:FullAccounts2023-01-012023-12-3107690911ns10:Original12023-01-012023-12-3107690911ns10:Originalns10:Director32023-01-012023-12-3107690911ns10:Originalns10:RegisteredOffice2023-01-012023-12-3107690911ns10:Original2022-12-3107690911ns10:Originalns5:CurrentFinancialInstruments2023-12-3107690911ns10:Originalns5:CurrentFinancialInstruments2022-12-3107690911ns10:Originalns5:Non-currentFinancialInstruments2023-12-3107690911ns10:Originalns5:Non-currentFinancialInstruments2022-12-3107690911ns5:ShareCapitalns10:Original2023-12-3107690911ns5:ShareCapitalns10:Original2022-12-3107690911ns10:Originalns5:SharePremium2023-12-3107690911ns10:Originalns5:SharePremium2022-12-3107690911ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-12-3107690911ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-12-3107690911ns10:Originalns5:NetGoodwill2023-01-012023-12-3107690911ns5:IntangibleAssetsOtherThanGoodwillns10:Original2023-01-012023-12-3107690911ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3107690911ns10:Originalns5:ComputerSoftware2023-01-012023-12-3107690911ns10:Original2022-01-012022-12-3107690911ns10:Originalns5:NetGoodwill2022-12-3107690911ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-12-3107690911ns10:Original2022-12-3107690911ns10:Originalns5:NetGoodwill2023-12-3107690911ns5:IntangibleAssetsOtherThanGoodwillns10:Original2023-12-3107690911ns10:Originalns5:NetGoodwill2022-12-3107690911ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-12-3107690911ns10:Originalns5:LandBuildings2022-12-3107690911ns10:Originalns5:PlantMachinery2022-12-3107690911ns10:Originalns5:LandBuildings2023-01-012023-12-3107690911ns10:Originalns5:PlantMachinery2023-01-012023-12-3107690911ns10:Originalns5:LandBuildings2023-12-3107690911ns10:Originalns5:PlantMachinery2023-12-3107690911ns10:Originalns5:LandBuildings2022-12-3107690911ns10:Originalns5:PlantMachinery2022-12-3107690911ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107690911ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 07690911 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

PETER REED INTERNATIONAL LIMITED

PETER REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 07690911)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PETER REED INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: B A Scharf
A D Martens





REGISTERED OFFICE: Butterworth Mill
30B Churchill Way
Lomeshaye Industrial Estate
Nelson
Lancashire
BB9 6RT





REGISTERED NUMBER: 07690911 (England and Wales)





AUDITORS: Ainsworths Limited
Chartered Accountants
and Statutory Auditors
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY

PETER REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 07690911)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 324,043 371,436
Tangible assets 5 16,351 30,245
340,394 401,681

CURRENT ASSETS
Stocks 158,569 262,320
Debtors 6 76,276 150,679
Cash at bank 46,916 20,407
281,761 433,406
CREDITORS
Amounts falling due within one year 7 173,742 214,094
NET CURRENT ASSETS 108,019 219,312
TOTAL ASSETS LESS CURRENT
LIABILITIES

448,413

620,993

CREDITORS
Amounts falling due after more than one year 8 3,830,780 3,951,377
NET LIABILITIES (3,382,367 ) (3,330,384 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 837,987 837,987
Retained earnings (4,221,354 ) (4,169,371 )
SHAREHOLDERS' FUNDS (3,382,367 ) (3,330,384 )

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 11th March 2024 and were signed on its behalf by:





B A Scharf - Director


PETER REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 07690911)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Peter Reed International 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.

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.

The financial statements have been prepared on a going concern basis which assumes that the company will be able to meet its liabilities as they fall due. The ultimate parent company, Standard Fiber LLC, has confirmed that it will provide support for at least 12 months following the approval of these financial statements. If the company were unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for any further liabilities that may arise, and to reclassify fixed assets and any long term liabilities as current assets and liabilities respectively.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Land and buildings- 20% on cost
Plant and machinery etc-33% on cost and 20% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, handling and production costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year 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.


PETER REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 07690911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 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 year 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.

Payments in respect of other post-retirement benefits are charged to profit or loss in the period to which they relate.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 740,691 228,327 969,018
AMORTISATION
At 1st January 2023 416,640 180,942 597,582
Charge for year 37,035 10,358 47,393
At 31st December 2023 453,675 191,300 644,975
NET BOOK VALUE
At 31st December 2023 287,016 37,027 324,043
At 31st December 2022 324,051 47,385 371,436

PETER REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 07690911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2023 1,431 303,653 305,084
Additions - 2,349 2,349
At 31st December 2023 1,431 306,002 307,433
DEPRECIATION
At 1st January 2023 1,100 273,739 274,839
Charge for year 159 16,084 16,243
At 31st December 2023 1,259 289,823 291,082
NET BOOK VALUE
At 31st December 2023 172 16,179 16,351
At 31st December 2022 331 29,914 30,245

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 26,979 105,968
Other debtors 49,297 44,711
76,276 150,679

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,140 10,000
Trade creditors 136,117 169,423
Taxation and social security 15,296 16,771
Other creditors 12,189 17,900
173,742 214,094

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 16,434 25,833
Amounts owed to group undertakings 3,814,346 3,925,544
3,830,780 3,951,377

PETER REED INTERNATIONAL LIMITED (REGISTERED NUMBER: 07690911)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Group undertakings 3,814,346 3,925,544

Amounts owed to the parent undertaking Standard Fiber LLC are secured by fixed and floating charges over all property of the company.

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

The Report of the Auditors was unqualified.

Mark Sunter (Senior Statutory Auditor)
for and on behalf of Ainsworths Limited

11. OTHER FINANCIAL COMMITMENTS

At 31st December 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those leases amounting to £50,404 (2022: £67,641).

12. RELATED PARTY DISCLOSURES

(i) During the year the company sold goods totalling £387 (2022: £211) to Standard Fiber LLC, its parent undertaking registered in the United States of America. In addition the company was provided with goods, services and cash flow funding on an interest free basis totalling £99,000 (2022: £Nil). All transactions were carried out on an arms length basis.

As at 31st December 2023 the company owed £3,814,346 (2022: £3,925,544) to Standard Fiber LLC, such balances being converted at prevailing exchange rates.

(ii) During the year the company sold goods totalling £Nil (2022: £4,754) to Inovatex LLC, a subsidiary of the parent undertaking Standard Fiber LLC. All transactions were carried out on a commercial basis.

As at 31st December 2023 the company was owed £Nil (2022: £701) by Inovatex LLC, such balances being converted at prevailing exchange rates.

13. ULTIMATE CONTROLLING PARTY

In the opinion of the directors the ultimate controlling party of the company is the majority shareholder and parent undertaking Standard Fiber LLC, a company registered in the United States of America.