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REGISTERED NUMBER: 11911849 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LOOP DURABLE SYSTEM UK LIMITED

LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LOOP DURABLE SYSTEM UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: T Szaky





SECRETARY: Bird & Bird Company Secretaries Limited





REGISTERED OFFICE: 12 New Fetter Lane
London
United Kingdom
EC4A 1JP





REGISTERED NUMBER: 11911849 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 2,897

CURRENT ASSETS
Debtors 5 876,343 792,825
Cash at bank 78,122 134,769
954,465 927,594
CREDITORS
Amounts falling due within one year 6 6,359,452 6,151,285
NET CURRENT LIABILITIES (5,404,987 ) (5,223,691 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,404,987

)

(5,220,794

)

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings (5,404,988 ) (5,220,795 )
SHAREHOLDERS' FUNDS (5,404,987 ) (5,220,794 )

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 director and authorised for issue on 12 April 2024 and were signed by:





T Szaky - Director


LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

LOOP Durable System UK 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 historic cost convention.

The financial statements have been prepared on the going concern basis in light of the fact that the parent company, TerraCycle Inc., will continue to provide financial support to Loop Durable System UK Limited for a period of at least 12 months and 1 day from the date on which the audit report is signed.

Related party exemption
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.

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

Turnover relates to external sales of recycling services. Turnover is recognised net of value added tax in the period in which the service is provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - straight line over a period of between 2 - 3 years

Financial instruments
Basic financial instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any other financial instruments as covered by Section 12 of FRS102.

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.

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.

LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 472,106
Disposals (460,722 )
At 31 December 2023 11,384
DEPRECIATION
At 1 January 2023 469,209
Charge for year 2,897
Eliminated on disposal (460,722 )
At 31 December 2023 11,384
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 2,897

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 450 57,544
Amounts owed by group undertakings 848,356 651,999
Other debtors 27,537 83,282
876,343 792,825

LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 2,159 10,746
Amounts owed to group undertakings 6,311,350 6,054,954
Taxation and social security 6,759 13,428
Other creditors & accruals 39,184 72,157
6,359,452 6,151,285

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 3,780 42,840

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary £1 1 1

9. AUDIT REPORT INFORMATION

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"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 a Report of the Auditors 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."

10. RELATED PARTY DISCLOSURES

Transactions between the Company and its fellow subsidiaries not wholly owned are disclosed below:


20232022
££
Amounts owed to group entities at year end238,528163,543

During the year, TerraCycle UK Limited recharged expenses to Loop Durable System UK Limited of £62,882 (2022: £74,769).

LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

11. ULTIMATE PARENT COMPANY

The ultimate parent company is TerraCycle Inc, a company incorporated in the United States of America. This is the largest group in which the results of the company are consolidated.

The immediate parent company is Loop Global Holdings LLC, by virtue of its 100% shareholding. This is the smallest group in which the results of Loop Durable System UK Limited are consolidated. The registered office of Loop Global Holdings LLC is 121 New York Avenue, Trenton, NJ, 08638, USA.