REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
PPM Technologies EMEA Ltd |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
PPM Technologies EMEA Ltd |
PPM Technologies EMEA Ltd (Registered number: 07271824) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
PPM Technologies EMEA Ltd (Registered number: 07271824) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PPM Technologies EMEA Ltd (Registered number: 07271824) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
PPM Technologies EMEA Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
PPM Technologies EMEA Ltd (Registered number: 07271824) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. |
The company supplies machinery and parts to the food manufacturing industry, both in the United Kingdom and worldwide. Turnover is recongnised when the significant risks and rewards of ownership have transferred to the buyer (usually on dispatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Intangible assets |
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. |
Amortisation |
Amortisation is calculated so as to write off the cost of an asset,less its estimated residual value, over the useful life of that asst as follows:- |
Patents, trademarks and licences - equal instalments over the useful life of the asset |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated; depreciation and impairment losses. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:- |
Plant and machinery - 4-7 years straight line |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
PPM Technologies EMEA Ltd (Registered number: 07271824) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Income tax |
The taxation expenses represents the aggregate amount of current and deferred tax recongnised in the reporting period. Tax is recongnised in profit or loss, expect to the except to the extent that it relates to items recongnised in other comprehensive income or directly in equity. In this case, tax is recongnised in other comprehensive income or directly in equity, respectively. |
Current tax is recongnised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting 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. |
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. |
PPM Technologies EMEA Ltd (Registered number: 07271824) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Going concern |
The accounts have been prepared on a going concern basis despite showing negative reserves and net current assets. The company has obtained assurances from its parent undertaking that it will continue to provide financial support for a period of not less than 12 months from the date of approval of the financial statements. Forecasts and budgets have been prepared for this period which demonstrate the ability of the group to trade profitability for the period reviewed. |
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 and loss in the period to which they relate. |
Provisions |
The company provided warranties for parts and labour for a minimum of a twelve month period. The warranty provision requires an estimation of the number of expected warranty claims and the expected cost of labour and parts, necessary to satisfy these warranty claims. Estimations are based on previous warranty claims as a percentage of turnover. |
Royalty income |
Revenue from royalties is recognised on an accruals basis when licenses held by the company are utilised within the group in line with commercial agreements between group companies and it is probable that economic benefits will be received which can be reliably measured. |
Cash and cash equivalents |
Cash and cash equivalents in the accounts comprises of cash at bank and in hand converted to the presentational currency at the balance sheet date. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Intangible fixed assets |
Patents and |
licences |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Amortisation |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
PPM Technologies EMEA Ltd (Registered number: 07271824) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | Tangible fixed assets |
Plant and |
machinery |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
Stephenson Smart |
PPM Technologies EMEA Ltd (Registered number: 07271824) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | Contingent liabilities |
Operating lease commitments not included in the balance sheet amount to £22,500 (2022 : £31,500). |
12. | Controlling party |
The results of the company are recorded in the consolidated accounts of its parent company, PPM Technologies Holdings LLC. The registered office of PPM Technologies Holdings LLC is 500 E Illinois St., Newberg, OR 97132. |
13. | 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. |