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REGISTERED NUMBER: 07271824 (England and Wales)















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 1,275 1,700
1,275 1,700

Current assets
Stocks 704,072 523,261
Debtors 7 508,834 658,437
Cash at bank 1,027,893 983,337
2,240,799 2,165,035
Creditors
Amounts falling due within one year 8 (126,566 ) (139,031 )
Net current assets 2,114,233 2,026,004
Total assets less current liabilities 2,115,508 2,027,704

Creditors
Amounts falling due after more than one
year

9

(2,588,907

)

(3,066,446

)
Net liabilities (473,399 ) (1,038,742 )

Capital and reserves
Called up share capital 100 100
Retained earnings (473,499 ) (1,038,842 )
(473,399 ) (1,038,742 )

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 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 29 July 2024 and were signed on its behalf by:




Mr R Pedersen - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07271824

Registered office: East Coast House
Galahad Road , Beacon Park
Gorleston
Great Yarmouth
Norfolk
NR31 7RU

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


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 7 (2022 - 7 ) .

5. Intangible fixed assets
Patents and
licences
£
Cost
At 1 January 2023
and 31 December 2023 1,000,000
Amortisation
At 1 January 2023
and 31 December 2023 1,000,000
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 63,431
Depreciation
At 1 January 2023 61,731
Charge for year 425
At 31 December 2023 62,156
Net book value
At 31 December 2023 1,275
At 31 December 2022 1,700

7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 254,442 193,342
Other debtors 254,392 465,095
508,834 658,437

8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 64,563 57,225
Amounts owed to group undertakings 6,677 -
Other creditors 55,326 81,806
126,566 139,031

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Amounts owed to group undertakings 2,588,907 3,066,446

10. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Henry Pettitt FCA (Senior Statutory Auditor)
Stephenson Smart Stephenson Smart (East Anglia) Limited

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.