Company registration number 11759101 (England and Wales)
ADDITIVE INDUSTRIES UK & IRELAND LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ADDITIVE INDUSTRIES UK & IRELAND LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
ADDITIVE INDUSTRIES UK & IRELAND LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
645,877
664,929
Current assets
Debtors
4
143,669
50,648
Cash at bank and in hand
34,815
5,372
178,484
56,020
Creditors: amounts falling due within one year
5
(454,140)
(427,037)
Net current liabilities
(275,656)
(371,017)
Total assets less current liabilities
370,221
293,912
Provisions for liabilities
(75,895)
(71,923)
Net assets
294,326
221,989
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
294,226
221,889
Total equity
294,326
221,989

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr M  Massey
Director
Company registration number 11759101 (England and Wales)
ADDITIVE INDUSTRIES UK & IRELAND LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
98,642
98,742
Year ended 31 December 2022:
Profit and total comprehensive income
-
123,247
123,247
Balance at 31 December 2022
100
221,889
221,989
Year ended 31 December 2023:
Profit and total comprehensive income
-
72,337
72,337
Balance at 31 December 2023
100
294,226
294,326
ADDITIVE INDUSTRIES UK & IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Additive Industries UK & Ireland Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Building 20J, Filton 20, Golf Course Lane, Bristol, BS34 7QQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Following the year end the group took the decision to close all operations in Bristol. All assets will be transferred to other group entities or scrapped; remaining employees have been given notice or their contracts have been transferred to the parent company.true

 

The directors intend to liquidate or strike off the company; therefore they do not believe it is appropriate to continue to adopt the going concern basis. No adjustments have been necessary as a result of ceasing to adopt the going concern basis.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line
Plant and equipment
25% and 33% straight line
Fixtures and fittings
25% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ADDITIVE INDUSTRIES UK & IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

ADDITIVE INDUSTRIES UK & IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
11
ADDITIVE INDUSTRIES UK & IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
315,008
2,144,051
7,935
2,727
2,469,721
Additions
30,631
462,955
2,931
5,036
501,553
At 31 December 2023
345,639
2,607,006
10,866
7,763
2,971,274
Depreciation and impairment
At 1 January 2023
175,613
1,621,208
5,637
2,334
1,804,792
Depreciation charged in the year
67,379
345,045
1,933
1,591
415,948
Impairment losses
102,647
-
0
1,561
449
104,657
At 31 December 2023
345,639
1,966,253
9,131
4,374
2,325,397
Carrying amount
At 31 December 2023
-
0
640,753
1,735
3,389
645,877
At 31 December 2022
139,395
522,843
2,298
393
664,929
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
88,601
-
0
Other debtors
33,964
16,520
Prepayments and accrued income
21,104
8,440
143,669
24,960
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
25,688
Total debtors
143,669
50,648
ADDITIVE INDUSTRIES UK & IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
65,818
35,423
Amounts owed to group undertakings
199,618
208,760
Corporation tax
2,107
73,182
Other taxation and social security
24,601
26,900
Other creditors
3,243
2,388
Accruals and deferred income
158,753
80,384
454,140
427,037
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - financial statements prepared on a basis other than going concern.

We draw attention to note 1.2 of the financial statements (Going concern), which explains that the directors intend to liquidate the company shortly after the year end and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
Date of audit report:
25 September 2024
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
36,667
ADDITIVE INDUSTRIES UK & IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Related party transactions

At the year end the company owed £199,618 (2022: £208,760) to Additive Industries B.V., its parent company. This amount is included within creditors due within one year.

10
Parent company

The immediate parent company is Additive Industries BV, a company incorporated in Netherlands.

 

The ultimate controlling party is Highlands Beheer BV, a company incorporated in Netherlands, due to it's shareholding in Additive Industries BV.

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