IRIS Accounts Production v24.3.2.46 11389105 Board of Directors 1.1.23 31.12.23 31.12.23 23.12.2024 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh113891052022-12-31113891052023-12-31113891052023-01-012023-12-31113891052021-12-31113891052022-01-012022-12-31113891052022-12-3111389105ns15:EnglandWales2023-01-012023-12-3111389105ns14:USDollar2023-01-012023-12-3111389105ns10:Director12023-01-012023-12-3111389105ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3111389105ns10:SmallEntities2023-01-012023-12-3111389105ns10:Audited2023-01-012023-12-3111389105ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3111389105ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111389105ns10:FullAccounts2023-01-012023-12-311138910512023-01-012023-12-3111389105ns5:CurrentFinancialInstruments2023-12-3111389105ns5:CurrentFinancialInstruments2022-12-3111389105ns5:Non-currentFinancialInstruments2023-12-3111389105ns5:Non-currentFinancialInstruments2022-12-3111389105ns5:ShareCapital2023-12-3111389105ns5:ShareCapital2022-12-3111389105ns5:SharePremium2023-12-3111389105ns5:SharePremium2022-12-3111389105ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3111389105ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3111389105ns5:RetainedEarningsAccumulatedLosses2023-12-3111389105ns5:RetainedEarningsAccumulatedLosses2022-12-3111389105ns10:RegisteredOffice2023-01-012023-12-3111389105ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3111389105ns5:PlantMachinery2023-01-012023-12-3111389105ns5:NetGoodwill2022-12-3111389105ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3111389105ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3111389105ns5:NetGoodwill2023-01-012023-12-3111389105ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3111389105ns5:NetGoodwill2023-12-3111389105ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3111389105ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3111389105ns5:NetGoodwill2022-12-3111389105ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3111389105ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3111389105ns5:LeaseholdImprovements2022-12-3111389105ns5:PlantMachinery2022-12-3111389105ns5:LeaseholdImprovements2023-01-012023-12-3111389105ns5:LeaseholdImprovements2023-12-3111389105ns5:PlantMachinery2023-12-3111389105ns5:LeaseholdImprovements2022-12-3111389105ns5:PlantMachinery2022-12-3111389105ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3111389105ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3111389105ns5:CurrentFinancialInstruments2023-01-012023-12-3111389105ns5:WithinOneYear2023-12-3111389105ns5:WithinOneYear2022-12-3111389105ns5:BetweenOneFiveYears2023-12-3111389105ns5:BetweenOneFiveYears2022-12-3111389105ns5:MoreThanFiveYears2023-12-3111389105ns5:MoreThanFiveYears2022-12-3111389105ns5:AllPeriods2023-12-3111389105ns5:AllPeriods2022-12-31
REGISTERED NUMBER: 11389105 (England and Wales)



















STRATASYS POWDER PRODUCTION LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






STRATASYS POWDER PRODUCTION LTD (REGISTERED NUMBER: 11389105)






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




Page

Balance Sheet 1

Notes to the Financial Statements 2


STRATASYS POWDER PRODUCTION LTD (REGISTERED NUMBER: 11389105)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes $    $    $    $   
FIXED ASSETS
Intangible assets 4 11,119,157 13,343,157
Tangible assets 5 1,096,828 692,074
12,215,985 14,035,231

CURRENT ASSETS
Stocks 1,750,301 975,691
Debtors 6 3,356,203 9,921,593
Cash at bank 2,413,210 2,140,318
7,519,714 13,037,602
CREDITORS
Amounts falling due within one year 7 48,687,566 33,910,142
NET CURRENT LIABILITIES (41,167,852 ) (20,872,540 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(28,951,867

)

(6,837,309

)

CREDITORS
Amounts falling due after more than one year 8 8,710,386 9,904,757
NET LIABILITIES (37,662,253 ) (16,742,066 )

CAPITAL AND RESERVES
Called up share capital 32 32
Share premium 21,496,106 21,496,106
Other reserves 10,192 10,192
Retained earnings (59,168,583 ) (38,248,396 )
SHAREHOLDERS' FUNDS (37,662,253 ) (16,742,066 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





Mr J Weichert - Director


STRATASYS POWDER PRODUCTION LTD (REGISTERED NUMBER: 11389105)

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

1. STATUTORY INFORMATION

Stratasys Powder Production 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: 11389105

Registered office: Suite 1, 7th Floor 50 Broadway
London
United Kingdom
SW1H 0BL

The presentation currency of the financial statements is the US Dollar ($).


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.

Going concern
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

The company made a loss of $20,920k (2022: $19,188k) for the year ended 31 December 2023 and has net liabilitiesof $37,662k (2022: $16,743k) at 31 December 2023. The directors have received a formal letter of support from the company's ultimate parent undertaking, Stratasys Limited, guaranteeing continued financial support to enable the company to meet its liabilities as they fall due for the foreseeable future.

On the basis of their assessment of the company’s financial position and after confirmations received from the directors of Stratasys Limited, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

STRATASYS POWDER PRODUCTION LTD (REGISTERED NUMBER: 11389105)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is derived from wholesale of other machinery and equipment, business and domestic software development, engineering related scientific and technical consulting activities and is recognised when the goods are delivered to the customer. Turnover is recorded at the fair value of the consideration received or receivable, and excludes value added tax and rebates.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Intangible fixed assets and amortisation - other intangible
Other intangible assets relate to royalties, and software & licences. Costs incurred in maintaining the patent and trademark portfolio are written off to the profit and loss accounts as incurred. Payments in respect of software and licence rights acquired are capitalised at cost and amortised on a straight -line basis over an estimated economic life of 7 years.

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 etc - over the term of the lease

Stocks and work in progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and
liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


STRATASYS POWDER PRODUCTION LTD (REGISTERED NUMBER: 11389105)

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

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Development
Royalties licences costs Totals
$    $    $    $   
COST
At 1 January 2023
and 31 December 2023 10,492,420 6,825,113 238,853 17,556,386
AMORTISATION
At 1 January 2023 2,025,511 2,096,285 91,433 4,213,229
Amortisation for year 1,411,000 788,000 25,000 2,224,000
At 31 December 2023 3,436,511 2,884,285 116,433 6,437,229
NET BOOK VALUE
At 31 December 2023 7,055,909 3,940,828 122,420 11,119,157
At 31 December 2022 8,466,909 4,728,828 147,420 13,343,157

STRATASYS POWDER PRODUCTION LTD (REGISTERED NUMBER: 11389105)

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

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
$    $    $   
COST
At 1 January 2023 450,230 471,782 922,012
Additions 423,444 250,793 674,237
Disposals - (68,742 ) (68,742 )
At 31 December 2023 873,674 653,833 1,527,507
DEPRECIATION
At 1 January 2023 96,478 133,460 229,938
Charge for year 113,297 142,682 255,979
Eliminated on disposal - (55,238 ) (55,238 )
At 31 December 2023 209,775 220,904 430,679
NET BOOK VALUE
At 31 December 2023 663,899 432,929 1,096,828
At 31 December 2022 353,752 338,322 692,074

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
$    $   
Trade debtors 3,276,977 9,836,475
Other debtors 79,226 85,118
3,356,203 9,921,593

Amounts due from group undertakings are interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
$    $   
Trade creditors 93,111 34,311
Taxation and social security 146,566 9,817
Other creditors 48,447,889 33,866,014
48,687,566 33,910,142

Amounts owed to group undertakings are interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
$    $   
Other creditors 8,710,386 9,904,757

STRATASYS POWDER PRODUCTION LTD (REGISTERED NUMBER: 11389105)

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

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
$    $   
Within one year 128,712 77,601,000
Between one and five years 353,568 232,804,000
In more than five years 192,600 -
674,880 310,405,000

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

The Report of the Auditors was unqualified.

Domenico Maurello (Senior Statutory Auditor)
for and on behalf of Keelings Limited

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under paragraph 33.1A of FRS102 from disclosing transactions with subsidiaries which are wholly owned within the same parent group (Stratasys Limited). Balances with group companies are disclosed in the debtors and creditors notes.

12. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is Stratasys Solutions Limited, a company incorporated in England and Wales. The ultimate controlling party is Stratasys Limited who controls 100% of the shares of Stratasys Powder Production Ltd.

The largest and smallest group in which the results of the company are consolidated is that headed by Stratasys Limited, a company traded on NASDAQ. Copies of Stratasys Limited consolidated financial statements may be obtained from their website, www.stratasys.com.