REGISTERED NUMBER: |
STRATASYS SOLUTIONS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
STRATASYS SOLUTIONS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Stratasys Solutions Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the US Dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. |
The company's finances ultimately derive from its ultimate parent undertaking, Stratasys Limited. The directors have received a formal letter of support from Stratasys Limited, confirming the 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. |
Exemption From Preparing Consolidated Financial Statements |
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. |
Turnover |
The company is contracted to provide services to related entities. This turnover represents intragroup revenue under the terms of the service agreements which are on a cost plus basis. |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the amount of turnover can be measured reliably, it is probable that the company will receive the consideration due under the contract, the stage of completion of the contract at the end of the reporting period can be measured reliably and the costs incurred and the costs to complete the contract can be measured reliably. |
Goodwill |
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years. |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Other intangible assets are software costs which are amortised to profit and loss account over its estimated economic life of 6 years. |
Tangible fixed assets |
Improvements to property | - |
Investments in associates |
Investments are measured at cost less accumulated impairment. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. |
Interest receivable |
Interest income is recognised using the effective interest method. |
Pension commitments |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. |
During the year the charge to profit or loss in respect of defined contribution schemes was $217,737 (2022: $164,934). |
At the balance sheet date contributions of $NIL were due to the fund and are included in creditors. |
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. |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Income tax expense represents the sum of the tax currently payable and deferred tax. |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period. |
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. |
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are |
recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
$ | $ | $ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
to | Computer |
property | equipment | Totals |
$ | $ | $ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Improvemen |
to |
property |
$ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | FIXED ASSET INVESTMENTS |
Interest |
in | Int in | Other |
associate | subsidiaries | investments | Totals |
$ | $ | $ | $ |
COST OR VALUATION |
At 1 January 2023 | 274,573,287 | 344,031,867 |
Additions | 75,899,538 | 81,142,826 |
Revaluations | (1,008,000 | ) | (1,008,000 | ) |
At 31 December 2023 | 349,464,825 | 424,166,693 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | - | 232,656 | - | 232,656 |
NET BOOK VALUE |
At 31 December 2023 | 349,232,169 | 423,934,037 |
At 31 December 2022 | 274,340,631 | 343,799,211 |
Cost or valuation at 31 December 2023 is represented by: |
Interest |
in | Int in | Other |
associate | subsidiaries | investments | Totals |
$ | $ | $ | $ |
Valuation in 2023 | - | (1,008,000 | ) | - | (1,008,000 | ) |
Cost | 4,779,102 | 350,472,825 | 69,922,766 | 425,174,693 |
4,779,102 | 349,464,825 | 69,922,766 | 424,166,693 |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Trade debtors |
Other debtors |
Included within the amounts owed by group undertakings is an amount of $10,286,154 (2022: $11,420,098) which is unsecured, interest bearing at 2.228% and repayable on demand. The remaining balance of $22,532,062 (2022: $9,150,360) is unsecured, interest free and repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Trade creditors |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
$ | $ |
Other creditors |
Included in other creditors is an amount of $11,631,685 (2022: $13,441,515) that relates to deferred consideration in respect of the acquisition of Stratasys Powder Production Limited in November 2021. $391,000 (2022: $995,800) is due within one year and $11,240,685 (2022: $12,485,715) is due over 12.4 years (2022: 13.4 years). |
Contingent consideration was provided as a best estimate at the time of purchase. Further information has now been received since acquisition to indicate the milestones are unlikely to be achieved and therefore future payments may not be paid, therefore reducing the liability. |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
$ | $ |
Within one year |
Between one and five years |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. |
During the year the charge to profit or loss in respect of defined contribution schemes was $217,737 (2022: $164,934). |
At the balance sheet date contributions of $NIL were due to the fund and are included in creditors. |
STRATASYS SOLUTIONS LIMITED (REGISTERED NUMBER: 08857563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group. |
Stratasys Powder DK |
(related company within group) |
As at 31 December 2023 the company was owed $1,965,000 (2022: $3,106,500), the amount is included within debtors, no interest was charged. |
Stratasys AP Ltd |
(related company within group) |
As at 31 December 2023 the company was owed $321,262 (2022: $60,239), the amount is included within debtors, no interest was charged. |
Stratasys GmbH |
(fellow subsidiary company) |
As at 31 December 2023 the company owed $16,146 (2022: $676,873), the amount is included within creditors falling due within one year, no interest was charged. The company was owed $854,071 (2022: $687,568), the amount is included within debtors, no interest was charged. |
REA Real Estate GmbH |
(related company within group) |
As at 31 December 2023 the company was owed $10,286,154 (2022: $11,420,098), the amount is included within debtors, no interest was charged. |
Stratasys Limited |
(related company within group) |
As at 31 December 2023 the company owed $461,877,383 (2022: $376,802,189), the amount is included within creditors falling due within one year, no interest was charged. The company was owed $503,954 (2022: $335,291), the amount is included within debtors, no interest was charged. |
Stratasys Japan Co Ltd |
(related company within group) |
As at 31 December 2023 the company was owed $430,932 (2022: $Nil), the amount is included within debtors, no interest was charged. |
14. | CONTROLLING PARTY |
The immediate parent undertaking is Stratasys International Limited, a company incorporated in Israel and holds 100% of the shares of Stratasys Solutions Limited. |
The ultimate parent undertaking is Stratasys Limited, a company traded on NASDAQ. Copies of the Stratasys Limited consolidated financial statements can be obtained from their website, www.stratasys.com. |
In the opinion of the directors the company has no ultimate controlling party. |