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REGISTERED NUMBER: 08857563 (England and Wales)



















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 47,674 -
Tangible assets 5 67,899 120,312
Investments 6 423,934,037 343,799,211
424,049,610 343,919,523

CURRENT ASSETS
Debtors 7 33,128,733 20,669,184
Cash at bank 1,131,825 2,198,963
34,260,558 22,868,147
CREDITORS
Amounts falling due within one year 8 462,249,674 374,151,399
NET CURRENT LIABILITIES (427,989,116 ) (351,283,252 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,939,506

)

(7,363,729

)

CREDITORS
Amounts falling due after more than one year 9 11,240,685 12,485,715
NET LIABILITIES (15,180,191 ) (19,849,444 )

CAPITAL AND RESERVES
Called up share capital 3,020,199 3,020,199
Share premium 758,196,282 758,196,282
Other reserves 12,632,024 7,431,024
Retained earnings (789,028,696 ) (788,496,949 )
SHAREHOLDERS' FUNDS (15,180,191 ) (19,849,444 )

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 A Langfeld - Director


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

Registered number: 08857563

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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 5 years

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 43 (2022 - 39 ) .

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 407,000 94,067 501,067
Additions - 51,789 51,789
At 31 December 2023 407,000 145,856 552,856
AMORTISATION
At 1 January 2023 407,000 94,067 501,067
Amortisation for year - 4,115 4,115
At 31 December 2023 407,000 98,182 505,182
NET BOOK VALUE
At 31 December 2023 - 47,674 47,674
At 31 December 2022 - - -

5. TANGIBLE FIXED ASSETS
Improvements
to Computer
property equipment Totals
$    $    $   
COST
At 1 January 2023 164,655 418,288 582,943
Additions - 46,241 46,241
Disposals - (250,419 ) (250,419 )
At 31 December 2023 164,655 214,110 378,765
DEPRECIATION
At 1 January 2023 164,655 297,976 462,631
Charge for year - 25,709 25,709
Eliminated on disposal - (177,474 ) (177,474 )
At 31 December 2023 164,655 146,211 310,866
NET BOOK VALUE
At 31 December 2023 - 67,899 67,899
At 31 December 2022 - 120,312 120,312

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 164,655
DEPRECIATION
At 1 January 2023
and 31 December 2023 164,655
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 4,779,102 274,573,287 64,679,478 344,031,867
Additions - 75,899,538 5,243,288 81,142,826
Revaluations - (1,008,000 ) - (1,008,000 )
At 31 December 2023 4,779,102 349,464,825 69,922,766 424,166,693
PROVISIONS
At 1 January 2023
and 31 December 2023 - 232,656 - 232,656
NET BOOK VALUE
At 31 December 2023 4,779,102 349,232,169 69,922,766 423,934,037
At 31 December 2022 4,779,102 274,340,631 64,679,478 343,799,211

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 32,818,216 20,570,458
Other debtors 310,517 98,726
33,128,733 20,669,184

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 588,225 112,304
Taxation and social security 239,555 35,267
Other creditors 461,421,894 374,003,828
462,249,674 374,151,399

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 11,240,685 12,485,715

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 197,162 43,836
Between one and five years 673,636 -
870,798 43,836

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.

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

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.