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Company registration number: 01710198







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


PLEXUS EUROPE LIMITED






































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PLEXUS EUROPE LIMITED
 


 
COMPANY INFORMATION


Directors
V. Robu 
J.H. Chhaya 




Registered number
01710198



Registered office
Baronsmede
The Avenue

Egham

Surrey

TW20 9AB




Independent auditors
Menzies LLP

Ashcombe House

5 The Cresent

Leatherhead

Surrey

KT22 8DY





 


PLEXUS EUROPE LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 


PLEXUS EUROPE LIMITED
REGISTERED NUMBER:01710198



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
10,012,935
6,941,758

Cash at bank and in hand
  
7
343

  
10,012,942
6,942,101

Creditors: amounts falling due within one year
 6 
(7,318,213)
(3,940,965)

Net current assets
  
 
 
2,694,729
 
 
3,001,136

Total assets less current liabilities
  
2,694,729
3,001,136

  

Net assets
  
2,694,729
3,001,136


Capital and reserves
  

Called up share capital 
 7 
3,146,076
3,146,076

Profit and loss account
  
(451,347)
(144,940)

  
2,694,729
3,001,136


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J.H. Chhaya
Director

Date: 10 December 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


PLEXUS EUROPE LIMITED
 


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

1.


General information

Plexus Europe Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address, which is its principal place of business, can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The Company provides services to other companies in the XBP Europe Inc. group and has no customers outside of this group. The Company made a net loss of £306,407 for the year ended 31 December 2023 (2022 - £314,086 net profit) and as of that date held net current assets of £2,694,729 (2022 - £3,001,136). Net current assets are principally amounts owed by/ to other Exela entities.
XBP Europe Inc: has indicated its intention to continue to provide financial and other support to the Company, including not seeking repayment of any amounts currently made available, for at least for the next twelve months from the date of approval of these financial statements to enable it to meet its financial liabilities as they fall due and continue to trade.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Page 2

 


PLEXUS EUROPE LIMITED
 


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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, and is rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

The Company recognises software revenue when the product has been delivered and all obligations have been fulfilled. The Company undertakes to maintain customers' software under maintenance contracts. Such income is released to the profit and loss account on a straight-line basis over the life of the contract. Where contracts consist of multiple elements, revenue is allocated based on the fair value of the individual elements. Maintenance costs are expensed as they are incurred.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 


PLEXUS EUROPE LIMITED
 


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

2.Accounting policies (continued)

 
2.6

Current & deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions 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 ordinary shares.

  
2.8

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

There are no accounting estimates to be considered that affect the preparation of the financial statements.


4.


Employees

The average monthly number of directors not paid during the year was 2 (2022 - 2).






Page 4

 


PLEXUS EUROPE LIMITED
 


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

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
9,992,261
6,939,403

Other debtors
19,559
1,339

Prepayments and accrued income
1,115
1,016

10,012,935
6,941,758


Amounts due from group undertakings are interest bearing, with interest rates ranging from 0% to 12%. Amounts are repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
69,873
27,235

Amounts owed to group undertakings
7,162,626
3,850,304

Other taxation and social security
17,228
20,800

Accruals and deferred income
68,486
42,626

7,318,213
3,940,965


Amounts due for group undertakings are interest bearing, with interest rates ranging from 0% to 12%. Amounts are repayable on demand.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,146,076 (2022 - 3,146,076) Ordinary shares of £1.00 each
3,146,076
3,146,076

Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.

Page 5

 


PLEXUS EUROPE LIMITED
 


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

8.


Ultimate parent undertaking and Controlling party

The immediate parent undertaking, at the year end, was BTC International Holdings, Inc., incorporated in the USA, whose principal place of business is at 2701 E Grauwyler Road, Irving, Texas 75061.
The ultimate parent undertaking is XBP Europe, Inc., incorporated in the USA, whose principal place of business is at 2701 E Grauwyler Road, Irving, Texas 75061. The group accounts of Exela Technologies, Inc prepared in accordance with US GAAP and can be obtained from this address or www.sec.gov.
The smallest and the largest group of which the Company is a member for which group accounts are drawn up is that headed by XBP Europe, Inc.
The overall controlling party at the year end was XBP Europe, Inc.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 February 2025 by Andrew Hookway FCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 6