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REGISTERED NUMBER: 11911849 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LOOP DURABLE SYSTEM UK LIMITED

LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LOOP DURABLE SYSTEM UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: T Szaky





SECRETARY: Bird & Bird Company Secretaries Limited





REGISTERED OFFICE: 12 New Fetter Lane
London
United Kingdom
EC4A 1JP





REGISTERED NUMBER: 11911849 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
CURRENT ASSETS
Debtors 5 926,948 876,343
Cash at bank 19,426 78,122
946,374 954,465
CREDITORS
Amounts falling due within one year 6 6,350,911 6,359,452
NET CURRENT LIABILITIES (5,404,537 ) (5,404,987 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,404,537

)

(5,404,987

)

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings (5,404,538 ) (5,404,988 )
SHAREHOLDERS' FUNDS (5,404,537 ) (5,404,987 )

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 April 2025 and were signed by:





T Szaky - Director


LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

LOOP Durable System UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The trading address of the company is TNS House, Westgate, Hanger Lane, London, W5 1UA.

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 historic cost convention.

Going concern
The company has obtained a letter of support from its parent company, TerraCycle, Inc.. The directors of TerraCycle, Inc. have committed to provide any financial support that may be necessary in order that the company can meet its liabilities, as a they fall due, for a period in excess of 12 months and 1 day from the date on which the audit report is signed. As a result of the commitment the director has continued to adopt the going concern basis.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents amounts charged to the company's parent company under a transfer pricing agreement. Turnover is recognised when the chargeable costs are incurred, net of any VAT and rebates. Turnover in the prior period related to external sales for recycling services.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its useful life.

Plant and machinery - straight line over a period of between 2 - 3 years

Financial instruments
Basic financial instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any other financial instruments as covered by Section 12 of FRS102.


LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Share-based payments
The company has claimed exemption from disclosing the details around the options in place in full on the basis the disclosures are included in the parent company's financial statements.

Certain employees of the company participate in group share-based payment plans that are administered and settled by the parent company, Loop Global Holdings LLC. At the time of a Sale Event, each unit will pay to the employee an amount equivalent to the total consideration paid multiplied by a decimal which expresses the Participant’s Vested Equity Participation Unit as a percentage interest of all then outstanding Common Unit Equivalents.

As at 31 December 2024, no such event has occurred and therefore there is no impact on the current year financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 5 ) .

LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024
and 31 December 2024 11,384
DEPRECIATION
At 1 January 2024
and 31 December 2024 11,384
NET BOOK VALUE
At 31 December 2024 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors - 450
Amounts owed by group undertakings 923,265 848,356
Other debtors 3,683 27,537
926,948 876,343

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 1,923 2,159
Amounts owed to group undertakings 6,311,370 6,311,350
Taxation and social security 4,611 6,759
Other creditors & accruals 33,007 39,184
6,350,911 6,359,452

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year - 3,780

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
1 Ordinary £1 1 1

LOOP DURABLE SYSTEM UK LIMITED (REGISTERED NUMBER: 11911849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. AUDIT REPORT INFORMATION

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

10. RELATED PARTY DISCLOSURES

Transactions between the company and its fellow subsidiaries not wholly owned are disclosed below:


20242023
££
Amounts owed to group entities at year end259,542238,528

During the year, TerraCycle UK Limited recharged expenses to Loop Durable System UK Limited of £21,013 (2023 - £62,882).

11. ULTIMATE PARENT COMPANY

The ultimate parent company is TerraCycle, Inc., a company incorporated in the United States of America. This is the largest group in which the results of the company are consolidated.

The immediate parent company is Loop Global Holdings LLC, by virtue of its 100% shareholding. This is the smallest group in which the results of Loop Durable System UK Limited are consolidated. The registered office of Loop Global Holdings LLC is 121 New York Avenue, Trenton, NJ, 08638, USA.