Company Registration No. 13127217 (England and Wales)
Plixxent Holding UK Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Plixxent Holding UK Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Plixxent Holding UK Limited
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
2
-
0
6,940,000
Current assets
Debtors
3
7,721,660
6,155,980
Cash at bank and in hand
3,851
1,572
7,725,511
6,157,552
Creditors: amounts falling due within one year
4
(6,182,461)
(9,895,711)
Net current assets/(liabilities)
1,543,050
(3,738,159)
Total assets less current liabilities
1,543,050
3,201,841
Creditors: amounts falling due after more than one year
5
-
0
(2,625,000)
Net assets
1,543,050
576,841
Capital and reserves
Called up share capital
6
300
200
Share premium account
7
8,299,900
1,199,900
Profit and loss reserves
8
(6,757,150)
(623,259)
Total equity
1,543,050
576,841

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
P Robinson
Director
Company Registration No. 13127217
Plixxent Holding UK Limited
Statement of changes in equity
For the year ended 31 December 2024
2
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
100
-
0
(306,071)
(305,971)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(317,188)
(317,188)
Issue of share capital
6
100
1,199,900
-
1,200,000
Balance at 31 December 2023
200
1,199,900
(623,259)
576,841
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(6,133,891)
(6,133,891)
Issue of share capital
6
100
7,100,000
-
7,100,100
Balance at 31 December 2024
300
8,299,900
(6,757,150)
1,543,050
Plixxent Holding UK Limited
Notes to the financial statements
For the year ended 31 December 2024
3
1
Accounting policies
Company information

Plixxent Holding UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Squire Patton Boggs (UK) LLP, Rutland House, 148 Edmund Street, Birmingham, B3 2JR.

The principal place of business is Gasstrasse 18 (Haus 5), 22761 Hamburg, Germany.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of PLIXXENT Holding GmbH. These consolidated financial statements are available from its registered office, Gasstrasse 18 (Haus 5), 22761, Hamburg, Germany.

1.2
Going concern

Management continue to adopt the going concern basis to the preparation of the financial statements as it is true confident of the c ompany continuing operations for at least 12 months from the date of approval of these financial statements.

The company is reliant on further support from its parent undertaking in order to continue trading for at least twelve months from the date of approval of these financial statements. The net current position and going concern basis is a result of confirmations from its parent undertaking who will support the c ompany to settle liabilities as they fall due.

The parent company has pledged its support for at least the next twelve months. Therefore, the directors consider the going concern basis of preparation is appropriate.

Plixxent Holding UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Plixxent Holding UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies and that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
6,940,000
Plixxent Holding UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Fixed asset investments (continued)
6
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
6,940,000
Additions
3,000,005
Disposals
(9,940,005)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
6,940,000
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,633,925
-
0
Deferred tax asset
87,735
-
0
7,721,660
-
0
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
-
0
6,155,980
Total debtors
7,721,660
6,155,980
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
0
878
Amounts owed to group undertakings
3,442,563
9,874,989
Other creditors
2,739,898
19,844
6,182,461
9,895,711
Plixxent Holding UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
2,625,000

Glas Trust Corporation Limited hold fixed and floating charges over the assets of the company as security agent.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
300
200
300
200

During the year, 100 £1 Ordinary shares were allotted. Consideration of £71,001 was received per share allotted with amounts in excess of par value allocated to the share premium account.

7
Share premium account
2024
2023
£
£
At the beginning of the year
1,199,900
-
0
Issue of new shares
7,100,000
1,199,900
At the end of the year
8,299,900
1,199,900
8
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(623,259)
(306,071)
Loss for the year
(6,133,891)
(317,188)
At the end of the year
(6,757,150)
(623,259)
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Diane Petit-Laurent FCA
Statutory Auditors:
Saffery LLP
Date of audit report:
19 March 2025
Plixxent Holding UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
8
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Income
Payments
2024
2023
2024
2023
£
£
£
£
Interest expenses on loan by parent undertaking
-
0
-
0
774,833
702,831
Interest income on loan to group undertakings
479,508
-
0
-
0
-
0
Interest income on loan to subsidiary
-
0
507,098
-
0
-
0
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Amounts owed by group undertakings
7,337,150
-
-
0
-
0
Amounts owed by subsidiary
-
6,155,980
-
0
-
0
Amounts owed to parent undertaking
-
-
3,145,788
9,874,989
11
Parent company

The immediate parent and the ultimate controlling party is PLIXXENT Holding GmbH. The relationship is as a subsidiary of the Global group of PLIXXENT.

The smallest and largest group in which the results of the Company are consolidated is that headed by PLIXXENT Holding GmbH, incorporated in Germany. The consolidated financial statements of this group are available to the public and may be obtained from Gasstrasse 18 (Haus 5), 22761 Hamburg, Germany.

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