REGISTERED NUMBER: 12985927 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2023

for

MMC PACKAGING EUROPE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

P Gilligan

Registered office:

3rd Floor

86-90 Paul Street

London

EC2A 4NE

Registered number:

12985927 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Fixed assets

Tangible assets

4

254,906

268,989

Current assets

Stocks

4,188

6,019

Debtors

5

24,367

55,692

Cash at bank

4,788

12,569

33,343

74,280

Creditors

Amounts falling due within one year

6

782,075

686,177

Net current liabilities

(748,732

)

(611,897

)

Total assets less current liabilities

(493,826

)

(342,908

)

Capital and reserves

Called up share capital

7

1,000

1,000

Retained earnings

(494,826

)

(343,908

)

Shareholders' funds

(493,826

)

(342,908

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 13 December 2025 and were signed by:

P Gilligan - Director

1.	Statutory information

MMC Packaging Europe Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Accounts are prepared from the date of incorporation resulting in an extended accounting period.

The financial statements are prepared on a going concern basis.

The company is supported by its parent company MMC Holding International Ltd and its associated subsidiary Symbiotec Ltd. The parent company has raised finance through equity and Innovate loan investment. This investment will be utilised by the company to assist as the Company moves through the start up phase into growth and expansion.

MMC Packaging Europe Ltd currently has one branch in Bulgaria. There has been continued investment in the year to get the Bulgarian plant operational. IIt was operational by Q4 2023.

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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

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

Tangible fixed assets

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

Plant and machinery

-

Straight line over 5 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

3.	Employees and directors

The average number of employees during the year was 1 (2022 - NIL ) .

4.	Tangible fixed assets

Improvements

Plant and

to property

machinery

Totals

£

£

£

Cost

At 1 January 2023

and 31 December 2023

43,785

225,204

268,989

Depreciation

Charge for year

8,757

5,326

14,083

At 31 December 2023

8,757

5,326

14,083

Net book value

At 31 December 2023

35,028

219,878

254,906

At 31 December 2022

43,785

225,204

268,989

5.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

5,515

3,321

Other debtors

18,852

52,371

24,367

55,692

6.

Creditors: amounts falling due within one year

2023

2022

£

£

Trade creditors

18,756

71,296

Amounts owed to group undertakings

749,725

605,487

Taxation and social security

1,152

1,453

Other creditors

12,442

7,941

782,075

686,177

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,000

Ordinary Shares

£1

1,000

1,000

8.	Ultimate controlling party

The company's parent entity is MMC Holding International Ltd, a company registered in England and Wales.

The company's registered office is 3rd Floor 86 - 90 Paul Street, London, England, EC2A 4NE