1.
General Information
IP3 Plastics Holding Company Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07999002
. The registered office is 9a Burroughs Gardens, London, NW4 4AU .
The principal place of business is in France
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention, except, as disclosed in the accounting policies, certain items are shown at fair value.
The company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account and under FRS 102 not to include a company cash flow statement.
The financial statements are presented in Euros and are rounded to the nearest Euro.
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.2.
Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3.
Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.4.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the group’s ability to continue as a going concern, in particular with regard to Polysemble Vendee SAS, which is in dispute with a key customer.
2.5.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.6.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill
Goodwill, being the amount paid in connection with the acquisition of business in 2019, is being amortised evenly over its estimated useful life of five years.
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
2.7.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
2.8.
Intangible Fixed Assets and Amortisation - Intellectual Property
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over
their useful life as follows:
Asset class Amortisation method and rate
Patent and trademark 3 years
Goodwill 5 years
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.9.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Plant & Machinery |
|
| Fixtures & Fittings |
|
2.10.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost.
2.11.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.12.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.13.
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.
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.14.
Financial Instruments
Classification
The financial assets and liabilities of the balance sheet are presented and evaluated in accordance with the various categories in accordance with IFRS 9 but for presentation purpose we are using FRS 102.
Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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 liabilities
Basic financial liabilities, including trade and other payables, bank loans 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 receipts discounted at a market rate of interest.
2.15.
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 group'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.
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.16.
Provisions and Contingencies
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
2.17.
2.17. - continued
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss
account over the period of the relevant borrowing.
...CONTINUED
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
3.
Turnover
Analysis of turnover by geographical market is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Europe |
|
|
|
| Rest of the world |
|
|
|
| 23,891,137 | 34,239,373 | ||
4.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Other operating income |
|
|
|
| 105,000 | 134,000 | ||
5.
Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
( |
|
|
6.
Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| Office and administration |
|
|
|
|
|||
| Sales, marketing and distribution |
|
|
|
|
|||
| Production |
|
|
|
|
|||
| Other departments |
|
|
|
|
|||
|
|
|
|
|
||||
9.
Interest Receivable and Similar Income
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Bank interest receivable |
|
|
|
10.
Interest Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Bank loans and overdrafts |
|
|
|
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
11.
Tax on Profit
The tax charge/(credit) on the profit for the year was as follows:
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | € | € | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
|
( |
|||
| Total tax charge for the period |
|
( |
|||
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| € | € | ||||
| Profit before tax | 908,806 | 117,482 | |||
| Tax on profit at 25% (UK standard rate) |
|
( |
|||
| Expenses not deductible for tax purposes |
( |
( |
|||
| Foreign tax rates |
|
|
|||
| Revenue exempt from taxation |
|
|
|||
| Tax losses for which no deferred tax was recognised |
|
( |
|||
| Total tax charge for the period | 4,000 | (11,000) | |||
12.
Intangible Assets
Group
Company
| Goodwill | Other | Negative goodwill | Total | |
|---|---|---|---|---|
| € | € | € | € | |
| Cost or Valuation | ||||
| As at 1 January 2024 |
|
|
( |
|
| Other |
|
( |
|
( |
| As at 31 December 2024 |
|
|
( |
|
| Amortisation | ||||
| As at 1 January 2024 |
|
|
( |
|
| Provided during the period |
|
|
( |
( |
| As at 31 December 2024 |
|
|
( |
|
...CONTINUED
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| Net Book Value | ||||
| As at 31 December 2024 |
|
|
( |
( |
| As at 1 January 2024 |
|
|
( |
( |
The company had no intangible fixed assets as at 31 December 2024 or 31 December 2023.
13.
Tangible Assets
Group
Company
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Plant & Machinery | Fixtures & Fittings | Total | |
| € | € | € | € | |
| Cost or Valuation | ||||
| As at 1 January 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
( |
( |
( |
| Other |
( |
( |
( |
( |
| As at 31 December 2024 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Other |
|
( |
( |
( |
| As at 31 December 2024 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2024 |
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
14.
Investments
Company
| Subsidiaries | |
|---|---|
| € | |
| Cost or Valuation | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
Subsidiaries
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
12 Boulevard de la République 42190 CHARLIEU France |
|
|
- |
|
|
ZI du Bois Joly Sud 85505 LES HERBIERS CEDEX France |
|
|
- |
15.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Materials |
|
|
|
| Finished goods |
|
|
|
| Work in progress |
|
|
|
|
|
|
||
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
16.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| € | € | € | € | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Other debtors | 1,267,565 | 2,182,015 | - | - | |||
|
|
|
|
|
||||
| Due after more than one year | |||||||
| Other debtors | 442,707 | - | - | - | |||
|
|
|
|
|
||||
Details of non-current other debtors
Group
€442,707 (2023 - €762,707) of participatory loans is classified as non-current which is included in other debtors.
17.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| € | € | € | € | ||||
| Trade creditors |
|
|
|
|
|||
| Bank loans and overdrafts |
|
|
|
|
|||
| Amounts owed to group undertakings | - |
|
|
|
|||
| Amounts owed to participating interests |
|
|
|
|
|||
| Other creditors | 2,141,826 | 3,776,445 | 4 | 4 | |||
| Taxation and social security | 2,079,535 | 3,693,515 | - | - | |||
| Accruals and deferred income | 29,605 | 29,144 | 29,605 | 29,144 | |||
|
|
|
|
|
||||
18.
Creditors: Amounts Falling Due After More Than One Year
| Group | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| € | € | |||
| Trade creditors |
|
|
||
| Bank loans |
|
|
||
| Other creditors | 457,689 | - | ||
| Taxation and social security |
|
|
||
|
|
|
|||
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
19.
Loans
An analysis of the maturity of loans is given below:
| Group | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| € | € | |||
| Amounts falling due within one year or on demand: | ||||
| Bank loans |
|
|
||
| Group | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| € | € | |||
| Amounts falling due between one and five years: | ||||
| Bank loans |
|
|
||
20.
Provisions for Liabilities
| Group | |||
|---|---|---|---|
| Deferred Tax | Other Provisions | Total | |
| € | € | € | |
| As at 1 January 2024 |
( |
|
993,206 |
| Utilised |
|
( |
(628,206) |
| Balance at 31 December 2024 |
( |
|
365,000 |
22.
Other Commitments
Group
Finance leases
The total of future minimum lease payments are as following:
IP3 Plastics Holding Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
| Later than five years | - |
|
|
|
|
|
||
Operating leases
The total of future minimum lease payments are as following:
|
2024
|
2023
|
||
|
€
|
€
|
||
|
Not later than one year
|
116,926
|
616,096
|
|
|
Later than one year and not later than five years
|
309,536
|
2,094,464
|
|
|
Later than five years
|
52,779
|
930,870
|
|
|
479,241
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
|
3,641,430
|
|
|
|
23.
Related Party Disclosures
Key management personnel (including directors) received compensation of €137,253 (2023: €579,336)
24.
Exceptional Items
Exceptional item includes sum for the factor linked to certain suppliers waiving part of their receivables.