Company registration number 06400537 (England and Wales)
PLATO GROUP INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PLATO GROUP INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
PLATO GROUP INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1
25
Investments
4
154,926
154,926
154,927
154,951
Current assets
Debtors
5
375,091
255,808
Cash at bank and in hand
364,107
927,723
739,198
1,183,531
Creditors: amounts falling due within one year
6
(1,839,181)
(878,191)
Net current (liabilities)/assets
(1,099,983)
305,340
Total assets less current liabilities
(945,056)
460,291
Creditors: amounts falling due after more than one year
7
-
0
(1,259,372)
Net liabilities
(945,056)
(799,081)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(945,156)
(799,181)
Total equity
(945,056)
(799,081)

The notes on pages 3 to 7 form part of these financial statements.

The director of the company has elected not to include a copy of the profit and loss account 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 16 November 2023 and are signed on its behalf by:
Mr R Looije
Director
Company Registration No. 06400537
PLATO GROUP INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100
(837,660)
(837,560)
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
38,479
38,479
Balance at 31 December 2021
100
(799,181)
(799,081)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(145,975)
(145,975)
Balance at 31 December 2022
100
(945,156)
(945,056)

The notes on pages 3 to 7 form part of these financial statements.

PLATO GROUP INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Plato Group International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, United Kingdom, NG9 6RZ.

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 amounts 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.

The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts on the grounds that it's only subsidiary, Clipper Gifts Limited, is exempt from being consolidated under section 405 of the Companies Act 2006 as it is not material to the group.

 

Consequently the financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis in preparing these financial statements.true

 

The company has net current liabilities of £945,056 with cash reserves of £364,107. Current liabilities Include group liabilities totalling £1,538,222. The company’s ultimate parent undertaking has given assurances that it will continue to support the company such that it can continue to meet its liabilities as and when they fall due for a period of at least 12 months from the date of signing of these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

PLATO GROUP INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The company only has financial instruments that are classified as basic financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 and cash and bank balances, are initially measured at transaction price and subsequently carried at amortised cost less impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

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.

PLATO GROUP INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade creditors and loans from fellow group companies are initially recognised at transaction price and subsequently measured at amortised cost.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.8
Equity instruments

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

1.9
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 profit and loss account 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 is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to pay less or to receive more tax, with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the Balance Sheet date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

PLATO GROUP INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
1,465
Depreciation and impairment
At 1 January 2022
1,440
Depreciation charged in the year
24
At 31 December 2022
1,464
Carrying amount
At 31 December 2022
1
At 31 December 2021
25
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
154,926
154,926
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
325,814
249,548
Amounts owed by group undertakings
33,192
-
0
Other debtors
-
0
142
Prepayments and accrued income
16,085
6,118
375,091
255,808
PLATO GROUP INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
118,488
31,385
Amounts owed to group undertakings
1,538,332
750,378
Taxation and social security
151,118
84,176
Other creditors
11,294
5,167
Accruals and deferred income
19,949
7,085
1,839,181
878,191
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Amounts owed to group undertakings
-
0
1,259,372
8
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:
Lee Meredith ACA
Statutory Auditor:
Azets Audit Services
9
Related party transactions

The company has taken advantage of the exemption from disclosing transactions with entities which are part of the wholly owned group.

10
Parent company

The company's ultimate holding company is Plato B.V., a company registered in The Netherlands.

 

The parent undertaking of both the smallest and largest group within which the company belongs and for which consolidated financial statements are prepared is Plato B.V. whose registered office is Haverdijk 5, NL-5704 RC Helmond, The Netherlands. The consolidated accounts are publicly available form the Dutch chamber of commerce and listed on the Dutch commercial register under number 17066765.

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