Company registration number 1773891 (England and Wales)
PLANTRONICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 APRIL 2023
PLANTRONICS LIMITED
COMPANY INFORMATION
Directors
Mr T C Salomon
(Appointed 1 August 2023)
Mr N R Sawyer
(Appointed 1 November 2023)
Company number
1773891
Registered office
Earley West
300 Thames Valley Park Drive
Reading
Berkshire
United Kingdom
RG6 1PT
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
PLANTRONICS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
3 - 4
Directors' responsibilities statement
2
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
Detailed trading and profit and loss account
33 - 35
PLANTRONICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 1 APRIL 2023
- 1 -

The directors present the strategic report for the year ended 1 April 2023.

Fair review of the business

The results of the company for the period are set out on page 9. Profit on ordinary activities before tax and share based payment equity charges was £2,429,662 (2022: £4,816,516). The shareholders' funds of the company total £18,623,065. (2022: 33,770,204). Due to the acquisition of the Poly Group by HP Inc., the Company is part of the global restructuring plan and the business activity is transferred as per 01 November 2023. All employees of the Company were already transferred to HP Inc UK Limited during fiscal year 2023.

Principal risks and uncertainties

The company's operations expose it to limited financial risks that include credit risk, liquidity risk and interest rate risk.

 

In respect of credit risk, the company does not run any risk regarding uncollectible receivables from third parties, as the receivables of the company have been transferred to the Principal under an undisclosed agency agreement. In this agreement the ownership of receivables is transferred to the Principal, Plantronics B.V.

 

In respect of liquidity risk, the company obtains necessary finance from within the Plantronics group. The company's favorable liquidity situation did not warrant any significant borrowing in the current period.

 

Policies in this regard will be considered at an appropriate time by the directors. As no external borrowings are made in the company nor given, no interest rate risk is present.

 

In respect of interest rate risk, the company does not run a high risk, as we do not have any high cash volumes. In case the market interest rate declines, our interest income will decrease likewise.

Development and performance

The Company sold the business activity as per 01 November 2023 to HP Inc UK Limited as part of the HP restructuring plan. From that date, there is no operational activity left in the Company.

Key performance indicators (KPIs)

Given the straightforward nature of the business, the company's directors are of the opinion deep analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

On behalf of the board

Mr T C Salomon
Director
2 February 2024
PLANTRONICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 1 APRIL 2023
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PLANTRONICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 1 APRIL 2023
- 3 -

The directors present their annual report and financial statements for the year ended 1 April 2023.

Principal activities

The principal activity of the company continued to be that of acting as a distributor for Plantronics B.V., the parent company incorporated in The Netherlands.

Results and dividends

The results for the year are set out on page 8.

On 14 July 2022, the Company declared and paid a final dividend of GBP 17,060,232 to its solee shareholder Plantronics B.V. The directors do not recommend payment of a final dividend.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C D Boynton
(Resigned 31 October 2022)
Ms E S Hoehn
(Resigned 26 January 2023)
Mr S Weir
(Resigned 1 November 2022)
Ms C F Morin
(Appointed 26 January 2023 and resigned 1 August 2023)
Mr T C Salomon
(Appointed 1 August 2023)
Mr D N Prezzano
(Appointed 1 November 2022 and resigned 1 November 2023)
Mr N R Sawyer
(Appointed 1 November 2023)
Research and development

During the period, the company carried out research and development on new products and local market customization. The amount spent for the period to 01 April 2023 is £2,763,399 (2021: £2,740,037).

Auditor

Azets Audit Services was appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

PLANTRONICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
- 4 -
Energy and carbon report
Energy consumption
kWh
Aggregate of energy consumption in the year
1,181,050
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Gas combustion
72.31
- Fuel consumed for owned transport
12.64
84.95
Scope 2 - indirect emissions
- Electricity purchased
69.11
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
6.32
Total gross emissions
160.38
Intensity ratio
Tonnes CO2e per full-time employee
1.47
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have taken several actions to improve the energy efficiency. Examples of these actions are the installation of solar panels and energy saving lightning, promoting awareness of saving energy and waste segregation.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr T C Salomon
Director
2 February 2024
PLANTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLANTRONICS LIMITED
- 5 -
Opinion

We have audited the financial statements of Plantronics Limited (the 'company') for the year ended 1 April 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of a basis of accounting other than going concern in the preparation of the financial statements is appropriate.

 

We draw attention to note 2 of the financial statements which discloses the basis under which these financial statements have been prepared. In accordance with their responsibilities as directors, the directors have concluded that the going concern basis of accounting is inappropriate in preparing these financial statements due to managements intention to liquidate the company. The directors have therefore adopted a basis of accounting other than going concern in preparing these financial statements. Our opinion is not modified in respect of this matter.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PLANTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLANTRONICS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PLANTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLANTRONICS LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Jack Tatschner ACA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
5 February 2024
Chartered Accountants
Statutory Auditor
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
PLANTRONICS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 1 APRIL 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
74,415,745
90,577,756
Cost of sales
(46,937,271)
(56,291,299)
Gross profit
27,478,474
34,286,457
Administrative expenses
(25,270,442)
(29,790,514)
Other operating income/(expenses)
56,208
(270,083)
Operating profit
4
2,264,240
4,225,860
Interest receivable and similar income
8
165,422
591,074
Interest payable and similar expenses
9
-
0
(418)
Profit before taxation
2,429,662
4,816,516
Tax on profit
10
(439,798)
(1,116,684)
Profit for the financial year
1,989,864
3,699,832

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PLANTRONICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 1 APRIL 2023
- 9 -
2023
2022
£
£
Profit for the year
1,989,864
3,699,832
Other comprehensive income
-
-
Total comprehensive income for the year
1,989,864
3,699,832

The notes on pages 12 to 27 form part of these financial statements.

PLANTRONICS LIMITED
BALANCE SHEET
AS AT
1 APRIL 2023
01 April 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
919,769
1,892,075
Current assets
Stocks
13
396,276
404,712
Debtors
14
31,552,372
55,957,754
Cash at bank and in hand
7,375,685
4,002,866
39,324,333
60,365,332
Creditors: amounts falling due within one year
15
(19,016,342)
(24,605,738)
Net current assets
20,307,991
35,759,594
Total assets less current liabilities
21,227,760
37,651,669
Creditors: amounts falling due after more than one year
16
(1,821,700)
(2,831,551)
Provisions for liabilities
Provisions
17
706,224
1,049,914
(706,224)
(1,049,914)
Net assets
18,699,836
33,770,204
Capital and reserves
Called up share capital
22
101
101
Share premium account
14,217,962
14,217,962
Capital redemption reserve
1,250,000
1,250,000
Profit and loss reserves
3,231,773
18,302,141
Total equity
18,699,836
33,770,204
The financial statements were approved by the board of directors and authorised for issue on 2 February 2024 and are signed on its behalf by:
Mr T C Salomon
Director
Company Registration No. 1773891
PLANTRONICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 1 APRIL 2023
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 2 April 2022:
Balance at 4 April 2021
101
14,217,962
1,250,000
14,602,309
30,070,372
Year ended 2 April 2022:
Profit and total comprehensive income for the year
-
-
-
3,699,832
3,699,832
Balance at 2 April 2022
101
14,217,962
1,250,000
18,302,141
33,770,204
Year ended 1 April 2023:
Profit and total comprehensive income for the year
-
-
-
1,989,864
1,989,864
Dividends
11
-
-
-
(17,060,232)
(17,060,232)
Balance at 1 April 2023
101
14,217,962
1,250,000
3,231,773
18,699,836
PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 APRIL 2023
- 12 -
1
Accounting policies
Company information

Plantronics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Earley West, 300 Thames Valley Park Drive, Reading, Berkshire, United Kingdom, RG6 1PT.

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.

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.

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. The company has therefore taken advantage of exemptions 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 each category of financial instrument; 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

 

The financial statements of the company are consolidated in the financial statements of HP Inc. These consolidated financial statements are available from its registered office, 1501 Page Mill Road, Palo Alto, California, 94304, United States of America.

1.2
Change in accounting estimate

During the year the Company aligned some accounting estimates to the estimates of the new ultimate partner, HP Inc. The changes and the impact are disclosed below.

 

The rebates and deal discount reserves methodology are now based on sales in revenue. The impact for the current period on the liabilities is an increase of £2.734.855 and a decrease of income of £2.734.855.

 

The deferred revenue regarding free software to customers is released as it seen immaterial in the context of the contracts. The impact for the current period on the liabilities is a decrease of £1.748.209 and an increase of income of £1.748.209.

 

The capitalized commission regarding to the sales of services are released because HP does not have a practice of capitalizing commissions. The impact for the current period on the liabilities is an increase of £273.491 and a decrease of income of £273.491.

 

After HP’s acquisition, management had some directives for levels of inventory in the channel to be executed on short notice. This reduction in channel inventory levels and revenue sales into the channel in resulted in lower contra revenue reserve calculations for RMA. The impact for the current period on the liabilities is an increase of £298.652 and a decrease of income of £298.652.

PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Going concern

During the year the decision was made to hive up the trade and assets of the company into the group post year end. As such, Plantronics Limited will cease to trade in the following financial year and will be subsequently wound up. The group truehas confirmed that they will provide support to enable the company to fulfil its financial obligations as and when they fall due until this point. The financial statements are therefore prepared on a basis other than going concern.

1.4
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
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:

Property improvements
Straight line over 7 years
Plant and equipment
2 - 5 years straight line
Fixtures and fittings
3 - 5 years straight line
Computers
2 - 5 years 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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
1
Accounting policies
(Continued)
- 14 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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 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 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.

PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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.

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, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments 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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

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

PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
1
Accounting policies
(Continued)
- 16 -
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 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Share based payments national insurance

 

A number of the company's employees have been granted share options over the shares of the company's ultimate parent undertaking, Plantronics Inc. Provision for National Insurance is calculated based on the prevailing National Insurance rate on the difference between the option exercise price and the market value of the related shares when the options are exercised.

 

For RSU's, provision for National Insurance is calculated based on the prevailing National Insurance rate on the market value of the unvested RSU's.

 

Dilapidations

 

The provision related to and covers the cost of dilapidations for the London Experience Centre and Maidenhead office. The provisions are expected to be utilised at the end of the relevant lease.

PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Share-based payments

The company participates in a group settled share-based payment arrangement granted by its ultimate parent company to its employees. Group-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to liabilities to represent the future compensation charge levied by the parent company on exercise.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
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.

PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Dilapidation provision

At the end of the lease at the properties; Building 4, Foundation Park in Maidenhead and London Experience Centre, the provisions are expected to be utilised to return the properties back to the original condition. There is uncertainty in relation to the future cost of the dilapidation repairs, which has a current provision of £706,223.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Third party sales
71,370,298
87,340,645
Retainer fee
3,045,447
3,237,111
74,415,745
90,577,756
2023
2022
£
£
Other revenue
Interest income
165,422
347,812
Dividends received
-
243,262
PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
- 19 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(586,602)
(244,761)
Depreciation of owned tangible fixed assets
537,127
641,972
Loss on disposal of tangible fixed assets
108,597
160,007
Operating lease charges
797,574
841,778
5
Employees

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

2023
2022
Number
Number
Sales and marketing
80
148
Administration
11
34
Production and technical
19
23
Total
110
205

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
12,743,302
18,726,431
Social security costs
1,437,527
2,389,646
Pension costs
462,127
735,023
14,642,956
21,851,100
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company (Azets)
43,185
34,550
For other services
Audit-related assurance services
43,185
34,550
Taxation compliance services (Azets)
2,900
2,975
All other non-audit services (Azets)
4,750
3,175
50,835
40,700
PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
- 20 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
-
0
67,385
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,058
650
Interest receivable from group companies
164,364
347,162
Total interest revenue
165,422
347,812
Income from fixed asset investments
Income from shares in group undertakings
-
0
243,262
Total income
165,422
591,074
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
-
418
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
262,260
1,050,127
Adjustments in respect of prior periods
5,704
-
0
Total current tax
267,964
1,050,127
Deferred tax
Origination and reversal of timing differences
171,834
66,557
Total tax charge
439,798
1,116,684
PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
10
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,429,662
4,816,516
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
461,636
915,138
Tax effect of expenses that are not deductible in determining taxable profit
33,908
(8,962)
Permanent capital allowances in excess of depreciation
35,182
-
0
Tax relief on share options
107,818
(182,448)
Share based payment vesting charge
(376,284)
268,466
Under/(over) provided in prior years
5,704
104,153
Dividend income
-
0
(46,220)
Deferred tax adjustments
171,834
66,557
Taxation charge for the year
439,798
1,116,684
11
Dividends
2023
2022
£
£
Final paid
17,060,232
-
0
PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
- 22 -
12
Tangible fixed assets
Property improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 3 April 2022
1,971,933
-
0
1,235,986
103,838
1,032,430
4,344,187
Additions
-
0
11,093
-
0
-
0
12,652
23,745
Disposals
(11,207)
-
0
(1,134,734)
(99,861)
(208,807)
(1,454,609)
At 1 April 2023
1,960,726
11,093
101,252
3,977
836,275
2,913,323
Depreciation and impairment
At 3 April 2022
935,513
-
0
761,958
87,579
667,062
2,452,112
Depreciation charged in the year
371,124
-
0
63,475
1,863
100,665
537,127
Eliminated in respect of disposals
(9,151)
-
0
(724,181)
(85,465)
(176,888)
(995,685)
At 1 April 2023
1,297,486
-
0
101,252
3,977
590,839
1,993,554
Carrying amount
At 1 April 2023
663,240
11,093
-
0
-
0
245,436
919,769
At 2 April 2022
1,036,420
-
0
474,028
16,259
365,368
1,892,075
13
Stocks
2023
2022
£
£
Finished goods and goods for resale
396,276
404,712
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
855,586
86,788
Amounts owed by group undertakings
28,820,190
53,932,665
Other debtors
1,026,743
503,085
Prepayments and accrued income
416,046
829,575
31,118,565
55,352,113
PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
14
Debtors
(Continued)
- 23 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 18)
433,807
605,641
Total debtors
31,552,372
55,957,754
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
419,641
690,571
Amounts owed to group undertakings
6,514,377
7,256,968
Taxation and social security
-
0
795,945
Deferred income
19
3,968,317
5,966,428
Other creditors
689,445
3,975
Accruals and deferred income
7,424,562
9,891,851
19,016,342
24,605,738
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Deferred income
19
1,601,789
2,620,417
Other creditors
219,911
211,134
1,821,700
2,831,551
17
Provisions for liabilities
2023
2022
£
£
Share based payment employer's national insurance (SBP Er's NI)
-
212,653
Dilapidations on leased premises
706,224
837,261
706,224
1,049,914
PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
17
Provisions for liabilities
(Continued)
- 24 -
Movements on provisions:
SBP Er's NI
Dilapidations
Total
£
£
£
At 3 April 2022
212,653
837,261
1,049,914
Additional provisions in the year
-
38,963
38,963
Reversal of provision
(212,653)
(170,000)
(382,653)
At 1 April 2023
-
706,224
706,224

Share based payments

 

A number of the company's employees have been granted Performance Stock Units (PSU's) and Restricted Stock Units (RSU's) over the shares of the company's ultimate parent undertaking, Plantronics Inc. For PSU's and RSU's granted the company is liable to pay National Insurance, currently 13.8%, on the difference between the option exercise price and the market value of the related shares when the options are exercised; for RSU's National Insurance arises on the market value on the date of exercise. The provision was utilised on 29 August 2022 when HP Inc acquired Poly Inc to become the ultimate parent undertaking of Plantronics Limited. At this date all open RSU's and PSU's exercised.

Dilapidations

 

The provision related to and covers the cost of dilapidations for the London Experience Centre and Maidenhead office. The provisions are expected to be utilised at the end of the relevant lease.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
433,807
337,175
Share based payments
-
268,466
433,807
605,641
2023
Movements in the year:
£
Asset at 3 April 2022
(605,641)
Charge to profit or loss
171,834
Asset at 1 April 2023
(433,807)
PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
18
Deferred taxation
(Continued)
- 25 -

The deferred tax asset set out above is expected to reverse within 5 years and relates to future tax deductions from the share based payment scheme offset by to accelerated capital allowances that are expected to mature within the same period.

19
Deferred income
2023
2022
£
£
Other deferred income
5,570,106
8,586,845
Included in the financial statements as follows:
Current liabilities
3,968,317
5,966,428
Non-current liabilities
1,601,789
2,620,417
5,570,106
8,586,845
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
462,127
735,023

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
- 26 -
21
Share-based payment transactions

2003 Stock Plan

 

On May 5, 2003, the Board of Directors ("Board") adopted the Plantronics, Inc. 2003 Stock Plan ("2003 Stock Plan") which was approved by the stockholders in June 27, 2003. The 2003 Stock Plan, which will continue in effect until terminated by the Board, allows for the issuance of the company's common stock through the granting of non-qualified stock options, restricted stock, restricted stock units, and performance shares with performance-based conditions on vesting.

 

The company settles stock option exercises, grants of restricted stock, and releases of vested restricted stock units with newly issued common shares. The exercise price of stock options may not be less than 100% of the fair market value of the company's common stock on the date of grant. The term of an option may not exceed 7 years from the date it is granted. Stock options granted to employees vest over a three-year period, and stock options granted to non-employee directors vest over a four-year period.

 

Restricted stock and restricted stock units under our share-based plans are granted to directors, executives, and employees. The estimated fair value of the restricted stock and restricted stock unit grants is determined based on the market price of Plantronics common stock on the date of grant. Restricted stock and restricted stock units granted to employees vest over a three-year period to non-employee directors over a one-year period.

 

Performance-based restricted stock units ("PSUs") are granted to vice presidents and executives of the company and contain a market condition based on Total Shareholder Return ("TSR"). The Compensation Committee sets a target and maximum value that each Executive could earn based on an annual comparison of the total stockholder return on the company's common stock against the iShares S&P North American Tech-Multimedia Networking Index ("Index"), an index the Committee determined appropriate to compare to the total stockholder return on its stock. Performance shares will be delivered in common stock over the vesting period of three-years based on the company’s actual performance compared to the target performance criteria. Awards granted prior to May 6, 2019 may equal from zero percent (0%) to one hundred fifty percent (150%) of the target award, and awards granted subsequent to May 6, 2019 may equal from zero percent (0%) to two hundred percent (200%) of the target award. The fair value of a performance share with a market condition is estimated on the date of award, using a Monte Carlo simulation model to estimate the total return ranking of the company’s stock among the Index companies over each performance period.

 

2002 ESPP Plan

 

On June 10, 2002, the Board adopted the 2002 Employee Stock Purchase Plan ("ESPP"), which was approved by the stockholders on July 17, 2002, to provide eligible employees with an opportunity to purchase the company's common stock through payroll deductions. Under the ESPP, which is effective until terminated by the Board, the purchase price of the company's common stock is equal to 85% of the lesser of the closing price of the common stock on (i) the first day of the offering period or (ii) the last day of the offering period. Each offering period is six months long.

22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
101
101
101
101
PLANTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 APRIL 2023
- 27 -
23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
646,906
930,247
Between two and five years
383,647
874,566
1,030,553
1,804,813
24
Prior period adjustment

In prior periods the company had recognised deferred income on service revenue. The method in calculating the ageing on deferred income has been restated to incorporate the impact of a misclassification in the current and non-current deferred income balances. There was no impact to the reserves available as a result of this change.

Adjustments to equity
The prior period adjustments do not give rise to any effect upon equity.
4 April
2 April
2021
2022
£
£
Adjustments to prior year
Deferred income - current
-
(1,557,682)
Deferred income - non-current
-
1,557,682
Total adjustments
-
-
Equity as previously reported
31,863,198
33,770,204
Equity as adjusted
31,863,198
33,770,204
25
Events after the reporting date

During the year the decision was made to hive up the trade and assets of the company into the group post year end. As such, Plantronics Limited will cease to trade in the following financial year and will be subsequently wound up.

26
Ultimate controlling party

The immediate parent undertaking is Plantronics B.V., which is incorporated in The Netherlands. The ultimate parent undertaking and controlling party is HP Inc., a company incorporated in the United States of America. Copies of the group financial statements of HP Inc. may be obtained from HP Inc., HP Inc. These consolidated financial statements are available from its registered office, 1501 Page Mill Road, Palo Alto, California, 94304, United States of America.

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