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2023-12-31 00651504 e:CurrentFinancialInstruments 7 2023-12-31 00651504 e:CurrentFinancialInstruments 7 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 00651504







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


PLANER LIMITED






































img0f42.png                        

 


PLANER LIMITED
 


 
COMPANY INFORMATION


Directors
D. A. Barber 
A. B. Fuller 
J. Lee 
R. C. Milnes 
U. Miraj 
D. Wolf 




Registered number
00651504



Registered office
110 Windmill Road
Sunbury-On-Thames

Middlesex, England

TW16 7HD




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditors

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


PLANER LIMITED
 



CONTENTS



Page
Directors' report
1 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 32


 


PLANER LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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:


select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The Company's principal activities during the year were those of design, manufacture, marketing and ancillary services for a range of hardware and software products for the international medical laboratory and scientific markets.

Results and dividends

The profit for the year, after taxation, amounted to £235,401 (2022 - £666,316).

No dividends were declared during the year (2022: £Nil).

Directors

The directors who served during the year were:

D. A. Barber 
A. B. Fuller 
J. Lee 
R. C. Milnes 
U. Miraj 
D. Wolf 

Page 1

 


PLANER LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Research and development activities

The Company continues to undertake research and development activities in the development of laboratory, medical and industrial electronics, software and ancillaries.

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the year.

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of environmental sustainability and geopolitical events such as the Russian invasion of Ukraine.These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Going concern

The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements and in light of the year on year increased turnover and profitability, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern. Accordingly the directors have a reasonable expectation that the Company will continue in operational existence and continues to adopt the going concern basis of accounting in preparing the financial statements.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Menzies LLP filled a casual vacancy and were appointed with section 485 of the Companies Act 2006.

Page 2

 


PLANER LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





U. Miraj
Director

Date: 28 March 2024

110 Windmill Road
Sunbury-On-Thames
Middlesex, England
TW16 7HD

Page 3

 


PLANER LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANER LIMITED

Opinion


We have audited the financial statements of Planer Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 4

 


PLANER LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANER LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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.


Page 5

 


PLANER LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANER LIMITED (CONTINUED)

Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
 
The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
UK tax legislation;
General Data Protection Regulations; and
Applicable industry regulations for the manufacture of healthcare equipment.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; 
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
The application of inappropriate judgements or estimation to manipulate the Company's financial position;
Posting of unusual journals and complex transactions; and
The use of management override of controls to manipulate results, or to cause the Company to enter into
transactions not in its best interests.
 
Page 6

 


PLANER LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PLANER LIMITED (CONTINUED)

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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 2006Our 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 Auditors' 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.





Anna Johnston ACA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditors
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

28 March 2024
Page 7

 


PLANER LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,222,567
8,989,426

Cost of sales
  
(5,849,252)
(5,141,008)

Gross profit
  
3,373,315
3,848,418

Administrative expenses
  
(3,089,484)
(3,044,112)

Other operating income
 5 
-
10,500

Operating profit
 6 
283,831
814,806

Interest payable and similar expenses
 10 
(49,237)
(25,834)

Profit before tax
  
234,594
788,972

Tax on profit
 11 
807
(122,656)

Profit for the financial year
  
235,401
666,316

Other comprehensive income for the year
  

Total comprehensive income for the year
  
235,401
666,316

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing with operations.

The notes on pages 11 to 32 form part of these financial statements.

Page 8

 


PLANER LIMITED
REGISTERED NUMBER:00651504



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Intangible assets
 12 
552,784
522,413

Tangible fixed assets
 13 
2,403,378
1,469,905

  
2,956,162
1,992,318

Current assets
  

Inventories
 15 
2,042,043
2,262,792

Trade and other receivables
 16 
1,516,270
1,726,709

Cash and cash equivalents
  
674,481
167,575

  
4,232,794
4,157,076

Trade and other payables
 17 
(1,833,157)
(1,635,618)

Net current assets
  
 
 
2,399,637
 
 
2,521,458

Total assets less current liabilities
  
5,355,799
4,513,776

  

Long term borrowings
 18 
(742,608)
(257,721)

  
4,613,191
4,256,055

Provisions for liabilities
  

Deferred taxation
 20 
(164,975)
(98,516)

  
 
 
(164,975)
 
 
(98,516)

  

Net assets
  
4,448,216
4,157,539


Capital and reserves
  

Allotted, called up and fully paid share capital
 21 
50,000
50,000

Other reserves
 22 
296,488
241,212

Profit and loss account
 22 
4,101,728
3,866,327

  
4,448,216
4,157,539


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


U. Miraj
Director

Date: 28 March 2024

The notes on pages 11 to 32 form part of these financial statements.

Page 9

 


PLANER LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
50,000
180,387
3,200,011
3,430,398


Comprehensive income for the year

Profit for the year
-
-
666,316
666,316
Total comprehensive income for the year
-
-
666,316
666,316


Contributions by and distributions to owners

Equity settled share options issued during the year
-
60,825
-
60,825



At 1 January 2023
50,000
241,212
3,866,327
4,157,539


Comprehensive income for the year

Profit for the year
-
-
235,401
235,401
Total comprehensive income for the year
-
-
235,401
235,401


Contributions by and distributions to owners

Equity settled share options issued during the year
-
55,276
-
55,276


At 31 December 2023
50,000
296,488
4,101,728
4,448,216


The notes on pages 11 to 32 form part of these financial statements.

Page 10

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Planer Limited is a private company, limited by shares and incorporated and registered in England and Wales. Its registered office and principal place of activity is 110 Windmill Road, Sunbury-On-Thames, Middlesex, TW16 7HD.
The Company's principal activities during the year were those of the design, manufacture, marketing and ancillary services for a range of hardware and software products for the international medical, laboratory and scientific markets.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

  
2.2

New standards, amendments and IFRIC interpretations

The following new standards, interpretations and amendments, which are not yet effective and have not been adopted early in these financial statements, are not anticipated to have a material impact on the Company financial statements in the period of initial application:
IAS 1 - Non-current liabilities with Covenants - Amendments to IAS 1 and Classification of Liabilities as Current or Non-current - 1 January 2024
IFRS 16 - Lease liability in a sale and leaseback - Amendments - 1 January 2024
IAS 7 and IFRS 7 - Supplier Finance Arrangements - 1 January 2024 
IIFRS S1** - General Requirements for Disclosure of Sustainability-related Financial Information - 1 January 2024
IFRS S2** - Climate-related Disclosures - 1 January 2024
IAS 21 - Lack of Exchangeability - 1 January 2025

Page 11

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Hamilton Thorne Limited as at 31 December 2023 and these financial statements may be obtained from 77 King Street West, Suite 400, Toronto-Dominion Centre Toronto, ON M5K 0AT Canada.

 
2.4

Going concern

The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements and in light of the year on year increased turnover and profitability, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern. Accordingly the directors have a reasonable expectation that the Company will continue in operational existence and continues to adopt the going concern basis of accounting in preparing the financial statements.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 12

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Revenue

Revenue from the manufacture and sale of medical, laboratory and scientific research equipment is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Service revenues

Revenues earned from service contracts are recognised on a straight-line basis over the contract terms as the associated services are considered to be stand ready services.

  
2.7

Interest receivable and similar income

Interest receivable and similar income, is recognised in the Statement of Comprehensive Income using the effective interest method.

  
2.8

Interest payable and similar expenses

Interest payable and similar expenses are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.9

Leases

Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract to the lease and non-lease components based on their relative standalone prices. However, for leases of real estate for which the Company is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
 
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
amounts expected to be payable by the Company under residual value guarantees;
the exercise price of a purchase option if the Company is reasonably certain to exercise that option; and
payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
 
Page 13

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Leases (continued)

The lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Company where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received.
Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life. While the Company revalues its land and buildings that are presented within property, plant and equipment, it has chosen not to do so for the right-of-use buildings held by the Company.

 
2.10

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Amortisation is charged to write off the cost of the assets over their useful lives. All intangible assets are considered to have a finite useful life. If reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years
Computer software
-
5
years

Amortisation relating to intangible assets is charged to 'administrative expenses' in the Statement of Comprehensive Income.

 
2.16

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Leasehold improvements
-
10 years
Right of use asset
-
Over the term of the lease
Plant and machinery
-
5 years
Motor vehicles
-
4 years
Fixtures and fittings
-
5 years
Office equipment
-
8 years
Demo stock
-
5 years
Engineering equipment
-
5 years
Field equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation is charged to 'administrative expenses' in the Statement of Comprehensive Income.

Page 16

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.19

Financial instruments


The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Page 17

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
 
At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 18

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies 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 amounts 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 year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
3.1 Critical judgements in applying the Company's accounting policies
The directors do not consider there to be any critical judgements made in the process of applying the Company's accounting policies, except for those as outlined in paragraph 3.2 below.
3.2 Key sources of estimation uncertainty
(i) Provision for doubtful debts
Specific provisions are made by the directors to reflect their best estimate of amounts recoverable in connection with balances receivable from customers and other debtors. The assessment takes into account the directors' knowledge of the nature of the balance, the credit history of the debtor and any other known factors such as disputed or queried balances, insolvency or creditors' arrangements which may impact upon the recoverable amount of the balance. In making this estimate, the directors will take into account events up to the date of preparing the financial statements and will make judgements as to whether any changes in circumstances were present at the year end.
(ii) Provision for obsolete stock
Obsolescence is provided for on a general basis using a percentage estimate based on historical observations. In addition, the directors may make specific provisions based on their knowledge of product demand and technological developments. This assessment will also take into account the ageing of inventory items and projected ageing based on the sales pipeline.
(iii) Fair value of share options
The fair value of the share options is calculated taking into consideration the market price, exercise price, vesting dates and probability of options being exercised as well as the underlying volatility and expected return on the value of the options. 
(iv) Valuation of Right of Use asset and liability
In calculating the present value of the Right of Use asset and corresponding liability, the directors are required to estimate an appropriate borrowing rate by which to discount the future payments due under the lease term. This estimate is calculated using the directors' market knowledge of comparable borrowing rates which the Company may expect to be able to obtain from banks and other lenders.

Page 19

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

2023
2022
£
£

Turnover
9,222,567
8,989,426

9,222,567
8,989,426


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
4,114,787
3,830,025

Rest of Europe
3,309,750
3,694,737

Rest of the world
1,798,030
1,464,664

9,222,567
8,989,426



5.


Other operating income

2023
2022
£
£

Net rents receivable
-
10,500

-
10,500



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
22,191
(2,150)

Depreciation of tangible fixed assets
243,052
121,808

Depreciation on right-of-use asset
124,823
122,583

Amortisation of intangible assets
129,902
54,531

Exchange differences
(477)
(33,086)

Page 20

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,350
24,500

Fees payable to the Company's auditors in respect of:

Taxation compliance services
3,900
6,000

All other services
7,030
4,368


8.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production and development staff
20
20



Administrative staff
9
8



Sales and service staff
10
10

39
38

2023
2022
£
£
Wages and salaries

1,758,501

1,895,050
 
Social security costs

175,757

201,031
 
Cost of defined contribution scheme

102,771

101,102
 
2,037,029

2,197,183
 

Page 21

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
414,799
407,360

Company contributions to defined contribution pension schemes
31,542
30,313

446,341
437,673


During the year retirement benefits were accruing to 4 directors (2022: 4) in respect of defined contribution pension schemes.
The highest paid director received emoluments of £138,635 (2022: £138,909).
The value of the Company's contributions to a defined contribution pension scheme in respect of the highest paid director amounted to £9,745 (2022: £9,360).


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
15,518
9,932

Interest on lease liabilities
33,719
15,902

49,237
25,834

Page 22

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tax on profit


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
60,573

Adjustments in respect of previous periods
(67,266)
(28,748)


(67,266)
31,825


Total current tax
(67,266)
31,825

Deferred tax


Origination and reversal of timing differences
23,113
61,676

Adjustments in respect of prior periods
43,346
29,155

Total deferred tax
66,459
90,831


Tax on profit
(807)
122,656

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
234,594
788,972


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
55,177
149,905

Effects of:


Expenses not deductible for tax purposes
3,136
3,655

Fixed asset differences
10,797
(15,012)

Adjustments to tax charge in respect of prior periods
(67,266)
(28,748)

Adjustments to tax charge in respect of previous periods - deferred tax
43,346
29,155

Remeasurement of deferred tax for changes in tax rates
1,369
14,802

Adjustments to brought forward values
(24,220)
-

Group relief claimed
(23,146)
(31,101)

Total tax charge for the year
(807)
122,656


Factors that may affect future tax charges

Future profits are expected to be taxed at a rate of 25%.

Page 23

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 January 2023
566,520
70,945
637,465


Additions
159,125
4,598
163,723


Disposals
-
(3,450)
(3,450)



At 31 December 2023

725,645
72,093
797,738



Amortisation


At 1 January 2023
90,533
24,519
115,052


Charge for the year
115,573
14,329
129,902



At 31 December 2023

206,106
38,848
244,954



Net book value



At 31 December 2023
519,539
33,245
552,784



At 31 December 2022
475,987
46,426
522,413




Page 24


PLANER LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023



13.


Tangible fixed assets






Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office, field and engineering equipment
Demo stock
Right of use asset (note 14)
Total

£
£
£
£
£
£
£
£



Cost or valuation


At 1 January 2023
880,578
95,700
95,351
74,773
150,597
250,839
632,081
2,179,919


Additions
368,936
9,952
27,675
6,088
156,316
172,954
790,878
1,532,799


Disposals
-
-
(20,980)
-
(21,912)
(13,777)
(607,615)
(664,284)


Transfers between classes
-
-
-
376
(13,272)
12,896
-
-



At 31 December 2023

1,249,514
105,652
102,046
81,237
271,729
422,912
815,344
3,048,434



Depreciation


At 1 January 2023
7,202
64,935
45,129
48,727
61,834
70,279
411,908
710,014


Charge for the year
105,458
15,744
15,411
9,956
26,651
69,832
124,823
367,875


Disposals
-
-
(10,927)
43
(7,495)
(3,606)
(410,848)
(432,833)


Transfers between classes
-
-
-
8
(3,998)
3,990
-
-



At 31 December 2023

112,660
80,679
49,613
58,734
76,992
140,495
125,883
645,056



Net book value



At 31 December 2023
1,136,854
24,973
52,433
22,503
194,737
282,417
689,461
2,403,378



At 31 December 2022
873,376
30,765
50,222
26,046
88,763
180,560
220,173
1,469,905

Page 25

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Leases

2023
2022
£
£
Right-of-use asset
 
Buildings

670,949

196,767
 
Office equipment

18,512

23,406
 
689,461

220,173
 


.


Lease liabilities

The following lease liabilities have been recognised in the Statement of Financial Position in relation to the right-of-use assets.

2023
2022
£
£
Current

102,051

137,359
 
Non-current

666,850

136,509
 
768,901

273,868
 

The following expenses were recognised in the Statement of Comprehensive Income:

2023
2022
£
£
Depreciation expense

124,823

122,584
 
Interest expense

33,719

15,902
 
158,542

138,486
 



15.


Stocks

2023
2022
£
£

Raw materials and consumables
1,681,164
1,687,655

Work in progress (goods to be sold)
356,402
235,580

Finished goods and goods for resale
111,477
453,557

Stock provision
(107,000)
(114,000)

2,042,043
2,262,792


During the year, stock valued at £107,000 (2022- £114,000) was impaired.


Page 26

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Trade and other receivables

2023
2022
£
£


Trade receivables
1,158,134
1,304,815

Amounts owed by group undertakings
20,001
222,308

Other receivables
82,816
7,018

Prepayments and accrued income
255,319
192,568

1,516,270
1,726,709


Trade debtors is stated after bad debt provision of £59,000 (2022: £69,002).
Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

2023
Expected loss rate
2023
Gross receivable
2023
Allowance for expected credit losses
2023
Net receivable
2023
Trade receivables - loans ageing analysis

Stage 1 (0-30)

5.00%

1,130,709

56,536
 
1,074,173
 
Stage 2 (31-60)

5.00%

86,346

2,464
 
83,882
 
Stage 3 (61-90)

5.00%

79

-
 
79
 




1,217,134

59,000
 
1,158,134
 

 2022
Expected loss rate
2022
Gross receivable
2022
Allowance for expected credit losses
2022
Net receivable
2022
Trade receivables - loans ageing analysis

Stage 1 (0-30)

5.00%

1,333,757

66,999
 
1,266,758
 
Stage 2 (31-60)

5.00%

42,802

2,140
 
40,662
 
Stage 3 (61-90)

5.00%

(2,742)

(137)
 
(2,605)
 




1,373,817

69,002
 
1,304,815
 

Page 27

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Trade and other payables

2023
2022
£
£

Bank loans
45,455
45,455

Trade creditors
964,762
714,120

Amounts owed to group undertakings
182,489
154,820

Corporation tax
-
36,628

Other taxation and social security
44,122
40,342

Lease liabilities
102,051
137,359

Other creditors
146,736
128,222

Accruals and deferred income
347,542
378,672

1,833,157
1,635,618


Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
The bank loan relates to a government backed Coronavirus business interruption loan, attracting an interest rate of 3.8% + base rate and repayable in monthly installments over the 6 year loan term. This loan was fully settled post year end.


18.


Long term borrowings

2023
2022
£
£

Bank loans
75,758
121,212

Lease liabilities
666,850
136,509

742,608
257,721


Page 28

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
45,455
45,455


45,455
45,455

Amounts falling due after more than one year

Bank loans
75,758
121,212


75,758
121,212

121,213
166,667



20.


Deferred taxation




2023


£






At beginning of year
(98,516)


Charged to profit or loss
(66,459)



At end of year
(164,975)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(282,785)
(180,905)

Short term timing differences
117,810
82,389

(164,975)
(98,516)

Page 29

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



500,000 (2022 - 500,000) Ordinary shares of £0.10 each
50,000
50,000

Ordinary shares carry voting rights, but no right to fixed income.


22.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated profits.

Capital contribution reserve

The reserve comprises the cumulative expense recognised under the share based payment arrangement.


23.


Contingent liabilities

As at 31 December 2023, the group had a bank loan of £121,213 (2022: £166,667) however given that the loan has been repaid in full post year end, the directors consider it highly unlikely that any liability will crystallise for the Company as a result of the above.


24.


Pension commitments

The Company operates defined contribution retirement benefit schemes for all qualifying employees. The assets of the scheme are held separately from those of the Company in funds under the control of trustees. The total expense charged in the year ended 31 December 2023 was £102,771 (2022: £101,102). Contributions outstanding at the year end were £15,809 (2022: £14,336).

Page 30

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Share based payments

Stock options
In June 2019 the shareholders of Planers ultimate parent company, Hamilton Thorne Ltd approved the adoption of the Hamilton Thorne-Ltd. 2019 Long-Term Equity Incentive Plan (the ''2019 Equity Incentive Plan"). Pursuant to the terms of the 2019 Equity Incentive Plan, the board of directors of Hamilton Thorne Limited may from time to time in its discretion, and in accordance with TSX Venture Exchange requirements, issue equity awards in the form of either stock options or restricted share units to any director, officer, employee, management company employee, or consultant of Hamilton Thorne Ltd or any affiliate determined by the board of directors as eligible, for participation in the Plan. Awards issued pursuant to the 2019 Equity Incentive Plan may be exercisable or redeemable into a maximum of 237,000 common shares.
The number of common shares reserved for issuance to any individual director or officer under the 2019 Equity Incentive Plan, may not exceed 5% of the issued and outstanding common shares. The vesting requirements under the new Plan are determined by the Compensation committee of the Board In general, the existing options granted to directors, officers and other employees vest over four years. 
Options may be exercised no later than 90 days following cessation of the option holders position with Hamilton Thorne Ltd provided that if the cessation, of a participant was by reason of death or disability, the option, may be exercised within a maximum period of one year after such death, subject to the expiry date of such option.
No stock options were exercised during the year (2022 - Nil).
At the year end stock options were outstanding, with a weighted average exercise price of Cdn $1.44 (2022: Cdn $1.361).
Restricted Stock Units
In August 2020, the Board granted a total of 25,000 restricted share units (RSUs) to a director at a fair value on the date of the grant of Cdn $1.38, vesting in three equal installments over 2.8 years, with the first vesting date of June 30, 2021, and then annually at 2022 and 2023. At each vesting date, the units are settled to common shares and issued to the holders.
In August 2021, the Board granted a total of 23,375 restricted share units (RSUs) to a director at a fair value on the date of the grant of Cdn $1.75, vesting in three equal installments over 2.8 years, with the first vesting date of June 30, 2022, and then annually at 2023 and 2024. At each vesting date, the units are settled to common shares and issued to the holders.
In August 2022, the Board granted a total of 26,015 restricted share units (RSUs) to a director at a fair value on the date of the grant of Cdn $1.92, vesting in three equal installments over 2.8 years, with the first vesting date of June 30, 2023, and then annually at 2024 and 2025. At each vesting date, the units are settled to common shares and issued to the holders.
In August 2023, the Board granted a total of 32,705 restricted share units (RSUs) to a director at a fair value on the date of the grant of Cdn $1.65, vesting in three equal installments over 2.8 years, with the first vesting date of June 30, 2024, and then annually at 2025 and 2026. At each vesting date, the units are settled to common shares and issued to the holders.
During the year restricted stock units were settled at a weighted average fair value of Cdn $1.65 (2022: Cdn $Nil).
At the year end restricted stock units were outstanding, with a weighted average fair value of Cdn $1.75 (2022: Cdn $1.14).

Page 31

 


PLANER LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Related party transactions

At the balance sheet date, a net intercompany balance of £412 was owed to Gynemed Gmbh & Co (2022: £57,370 owed from).
At the balance sheet, date, a net intercompany balance of £182,077 was owed to Hamilton Thorne Limited (2022: £164,938 owed from).
At the balance sheet date, a net intercompany balance of £Nil was owed to Tek-Event Pty Ltd (2022: £154,820).
At the balance sheet date, a net intercompany balance of £20,000 was owed from Hamilton Thorne Holdings UK Limited (2022: £Nil).
During the year, the Company incurred consultancy fees totalling £7,280 (2022: £7,700) from Strat XL Limited, a Company controlled by a director of Planer Limited. There was no balance outstanding at the year end (2022: £nil).


27.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


28.


Controlling party

Hamilton Thorne Holdings UK Limited is the immediate parent company. The registered address of the immediate parent company is 1 Fleet Place, London, United Kingdom, EC4M 7WS.
Hamilton Thorne Limited is the ultimate parent company. The registered address is 77 King Street West, Suite 400, Toronto-Dominion Centre Toronto, ON M5K 0A1 Canada.
The smallest and largest group into which the entity is consolidated is Hamilton Thorne Limited a company registered in Canada. The registered address is 77 King Street West, Suite 400, Toronto-Dominion Centre Toronto, ON M5K 0A1 Canada. Copies of the accounts for Hamilton Thorne Limited are available to the public and may be obtained from 77 King Street West, Suite 400, Toronto-Dominion Centre Toronto, ON M5K 0A1 Canada.

Page 32