Company registration number SC207257 (Scotland)
PLEXUS CORP. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
PLEXUS CORP. LIMITED
COMPANY INFORMATION
Directors
A Ninivaggi
P Jermain
S Thomson
F Zycinski
(Appointed 30 November 2023)
Secretary
L Middlemass
Company number
SC207257
Registered office
Pinnacle Hill
Kelso
Roxburghshire
TD5 8XX
Auditor
RSM UK Audit LLP
3rd Floor
2 Semple Street
Edinburgh
EH3 8BL
PLEXUS CORP. LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 18
PLEXUS CORP. LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 1 -

The directors present their strategic report for the period ended 30 September 2023. Annual Reports and Financial statements are prepared according to Plexus fiscal dates, which follow a 4-4-5 Week accounting cycle.

 

Principal activities

The principal activity of the company during the period was as a management holding company.

 

Results and performance

The results for the period are as shown in the profit and loss account on page 10, and the period end balance sheet position is shown on page 11. The Profit for the financial year of £nil has been transferred to reserves. Shareholders’ funds remain unchanged at the period end at £16,420,000.

Principal risks and uncertainties

Given the nature of the company as an intermediary holding company with no trade, the directors do not believe it is exposed to any significant risks and uncertainties except in relation to those issues that affect the value of its investments in its subsidiaries. These risks are managed by the individual subsidiaries via regular Governance reviews with the ultimate parent.

Development and performance

Regarding the investment in Plexus Corp (UK), the current expectation for fiscal 2024 operational forecast demonstrates strong sales growth when compared to fiscal 2023. We forecast accelerating revenue growth as fiscal 2024 progresses, leveraging strong demand in our Aerospace/Defence and Industrial market sectors whilst driving new program ramp momentum. The business had experienced improvements in the semi-conductor supply chain during the second half of fiscal 2023. We anticipate that these headwinds will continue throughout fiscal 2024 as supply and demand converges. Broadly, all other commodity factors of; lead-time, cost and market dynamic trends are stable

Key performance indicators

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

PLEXUS CORP. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 2 -
Section 172 Statement

The Directors of Plexus Corp. Limited must act in accordance with the rules listed within the UK Companies Act

2006 and are required to promote the success of the company for the benefit of all stakeholders. These duties are

carried out in a number of ways as summarized below.

 

Regular Governance reviews are in place with the Plexus Leadership Team considering Strategy, Annual Operating

Plan and the Company’s financial results. These reviews take into account all stakeholders of the organization to

ensure optimal positioning for the future.

 

Our Environmental, Social and Corporate Governance (ESG) program contains five pillars that reinforce our

commitment to creating a better world. We recognise that we must be a responsible employer, community partner,

global citizen and industry steward and that we are accountable to our stakeholders in the way we govern our

company.

 

We have built our company on a promise to be the best, most reliable partner within our industry. We bring our

values to the table in every customer relationship. We’re committed to working with the highest integrity. We value

strong customer relationships, teamwork and open communication. Our team finds inspiration in solving the

toughest product challenges and we nurture a culture that drives above-and-beyond excellence in everything we do.

 

We are committed to upholding high standards of ethics, integrity and corporate social responsibility in our business

operations.

 

Plexus’ values and leadership behaviors support our culture of accountability by defining how we will conduct

ourselves in driving fairness, honesty and ethical business practices. Plexus regularly dedicates time and resources

to assess compliance and social risks associated with each individual role and continues to educate team members

at all levels of the organization on the importance of avoiding unfair business practices and critical regulatory, social

and ethics topics, tracking progress via the company’s Learning Management System.

 

As a global organization, we understand the far-reaching impact we have on our planet and its inhabitants and are

committed to making a positive impact in the world. We leverage a globally recognized environmental management

system to guide and monitor progress, a framework that helps to identify areas of risk and cost exposure, set site specific targets to mitigate those risks and verify our processes to validate their legal compliance. Regular reviews

of our sustainability program allow for timely adjustments to our overall sustainability strategy.

 

Further information can be found at www.Plexus.com.

On behalf of the board

S Thomson
Director
15 January 2024
PLEXUS CORP. LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 3 -

The directors present their annual report and financial statements for the period ended 30 September 2023.

 

The financial statements contain information about Plexus Corp. Limited as an individual company and do not

contain consolidated financial information of Plexus Corp. Limited as the parent of a group.

 

Results and dividends

The results for the period are as shown on the profit and loss account on page 10 and as noted in the Strategic Report. The profit for the financial year was £nil (2022: £nil).

 

The directors do not recommend that a dividend is paid for this financial year (2022: £nil).

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

A Ninivaggi
P Jermain
S Thomson
R Darroch
(Resigned 30 November 2023)
F Zycinski
(Appointed 30 November 2023)

Qualifying third-party and pension scheme indemnity provisions

No qualifying third-party and pension scheme indemnity provisions have been in place for any of the directors of the company or of an associated company at any time during the financial year or at the date of approval of the directors’ report.

Future developments

Future developments are included in the Strategic Report.

Auditor

RSM UK Audit LLP were 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.

Political donations and political expenditure

There have been no political donations or political expenditure during the period.

 

Financial risk management

The company’s financial risk management is governed by the Plexus Corp. group and seeks to minimise the

exposure to credit risk, liquidity risk and cash flow risk.

 

For banking credit risk purposes, all financial institutions credit ratings are reviewed prior to depositing funds. Risk is typically mitigated by utilising more than one institution for cash deposits.

Liquidity and cash flow risk are managed by ensuring that sufficient cash is available to fund continuing and

future operations.

PLEXUS CORP. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 4 -

Energy and carbon reporting

As a holding company, the company has not consumed more than 40,000 kWH of energy in this reporting period, and qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The company's subsidiary Plexus Corp (UK) Limited includes disclosure as to its energy usage in its standalone Directors Report.

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
S Thomson
Director
15 January 2024
PLEXUS CORP. LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 5 -

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.

PLEXUS CORP. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLEXUS CORP. LIMITED
- 6 -
Opinion

We have audited the financial statements of Plexus Corp. Limited (the 'company') for the period ended 30 September 2023 which comprise the profit and loss account, balance sheet, 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, FRS 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 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 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:

PLEXUS CORP. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLEXUS CORP. LIMITED
- 7 -
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 set out on page 5, 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.

PLEXUS CORP. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLEXUS CORP. LIMITED
- 8 -
The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures.

 

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

 

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

PLEXUS CORP. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLEXUS CORP. LIMITED
- 9 -
Claire Monaghan (Senior Statutory Auditor)
For and behalf of RSM UK Audit LLP, Statutory Auditors
Chartered Accountants
15 January 2024
Third Floor
2 Semple Street
Edinburgh
EH3 8BL
PLEXUS CORP. LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 10 -
Period
Period
ended
ended
30 September
1 October
2023
2022
Notes
£'000
£'000
Turnover
-
-
Profit before taxation
-
-
Tax on profit
5
-
-
Profit for the financial period
-
0
-
0

 

PLEXUS CORP. LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 11 -
30 September 2023
1 October 2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
6
17,000
17,000
Current assets
Debtors
8
1
1
Cash at bank and in hand
76
76
77
77
Creditors: amounts falling due within one year
9
(657)
(657)
Net current liabilities
(580)
(580)
Net assets
16,420
16,420
Capital and reserves
Called up share capital
11
4,382
4,382
Capital contribution
12,035
12,035
Profit and loss reserves
3
3
Total equity
16,420
16,420
The financial statements were approved by the board of directors and authorised for issue on 15 January 2024 and are signed on its behalf by:
S Thomson
Director
Company registration number SC207257 (Scotland)
PLEXUS CORP. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 12 -
Share capital
Capital contibution
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
Balance at 3 October 2021
4,382
12,035
3
16,420
Period ended 1 October 2022:
Profit and total comprehensive income
-
-
-
-
Balance at 1 October 2022
4,382
12,035
3
16,420
Period ended 30 September 2023:
Profit and total comprehensive income
-
-
-
-
Balance at 30 September 2023
4,382
12,035
3
16,420
PLEXUS CORP. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 13 -
1
Accounting policies
Company information

The principal activity of the company during the period was a management holding company.

 

Plexus Corp. Limited is a private company limited by shares incorporated in Scotland. The registered office is Pinnacle Hill, Kelso, Roxburghshire, TD5 8XX.

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, including the provisions of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008, and under the historical cost convention.

 

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation

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 £'000.

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:

 

 

The company has taken advantage of the exemption under Section 400 of the Companies Act 2006 not to

prepare consolidated accounts. The financial statements present information about the company as an

individual entity and not about its group.

 

1.2
Going concern

At the balance sheet date the company is in a net current liability position, primarily due to an intercompany payable balance. The directors have received a letter of support from the parent company, Plexus Corp, confirming that it will not demand repayment of any intercompany payables, and that they will continue totrue financially support the company as required for a period of at least 12 months from the date of approval of the financial statements. The directors have considered expected future cash flows, and the letter of support received from the ultimate parent company and have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements. The directors therefore continue to adopt the going concern basis in preparation of these financial statements.

PLEXUS CORP. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
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 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 amounts owed by group undertakings 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

PLEXUS CORP. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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 and amounts due to fellow group companies 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.

 

Derecognition of financial liabilities

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

1.5
Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets

are recognised when tax paid exceeds the tax payable.

 

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

 

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if

and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

 

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

PLEXUS CORP. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 16 -
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.

Investments

In assessing the carrying value of investments the directors consider the underlying net assets in each of the entities and recoverable amounts. Consideration is also given to trading performance and expected future cash flows.

3
Operating profit
There is no separate audit fee for Plexus Corp. Limited. The annual audit fee is charged through its subsidiary company Plexus Corp (UK) Limited and amounts to £2,500 (2022: £3,000).
4
Directors' and Employees

Directors’ emoluments

The directors did not receive any emoluments in respect of their services to the company (2022: £nil).

 

Employee information

The company does not have any employees (2022: £nil).

5
Taxation

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

2023
2022
£'000
£'000
Profit before taxation
-
0
-
0
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
-
0
-
0
Taxation charge in the financial statements
-
-
PLEXUS CORP. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 17 -
6
Fixed asset investments
2023
2022
Notes
£'000
£'000
Investments in subsidiaries
7
17,000
17,000
7
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Plexus Corp (UK) Limited
Pinnacle Hill, Kelso, Roxburghshire, Scotland
Ordinary
100.00

Plexus Corp (UK) Limited has two wholly owned subsidiary undertakings, Plexus Corp (Kelso) Limited and Plexus Corp (Maldon) Limited which are registered at Pinnacle Hill, Kelso, Roxburghshire, Scotland and Octagon point, 5 Cheapside, London, EC2V 6AA, respectively and which did not trade during the period. Plexus Corp (UK) Limited provides an electronic manufacturing and design service to industry. Plexus Corp (UK) Limited holds a 18.9% share of Plexus Asia, Limited. The remaining share capital of Plexus Asia Limited is held by Plexus International Services Inc.

 

The directors are of the opinion that the value of the company’s investment in its subsidiaries is supported by its future cash flows.

8
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
1
1
9
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Amounts owed to group undertakings
657
657

The amounts due to group undertakings are unsecured, interest free and repayable on demand.

10
Reserves

Profit and loss reserves

Cumulative profit and loss net of distributions to owners.

 

Capital Contribution reserve

Capital advances paid by Plexus International Services Inc, with no obligation to payback.

PLEXUS CORP. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 18 -
11
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary Shares of £1 each
4,381,684
4,381,684
4,382
4,382
12
Related party transactions

The Company has taken advantage of the exemption provided by Section 33.1A of FRS 102 from disclosing related party transactions with the wholly owned entities.

 

The Company made no other related party transactions during 2023 (2022: £nil).

13
Ultimate controlling party

The company’s immediate holding company is Plexus International Services Inc., which is incorporated in the United States of America. The company’s ultimate parent company and ultimate controlling party is Plexus Corp., a company registered in the United States of America which is the parent company of the smallest and largest groups to consolidate the company’s financial statements. Copies of the consolidated financial statements of the ultimate parent company may be obtained from Plexus Corp., One Plexus Way, PO Box 156, Neenah, Wisconsin, 54957-0156. Further information can be obtained from the website at www.plexus.com

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