Company registration number 03077267 (England and Wales)
PLV ENTERPRISES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PLV ENTERPRISES LIMITED
COMPANY INFORMATION
Director
P L Vujasevic
Company number
03077267
Registered office
9-11 Frogmoor
HIGH WYCOMBE
Buckinghamshire
HP13 5DQ
Auditor
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
PLV ENTERPRISES LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 18
PLV ENTERPRISES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
The director presents the strategic report for the year ended 30 September 2023.
Review of the business
The current economic environment continues to put pressure on consumers' overall disposable income which in turn affects their spending patterns. This has proved to be advantageous for the very competitive fast food restaurant and take away industry in which KFC is a market leader.
Principal risks and uncertainties
The company closely manages the risks to which it is exposed. The director considers that the risks outlined below are suitably managed.
The company manages its cash and borrowing requirements in order to ensure that the company has sufficient liquid resources to meet the operating needs of the businesses.
Development and performance
The director considers that given the nature of the business, which is largely dependent on cash sales and maintaining tight control over margins, turnover and operating profit, are the principal key performance indicators of the company. Turnover for the year was £13,271,018 (2022 - £12,401,974) which generated an operating loss of £96,695 (2022 - £289,267).
The director considers that the financial position at the year end was satisfactory and is confident that the company will continue to meet his expectations for maintaining profitability in the future.
P L Vujasevic
Director
25 March 2024
PLV ENTERPRISES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
The director presents his annual report and financial statements for the year ended 30 September 2023.
Principal activities
The company operates franchised KFC outlets in the South East.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £352,800. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
P L Vujasevic
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
CLA Evelyn Partners Limited 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.
PLV ENTERPRISES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
state whether applicable United Kingdom Accounting Standards, including FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements.
The director is 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. He is 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.
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
P L Vujasevic
Director
25 March 2024
PLV ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLV ENTERPRISES LIMITED
- 4 -
Opinion
We have audited the financial statements of PLV Enterprises Limited (the 'company') for the year ended 30 September 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its loss 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.
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 director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
PLV ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLV ENTERPRISES LIMITED
- 5 -
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 director's 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either am to liquidate the company or to cease operations, or has 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.
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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing legal and professional fee invoices;
we reviewed the minutes of board meetings to identify any references to non-compliance with laws and regulations.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
PLV ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLV ENTERPRISES LIMITED
- 6 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and relevant regulators.
reviewing the findings of the funding assurance audit to ensure compliance with apprenticeship funding regulations.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Keir Singleton
Senior Statutory Auditor
For and on behalf of CLA Evelyn Partners Limited
25 March 2024
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
PLV ENTERPRISES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
13,271,018
12,401,974
Cost of sales
(9,278,339)
(8,665,872)
Gross profit
3,992,679
3,736,102
Administrative expenses
(4,152,495)
(4,058,645)
Other operating income
63,121
33,276
Operating loss
3
(96,695)
(289,267)
Interest payable and similar expenses
6
1,610
(4,937)
Loss before taxation
(95,085)
(294,204)
Tax on loss
7
19,765
93,711
Loss for the financial year
(75,320)
(200,493)
Retained earnings brought forward
3,127,808
3,681,101
Dividends
8
(352,800)
(352,800)
Retained earnings carried forward
2,699,688
3,127,808
PLV ENTERPRISES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
65,543
78,574
Tangible assets
10
1,922,019
2,089,051
1,987,562
2,167,625
Current assets
Stocks
11
83,358
97,913
Debtors
12
1,440,705
1,292,673
Cash at bank and in hand
486,347
841,550
2,010,410
2,232,136
Creditors: amounts falling due within one year
13
(1,090,684)
(1,134,669)
Net current assets
919,726
1,097,467
Total assets less current liabilities
2,907,288
3,265,092
Creditors: amounts falling due after more than one year
14
(8,018)
Provisions for liabilities
Provisions
16
207,500
129,166
(207,500)
(129,166)
Net assets
2,699,788
3,127,908
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
2,699,688
3,127,808
Total equity
2,699,788
3,127,908
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved and signed by the director and authorised for issue on 25 March 2024
P L Vujasevic
Director
Company registration number 03077267 (England and Wales)
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
1
Accounting policies
Company information
PLV Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9-11 Frogmoor, HIGH WYCOMBE, Buckinghamshire, HP13 5DQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of PLV Holdings Limited. These consolidated financial statements are available from its registered office, 9-11 Frogmoor, High Wycombe, Buckinghamshire, United Kingdom, HP13 5DQ.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable from the operation of franchised KFC outlets in the South East.
Revenue from restaurant sales is recognised at the point at which food and beverage products are sold to the customer.
1.4
Intangible fixed assets - goodwill
Franchise fees are written off over the term of the franchise.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 10 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No depreciation
Land and buildings Leasehold
10% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and loans from fellow group companies, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Government grants
In response to COVID-19, the UK Government announced a number of initiatives for businesses to assist with cash flow. The company has received financial assistance under the 'Coronavirus Job Retention Scheme' as well as retail, hospitality and leisure sector grants. The amounts received have been recognised in the profit and loss account within other operating income.
2
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Fast food sales
13,271,018
12,401,974
2023
2022
£
£
Other revenue
Grants received
-
3,476
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
3
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Government grants
-
(3,476)
Fees payable to the company's auditor for the audit of the company's financial statements
20,000
14,000
Depreciation of owned tangible fixed assets
199,930
145,440
(Profit)/loss on disposal of tangible fixed assets
-
2,440
Amortisation of intangible assets
13,031
13,031
Operating lease charges
338,788
355,098
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Management
4
4
Shop staff
347
339
Total
351
343
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,484,455
3,449,430
Social security costs
173,035
172,328
Pension costs
34,615
34,836
3,692,105
3,656,594
5
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
14,039
14,038
6
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
(1,610)
4,937
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
7
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(19,765)
(93,711)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(95,085)
(294,204)
Expected tax credit based on the standard rate of corporation tax in the UK of 22.00% (2022: 19.00%)
(20,919)
(55,899)
Tax effect of expenses that are not deductible in determining taxable profit
2,350
2,330
Effect of change in corporation tax rate
(2,372)
(14,563)
Group relief
1,679
4,703
Permanent capital allowances in excess of depreciation
(503)
(30,282)
Taxation credit for the year
(19,765)
(93,711)
An increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) was substantively enacted on 24 May 2021. This will increase the group’s future tax charge accordingly and increase the deferred tax balance, although the extent of this effect cannot currently be quantified with any degree of certainty.
8
Dividends
2023
2022
£
£
Interim paid
352,800
352,800
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
9
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
130,309
Amortisation and impairment
At 1 October 2022
51,735
Amortisation charged for the year
13,031
At 30 September 2023
64,766
Carrying amount
At 30 September 2023
65,543
At 30 September 2022
78,574
10
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
1,328,050
975,868
2,289,245
173,547
4,766,710
Additions
32,898
32,898
At 30 September 2023
1,328,050
975,868
2,322,143
173,547
4,799,608
Depreciation and impairment
At 1 October 2022
975,868
1,602,917
98,874
2,677,659
Depreciation charged in the year
181,262
18,668
199,930
At 30 September 2023
975,868
1,784,179
117,542
2,877,589
Carrying amount
At 30 September 2023
1,328,050
537,964
56,005
1,922,019
At 30 September 2022
1,328,050
686,328
74,673
2,089,051
11
Stocks
2023
2022
£
£
Raw materials and consumables
83,358
97,913
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 15 -
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,088,797
950,070
Other debtors
199,171
211,515
Prepayments and accrued income
72,297
70,413
1,360,265
1,231,998
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 17)
80,440
60,675
Total debtors
1,440,705
1,292,673
13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
15
88,889
Trade creditors
369,771
380,807
Taxation and social security
420,835
394,673
Other creditors
3,288
6,470
Accruals and deferred income
296,790
263,830
1,090,684
1,134,669
The bank loans and overdraft were secured by a charge over all freehold properties of the company.
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
8,018
The bank loans and overdraft were secured by a charge over all freehold properties of the company.
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
15
Loans and overdrafts
2023
2022
£
£
Bank loans
96,907
Payable within one year
88,889
Payable after one year
8,018
The bank loans and overdraft were secured by a fixed and floating charge over all the assets of the company.
16
Provisions for liabilities
2023
2022
£
£
Dilapidations provision
207,500
129,166
Movements on provisions:
Dilapidations provision
£
At 1 October 2022
129,167
Additional provisions in the year
78,333
At 30 September 2023
207,500
The refurbishment provision relates to property repairs, where the company has an obligation under the terms of its franchise agreement to refurbish the properties every 5 years.
17
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
(107,377)
(110,028)
Tax losses
187,465
155,695
Retirement benefit obligations
352
447
Change in deferred tax rate
-
14,561
80,440
60,675
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
17
Deferred taxation
(Continued)
- 17 -
2023
Movements in the year:
£
Asset at 1 October 2022
(60,675)
Credit to profit or loss
(19,765)
Asset at 30 September 2023
(80,440)
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,615
34,836
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
There is a single class of ordinary shares which carries voting rights and the right to receive dividends.
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
218,680
218,680
Between two and five years
370,500
517,180
In over five years
482,000
554,000
1,071,180
1,289,860
PLV ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 18 -
21
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
At the year end the company was owed £19,441 (2022 - £31,307) from director, P L Vujasevic.
At the year end the company was owed £175,523 (2022 - £175,258), by Tuckin (Caterers) Limited, a related company.
The company has taken advantage of the exemption permitted by Section 1A.C.35 'Related Party Disclosures', not to provide disclosure of transactions entered into or with other wholly-owned members of the group.
22
Ultimate controlling party
The ultimate parent company is PLV Holdings Limited, a company registered in England and Wales. PLV Holdings Limited is the head of the largest and smallest group for which consolidated accounts are drawn up.
PLV Holdings Limited prepares group financial statements and copies can be obtained from: 9-11 Frogmoor, High Wycombe, Buckinghamshire, HP13 5DQ.
The ultimate controlling party is P L Vujasevic by virtue of his shareholding in PLV Holdings Limited.
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