Company registration number 09415567 (England and Wales)
PLV HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PLV HOLDINGS LIMITED
COMPANY INFORMATION
Director
P L Vujasevic
Company number
09415567
Registered office
9-11 Frogmoor
HIGH WYCOMBE
Buckinghamshire
HP13 5DQ
Auditors
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
PLV HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group balance sheet
8
Company balance sheet
9
Group statement of cash flows
10
Company statement of cash flows
11
Notes to the financial statements
12 - 26
PLV HOLDINGS 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 the disposal income of consumers. Whilst the economic picture is improving the benefits are taking time to filter through. 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 £13,314,383 (2022 - £12,463,495) which generated an operating loss of £92,601 (2022 - £268,053).

 

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.

On behalf of the board

P L Vujasevic
Director
25 March 2024
PLV HOLDINGS 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 further 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 group continues and that the appropriate training is arranged. It is the policy of the group 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 group'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 group'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 group 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 HOLDINGS 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and 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 auditor of the company 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 auditor of the company 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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLV HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of PLV Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.

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 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:

PLV HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLV HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 intends to liquidate the parent 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.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

PLV HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLV HOLDINGS LIMITED
- 6 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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.

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.

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 HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
13,314,383
12,463,495
Cost of sales
(9,288,112)
(8,677,468)
Gross profit
4,026,271
3,786,027
Administrative expenses
(4,181,993)
(4,087,356)
Other operating income
63,121
33,276
Operating loss
4
(92,601)
(268,053)
Interest payable and similar expenses
7
1,610
(4,937)
Amounts written off investments
8
(100,000)
-
Loss before taxation
(190,991)
(272,990)
Tax on loss
9
7,336
94,384
Loss for the financial year
(183,655)
(178,606)
Retained earnings brought forward
3,704,454
4,235,860
Dividends
(352,800)
(352,800)
Retained earnings carried forward
3,167,999
3,704,454
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
PLV HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
65,543
78,574
Tangible assets
12
1,975,228
2,145,800
Investment property
13
1,630,456
1,500,000
3,671,227
3,724,374
Current assets
Stocks
16
83,358
97,913
Debtors
17
354,833
343,083
Cash at bank and in hand
493,060
937,397
931,251
1,378,393
Creditors: amounts falling due within one year
18
(1,092,893)
(1,139,472)
Net current (liabilities)/assets
(161,642)
238,921
Total assets less current liabilities
3,509,585
3,963,295
Creditors: amounts falling due after more than one year
19
-
(8,018)
Provisions for liabilities
Provisions
21
207,500
129,166
Deferred tax liability
22
133,753
121,324
(341,253)
(250,490)
Net assets
3,168,332
3,704,787
Capital and reserves
Called up share capital
24
333
333
Profit and loss reserves
3,167,999
3,704,454
Total equity
3,168,332
3,704,787

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 25 March 2024
25 March 2024
P L Vujasevic
Director
Company registration number 09415567 (England and Wales)
PLV HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
101
101
Current assets
Cash at bank and in hand
233
233
Creditors: amounts falling due within one year
18
(1)
(1)
Net current assets
232
232
Net assets
333
333
Capital and reserves
Called up share capital
24
333
333

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £352,800 (2022 - £352,800 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 25 March 2024
25 March 2024
P L Vujasevic
Director
Company registration number 09415567 (England and Wales)
PLV HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
267,114
228,468
Interest paid
1,610
(4,937)
Income taxes paid
-
0
(345,429)
Net cash inflow/(outflow) from operating activities
268,724
(121,898)
Investing activities
Purchase of tangible fixed assets
(32,898)
(560,744)
Purchase of investment property
(230,456)
-
Net cash used in investing activities
(263,354)
(560,744)
Financing activities
Repayment of bank loans
(96,907)
(88,889)
Dividends paid to equity shareholders
(352,800)
(352,800)
Net cash used in financing activities
(449,707)
(441,689)
Net decrease in cash and cash equivalents
(444,337)
(1,124,331)
Cash and cash equivalents at beginning of year
937,397
2,061,728
Cash and cash equivalents at end of year
493,060
937,397
PLV HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
352,800
352,800
Net cash generated from investing activities
352,800
352,800
Financing activities
Dividends paid to equity shareholders
(352,800)
(352,800)
Net cash used in financing activities
(352,800)
(352,800)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
233
233
Cash and cash equivalents at end of year
233
233
PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
1
Accounting policies
Company information

PLV Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 9-11 Frogmoor, HIGH WYCOMBE, Buckinghamshire, HP13 5DQ.

 

The group consists of PLV Holdings Limited and all of its subsidiaries.

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.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company PLV Holdings Limited together with all entities controlled by the parent company and its subsidiaries.

 

All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group 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.

1.4
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.

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

1.5
Intangible fixed assets - goodwill

Franchise fees are written off over the term of the franchise.

PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.6
Tangible fixed assets

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

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

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 recognised in the profit and loss account.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.9
Impairment of fixed assets

At each reporting period end date, the group 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.11
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

Basic financial assets, which include debtors and cash and bank balances 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 other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.12
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

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.

1.13
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.

1.14
Employee benefits

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

 

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

 

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

PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.15
Retirement benefits

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

1.16
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 leased 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.

1.17
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
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Key sources of estimation uncertainty

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

Fair value of investment property

The value of the investment property is based on estimations made by the Director with reference to market conditions at the year-end.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fast food sales
13,314,383
12,463,495
2023
2022
£
£
Other revenue
Grants received
-
3,476
PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
4
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Government grants
-
(3,476)
Depreciation of owned tangible fixed assets
203,470
148,980
(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
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,000
14,000
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management
4
4
1
1
Shop staff
347
339
-
-
Total
351
343
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,484,455
3,449,430
-
0
-
0
Social security costs
173,035
172,328
-
-
Pension costs
34,615
34,836
-
0
-
0
3,692,105
3,656,594
-
0
-
0
PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 17 -
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
(1,610)
4,937
8
Amounts written off investments
2023
2022
£
£
Changes in the fair value of investment properties
(100,000)
-
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(7,336)
(94,384)

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
(190,991)
(272,990)
Expected tax credit based on the standard rate of corporation tax in the UK of 22.00% (2022: 19.00%)
(42,018)
(51,868)
Tax effect of expenses that are not deductible in determining taxable profit
2,350
2,329
Effect of change in corporation tax rate
32,835
(14,563)
Permanent capital allowances in excess of depreciation
(503)
(30,282)
Taxation credit
(7,336)
(94,384)

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.

10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
352,800
352,800
PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 18 -
11
Intangible fixed assets
Group
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
The company had no intangible fixed assets at 30 September 2023 or 30 September 2022.
PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 19 -
12
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
1,328,050
975,868
2,360,175
173,547
4,837,640
Additions
-
0
-
0
32,898
-
0
32,898
At 30 September 2023
1,328,050
975,868
2,393,073
173,547
4,870,538
Depreciation and impairment
At 1 October 2022
-
0
975,868
1,617,098
98,874
2,691,840
Depreciation charged in the year
-
0
-
0
184,802
18,668
203,470
At 30 September 2023
-
0
975,868
1,801,900
117,542
2,895,310
Carrying amount
At 30 September 2023
1,328,050
-
0
591,173
56,005
1,975,228
At 30 September 2022
1,328,050
-
0
743,077
74,673
2,145,800
The company had no tangible fixed assets at 30 September 2023 or 30 September 2022.
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 October 2022 and 30 September 2023
1,500,000
-
Additions through external acquisition
230,456
-
Net gains or losses through fair value adjustments
(100,000)
-
At 30 September 2023
1,630,456
-

Investment property comprises 2 terraced houses at 56-57 The Esplanades, Weymouth and a new addition during the year, Glynwood House in Maidenhead.

 

A professional valuation was undertaken at 56-57 The Esplanades, and as a result the properties were revalued at £1,400,000 (2022 - £1,500,000).

 

Glynwood House was purchased in September 2023 and as such has been valued at its original cost of £230,456.

PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 20 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
101
101
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022 and 30 September 2023
101
Carrying amount
At 30 September 2023
101
At 30 September 2022
101
15
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
PLV Enterprises Limited
United Kingdom
Ordinary
100.00
PLV Properties Limited
United Kingdom
Ordinary
100.00
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
83,358
97,913
-
-
PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 21 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
726
-
0
-
0
-
0
Other debtors
200,838
211,515
-
0
-
0
Prepayments and accrued income
72,829
70,893
-
0
-
0
274,393
282,408
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 22)
80,440
60,675
-
0
-
0
Total debtors
354,833
343,083
-
-
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
-
0
88,889
-
0
-
0
Trade creditors
369,928
381,090
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1
1
Other taxation and social security
422,037
397,263
-
-
Other creditors
3,288
6,470
-
0
-
0
Accruals and deferred income
297,640
265,760
-
0
-
0
1,092,893
1,139,472
1
1

The bank loans and overdraft were secured by a charge over all freehold properties of the company.

19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
-
0
8,018
-
0
-
0

The bank loans and overdraft were secured by a charge over all freehold properties of the company.

PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
96,907
-
0
-
0
Payable within one year
-
0
88,889
-
0
-
0
Payable after one year
-
0
8,018
-
0
-
0

 

The bank loans and overdraft were secured by a charge over all freehold properties of the company.

21
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Dilapidations provision
207,500
129,166
-
-
Movements on provisions:
Dilapidations provision
Group
£
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.

PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
22
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
13,302
10,782
(107,377)
(110,028)
Tax losses
-
-
187,465
155,695
Revaluations
120,451
-
-
-
Retirement benefit obligations
-
-
352
447
Investment property
-
110,542
-
-
Change in deferred tax rate
-
-
-
14,561
133,753
121,324
80,440
60,675
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
60,649
-
Credit to profit or loss
(7,336)
-
Liability at 30 September 2023
53,313
-

 

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,615
34,836

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 24 -
24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
200
200
200
200
B Ordinary shares of £1 each
133
133
133
133
333
333
333
333

 

The company has two classes of ordinary shares, A and B. Both classes have full voting, equity and dividend rights attached.

25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
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 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
26
Cash generated from group operations
2023
2022
£
£
Loss for the year after tax
(183,655)
(178,606)
Adjustments for:
Taxation credited
(7,336)
(94,384)
Finance costs
(1,610)
4,937
(Gain)/loss on disposal of tangible fixed assets
-
2,440
Fair value loss on investment properties
100,000
-
0
Amortisation and impairment of intangible assets
13,031
13,031
Depreciation and impairment of tangible fixed assets
203,470
148,980
Increase in provisions
78,334
3,333
Movements in working capital:
Decrease/(increase) in stocks
14,555
(31,356)
Decrease in debtors
8,015
6,106
Increase in creditors
42,310
353,987
Cash generated from operations
267,114
228,468
27
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
352,800
352,800
Adjustments for:
Investment income
(352,800)
(352,800)
Cash absorbed by operations
-
-
28
Analysis of changes in net funds - group
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
937,397
(444,337)
493,060
Borrowings excluding overdrafts
(96,907)
96,907
-
840,490
(347,430)
493,060
PLV HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 26 -
29
Analysis of changes in net funds - company
1 October 2022
30 September 2023
£
£
Cash at bank and in hand
233
233
2023-09-302022-10-01falseCCH SoftwareCCH Accounts Production 2023.300P L Vujasevicfalse09415567bus:Consolidated2022-10-012023-09-30094155672022-10-012023-09-3009415567bus:Director12022-10-012023-09-3009415567bus:Consolidated2023-09-30094155672023-09-3009415567bus:Consolidated2021-10-012022-09-3009415567core:Goodwillbus:Consolidated2023-09-3009415567core:Goodwillbus:Consolidated2022-09-3009415567bus:Consolidated2022-09-3009415567core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-3009415567core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3009415567core:FurnitureFittingsbus:Consolidated2023-09-3009415567core:MotorVehiclesbus:Consolidated2023-09-3009415567core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-09-3009415567core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-09-3009415567core:FurnitureFittingsbus:Consolidated2022-09-3009415567core:MotorVehiclesbus:Consolidated2022-09-3009415567core:ShareCapitalbus:Consolidated2023-09-3009415567core:ShareCapitalbus:Consolidated2022-09-3009415567core:ShareCapital2023-09-3009415567core:ShareCapital2022-09-30094155672022-09-3009415567bus:Consolidated2021-09-30094155672021-09-30094155672021-10-012022-09-3009415567core:Goodwill2022-10-012023-09-3009415567core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-012023-09-3009415567core:LandBuildingscore:LongLeaseholdAssets2022-10-012023-09-3009415567core:FurnitureFittings2022-10-012023-09-3009415567core:MotorVehicles2022-10-012023-09-3009415567core:Goodwillbus:Consolidated2022-09-3009415567core:Goodwillbus:Consolidated2022-10-012023-09-3009415567core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-09-3009415567core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-09-3009415567core:FurnitureFittingsbus:Consolidated2022-09-3009415567core:MotorVehiclesbus:Consolidated2022-09-3009415567bus:Consolidated2022-09-3009415567core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-10-012023-09-3009415567core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-10-012023-09-3009415567core:FurnitureFittingsbus:Consolidated2022-10-012023-09-3009415567core:MotorVehiclesbus:Consolidated2022-10-012023-09-3009415567core:Subsidiary1bus:Consolidated2022-10-012023-09-3009415567core:Subsidiary2bus:Consolidated2022-10-012023-09-3009415567bus:Consolidated12022-10-012023-09-3009415567core:CurrentFinancialInstruments2023-09-3009415567core:CurrentFinancialInstruments2022-09-3009415567core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3009415567core:CurrentFinancialInstrumentsbus:Consolidated2022-09-3009415567core:Non-currentFinancialInstrumentsbus:Consolidated2023-09-3009415567core:Non-currentFinancialInstrumentsbus:Consolidated2022-09-3009415567core:Non-currentFinancialInstruments2023-09-3009415567core:Non-currentFinancialInstruments2022-09-3009415567core:WithinOneYearbus:Consolidated2023-09-3009415567core:WithinOneYearbus:Consolidated2022-09-3009415567core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3009415567core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3009415567core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-09-3009415567core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-09-3009415567core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3009415567core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3009415567core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-3009415567core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-09-3009415567bus:PrivateLimitedCompanyLtd2022-10-012023-09-3009415567bus:FRS1022022-10-012023-09-3009415567bus:Audited2022-10-012023-09-3009415567bus:ConsolidatedGroupCompanyAccounts2022-10-012023-09-3009415567bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP