REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PLOEGER UK LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PLOEGER UK LTD |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Statement of Directors' Responsibilities | 5 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
PLOEGER UK LTD |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Statutory Auditor |
124 Thorpe Road |
Norwich |
Norfolk |
NR1 1RS |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
STRATEGIC REPORT |
for the year ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
PRINCIPAL ACTIVITIES |
Ploeger UK Ltd (formerly PMC Harvesters Limited) ("the company") is involved in the development, manufacture, sales, service and repair of pea and bean harvesters throughout Europe, South Africa and Australasia. Other activities include the sale of potato harvesters, applicators and Oxbo fresh market equipment and associated spare parts in the UK and the manufacture of detasselers for sale into Brazil, the USA and Europe. |
BUSINESS MODEL |
The company sub contracts the vast majority of the manufacturing of components from a large number of sub-contractors mostly within the UK. Manufactured products and purchased products are combined using the skill and experience of our workforce developed over many years to assemble the complicated machines which leave the factory. |
The Company also operates a policy of continuous improvement to both existing products and for the development of new products. This has resulted in the introduction of potato harvesters in the UK, and also the development of the detasseler, initially for the USA market. Continued development work on the detasseler has taken place during the year with the introduction of the updated 5180 version of the product to USA, Brazil and mainland Europe. |
BUSINESS REVIEW AND RESULTS |
The financial results are set out on page 8. The results for the year show turnover of £24,750,061 (2022: £21,616,004) and a pre-tax profit of £743,202 (2022: £594,737). |
The profit for the year, after taxation, amounted to £569,443 (2022: £479,273). |
KEY PERFORMANCE INDICATORS |
Key performance indicators pertinent to the company are shown below. This demonstrates the underlying operational performance (gross margin and EBITDA). |
2023 | 2022 |
Gross margin as % of revenues | 12.0% | 12.0% |
Earnings before interest, tax, depreciation and amortisation (EBITDA) (£ ) | 877 | 645 |
PRINCIPLE RISKS AND UNCERTAINTIES |
The management of the business and the execution of the company's strategy are subject to a number of risks. |
Foreign exchange exposure, principally against the Euro, is a risk on both the sales and purchases side of the business. The company continues to use natural hedges where possible and hedges other exposure as it occurs. |
With the pickup in the world economy, lead times are becoming more and more of a problem with certain purchased items and there items require close management scrutiny to ensure continued supply at correct levels. |
FUTURE DEVELOPMENTS |
2024 will see continued manufacture for Pea and Bean Harvesters, detasseler machines for sale to the Group Companies and increased numbers of Potato Harvesters manufactured by another part of the Ploeger Oxbo Group and sold by the UK. |
ON BEHALF OF THE BOARD: |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Sales, Service and Supply of Spares Parts for Pea and Bean Harvesters. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
RESEARCH AND DEVELOPMENT |
The year ending 31st December 2023 saw further product development for the Detasseler with design work undertaken to enable us to enter the 20" row markets in south American and further development of the Male Row Destroyer attachment. In 2023 we had significant sales in Ukraine and Romania for the Detasseler and maintained our market position in the USA and Brazil. The company continues to develop the GB7150 Bean Harvester, a new transmission was introduced during 2023. Product maintenance continued on the GP1189 Pea harvester. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The company made no political donations or incurred any political expenditure during the year (2022: £nil). |
CHARITABLE DONATIONS |
Charitable donations of £150 were made during the year (2022: £2,300) |
PROPOSED DIVIDEND |
No dividends were proposed or paid during the year (2022: £nil). |
GOING CONCERN |
The company has generated sufficient financial resources from its activities to allow the directors to believe that the company is well placed to manage its business risks successfully in the current economic climate. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
AUDITORS |
The auditors, Sexty & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
for the year ended 31 December 2023 |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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: |
- | 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PLOEGER UK LTD |
Opinion |
We have audited the financial statements of Ploeger UK Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PLOEGER UK LTD |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Certified Accountants |
& Statutory Auditor |
124 Thorpe Road |
Norwich |
Norfolk |
NR1 1RS |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT |
Interest receivable and similar income |
873,648 | 634,058 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION | 6 |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Ploeger UK Ltd is a |
The company's parent undertaking, Ploeger Oxbo Europe B.V. includes the company in its consolidated financial statements. The consolidated financial statements of Ploeger Oxbo Holding B.V. are prepared in accordance with Dutch GAAP and are available to the public and may be obtained from Ploeger Oxbo Holding B.V. Electronweg 5, Roosendaal 4706PP Netherlands. In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of Cash Flow Statement and related notes. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Tangible fixed assets |
Motor vehicles - 20% straight line |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity. The company reviews stock levels on an ongoing basis and where Management consider stock to be in excess of normal requirements or obsolete due to continued improvement a provision is made to cover these amounts. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management are included as a component of cash and cash equivalents. |
Trade and other debtors / creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
Foreign currencies |
Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the profit and loss account. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. |
Warranty costs |
Warranty costs are provided on the basis of machines sold, the remaining unexpired warranty period and the anticipated costs. |
Provisions |
A provision is recognised in the balance sheet when the company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Interest payable and interest receivable |
Interest payable and similar expenses include interest payable, finance expenses on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy). |
Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains. |
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Dividends are recorded in the financial year in which the dividends are approved by the shareholders. Foreign currency gains and losses are reported on a net basis. |
Going concern |
The company's business activities, together with the factors likely to affect its future performance as set out in the Strategic and Director's Reports on pages 2 to 4. The financial statements have been prepared on a going concern basis which the Director's consider to be appropriate for the following reasons. |
The Director's have considered the factors that impact the company's future development, performance, cash-flows and financial position along with current liquidity, in forming their opinion on the going concern status. |
The Director's have prepared cash-flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, including the effects of Covid-19, the company will have sufficient funds to meets its liabilities as they fall due for that period. The company is dependent for its working capital on its ultimate parent company Ploeger Oxbo Europe B.V. The company has received undertakings from Ploeger Oxbo Europe B.V. for at least 12 months from the date of approval of these financial statements that they will continue to make available such funds as are needed by the company. This should enable the company to continue to trade for the foreseeable future by meeting its liabilities as they fall due. |
As with any company placing reliance on other group entities for financial support, the Director's acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The Director's considered the financial position of the ultimate parent and wider group and were satisfied with the intent and ability of Ploeger Oxbo Europe B.V.'s support. |
Consequently, the Director's are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. |
3. | TURNOVER |
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. |
In the year to 31 December 2023, 70% of the company's turnover was to markets outside the United Kingdom (2022: 54%). |
The split of turnover was as follows: |
2023 | 2022 |
£ | £ |
United Kingdom | 7,483,000 | 10,046,000 |
Europe | 9,247,000 | 8,386,000 |
USA | 4,580,000 | 1,564,000 |
Rest of world | 3,440,000 | 1,620,000 |
Total | 24,750,000 | 21,616,000 |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,410,000 | 2,156,000 |
Social security costs | 253,000 | 234,000 |
Other pension costs | 132,000 | 112,000 |
2,795,000 | 2,502,000 |
As at 31 December 2023, the number of directors to whom benefits are accruing under money purchases pension schemes is £nil (2022: £nil). The Directors do not receive any emoluments from Ploeger UK Ltd. |
The average number of employees during the year, analysed by category, was as follows: |
2023 | 2022 |
No. | No. |
Management | 3 | 3 |
Administration | 6 | 6 |
Production | 49 | 44 |
Sales | 2 | 1 |
60 | 54 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Interest funding sterling |
6. | PROFIT BEFORE TAXATION |
The profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Foreign exchange differences | ( |
) |
Operating lease rentals - Plant and machinery |
Operating lease rentals - Land and buildings |
Auditors remuneration - Audit of these financial statements |
Differences on foreign exchange | ( |
) |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Work in progress | 1,296,093 | 1,988,618 |
Finished goods and goods for resale | 3,466,152 | 5,823,163 |
4,762,245 | 7,811,781 |
The write-down of stocks to net realisable value amounted to £51,390 (2022: £59,997). |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 154,402 | - |
Accruals and deferred income |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
12. | LEASING AGREEMENTS |
Non-cancellable operating lease rentals are payable as follows: |
Land and Buildings | Other |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Up to 1 year | 104,113 | 104,113 | 21,000 | 36,000 |
Between 2 and 5 years | - | - | 37,000 | 104,000 |
Total | 104,113 | 104,113 | 58,000 | 140,000 |
13. | PROVISIONS FOR LIABILITIES |
Warranties |
£ |
At January 2023 | 88,000 |
Provisions used during the year | (93,139 | ) |
Provisions created during the year | 106,000 |
At 31 December 2023 | 100,861 |
The provision for warranty costs relate to anticipated costs to be incurred on sales of new / used machines to return into operation. |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | £1 | 750,000 | 750,000 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
16. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administrated fund. The pension cost charge represents contributions payable by the company to the fund during the year and amounted to £131,558 (2022: £111,741). Contributions payable at 31 December 2023 amounted to £Nil (2022: £35,052). |
PLOEGER UK LTD (REGISTERED NUMBER: 04798572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
17. | RELATED PARTY DISCLOSURES |
Total compensation of key management personnel (including the directors) in the year amounted to £431,034 (2022: £431,034). |
Included within amounts owed to group undertakings is an inter-company funding balance which at the year end was £363 (2022 £1,351,068) owed to Ploeger Oxbo Group. The applicable interest rate is 5%. |
18. | POST BALANCE SHEET EVENTS |
There have been no material post balance sheet events. |
19. | ULTIMATE CONTROLLING PARTY |
At 31 December 2023, the directors considered the company's immediate parent undertaking to be Ploeger Oxbo Europe BV, a company incorporated in the Netherlands. |
At 31 December 2023, the directors considered the company's ultimate parent undertaking and controlling party to be Ploeger Oxbo Holding BV, a company incorporated in the Netherlands. |
The smallest and largest group in which the results of the company are consolidated is that of Ploeger Oxbo Holding BV. The consolidated accounts of this company are available to the public and may be obtained from: |
The Secretary |
Electronweg 5 |
4706 PP Roosendaal |
Netherlands |
20. | ACCOUNTING ESTIMATES AND JUDGEMENTS |
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions about the carrying value of asset and liabilities, based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The Directors have considered the following key sources of estimation uncertainty: |
Stocks |
In determining stock provisions, future demand is evaluated and appropriate provisions are made to reflect the risk of obsolescence. This methodology is affected by forecasted requirements for inventory. If actual demand or usage were to be lower than estimated, additional inventory provisions for excess or obsolete inventory may be required. |
21. | RECONCILIATION OF MOVEMENT IN SHAREHOLDERS FUNDS |
2023 | 2022 |
£ | £ |
Opening shareholders funds | 2,249,738 | 1,770,465 |
Profit for the year | 569,443 | 479,273 |
Dividend | - | - |
Closing shareholders funds | 2,819,181 | 2,249,738 |