Company registration number 10922627 (England and Wales)
PLATT AND HILL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PLATT AND HILL GROUP LIMITED
COMPANY INFORMATION
Directors
D R Hill
A D Hill
N R Hill
J R Platt
M D Iwanowytsch
Secretary
M D Iwanowytsh
Company number
10922627
Registered office
Belgrave Mill
Fitton Hill Road
off Honeywell Lane
Oldham
OL8 2LZ
Auditor
Chadwick & Company (Manchester) Limited
Chartered Accountants
Statutory Auditors
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
Business address
Belgrave Mill
Fitton Hill Road
off Honeywell Lane
Oldham
OL8 2LZ
PLATT AND HILL GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 33
PLATT AND HILL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The results for the year and the financial position at the end of the year were considered satisfactory by the directors.

 

During the year, the turnover of the group decreased by £779,000 (9.0%) to £7,848,000 due to continuing uncertainty in the business sector that the company operates in and the worldwide economy. The cost of living crisis has also impacted the sector that the company operates in as households have reduced their expenditure on luxury household items.

 

The market in which the company operates remains competitive, and the Board are looking to improve both levels of turnover and profitability in the current period.

Principal risks and uncertainties

The directors have identified the key risks faced by the group and the company and have put systems in place to mitigate these risks.

 

The group is engaged in the manufacture of flexible foam and fibre products, to the United Kingdom domestic market. The group is therefore exposed to the risk of reduction in economic growth in this market as well as restricted supplies from foam manufacturers.

 

The group is subject to a number of laws and regulations including environmental and health and safety, which could result in additional costs related to compliance.

 

The directors consider that the group's and the company's exposure to credit, cash flow and liquidity is minimal given the nature of the business and balance sheet position.

Key performance indicators

The group continues to monitor Key Performance Indicators and overheads to ensure that the costs of the business are controlled and to ensure that the company is well placed in the market.

Other performance indicators

2023     2022

£'000's     £'000's

 

Sales                     7,848 8,627

Gross Profit             1,554 1,479

Stock                     379         435

On behalf of the board

A D Hill
Director
16 September 2024
PLATT AND HILL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company is that of property rental and acting as a holding company of a group whose principal activity is that of the manufacture of flexible foam and fibre products.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £268,757. The directors do not recommend payment of a further dividend.

Directors

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

D R Hill
A D Hill
N R Hill
J R Platt
M D Iwanowytsch
Auditor

The auditor, Chadwick & Company (Manchester) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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. They are 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.

PLATT AND HILL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Medium-sized Companies (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of truethe fair review of the business, principal risks and uncertainties, development and performance and key performance indicators.

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.

On behalf of the board
A D Hill
Director
16 September 2024
PLATT AND HILL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLATT AND HILL GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Platt and Hill Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

PLATT AND HILL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLATT AND HILL GROUP LIMITED
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

PLATT AND HILL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLATT AND HILL GROUP LIMITED
- 6 -
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.

 

Our objectives are also are to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the group financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

 

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 considered and updated our knowledge of the company's specific industry and its regulatory environment, and reviewed the company's documentation surrounding the policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. Based on this understanding, we identified and assessed the risks of material misstatement in the financial statements and designed and performed audit procedures in response to those risks.

We identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, the most significant of these is the UK Companies Act 2006, Health and Safety At Work Act 1984, Employment Law, and Furniture & Fittings (Fire Safety) Regulations. We also gained knowledge of the legal and regulatory frameworks which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

The audit engagement team were made aware of the potential opportunities and incentives that may exist within the company for fraudulent activity and how and where fraud might occur or be concealed within the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other manual adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

PLATT AND HILL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLATT AND HILL GROUP LIMITED
- 7 -

In addition to the above, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Michael Chadwick FCA, FCCA (Senior Statutory Auditor)
For and on behalf of Chadwick & Company (Manchester) Limited
Chartered Accountants
Statutory Auditor
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
17 September 2024
PLATT AND HILL GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
7,848,046
8,626,602
Cost of sales
(6,294,318)
(7,147,439)
Gross profit
1,553,728
1,479,163
Administrative expenses
(1,152,413)
(1,593,741)
Other operating income
77,431
81,042
Operating profit/(loss)
4
478,746
(33,536)
Interest receivable and similar income
8
779
71
Interest payable and similar expenses
9
(2,614)
(1,067)
Profit/(loss) before taxation
476,911
(34,532)
Tax on profit/(loss)
10
(115,260)
(8,241)
Profit/(loss) for the financial year
23
361,651
(42,773)
Profit/(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.
PLATT AND HILL GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,199,071
2,152,560
Investment properties
13
550,800
550,800
2,749,871
2,703,360
Current assets
Stocks
16
378,992
434,857
Debtors
17
1,390,588
1,583,014
Cash at bank and in hand
193,665
72,605
1,963,245
2,090,476
Creditors: amounts falling due within one year
18
(1,383,694)
(1,581,914)
Net current assets
579,551
508,562
Total assets less current liabilities
3,329,422
3,211,922
Provisions for liabilities
Deferred tax liability
20
191,201
166,595
(191,201)
(166,595)
Net assets
3,138,221
3,045,327
Capital and reserves
Called up share capital
22
64,560
64,560
Revaluation reserve
23
1,392,105
1,392,105
Capital redemption reserve
23
34,720
34,720
Profit and loss reserves
23
1,646,836
1,553,942
Total equity
3,138,221
3,045,327
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
A D Hill
J R Platt
M D Iwanowytsch
Director
Director
Director
PLATT AND HILL GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,134,510
2,047,915
Investment properties
13
550,800
550,800
Investments
14
64,560
64,560
2,749,870
2,663,275
Current assets
Debtors
17
1,197,283
816,760
Cash at bank and in hand
19,704
122
1,216,987
816,882
Creditors: amounts falling due within one year
18
(1,667,528)
(1,135,881)
Net current liabilities
(450,541)
(318,999)
Total assets less current liabilities
2,299,329
2,344,276
Provisions for liabilities
Deferred tax liability
20
175,061
140,434
(175,061)
(140,434)
Net assets
2,124,268
2,203,842
Capital and reserves
Called up share capital
22
64,560
64,560
Revaluation reserve
23
1,392,105
1,392,105
Profit and loss reserves
23
667,603
747,177
Total equity
2,124,268
2,203,842

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 (loss) for the year was £189,183 (2022 - (£64,084)).

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
A D Hill
J R Platt
M D Iwanowytsch
Director
Director
Director
Company Registration No. 10922627
PLATT AND HILL GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
64,560
1,392,105
34,720
1,850,063
3,341,448
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
-
(42,773)
(42,773)
Dividends
11
-
-
-
(253,348)
(253,348)
Balance at 31 December 2022
64,560
1,392,105
34,720
1,553,942
3,045,327
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
361,651
361,651
Dividends
11
-
-
-
(268,757)
(268,757)
Balance at 31 December 2023
64,560
1,392,105
34,720
1,646,836
3,138,221
PLATT AND HILL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
64,560
1,392,105
1,064,609
2,521,274
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(64,084)
(64,084)
Dividends
11
-
-
(253,348)
(253,348)
Balance at 31 December 2022
64,560
1,392,105
747,177
2,203,842
Year ended 31 December 2023:
Loss and total comprehensive
income for the year
-
-
189,183
189,183
Dividends
11
-
-
(268,757)
(268,757)
Balance at 31 December 2023
64,560
1,392,105
667,603
2,124,268
PLATT AND HILL GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
538,818
150,772
Interest paid
(2,614)
(1,067)
Income taxes paid
-
0
(127,167)
Net cash inflow from operating activities
536,204
22,538
Investing activities
Purchase of tangible fixed assets
(134,015)
(63,475)
Proceeds from disposal of tangible fixed assets
34,300
-
Interest received
779
71
Net cash used in investing activities
(98,936)
(63,404)
Financing activities
Dividends paid to equity shareholders
(268,757)
(253,348)
Net cash used in financing activities
(268,757)
(253,348)
Net increase/(decrease) in cash and cash equivalents
168,511
(294,214)
Cash and cash equivalents at beginning of year
14,257
308,471
Cash and cash equivalents at end of year
182,768
14,257
Relating to:
Cash at bank and in hand
193,665
72,605
Bank overdrafts included in creditors payable within one year
(10,897)
(58,348)
PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Platt and Hill Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Belgrave Mill, Fitton Hill Road, off Honeywell Lane, Oldham, OL8 2LZ.

 

The group consists of Platt and Hill Group 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, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Platt and Hill Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents amounts receivable for goods net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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
2.5% straight line
Plant and machinery
12.5% straight line
Fixtures, fittings & equipment
10% straight line
Computer equipment
20% straight line
Motor vehicles
25% straight line

Land is not depreciated.

 

The company's policy is not to charge depreciation when the residual value of an asset is assessed as being at least equal to its carrying amount. On 31 December 2020, the group and company's land and buildings were valued at £1.849 million on a market value basis, by its directors. The directors are of the opinion that as there has been no significant change in value of the land and buildings since that date and that as the residual value of the building is in excess of its cost, no depreciation be charged for the year.

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.

1.8
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.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.9
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, associates and jointly controlled entities 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.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.16
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.

1.17
Retirement benefits

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

1.18
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.

1.19

Rental income

Rental income represents amounts receivable in the year from the rental of property.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s and the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There have been no material judgements, estimates or assumptions concerning the carrying amount of assets and liabilities in the period.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales generated by the group's principal activity
7,848,046
8,626,602
2023
2022
£
£
Other revenue
Interest income
779
71

All turnover was derived from the group's principal activity carried out in the United Kingdom.

4
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
53,900
51,372
Profit on disposal of tangible fixed assets
(696)
-
Operating lease charges
38,887
27,800
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
3,250
3,250
Audit of the financial statements of the company's subsidiaries
17,500
17,500
20,750
20,750
For other services
Taxation compliance services
1,500
1,500
All other non-audit services
2,400
-
3,900
1,500
PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
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 including administration
11
11
6
6
Production
70
70
-
-
Total
81
81
6
6

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,465,752
1,482,381
-
0
-
0
Social security costs
109,143
116,239
-
-
Pension costs
188,273
668,849
69,100
330,900
1,763,168
2,267,469
69,100
330,900
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
98,064
105,968
Company pension contributions to defined contribution schemes
82,300
340,800
180,364
446,768

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
-
25,342
Company pension contributions to defined contribution schemes
-
96,967
-
122,309

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
779
71
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
2,614
794
Other interest
-
273
Total finance costs
2,614
1,067
PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
90,654
-
0
Adjustments in respect of prior periods
-
0
718
Total current tax
90,654
718
Deferred tax
Origination and reversal of timing differences
24,606
7,523
Total tax charge
115,260
8,241

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

2023
2022
£
£
Profit/(loss) before taxation
476,911
(34,532)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
112,169
(6,561)
Tax effect of expenses that are not deductible in determining taxable profit
1,673
711
Tax effect of utilisation of tax losses not previously recognised
(12,209)
-
0
Unutilised tax losses carried forward
-
0
9,915
Permanent capital allowances in excess of depreciation
13,627
3,458
Under/(over) provided in prior years
-
0
718
Taxation charge
115,260
8,241

The group has trading losses amounting to £nil (2022 - £51,911) to carry forward and offset against any future years' profits that may arise and non-trade loan relationship deficits amounting to £273 (2022 - £273).

 

Factors that may affect future tax charges

In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate for larger businesses would increase to 25% (rather than remaining at 19%, as previously enacted). As a result, the relevant deferred tax balances have been calculated at 25% as the applicable rate.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
268,757
253,348
12
Tangible fixed assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
1,849,200
766,126
51,812
93,103
115,852
2,876,093
Additions
-
0
127,898
-
0
6,117
-
0
134,015
Disposals
-
0
-
0
-
0
(8,951)
(83,311)
(92,262)
At 31 December 2023
1,849,200
894,024
51,812
90,269
32,541
2,917,846
Depreciation and impairment
At 1 January 2023
-
0
567,412
23,621
81,436
51,064
723,533
Depreciation charged in the year
-
0
41,303
4,083
4,446
4,068
53,900
Eliminated in respect of disposals
-
0
-
0
-
0
(8,951)
(49,707)
(58,658)
At 31 December 2023
-
0
608,715
27,704
76,931
5,425
718,775
Carrying amount
At 31 December 2023
1,849,200
285,309
24,108
13,338
27,116
2,199,071
At 31 December 2022
1,849,200
198,714
28,191
11,667
64,788
2,152,560
PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 26 -
Company
Land and buildings
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 January 2023
1,849,200
766,127
2,615,327
Additions
-
0
127,898
127,898
At 31 December 2023
1,849,200
894,025
2,743,225
Depreciation and impairment
At 1 January 2023
-
0
567,412
567,412
Depreciation charged in the year
-
0
41,303
41,303
At 31 December 2023
-
0
608,715
608,715
Carrying amount
At 31 December 2023
1,849,200
285,310
2,134,510
At 31 December 2022
1,849,200
198,715
2,047,915

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
1,849,200
1,849,200
1,849,200
1,849,200

On 2 March 2020, the land and buildings held by the company's subsidiary undertaking , Platt And Hill Limited with a carrying amount of £723,596, were transferred at their market value to the company. The land and buildings were revalued by Keppie Massie Limited, Surveyors and Property Consultants, independent valuers not connected with the company on the basis of market value.

 

On 31 December 2020, the company's freehold property was revalued by the directors to its current market value. In the opinion of the directors there has been no change in the current market value of the company's freehold property during the year.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 27 -
2023
2022
£
£
Group
Cost
777,066
777,066
Accumulated depreciation
(399,897)
(399,897)
Carrying value
377,169
377,169
Company
Cost
777,066
777,066
Accumulated depreciation
(399,897)
(399,897)
Carrying value
377,169
377,169
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
550,800
550,800

Investment properties comprise property and units that are rented out by the company and have been transferred from land and buildings in tangible fixed assets. The fair value of the investment properties have been arrived at on the basis of a valuation carried out by Keppie Massie Limited Surveyors and Property Consultants, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Cost
231,455
231,455
231,455
231,455
Accumulated depreciation
(119,112)
(119,112)
(119,112)
(119,112)
Carrying amount
112,343
112,343
112,343
112,343
PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
64,560
64,560
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
64,560
Carrying amount
At 31 December 2023
64,560
At 31 December 2022
64,560
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Platt And Hill Limited
England & Wales
Manufacture of flexible foam & fibre products
Ordinary & Ordinary 'A' to Ordinary 'H'
100.00

The registered office of Platt And Hill Limited is Belgrave Mill, Fitton Hill Road, off Honeywell Lane, Oldham, Lancashire, OL8 2LZ.

16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
349,300
371,870
-
-
Finished goods and goods for resale
29,692
62,987
-
0
-
0
378,992
434,857
-
-
PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,072,377
1,284,992
-
0
-
0
Other debtors
31,509
39,408
-
0
-
0
Prepayments and accrued income
286,702
258,614
1,197,283
816,760
1,390,588
1,583,014
1,197,283
816,760
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
10,897
58,348
-
0
-
0
Trade creditors
640,409
833,790
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,617,131
1,117,082
Corporation tax payable
90,654
-
0
-
0
-
0
Other taxation and social security
168,966
162,040
-
-
Other creditors
17,584
-
0
17,584
-
0
Accruals and deferred income
455,184
527,736
32,813
18,799
1,383,694
1,581,914
1,667,528
1,135,881
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
10,897
58,348
-
0
-
0
Payable within one year
10,897
58,348
-
0
-
0

Group and company

 

The bank overdraft is secured by an unlimited guarantee dated 25 April 2018.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
20
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
87,468
62,862
Revaluations
79,926
79,926
Investment property
23,807
23,807
191,201
166,595
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
71,328
36,701
Revaluations
79,926
79,926
Investment property
23,807
23,807
175,061
140,434
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
166,595
140,434
Charge to profit or loss
24,606
34,627
Liability at 31 December 2023
191,201
175,061
PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
188,273
668,849

The group and company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
64,480
64,480
64,480
64,480
Ordinary shares class A of £1 each
10
10
10
10
Ordinary shares class B of £1 each
10
10
10
10
Ordinary shares class C of £1 each
10
10
10
10
Ordinary shares class D of £1 each
10
10
10
10
Ordinary shares class E of £1 each
10
10
10
10
Ordinary shares class F of £1 each
10
10
10
10
Ordinary shares class G of £1 each
10
10
10
10
Ordinary shares class H of £1 each
10
10
10
10
64,560
64,560
64,560
64,560

The details of the rights, preferences and restrictions relating to all classes of shares can be obtained from Companies House.

The details of the rights, preferences and restrictions relating to all classes of shares can be obtained from Companies House.

23
Reserves
Revaluation reserve

The revaluation reserve represents accumulated revaluation gains and losses for the year and prior years.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Reserves
(Continued)
- 32 -
Profit and loss reserves

The profit and loss reserves represents accumulated comprehensive income for the year and prior years less dividends paid.

24
Financial commitments, guarantees and contingent liabilities

There is an unlimited guarantee given by the company to its subsidiary undertaking, Platt and Hill Limited dated 25 April 2018. At 31 December 2023, the total bank based borrowings of group companies amounted to £nil (2022: £62,011).

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
41,822
30,266
-
-
Between two and five years
57,144
46,823
-
-
98,966
77,089
-
-
26
Related party transactions

Other information

 

Group

 

The group has taken advantage of the exemption under Financial Reporting Standard 102 33.1A from disclosing any transactions and balances with group entities of which the group owns 100% of the share capital.

27
Directors' transactions

Dividends totalling £263,335 (2022 - £246,000) were paid in the year in respect of shares held by the company's directors.

PLATT AND HILL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
28
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the year after tax
361,651
(42,773)
Adjustments for:
Taxation charged
115,260
8,241
Finance costs
2,614
1,067
Investment income
(779)
(71)
Gain on disposal of tangible fixed assets
(696)
-
Depreciation and impairment of tangible fixed assets
53,900
51,372
Movements in working capital:
Decrease/(increase) in stocks
55,865
(43,177)
Decrease in debtors
192,426
278,104
Decrease in creditors
(241,423)
(101,991)
Cash generated from operations
538,818
150,772
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
72,605
121,060
193,665
Bank overdrafts
(58,348)
47,451
(10,897)
14,257
168,511
182,768
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