Company registration number 08864509 (England and Wales)
PLURAL STRATEGY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PLURAL STRATEGY GROUP LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
PLURAL STRATEGY GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
318,543
378,617
Investments
5
1
140,456
318,544
519,073
Current assets
Debtors
6
2,696,451
3,331,872
Cash at bank and in hand
10
2,696,451
3,331,882
Creditors: amounts falling due within one year
7
(2,551,469)
(2,769,386)
Net current assets
144,982
562,496
Total assets less current liabilities
463,526
1,081,569
Creditors: amounts falling due after more than one year
8
(691,298)
(622,450)
Provisions for liabilities
(13,188)
(32,421)
Net (liabilities)/assets
(240,960)
426,698
Capital and reserves
Called up share capital
10
123
123
Profit and loss reserves
(241,083)
426,575
Total equity
(240,960)
426,698
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PLURAL STRATEGY GROUP LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr J K E Easton
Director
Company registration number 08864509 (England and Wales)
PLURAL STRATEGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Plural Strategy Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Bedford Street, London, WC2E 9ES.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This a parent of a small group of companies, and is exempt from the requirement to prepare consolidated financial statements because it qualifies as small as set out in section 383 of the Act and the group is not ineligible as set out in section 384 of the Act. (And therefore it is exempted by Section 399 which specifies that small groups are not included in the requirement).
1.2
Going concern
The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of Financial Position date. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basistrue
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
PLURAL STRATEGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold improvements
Over the length of the lease
Office equipment
33% per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
PLURAL STRATEGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item on income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
PLURAL STRATEGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except taht:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences betweeen the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Share-based payments
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
PLURAL STRATEGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
49
45
4
Tangible fixed assets
Leasehold improvements
Office equipment
Total
£
£
£
Cost
At 1 January 2023
459,193
266,047
725,240
Additions
16,622
16,622
At 31 December 2023
459,193
282,669
741,862
Depreciation
At 1 January 2023
150,803
195,820
346,623
Depreciation charged in the year
45,919
30,777
76,696
At 31 December 2023
196,722
226,597
423,319
Carrying amount
At 31 December 2023
262,471
56,072
318,543
At 31 December 2022
308,390
70,227
378,617
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
50,001
Loans to group undertakings and participating interests
90,455
1
140,456
PLURAL STRATEGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries and associates
Loans to associates
Total
£
£
£
Cost or valuation
At 1 January 2023
50,001
90,455
140,456
Valuation changes
-
(4,237)
(4,237)
At 31 December 2023
50,001
86,218
136,219
Impairment
At 1 January 2023
-
-
-
Impairment losses
50,000
86,218
136,218
At 31 December 2023
50,000
86,218
136,218
Carrying amount
At 31 December 2023
1
-
1
At 31 December 2022
50,001
90,455
140,456
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,285,413
1,462,669
Amounts owed by group undertakings
67,130
292,711
Other debtors
1,069,473
1,337,175
Prepayments and accrued income
274,435
239,317
2,696,451
3,331,872
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
596,191
520,467
Trade creditors
793,331
662,538
Corporation tax
335,597
244,134
Other taxation and social security
333,051
473,809
Other creditors
97,254
97,930
Accruals and deferred income
396,045
770,508
2,551,469
2,769,386
PLURAL STRATEGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due within one year
(Continued)
- 9 -
The bank loan is secured by fixed and floating charges over the assets of the company.
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
507,512
400,000
Accruals and deferred income
183,786
222,450
691,298
622,450
The bank loan is secured by fixed and floating charges over the assets of the company.
Included within accruals and deferred income is £154,656 (2022:£154,656) which is due after more than 1 year but less than 5 years, and £29,130 (2022:£67,794) which is due after more than 5years by instalments.
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
190
190
175.00
175.00
Expired
(27)
175.00
Outstanding at 31 December 2023
163
190
175.00
175.00
Exercisable at 31 December 2023
163
190
175.00
175.00
The options outstanding at 31 December 2023 had an exercise price of £175, and a remaining contractual life of 6 years and 2 months.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
152 Ordinary A shares of 10p each
152
152
16
16
30 B Discretionary dividend shares of 10p each
30
30
3
3
304 C Ordinary shares of 10p each
304
304
30
30
114 D Ordinary shares of 10p each
114
114
11
11
228 E Ordinary shares of 10p each
228
228
23
23
342 F Ordinary shares of 10p each
342
342
34
34
48 G Ordinary shares of 10p each
48
48
5
5
12 H Ordinary shares of 10p each
12
12
1
1
1,230
1,230
123
123
PLURAL STRATEGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Called up share capital
(Continued)
- 10 -
The Ordinary A £0.10 shares, B Discretionary dividend £0.10 shares, C Ordinary £0.10 shares, D Ordinary £0.10 shares, E Ordinary £0.10 shares, F Ordinary £0.10 shares, G Ordinary £0.10 shares and H Ordinary £0.10 shares are separate classes of shares for the purpose of declaration of dividends. The declaration of a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of shares. The A Ordinary £0.10, B Discretionary dividend £0.10, C Ordinary £0.10, D Ordinary £0.10, E Ordinary £0.10, F Ordinary £0.10, G Ordinary £0.10 and H Ordinary £0.10 shares rank pari passu in all other respects .
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
2,760,414
3,262,942
12
Related party transactions
The company has taken advantage allowed by Financial Reporting Standard 102 not to disclose any transactions with other wholly owned members of the group.
Included within other creditors are amounts totalling £24,408 (2022 - £24,408) due to shareholders.
Included within trade creditors are amounts totalling £18,713 (2022 - £8,650) due to the directors.
During the year, the company wrote off £Nil (2022 - £33,669), amounts due from a connected company.
13
Directors' transactions
Dividends totalling £600,000 (2022 - £666,000) were paid in the year in respect of shares held by the company's directors.
Included within other debtors due within one year is an amount of £457,528 (2022 - £628,862) owed by the directors of the company.
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