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REGISTERED NUMBER: 02285392 (England and Wales)















PLUM PRODUCTS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17 to 27


PLUM PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J M Schaffer
P B Schaffer


SECRETARY: Mrs D M Schaffer


REGISTERED OFFICE: The Cliff
Middle Street
Ingham
Lincoln
Lincolnshire
LN1 2YQ


REGISTERED NUMBER: 02285392 (England and Wales)


SENIOR STATUTORY AUDITOR: Timothy Godson FCA


AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR


BANKERS: Santander
Bridle Road
Bootle
Merseyside
L30 4GB

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The Group is a leading toy business involved in the design, development and distribution of children's outdoor play equipment and activity toys. Manufacturing is out-sourced to third parties. The Group is also a distributor of 3rd party brands.

The Group continues to be a leading international supplier to many high street multiples and specialist online retailers selling via direct from factory (FOB), bulk deliveries and direct to customer channels. Sales for the year decreased by £8.5m to £10.2m (2022 £18.7m), whilst this year there was a net loss before tax of £1.2m for 2023 (2022 profit of £0.1m). This was largely due to the exceptional freight costs that were incurred post-COVID. The Group undertook significant moves to ensure profitability returned in 2024 and was in a stronger position to drive forward in growth.

Third party brands are distributed using the same warehousing, logistics, sales and support infrastructure as Plum branded products.

The Group meets its day to day working capital requirements through the use of agreed banking facilities. The Group's forecasts and projections show that it is able to operate within the level of its agreed current facilities.

The management of the business and the execution of its strategy are subject to a number of risks, and various parts of the business are more sensitive than others to external factors such as the economic cycle and exchange rates.

The following section comprises a summary of the main risks we believe could potentially impact upon our operating and financial performance:

People
The Group recognises its success depends partly on the continued contribution of key directors, Product Development team, sales, marketing, warehousing and other personnel. The Group recognises that helping to support the health and wellbeing of its workforce is a priority. The Group has always been fortunate in being able to recruit and retain talented staff. This ability has been enhanced in recent years as the group’s profile has increased. Our “people” risk has remained at an acceptable level during 2023.

Information Technology
The Group continues to invest in IT giving it a competitive edge in the market enabling it to offer multiple methods of order fulfilment. It has continued to refine and build further on its SAP platform with improved automation of processes. These investments mean the Group is well positioned to continually develop and improve its customer service offering particularly in relation to new market places.

Competition
The further tightening of the Toy Safety standards and the stringent requirements of major international customers has raised the barrier to entry in the core product areas. Nevertheless, the business is fully cognisant of its competition and the Directors are always seeking opportunities to increase market share to reduce the competitive risk.

Customer Concentration
The Group has significant customer concentration in certain countries, so that economic difficulties or changes in the purchasing policies or patterns of its key customers could have an adverse effect on the Group’s financial results. This concentration exposes the Group to risk of a material adverse effect if one or more of its large customers were to significantly reduce purchases for any reason.

Global Economic Conditions
The Group designs, manufactures and market a wide variety of products globally through sales to retailer customers and directly to consumers. The Group’s performance is impacted by the level of discretionary consumer spending which remains weak in many countries around the world in which the Group does business. Consumer’s discretionary purchases of toy products may be impacted by job losses, bankruptcies, reduced access to credit and lower consumer confidence. Any of these factors can reduce the amount that consumers spend on the purchase of Plum’s products.

Legal
The Group is subject to varying UK and EU legal and compliance regulations, particularly in the area of Toy safety. The Group takes its responsibilities very seriously and ensures that its policies, systems and procedures are continually updated and comply with the legal requirements in all of the sectors in which it operates.


PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE DEVELOPMENTS
The continued aim of the Group is to build a global brand. Sales are now being made in over sixty countries.

The Group invests in new product development and marketing. One criterion of this development is that the new products are suitable for world markets. Hand in hand with this, the Group also invests in presenting at trade shows around the world.

The Group is expanding its US position having been impacted by a previous partner going into Chapter 11. This presents a significant opportunity for the business.

FINANCIAL RISK MANAGEMENT
The Group’s operations expose it to the usual financial risks such as exchange rates, commodity prices and credit risk. The senior management of the Group monitor these risks continuously and take steps to minimise them wherever possible.

It is the general policy of the Group, with few exceptions, to use credit insurance to protect against customer default.

FINANCIAL INSTRUMENTS
Liquidity risk
The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk
The Group is exposed to interest rate risk on its fixed rate borrowings and floating rate bank overdrafts and loans, which are reviewed regularly by the directors to ensure that borrowing costs are minimised.

Foreign currency risk
The Group's principal foreign currency exposures arise from trading with overseas companies. The Group minimises foreign currency risk where possible by buying and selling goods in the same currency. The use of forward currency "hedging" is also used to reduce currency risk.

Credit risk
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

ON BEHALF OF THE BOARD:





P B Schaffer - Director


26 September 2024

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the design, distribution and sale of outdoor children's play equipment and leisure products.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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.

J M Schaffer
P B Schaffer

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





P B Schaffer - Director


26 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLUM PRODUCTS LIMITED

Opinion
We have audited the financial statements of Plum Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 group 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 the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group 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 Group 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
PLUM PRODUCTS LIMITED


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLUM PRODUCTS LIMITED


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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimate and judgemental areas of the financial statements such as depreciation of tangible fixed asset, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in preparation of the financial statements.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified compliance with all relevant toy regulations and safety standards as most likely to have such an effect as all toys sold must meet these regulations and standards, along with the Health and Safety regulations as having such effect.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. We enquired with management and inspected health and safety report from visits in the year, along with our enquires confirming that the group provides regular training for employees through an external company. Compliance with all relevant toy regulations is ensured by products being tested by independent test houses and the group holds certificates of compliance for all products. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions or the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLUM PRODUCTS LIMITED


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.




Timothy Godson FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

26 September 2024

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 10,313,524 18,700,787

Cost of sales 8,031,731 14,949,126
GROSS PROFIT 2,281,793 3,751,661

Distribution costs 783,123 892,249
Administrative expenses 2,672,127 3,074,478
3,455,250 3,966,727
(1,173,457 ) (215,066 )

Other operating income 111,156 400,570
OPERATING (LOSS)/PROFIT 5 (1,062,301 ) 185,504

Interest receivable and similar income 6 9,398 643
(1,052,903 ) 186,147

Interest payable and similar expenses 7 100,144 91,742
(LOSS)/PROFIT BEFORE TAXATION (1,153,047 ) 94,405

Tax on (loss)/profit 8 (178,884 ) (124,786 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (974,163 ) 219,191
(Loss)/profit attributable to:
Owners of the parent (974,163 ) 219,191

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (974,163 ) 219,191


OTHER COMPREHENSIVE (LOSS)/INCOME
Currency translation differences (110,001 ) 25,763
Income tax relating to other comprehensive
(loss)/income

-

-
OTHER COMPREHENSIVE (LOSS)/INCOME FOR
THE YEAR, NET OF INCOME TAX

(110,001

)

25,763
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR
THE YEAR

(1,084,164

)

244,954

Total comprehensive (loss)/income attributable to:
Owners of the parent (1,084,164 ) 244,954

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 10 222,069 231,005
Investments 11 - -
222,069 231,005

CURRENT ASSETS
Stocks 12 2,122,818 2,527,027
Debtors 13 2,826,670 3,315,925
Cash at bank and in hand 1,294,744 1,955,956
6,244,232 7,798,908
CREDITORS
Amounts falling due within one year 14 2,849,983 3,229,431
NET CURRENT ASSETS 3,394,249 4,569,477
TOTAL ASSETS LESS CURRENT LIABILITIES 3,616,318 4,800,482

CREDITORS
Amounts falling due after more than one year 15 250,000 350,000
NET ASSETS 3,366,318 4,450,482

CAPITAL AND RESERVES
Called up share capital 20 1,400,150 1,400,150
Share premium 21 14,850 14,850
Retained earnings 21 1,951,318 3,035,482
SHAREHOLDERS' FUNDS 3,366,318 4,450,482

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





P B Schaffer - Director


PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 10 220,367 229,835
Investments 11 18 18
220,385 229,853

CURRENT ASSETS
Stocks 12 2,115,075 2,499,972
Debtors 13 2,406,390 2,329,559
Cash at bank and in hand 1,219,226 1,410,694
5,740,691 6,240,225
CREDITORS
Amounts falling due within one year 14 4,090,595 3,835,152
NET CURRENT ASSETS 1,650,096 2,405,073
TOTAL ASSETS LESS CURRENT LIABILITIES 1,870,481 2,634,926

CREDITORS
Amounts falling due after more than one year 15 250,000 350,000
NET ASSETS 1,620,481 2,284,926

CAPITAL AND RESERVES
Called up share capital 20 1,400,150 1,400,150
Share premium 21 14,850 14,850
Retained earnings 21 205,481 869,926
SHAREHOLDERS' FUNDS 1,620,481 2,284,926

Company's loss for the financial year (664,446 ) (17,423 )

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





P B Schaffer - Director


PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 1,400,150 2,790,528 14,850 4,205,528

Changes in equity
Total comprehensive income - 244,954 - 244,954
Balance at 31 December 2022 1,400,150 3,035,482 14,850 4,450,482

Changes in equity
Total comprehensive loss - (1,084,164 ) - (1,084,164 )
Balance at 31 December 2023 1,400,150 1,951,318 14,850 3,366,318

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 1,400,150 887,349 14,850 2,302,349

Changes in equity
Total comprehensive loss - (17,423 ) - (17,423 )
Balance at 31 December 2022 1,400,150 869,926 14,850 2,284,926

Changes in equity
Total comprehensive loss - (664,446 ) - (664,446 )
Balance at 31 December 2023 1,400,150 205,480 14,850 1,620,480

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,020,062 ) 1,057,993
Interest paid (100,144 ) (91,742 )
Tax paid 138,898 (127,113 )
Net cash from operating activities (981,308 ) 839,138

Cash flows from investing activities
Purchase of tangible fixed assets (68,950 ) (79,983 )
Sale of tangible fixed assets 1,245 18,000
Interest received 9,398 643
Net cash from investing activities (58,307 ) (61,340 )

Cash flows from financing activities
New short term loans in year 777,077 294,041
Short term loan repayments in (436,890 ) (792,700 )
Other loan repayments in year - (50,000 )
Net cash from financing activities 340,187 (548,659 )

(Decrease)/increase in cash and cash equivalents (699,428 ) 229,139
Cash and cash equivalents at beginning of year 2 1,926,585 1,697,446

Cash and cash equivalents at end of year 2 1,227,157 1,926,585

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (1,153,047 ) 94,405
Depreciation charges 77,884 63,393
(Profit)/loss on disposal of fixed assets (1,245 ) 4,750
Effect of foreign exchange difference (110,001 ) 25,763
Finance costs 100,144 91,742
Finance income (9,398 ) (643 )
(1,095,663 ) 279,410
Decrease in stocks 404,209 802,267
Decrease in trade and other debtors 529,244 1,482,223
Decrease in trade and other creditors (857,852 ) (1,505,907 )
Cash generated from operations (1,020,062 ) 1,057,993

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,294,744 1,955,956
Bank overdrafts (67,587 ) (29,371 )
1,227,157 1,926,585
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,955,956 1,920,447
Bank overdrafts (29,371 ) (223,001 )
1,926,585 1,697,446


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,955,956 (661,212 ) 1,294,744
Bank overdrafts (29,371 ) (38,216 ) (67,587 )
1,926,585 (699,428 ) 1,227,157
Debt
Debts falling due within 1 year (394,041 ) (440,187 ) (834,228 )
Debts falling due after 1 year (350,000 ) 100,000 (250,000 )
(744,041 ) (340,187 ) (1,084,228 )
Total 1,182,544 (1,039,615 ) 142,929

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Plum Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated income statement and statement of financial position include the financial statements of the company and its subsidiary undertakings made up to 31 December 2022. The results of subsidiaries sold or acquired are included in the income statement up to, or from the date control passes. Intra-group sales and profits are eliminated fully on consolidation.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 and are covered within the accounting policies:

(i) The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property, plant and equipment and note 2 (Tangible Fixed Assets) for the useful economic lives for each class of asset.

(ii) When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 12 for the net carrying amount of the stock and associated provision.

(iii) The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts, with regards the design, distribution and sale of toy, garden and leisure products, including children's play equipment, garden products and barbeque products.

Revenue is recognised on contracts in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" where the group has obtained a right to consideration. Turnover recognised in this manner is based on an assessment of the fair value of the goods and services provided at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the group. Unbilled revenue is included in debtors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Land and buildings leasehold10% and 20% straight line, and over the length of the lease
Plant and machinery25% reducing balance
Computer equipment50% straight line
Fixtures, fittings and equipment25% reducing balance
Motor vehicles25% reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currency translation
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the statement of financial position date are translated using the closing rate.

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position date. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 8,783,728 10,327,622
Rest of the world 1,529,796 8,373,165
10,313,524 18,700,787

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,594,901 1,720,156
Social security costs 159,886 217,381
Other pension costs 33,505 36,988
1,788,292 1,974,525

The average number of employees during the year was as follows:
2023 2022

Sales and distribution 28 29
Administration 16 14
Director 2 2
46 45

2023 2022
£    £   
Directors' remuneration 135,000 134,583

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 32,065 41,261
Other operating leases 225,432 238,032
Depreciation - owned assets 77,885 63,392
(Profit)/loss on disposal of fixed assets (1,245 ) 4,750
Auditors' remuneration 12,980 12,130
Foreign exchange differences (50,924 ) (186,896 )
Auditors remuneration 20,215 19,115

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 9,398 643

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 100,144 91,742

8. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
Adjustment re previous years (76,953 ) -
Overseas taxation (1,749 ) (9,000 )
Total current tax (78,702 ) (9,000 )

Deferred tax (100,182 ) (115,786 )
Tax on (loss)/profit (178,884 ) (124,786 )

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (1,153,047 ) 94,405
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

(288,262

)

17,937

Effects of:
Expenses not deductible for tax purposes 1,200 1,957
Capital allowances in excess of depreciation - (642 )
Depreciation in excess of capital allowances 3,539 -
Overseas tax differences (2,541 ) (52,253 )
R&D relief - (87,964 )
Prior year tax adjustment (76,953 ) -

Temporary timing differences (100,182 ) (115,786 )
Increase in losses carried forward 286,064 111,965
Overseas Taxation (1,749 ) -
Total tax credit (178,884 ) (124,786 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Currency translation differences (110,001 ) - (110,001 )

2022
Gross Tax Net
£    £    £   
Currency translation differences 25,763 - 25,763

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
COST
At 1 January 2023 412,850 21,664 329,411 154,511 918,436
Additions - 734 67,091 1,125 68,950
Disposals - - (799 ) - (799 )
At 31 December 2023 412,850 22,398 395,703 155,636 986,587
DEPRECIATION
At 1 January 2023 301,939 21,333 236,256 127,904 687,432
Charge for year 18,771 240 44,488 14,386 77,885
Eliminated on disposal - - (799 ) - (799 )
At 31 December 2023 320,710 21,573 279,945 142,290 764,518
NET BOOK VALUE
At 31 December 2023 92,140 825 115,758 13,346 222,069
At 31 December 2022 110,911 331 93,155 26,607 231,004


Company
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 412,850 310,314 139,610 862,774
Additions - 67,091 - 67,091
Disposals - (799 ) - (799 )
At 31 December 2023 412,850 376,606 139,610 929,066
DEPRECIATION
At 1 January 2023 301,939 217,998 113,001 632,938
Charge for year 18,771 43,684 14,105 76,560
Eliminated on disposal - (799 ) - (799 )
At 31 December 2023 320,710 260,883 127,106 708,699
NET BOOK VALUE
At 31 December 2023 92,140 115,723 12,504 220,367
At 31 December 2022 110,911 92,316 26,609 229,836


PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 18
NET BOOK VALUE
At 31 December 2023 18
At 31 December 2022 18

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Plum Products Hong Kong Limited
Registered office: Suite 1015, 10th Floor, Chinachem Golden Plaza, 77 Mody Road, TST East, Kowloon, Hong Kong
Nature of business: Logistics and showroom
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,745,858 2,165,570
(Loss)/profit for the year (309,713 ) 234,046


In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the Statement of Financial Position.

12. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 2,122,818 2,527,027 2,115,075 2,499,972

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,696,013 2,307,487 1,643,585 1,684,090
Amounts owed by group undertakings 375,064 267,280 58,046 10,953
Other debtors 18,104 25,821 18,104 25,821
Corporation tax 3,150 63,304 - -
Deferred tax asset 190,013 89,831 190,013 89,831
Prepayments and accrued income 544,326 562,202 496,642 518,864
2,826,670 3,315,925 2,406,390 2,329,559

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Accelerated capital allowances (39,128 ) (27,746 ) (39,128 ) (27,746 )
Tax losses carried forward 229,141 117,577 229,141 117,577
190,013 89,831 190,013 89,831

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 901,815 423,412 901,815 423,412
Trade creditors 1,423,405 2,060,924 1,407,453 1,627,892
Amounts owed to group undertakings - - 1,314,624 1,224,762
Other taxes and social security 32,895 39,071 32,895 39,071
VAT 176,533 269,575 176,533 269,575
Other creditors 24,953 12,988 24,953 12,988
Accruals and deferred income 290,382 423,461 232,322 237,452
2,849,983 3,229,431 4,090,595 3,835,152

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 250,000 350,000 250,000 350,000

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 67,587 29,371 67,587 29,371
Bank loans 834,228 394,041 834,228 394,041
901,815 423,412 901,815 423,412
Amounts falling due between one and two years:
Bank loans - 1-2 years 100,000 100,000 100,000 100,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 150,000 250,000 150,000 250,000

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 204,031 206,652
Between one and five years 790,440 800,264
In more than five years 1,093,750 1,638,042
2,088,221 2,644,958

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 204,031 206,652
Between one and five years 790,440 800,264
In more than five years 1,093,750 1,638,042
2,088,221 2,644,958

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 67,587 29,371 67,587 29,371
Bank loans 1,084,228 744,041 1,084,228 744,041
1,151,815 773,412 1,151,815 773,412

Bank debt is secured by way of a charge from Santander UK plc dated October 2020, granting fixed and floating charges over all the assets of the group.

19. DEFERRED TAX

Group
£   
Balance at 1 January 2023 (89,831 )
Credit to Income Statement during year (100,182 )
Balance at 31 December 2023 (190,013 )

Company
£   
Balance at 1 January 2023 (89,831 )
Credit to Income Statement during year (100,182 )
Balance at 31 December 2023 (190,013 )

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,400,000 Ordinary £1 1,400,000 1,400,000
150 Growth Shares £1 150 150
1,400,150 1,400,150

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 3,035,482 14,850 3,050,332
Deficit for the year (974,163 ) (974,163 )
Foreign currency translation
differences (110,001 ) - (110,001 )
At 31 December 2023 1,951,318 14,850 1,966,168

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 869,927 14,850 884,777
Deficit for the year (664,446 ) (664,446 )
At 31 December 2023 205,481 14,850 220,331

a) Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

b) Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

22. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund. Contributions payable by the group for the year were £50,006 (2021 - £39,804).

23. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Sales - 4,970
Amount due from related party 21,406 10,953

PLUM PRODUCTS LIMITED (REGISTERED NUMBER: 02285392)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

23. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Rent 175,000 175,000

Other related parties
2023 2022
£    £   
Sales 209,349 77,547
Purchases 152,385 465,075
Amount due from related party 36,640 -
Amount due to related party - 11,822

During the year, a total of key management personnel compensation of £ 165,834 (2022 - £ 134,583 ) was paid.

24. POST BALANCE SHEET EVENTS

Since the year end HM Revenue & Customs have opened an enquiry into the group’s research and development claim for 2021 and 2022. Claims for both years have been withdrawn in full by HM Revenue & Customs, resulting in a potential tax repayment of £187,069, as they believe expenditure did not qualify as research and development for tax purposes. The directors and their professional advisers have rebutted the grounds for non-qualification and they are optimistic about a successful conclusion in the group’s favour due to the numerous patents that have been applied for and granted during this period.

25. ULTIMATE CONTROLLING PARTY

The group's immediate parent company is Plum Products Holdings Pty Limited, a company registered in Australia.

The ultimate controlling party is J Schaffer and his family.