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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Timothy Godson FCA |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
4 Henley Way |
Doddington Road |
Lincoln |
Lincolnshire |
LN6 3QR |
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 | ( |
) |
(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 | 229,835 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
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 |
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 | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 | 1,400,150 | 869,926 | 14,850 | 2,284,926 |
Changes in equity |
Total comprehensive loss | - | ( |
) | - | ( |
) |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 leasehold | 10% and 20% straight line, and over the length of the lease |
Plant and machinery | 25% reducing balance |
Computer equipment | 50% straight line |
Fixtures, fittings and equipment | 25% reducing balance |
Motor vehicles | 25% 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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: Suite 1015, 10th Floor, Chinachem Golden Plaza, 77 Mody Road, TST East, Kowloon, Hong Kong |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
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 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,696,013 | 2,307,487 |
Amounts owed by group undertakings | 375,064 | 267,280 |
Other debtors | 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 |
2,826,670 | 3,315,925 |
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 | ) | ( |
) | ( |
) |
Tax losses carried forward | 229,141 | 117,577 |
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 |
Trade creditors | 1,423,405 | 2,060,924 |
Amounts owed to group undertakings | - | - |
Other taxes and social security | 32,895 | 39,071 |
VAT | 176,533 | 269,575 | 176,533 | 269,575 |
Other creditors | 24,953 | 12,988 |
Accruals and deferred income | 290,382 | 423,461 |
2,849,983 | 3,229,431 |
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 |
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 |
Bank loans | 834,228 | 394,041 |
901,815 | 423,412 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 100,000 | 100,000 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 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 |
Between one and five years |
In more than five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank overdrafts | 67,587 | 29,371 |
Bank loans | 1,084,228 | 744,041 |
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 | ( |
) |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 | ( |
) |
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: | £ | £ |
Ordinary | £1 | 1,400,000 | 1,400,000 |
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 | 884,777 |
Deficit for the year | ( |
) | ( |
) |
At 31 December 2023 | 205,481 | 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. |