IRIS Accounts Production v25.1.3.33 04798572 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities 57 60 true false true true false false true true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh047985722023-12-31047985722024-12-31047985722024-01-012024-12-31047985722022-12-31047985722023-01-012023-12-31047985722023-12-3104798572ns15:EnglandWales2024-01-012024-12-3104798572ns14:PoundSterling2024-01-012024-12-3104798572ns10:Director12024-01-012024-12-3104798572ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3104798572ns10:MediumEntities2024-01-012024-12-3104798572ns10:Audited2024-01-012024-12-3104798572ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3104798572ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3104798572ns10:FullAccounts2024-01-012024-12-3104798572ns10:OrdinaryShareClass12024-01-012024-12-3104798572ns10:Director22024-01-012024-12-3104798572ns10:CompanySecretary12024-01-012024-12-3104798572ns10:RegisteredOffice2024-01-012024-12-3104798572ns5:CurrentFinancialInstruments2024-12-3104798572ns5:CurrentFinancialInstruments2023-12-3104798572ns5:ShareCapital2024-12-3104798572ns5:ShareCapital2023-12-3104798572ns5:RetainedEarningsAccumulatedLosses2024-12-3104798572ns5:RetainedEarningsAccumulatedLosses2023-12-3104798572ns5:ShareCapital2022-12-3104798572ns5:RetainedEarningsAccumulatedLosses2022-12-3104798572ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3104798572ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3104798572ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-01-012024-12-3104798572ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3104798572ns5:OwnedAssets2024-01-012024-12-3104798572ns5:OwnedAssets2023-01-012023-12-3104798572112024-01-012024-12-3104798572112023-01-012023-12-3104798572122024-01-012024-12-3104798572122023-01-012023-12-3104798572132024-01-012024-12-3104798572132023-01-012023-12-3104798572ns5:MotorVehicles2023-12-3104798572ns5:MotorVehicles2024-12-3104798572ns5:MotorVehicles2023-12-3104798572ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3104798572ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3104798572ns10:OrdinaryShareClass12024-12-3104798572ns5:RetainedEarningsAccumulatedLosses2023-12-310479857212024-01-012024-12-31
REGISTERED NUMBER: 04798572 (England and Wales)










STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PLOEGER UK LTD

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Statement of Directors' Responsibilities 5

Report of the Independent Auditors 6

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


PLOEGER UK LTD

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTORS: Mr C C F Havermans
Giuseppe A Perzia





SECRETARY: Miss C M Dunnett





REGISTERED OFFICE: Holt Road
Fakenham
Norfolk
NR21 8JH





REGISTERED NUMBER: 04798572 (England and Wales)





AUDITORS: Sexty & Co
Chartered Certified Accountants
& Statutory Auditor
124 Thorpe Road
Norwich
Norfolk
NR1 1RS

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

STRATEGIC REPORT
for the year ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES
Ploeger UK Ltd (formerly PMC Harvesters Limited) ("the company") is involved in the development, manufacture, sales, service and repair of Pea and Bean Harvesters throughout Europe, South Africa and Australasia. Other activities include the sale of Potato Harvesters, applicators and Oxbo fresh market equipment and associated spare parts and service support in the UK and the manufacture of Detasselers for sale into Brazil, the USA and Europe.

BUSINESS MODEL
The company sub contracts the vast majority of the manufacturing of components from a large number of sub-contractors mostly within the UK. Manufactured products and purchased products are combined using the skill and experience of our workforce developed over many years to assemble the complicated machines which leave the factory.

The Company also operates a policy of continuous improvement to both existing products and for the development of new products. This has resulted in the introduction of Potato Harvesters in the UK, and also the development of the Detasseler, initially for the USA market. Continued development work on the Detasseler has taken place during the year alongside maintenance of the GP1189 Pea Harvester and GB7150 Bean Harvester.

BUSINESS REVIEW AND RESULTS
The financial results are set out on page 8. The results for the year show turnover of £26,232,945 (2023: £24,750,061) and a pre-tax profit of £737,390 (2023: £743,202).

The profit for the year, after taxation, amounted to £557,631 (2023: £569,443).

KEY PERFORMANCE INDICATORS
Key performance indicators pertinent to the company are shown below. This demonstrates the underlying operational performance (gross margin and EBITDA).

2024 2023
Gross margin as % of revenues 11.0% 12.0%
Earnings before interest, tax, depreciation and amortisation (EBITDA) (£   ) 765 877

PRINCIPLE RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks.

Foreign exchange exposure, principally against the Euro, is a risk on both the sales and purchases side of the business. The company continues to use natural hedges where possible and hedges other exposure as it occurs.

Uncertainties in world trade conditions is a risk to both the sales and purchases side of the business. Approximately 36% of the company's turnover was derived from overseas markets. Although important to the business this was spread over a number of different countries therefore spreading the risk. The company continues to monitor this situation.

FUTURE DEVELOPMENTS
2025 will see continued manufacture for Pea and Bean Harvesters, Detasseler machines for sale to the group companies and similar numbers of Potato Harvesters manufactured by another part of the Ploeger Oxbo Group and sold by the UK Following closure of manufacturing operations at the French site, an additional Bean Harvester, the BH8150, will be manufactured in the UK.

ON BEHALF OF THE BOARD:





Giuseppe A Perzia - Director


16 May 2025

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Sales, Service and Supply of Spares Parts for Pea and Bean Harvesters.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

RESEARCH AND DEVELOPMENT
The year ending 31st December 2024 saw further development of the Detasseler product line. The design work for the 20" Row project was completed in the first quarter and prototype equipment being manufactured to enable field testing in Brazil and the USA during the summer. Further development work on the Male Row Destroyer has taken place and production units are being built for customers for the 2025 season. Product maintenance has continued on the GB7150 Bean Harvester and GP1189 Pea Harvester during 2024.

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 2024 to the date of this report.

Mr C C F Havermans
Giuseppe A Perzia

POLITICAL DONATIONS AND EXPENDITURE
The company made no political donations or incurred any political expenditure during the year (2023: £Nil).

CHARITABLE DONATIONS
Charitable donations of £300 were made during the year (2023: £150)

PROPOSED DIVIDEND
No dividends were proposed or paid during the year (2023: £nil).

GOING CONCERN
The company has generated sufficient financial resources from its activities to allow the directors to believe that the company is well placed to manage its business risks successfully in the current economic climate. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024


AUDITORS
The auditors, Sexty & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Giuseppe A Perzia - Director


16 May 2025

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
for the year ended 31 December 2024

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLOEGER UK LTD

Opinion
We have audited the financial statements of Ploeger UK Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLOEGER UK LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




A M Orves (Senior Statutory Auditor)
for and on behalf of Sexty & Co
Chartered Certified Accountants
& Statutory Auditor
124 Thorpe Road
Norwich
Norfolk
NR1 1RS

16 May 2025

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 3 26,232,945 24,750,061

Cost of sales 23,488,607 21,818,334
GROSS PROFIT 2,744,338 2,931,727

Administrative expenses 2,021,787 2,058,161
722,551 873,566

Other operating income 20,020 -
OPERATING PROFIT 742,571 873,566

Interest receivable and similar income 11,374 82
753,945 873,648

Interest payable and similar expenses 5 16,555 130,446
PROFIT BEFORE TAXATION 6 737,390 743,202

Tax on profit 7 179,759 173,759
PROFIT FOR THE FINANCIAL YEAR 557,631 569,443

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

557,631

569,443

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 9 5,441,097 4,762,245
Debtors 10 2,833,452 1,869,037
Cash at bank and in hand 3,093,412 1,590,943
11,367,961 8,222,225
CREDITORS
Amounts falling due within one year 11 7,642,849 5,302,183
NET CURRENT ASSETS 3,725,112 2,920,042
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,725,112

2,920,042

PROVISIONS FOR LIABILITIES 13 348,300 100,861
NET ASSETS 3,376,812 2,819,181

CAPITAL AND RESERVES
Called up share capital 14 750,000 750,000
Retained earnings 15 2,626,812 2,069,181
SHAREHOLDERS' FUNDS 3,376,812 2,819,181

The financial statements were approved by the Board of Directors and authorised for issue on 16 May 2025 and were signed on its behalf by:





Giuseppe A Perzia - Director


PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 750,000 1,499,738 2,249,738

Changes in equity
Total comprehensive income - 569,443 569,443
Balance at 31 December 2023 750,000 2,069,181 2,819,181

Changes in equity
Total comprehensive income - 557,631 557,631
Balance at 31 December 2024 750,000 2,626,812 3,376,812

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Ploeger UK Ltd 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 Company Information page.

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.

The financial statements are presented in pounds sterling and are rounded to the nearest pound.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

The company's parent undertaking, Ploeger Oxbo Europe B.V. includes the company in its consolidated financial statements. The consolidated financial statements of Ploeger Oxbo Holding B.V. are prepared in accordance with Dutch GAAP and are available to the public and may be obtained from Ploeger Oxbo Holding B.V. Electronweg 5, Roosendaal 4706PP Netherlands. In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of Cash Flow Statement and related notes.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Motor vehicles - 20% straight line

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity. The company reviews stock levels on an ongoing basis and where Management consider stock to be in excess of normal requirements or obsolete due to continued improvement a provision is made to cover these amounts.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management are included as a component of cash and cash equivalents.

Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Foreign currencies
Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Warranty costs
Warranty costs are provided on the basis of machines sold, the remaining unexpired warranty period and the anticipated costs.

Provisions
A provision is recognised in the balance sheet when the company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Interest payable and interest receivable
Interest payable and similar expenses include interest payable, finance expenses on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy).

Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains.

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Dividends are recorded in the financial year in which the dividends are approved by the shareholders. Foreign currency gains and losses are reported on a net basis.

Going concern
The company's business activities, together with the factors likely to affect its future performance as set out in the Strategic and Director's Reports on pages 2 to 4. The financial statements have been prepared on a going concern basis which the Director's consider to be appropriate for the following reasons.

The Director's have considered the factors that impact the company's future development, performance, cash-flows and financial position along with current liquidity, in forming their opinion on the going concern status.

The Director's have prepared cash-flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, including the effects of Covid-19, the company will have sufficient funds to meets its liabilities as they fall due for that period. The company is dependent for its working capital on its ultimate parent company Ploeger Oxbo Europe B.V. The company has received undertakings from Ploeger Oxbo Europe B.V. for at least 12 months from the date of approval of these financial statements that they will continue to make available such funds as are needed by the company. This should enable the company to continue to trade for the foreseeable future by meeting its liabilities as they fall due.

As with any company placing reliance on other group entities for financial support, the Director's acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The Director's considered the financial position of the ultimate parent and wider group and were satisfied with the intent and ability of Ploeger Oxbo Europe B.V.'s support.

Consequently, the Director's are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

3. TURNOVER

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts.

In the year to 31 December 2024, 36% of the company's turnover was to markets outside the United Kingdom (2023: 54%).

The split of turnover was as follows:
20242023
£   £   

United Kingdom 16,895,0007,483,000
Europe3,619,0009,247,000
USA3,764,0004,580,000
Rest of world 1,955,0003,440,000

Total 26,233,00024,750,000

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

4. EMPLOYEES AND DIRECTORS

2024 2023
£    £   
Wages and salaries 2,212,000 2,410,000
Social security costs 236,000 253,000
Other pension costs 138,000 132,000
2,586,000 2,795,000

As at 31 December 2024, the number of directors to whom benefits are accruing under money purchases pension schemes is £nil (2023: £nil). The Directors do not receive any emoluments from Ploeger UK Ltd.

The average number of employees during the year, analysed by category, was as follows:

2024 2023
No. No.
Management 3 3
Administration 7 6
Production 44 49
Sales 3 2
57 60

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest funding sterling 16,555 130,446

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 19,458 17,364
Other operating leases 32,322 18,114
Depreciation - owned assets - 3,314
Foreign exchange differences (168,787 ) 40,884
Operating lease rentals - Plant and machinery 39,874 58,000
Operating lease rentals - Land and buildings 59,964 140,000
Auditors remuneration - Audit of these financial statements 15,000 15,000

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 179,759 173,759
Tax on profit 179,759 173,759

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

8. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 January 2024
and 31 December 2024 57,718
DEPRECIATION
At 1 January 2024
and 31 December 2024 57,718
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

9. STOCKS

20242023
£   £   

Work in progress1,716,3011,296,093
Finished goods and goods for resale3,724,7963,466,152

5,441,0974,762,245

The write-down of stocks to net realisable value amounted to £36,417 (2023: £51,390).

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,768,375 1,839,345
Other debtors 2,394 2,395
Prepayments 62,683 27,297
2,833,452 1,869,037

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Payments on account 1,600,658 1,762,586
Trade creditors 2,113,314 636,973
Amounts owed to group undertakings 2,731,320 2,101,864
Tax 179,800 47,800
Social security and other taxes 77,534 102,009
VAT 338,980 154,402
Accruals and deferred income 601,243 496,549
7,642,849 5,302,183

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

12. LEASING AGREEMENTS
Non-cancellable operating lease rentals are payable as follows:

Land and Buildings Other
2024 2023 2024 2023
£    £    £    £   

Up to 1 year 59,964 42,882 23,247 21,010
Between 2 and 5 years - - 16,627 37,404
Total 59,964 42,882 39,874 58,414


13. PROVISIONS FOR LIABILITIES

Warranties
£   
At 1 January 2024100,861
Provisions used during the year-81,535
Provisions created during the year328,974
At 31 December 2024348,300

The provision for warranty costs relate to anticipated costs to be incurred on sales of new / used machines to return into operation.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
750,000 Ordinary Shares £1 750,000 750,000

15. RESERVES
Retained
earnings
£   

At 1 January 2024 2,069,181
Profit for the year 557,631
At 31 December 2024 2,626,812

16. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administrated fund. The pension cost charge represents contributions payable by the company to the fund during the year and amounted to £137,630 (2023: £131,558). Contributions payable at 31 December 2024 amounted to £Nil (2023: £Nil).

17. RELATED PARTY DISCLOSURES

Total compensation of key management personnel (including the directors) in the year amounted to £621,894 (2023: £431,034).

PLOEGER UK LTD (REGISTERED NUMBER: 04798572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

18. POST BALANCE SHEET EVENTS

There have been no material post balance sheet events.

19. ULTIMATE CONTROLLING PARTY

At 31 December 2024, the directors considered the company's immediate parent undertaking to be Ploeger Oxbo Europe BV, a company incorporated in the Netherlands.

At 31 December 2024, the directors considered the company's ultimate parent undertaking and controlling party to be Ploeger Oxbo Holding BV, a company incorporated in the Netherlands.

The smallest and largest group in which the results of the company are consolidated is that of Ploeger Oxbo Holding BV. The consolidated accounts of this company are available to the public and may be obtained from:

The Secretary
Electronweg 5
4706 PP Roosendaal
Netherlands

20. ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing these financial statements, the directors are required to make judgements, estimates and assumptions about the carrying value of asset and liabilities, based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The Directors have considered the following key sources of estimation uncertainty:

Stocks

In determining stock provisions, future demand is evaluated and appropriate provisions are made to reflect the risk of obsolescence. This methodology is affected by forecasted requirements for inventory. If actual demand or usage were to be lower than estimated, additional inventory provisions for excess or obsolete inventory may be required.

21. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS FUNDS

2024 2023
£    £   
Opening shareholders funds 2,819,181 2,249,738

Profit for the year 557,631 569,443

Dividend - -
Closing shareholders funds 2,626,812 2,819,181