Company registration number 01168723 (England and Wales)
R. PLEVIN & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
R. PLEVIN & SONS LIMITED
COMPANY INFORMATION
Directors
J Plevin
S Plevin
G Hobson
Company number
01168723
Registered office
Whams Road
Hazlehead
South Yorkshire
S36 4HG
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Bankers
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
R. PLEVIN & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
R. PLEVIN & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The directors present the strategic report for the year ended 31 August 2024.
Review of the business
The company continues to specialise in the recycling of all forms of waste wood and produce a range of sustainable products suitable for the panel board industry, biomass power plants and for use within animal bedding.
Our sites are strategically located around the UK to enable us to provide our services nationwide, with our head office in South Yorkshire and facilities in Nottinghamshire and Lincolnshire.
We operate a modern fleet of articulated vehicles, with specialist moving floor, chip liner and blow box trailers along with wagon and drag vehicles / skips, ensuring we are well equipped to service all your wood waste requirements.
With over 40 years’ experience, we have built an enviable reputation for service and quality. We work closely with many wood waste companies ranging from pallet and joinery workshops to local authorities, waste management and skip companies.
The financial year to 31 August 2024, has been a challenging year, fundamentally due to the continued financial impact of the company relocating its operations to Hazlehead in 2023 and a strategic decision to address customer concentration risk. The planned relocation did cause unavoidable disruptions to operations and is a key reason why turnover for the year has reduced when compared to 2023 and 2022. That being said, the company will benefit in future years from the move to Hazlehead, both from an operational capacity and output perspective. The commercial decision to address customer concentration did also impact reported turnover for both 2023 and 2024. However, the directors are pleased with the successfully replacement of various income streams, which are now across multiple customers. This strategic decision will benefit the company both in terms of turnover and gross profit margin for future years. Turnover is expected to increase to at least historic levels within the next 12 months, with expectations for future growth based on current pipelines.
Gross margins for the year have fallen from 13% to 9%. This is due to increases in raw material prices, raw material supply issues, together with changes in both customer and product mix and timing of sales price increases. In addressing customer concentration risk, the company has also lost some customer accounts which contributed an above average gross profit margin. It is expected that gross profit margins will improve going forward.
Administrative expenses have been closely monitored and managed. The decrease of 8% is a testament to the efforts by management to effectively manage administrative expenses and renegotiate with suppliers, despite global factors and inflation linked to the cost-of-living crisis.
The loss after tax of (£1.1m) reported for 2024 is not reflective of normal trading conditions. The company has a proven track record in respect of profitability and operational management and the directors are satisfied that disruptions were easing towards the end of the 2024 financial period. The company has a solid pipeline of work and product demand, and the directors are pleased to report that the company has returned to profitability post year-end. Towards the end of the financial year, the company also secured additional funding of £1.75m by way of a cash flow loan, which provided additional working capital as required by the company.
As at the 31 August 2024, the company has significant net assets of £3.2m (2023: £4.3m) which the directors believe places the company in a strong and stable financial position.
R. PLEVIN & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Principal risks and uncertainties
The company uses various financial instruments including loans and various other mainstream items, such as debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.
The existence of these financial instruments exposes the group to a number of financial risks which are described in more detail below. The directors review and agree policies for managing these risks. These policies have remained unchanged from previous years.
Strategic risk
The company ensures that it carefully maintains stock of raw material on each site to meet the demands of all customers. Due to the FPP directives of the Environment Agency, stock holding remains the single most important consideration for all suppliers in this sector, our ability to service all contracts whilst working within guidelines, remains the main focus for the company.
Concentration risk
The company is in constant contact with markets, and ensures all new opportunities are explored. The diversity of the company's activities ensures there is no reliance on any particular sector or customer.
Financial risk
Cash flow is vital and being able to service its liabilities whilst continuing to invest and grow is pivotal to all activities. The careful management of stock and full utilisation of assets that have been purchased over the preceding 3 years is seen as key to cash management.
Liquidity risk
The company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by an invoice discounting facility.
Interest rate risk
The company, finances its operations through a combination of retained profits, loans, invoice discounting facilities, finance leases and hire purchase contracts. The group exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Credit risk
The principal credit risk arises from the company’s trade debtors.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an on going basis and provision is made for doubtful debts where necessary. Credit insurance is deployed within the group where deemed appropriate by the directors.
Operational risk
The company continues to invest in its staff via professional training programmes, to ensure that site operations continue in a smooth and consistent format. These are augmented by the ISO9001, ISO14001 and ISO18001 accreditations which were achieved during previous years.
Compliance
The company treats its compliance responsibility obligations appropriately and has established a robust framework to ensure compliance with all relevant legislation. The company is in regular dialogue with all regulatory bodies at all of its sites and constantly monitors the impact of its operations on the local environment.
Ukraine war and energy costs
The company continues to be impacted by global economic factors and increased costs linked to the Ukraine war and inflation. In addition to being directly related to higher energy costs, increases in all operational costs have been seen, including higher payroll costs. The directors continue to monitor costs closely and we expect this to remain for some time to come.
R. PLEVIN & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Key performance indicators
The company reviews and monitors its performance against a number of key performance indicators both financial and non-financial. The principal measures include revenue growth, maintaining service levels, improvement of gross margins and EBITDA. These are reviewed by the management team and reported to the Board on a monthly basis.
The directors have and will continue to monitor all of the KPI’s and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.
The main KPI’s and corresponding results are as follows:
The reduction in turnover in the year is a result of trade disruptions encountered during the relocation of operations and the timing of strategic customer changes to address concentration matters. Turnover is expected to increase to at least historic levels within the next 12 months.
Both gross margin and EBITDA has been impacted by the explained reduction in turnover. Expenses generally have increased due to wider economic factors, particularly energy costs and wages.
Despite the loss incurred in 2024, the company has significant net assets, illustrating the company's strong financial position.
Future developments
The company continues to specialise in recycling waste wood into sustainable products.
The company has received a significant cash injection after the year end from its immediate parent company, Plevin Holdings Limited, following the planned and strategic sale of one of the Group's sites.
Furthermore, the company is in advanced stages of securing additional long-term funding which will provide further working capital / investment to support the long-term strategies of the company.
Investment will continue to be made at all our sites, ensuring that latest technologies are embraced within our operational strategies, with key focus on service, product development and resourceful recycling.
The directors are satisfied that the company has sufficient financial resources in place to execute its strategy and continue to develop into the future.
J Plevin
Director
28 May 2025
R. PLEVIN & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 August 2024.
Principal activities
The principal activity of the company continued to be that of recycling of wood waste and the manufacture of animal bedding.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Plevin
S Plevin
G Hobson
Future developments
In accordance with s414(c)(11) of the Companies Act, included in the strategic report is information relating to the future developments of the business which would otherwise be required by schedule 7 of the "Large and Medium Sized Company's (Accounts and Reports) Regulations 2008" to be contained in the directors report.
Auditor
The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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; and
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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
R. PLEVIN & SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
J Plevin
Director
28 May 2025
R. PLEVIN & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. PLEVIN & SONS LIMITED
- 6 -
Opinion
We have audited the financial statements of R. Plevin & Sons Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
R. PLEVIN & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. PLEVIN & SONS LIMITED (CONTINUED)
- 7 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to health and safety, employment and data protection as well as environmental regulations, as monitored by the Environment Agency.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.
R. PLEVIN & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. PLEVIN & SONS LIMITED (CONTINUED)
- 8 -
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. For example, the further removed non-compliance with laws and regulations (irregularities) 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. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, 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.
We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:
Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud
Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Caroline Snape (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
28 May 2025
R. PLEVIN & SONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
24,865,649
26,936,801
Cost of sales
(22,555,231)
(23,355,166)
Gross profit
2,310,418
3,581,635
Administrative expenses
(3,350,174)
(3,655,595)
Operating loss
(1,039,756)
(73,960)
Exceptional item
4
(261,183)
Exceptional item
4
(167,522)
Operating loss
5
(1,039,756)
(502,665)
Interest receivable and similar income
8
-
1,018
Interest payable and similar expenses
9
(198,968)
(245,419)
Loss before taxation
(1,238,724)
(747,066)
Tax on loss
10
181,445
323,057
Loss for the financial year
(1,057,279)
(424,009)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
R. PLEVIN & SONS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
25,200
Tangible assets
12
8,156,335
8,808,109
8,156,335
8,833,309
Current assets
Stocks
13
3,208,053
1,963,927
Debtors
14
6,446,441
6,372,732
Cash at bank and in hand
127,984
165,182
9,782,478
8,501,841
Creditors: amounts falling due within one year
15
(10,674,334)
(9,661,446)
Net current liabilities
(891,856)
(1,159,605)
Total assets less current liabilities
7,264,479
7,673,704
Creditors: amounts falling due after more than one year
16
(3,055,042)
(2,225,543)
Provisions for liabilities
Deferred tax liability
19
1,008,607
1,190,052
(1,008,607)
(1,190,052)
Net assets
3,200,830
4,258,109
Capital and reserves
Called up share capital
22
10,000
10,000
Profit and loss reserves
3,190,830
4,248,109
Total equity
3,200,830
4,258,109
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
J Plevin
Director
Company Registration No. 01168723
R. PLEVIN & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2022
10,000
4,672,118
4,682,118
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
(424,009)
(424,009)
Balance at 31 August 2023
10,000
4,248,109
4,258,109
Year ended 31 August 2024:
Loss and total comprehensive income for the year
-
(1,057,279)
(1,057,279)
Balance at 31 August 2024
10,000
3,190,830
3,200,830
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
1
Accounting policies
Company information
R. Plevin & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whams Road, Hazlehead, South Yorkshire, S36 4HG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Plevinco 2 Limited. These consolidated financial statements are available from its registered office, Whams Road, Hazlehead, South Yorkshire, S36 4HG.
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The net current liabilities position of the company at the year end is principally due to significant investment in tangible fixed assets during the current and prior year. These acquisitions have been financed via finance leases / hire purchase contracts, with associated repayments being made over a much shorter period than the fixed assets useful economic life. Creditors due in less than one year, includes 12 repayments which are paid monthly and funding from working capital generated from monthly income. This is demonstrated by the fact that the company has a strong EBITDA of £0.7m (2023: £1.0m), showing that company is generating cash to enable it to meet its liabilities.
Towards the end of the financial year, the company secured funding of £1.75m by way of a cash flow loan, which provided additional working capital.
Post year end, the company has received a significant cash injection from its immediate parent company, Plevin Holdings Limited, following the planned and strategic sale of one of the Groups sites. Furthermore, the company is in advanced stages of securing additional long-term funding which will provide further working capital / investment to support the long-term strategies of the company.
The company has prepared detailed financial forecasts and these support the going concern basis.
The directors are satisfied that the company has sufficient financial resources in place to execute its strategy and continue to develop into the future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue relating to receipt of waste wood from customers for processing, is recognised on the date the risk and reward of the wood has transferred to the company, typically on receipt of the goods at one of the company's operating sites or on collection from a customer site. Revenue relating to the sale of finished goods and processed material is recognised on the date the risk and reward of the inventory passes to the customer, typically on delivery to a customer site or on collection by the customer from one of the company's operating sites.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% p.a. reducing balance and 10% - 15% p.a. straight line basis
Fixtures and fittings
20% p.a. straight line basis
Motor vehicles
25% p.a. reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
As lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets
The useful economic life of tangible fixed assets has to be estimated by the directors of the company to ensure an appropriate depreciation charge is recognised in the year. The value of the assets ultimately depends on the condition of the assets and whether economic income can be derived from the asset. The directors undertake a periodic review of the assets to ensure the value of the assets is fairly stated within the financial statements.
During the year, depreciation of £1,678,659 (2023: £1,693,787) has been charged.
Refer to note 12 for the carrying values of tangible fixed assets impacted by this key accounting estimate.
Provision for bad and doubtful debts
Provisions against trade debtors are recognised when a loss is considered probable.
Trade debtors are stated net of the allowance for the impairment of bad and doubtful debts. Debtor balances are provided against based on the date the invoice is raised based on historic experience and if any circumstances highlight potential non-recovery.
At the year-end, the directors have included a bad debt provision of £9,365 (2023: £290,098).
Refer to note 14 for the carrying values of trade debtors impacted by this key accounting estimate.
Stock valuation
Given the nature of the stock, significant judgement is made by management in both assessing the quantity of stock held at the year-end and the costing of stock. Management use their historical experience and other relevant factors to make their best estimate.
At the year end, stock was valued at £3,208,053 (2023: £1,963,927), as included in note 13.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Animal bedding
18,588,490
20,038,071
Recycled products
5,915,380
5,756,787
Others
361,779
1,141,943
24,865,649
26,936,801
2024
2023
£
£
Other revenue
Interest income
-
1,018
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
4
Exceptional items
2024
2023
£
£
Expenditure
Exceptional bad debt provision
-
261,183
Exceptional relocation costs
-
167,522
-
428,705
Exceptional costs incurred in the prior year were deemed to be exceptional due to their significance and one-off nature.
5
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(2,600)
6,584
Fees payable to the company's auditor for the audit of the company's financial statements
38,000
39,500
Depreciation of owned tangible fixed assets
865,140
745,968
Depreciation of tangible fixed assets held under finance leases
813,519
947,819
Profit on disposal of tangible fixed assets
(9,059)
(225,851)
Amortisation of intangible assets
25,200
43,428
Operating lease charges
916,739
1,307,328
Government grants received relate to the release of historic deferred capital grants, as outlined in Note 20.
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
78
74
Distribution
58
57
Administration
30
27
Total
166
158
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
6,159,427
5,686,110
Social security costs
680,825
601,291
Pension costs
170,371
147,357
7,010,623
6,434,758
Redundancy payments made or committed
-
126,591
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
217,922
134,129
Company pension contributions to defined contribution schemes
3,490
3,547
221,412
137,676
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
97,891
-
Company pension contributions to defined contribution schemes
2,984
-
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
1,018
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
50,689
23,615
Interest on finance leases and hire purchase contracts
136,605
221,804
Other interest
11,674
198,968
245,419
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(154,373)
Adjustments in respect of prior periods
(106,323)
Total current tax
(260,696)
Deferred tax
Origination and reversal of timing differences
(193,440)
(47,395)
Changes in tax rates
(14,966)
Adjustment in respect of prior periods
11,995
Total deferred tax
(181,445)
(62,361)
Total tax credit
(181,445)
(323,057)
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10
Taxation
(Continued)
- 22 -
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(1,238,724)
(747,066)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(309,681)
(141,943)
Tax effect of expenses that are not deductible in determining taxable profit
20,506
5,369
Tax effect of income not taxable in determining taxable profit
(15,283)
Gains not taxable
(2,181)
Adjustments in respect of prior years
(106,323)
Effect of change in corporation tax rate
(14,966)
Group relief
89,472
Permanent capital allowances in excess of depreciation
(31,994)
Depreciation on assets not qualifying for tax allowances
6,263
2,310
Deferred tax adjustments in respect of prior years
11,995
Other tax rate changes
(18,046)
Taxation credit for the year
(181,445)
(323,057)
Deferred tax has been recognised at a rate of 25%. In October 2022, the government announced an increase in the corporation tax main rate from 19% to 25% for companies with profit over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023.
11
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
306,636
Amortisation and impairment
At 1 September 2023
281,436
Amortisation charged for the year
25,200
At 31 August 2024
306,636
Carrying amount
At 31 August 2024
At 31 August 2023
25,200
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
15,179,336
30,977
5,964,064
21,174,377
Additions
1,031,786
48,990
1,080,776
Disposals
(132,415)
(132,415)
At 31 August 2024
16,211,122
30,977
5,880,639
22,122,738
Depreciation and impairment
At 1 September 2023
9,189,817
4,906
3,171,545
12,366,268
Depreciation charged in the year
971,878
6,195
700,586
1,678,659
Eliminated in respect of disposals
(78,524)
(78,524)
At 31 August 2024
10,161,695
11,101
3,793,607
13,966,403
Carrying amount
At 31 August 2024
6,049,427
19,876
2,087,032
8,156,335
At 31 August 2023
5,989,519
26,071
2,792,519
8,808,109
Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:
2024
2023
£
£
Plant and equipment
2,098,012
2,032,681
Motor vehicles
1,545,375
2,288,476
3,643,387
4,321,157
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,208,053
1,963,927
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,586,544
4,163,057
Amounts owed by group undertakings
1,830,446
1,532,580
Other debtors
80,712
16,848
Prepayments and accrued income
948,739
660,247
6,446,441
6,372,732
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
18
1,094,563
1,133,623
Other borrowings
17
609,504
317,843
Trade creditors
4,139,028
3,819,979
Taxation and social security
942,679
345,387
Government grants
20
107,989
107,989
Other creditors
2,840,762
3,216,390
Accruals and deferred income
939,809
720,235
10,674,334
9,661,446
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
Included within other creditors is an amount of £2,798,062 (2023: £3,180,646) in respect of an invoice discounting facility. This is secured over the debts to which it relates.
Included within other borrowings is an amount of £349,992 (2023: £Nil) in respect of a non-bank loan which is secured by a floating charge over the company's assets.
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
1,684,200
2,225,543
Other borrowings
17
1,370,842
3,055,042
2,225,543
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
Other borrowings relates to a non-bank loan which is secured by a floating charge over the company's assets.
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
17
Loans and overdrafts
2024
2023
£
£
Other loans
1,980,346
317,843
Payable within one year
609,504
317,843
Payable after one year
1,370,842
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,094,563
1,133,623
In two to five years
1,684,200
2,225,543
2,778,763
3,359,166
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years, although one lease entered into during 2021 had a term of 7 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,514,942
1,585,517
Tax losses
(500,949)
(391,986)
Retirement benefit obligations
(5,386)
(3,479)
1,008,607
1,190,052
2024
Movements in the year:
£
Liability at 1 September 2023
1,190,052
Credit to profit or loss
(181,445)
Liability at 31 August 2024
1,008,607
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
19
Deferred taxation
(Continued)
- 26 -
The deferred tax liability set out above, predominately relates to accelerated capital allowances that are expected to mature over the associated fixed assets useful economic life. Tax losses carried forward will be utilised against future profits. Pension contributions will attract tax relief in the year paid.
20
Government grants
2024
2023
£
£
Arising from government grants
107,989
107,989
107,989
107,989
Deferred income is included in the financial statements as follows:
2024
2023
£
£
Current liabilities
107,989
107,989
107,989
107,989
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
170,371
147,357
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
As at the year-end, contributions due to the schemes in respect of the current reporting year were £44,444 (2023: £37,488).
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
23
Financial commitments, guarantees and contingent liabilities
The company has entered into an unlimited cross guarantee covering the borrowings of all group companies in favour of Barclays Bank PLC. At the balance sheet date the potential added liability for the company under these cross guarantees is £1,022,932 (2023: £1,252,571).
R. PLEVIN & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
24
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
412,277
574,166
Years 2-5
265,339
309,235
677,616
883,401
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
488,949
147,139
26
Related party transactions
The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102 Section 33, not to disclose transactions entered into between two or more members of a group, where any subsidiary party to the transaction is wholly owned.
During the year, the company paid rent of £Nil (2023: £33,332) to R. Plevin & Sons Limited Directors Pension Fund. At the balance sheet date, £259,512 (2023: £317,843) was owed to R. Plevin & Sons Limited Directors Pension Fund. The loan does not carry any interest and has no fixed repayment date.
During the current and prior year, the company has employed a number of close family members of the directors. During the year, the company has paid gross wages of £93,629 (2023: £68,605), employers NIC of £8,195 (2023: £6,559) and employers pension contributions of £631 (2023: £106) in respect of these employees.
27
Ultimate controlling party
The immediate parent company is Plevin Holdings Limited and the immediate parent company is Plevinco 2 Limited. Both companies are registered in England and Wales.
R. Plevin & Sons Limited is consolidated within Plevinco 2 Limited's group financial statements and copies can be obtained on request from the groups registered office, Whams Road, Hazlehead, South Yorkshire, S36 4HG.
The ultimate controlling party is deemed to be J Plevin by virtue of his majority shareholding in Plevinco 2 Limited.
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