Company registration number 06819727 (England and Wales)
PLEVIN HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PLEVIN HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J Plevin
S Plevin
Secretary
L Plevin
Company number
06819727
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
PLEVIN HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
PLEVIN HOLDINGS 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 is an intermediate holding company, holding shares in two subsidiaries, as detailed in note 11. The company is also a property investment company, holding commercial property which is leased to the trading subsidiary company. Details of properties held are provided in note 9.
The profit reported for the year, principally arises on rental property income after deduction of interest payable on borrowings. No group dividends have been received in the year (2023: £Nil).
At the year end, the company has net assets of £18.5m (2023: £18.6m), which the Directors believe places the company and the wider group in a strong and stable financial position.
Principal risks and uncertainties
The company is by default exposed to the risk and uncertainties associated with its property rental activities and the activities of its trading subsidiary.
As such, the company (and the wider group) uses various financial instruments including loans, asset finance and other borrowings, in addition to various other 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 group’s operations.
The existence of these financial instruments exposes the company (and the wider 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.
Liquidity Risk
The company (and the wider group) 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 within its trading subsidiary.
Interest rate risk
The company (and the wider group) finances its operations through a combination of retained profits, finance leases/hire purchase contracts, bank loans and other borrowings. The group exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Foreign currency risk
The wider group's principal foreign currency exposures arise from trading with overseas companies. Group policy permits, but does not demand, that these exposures may be hedged in order to fix the cost in sterling.
Credit risk
The principal credit risk arises from the wider group’s trade debtors.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
PLEVIN HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Key performance indicators
The company reviews and monitors its performance against a number of key performance indicators both financial and non-financial. As an intermediate parent and property investment company, the principal measures include rental income, dividends received from subsidiaries, profit before tax, carrying value of properties and net assets. 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:
| | |
| | |
| | |
Dividends received from subsidiaries | | |
| | |
Retained profit (after tax and revaluations) | | |
| | |
| | |
The company continues to generate profits from property rental.
The company's significant net assets, evidences the strong financial position of the company.
J Plevin
Director
28 May 2025
PLEVIN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
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 an investment company, holding commercial property which is leased to fellow group undertakings.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £394,800. The directors do not recommend payment of a final dividend.
No preference dividends were paid.
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
Future developments
As an intermediate parent company, the future developments of the company are closely linked to the continued success of its trading subsidiaries. The Directors continue to monitor and manage the trading subsidiary, seeking growth through existing customers and expanding services and opportunities as they arise.
The company's property rental arrangements with the main trading subsidiary are expected to continue.
The company (and wider group) has sufficient financial resources in place to execute its strategy to develop for the future.
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.
PLEVIN HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
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.
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
PLEVIN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLEVIN HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Plevin Holdings 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 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.
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.
PLEVIN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLEVIN HOLDINGS LIMITED (CONTINUED)
- 6 -
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 property rental, health and safety, employment and data protection.
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.
PLEVIN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLEVIN HOLDINGS LIMITED (CONTINUED)
- 7 -
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
PLEVIN HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Notes
£
£
Administrative expenses
(66,902)
(97,651)
Other operating income
445,833
830,004
Operating profit
4
378,931
732,353
Interest receivable and similar income
5
11,633
9,826
Interest payable and similar expenses
6
(95,041)
(223,510)
Profit before taxation
295,523
518,669
Tax on profit
7
(1,115)
(262,008)
Profit for the financial year
294,408
256,661
Other comprehensive income
Revaluation of tangible fixed assets
29,137
11,482,678
Tax relating to other comprehensive income
(7,285)
(2,725,493)
Total comprehensive income for the year
316,260
9,013,846
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PLEVIN HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
16,365,719
16,432,545
Investments
10
7,693,719
7,693,719
24,059,438
24,126,264
Current assets
Debtors
12
458,396
407,725
Cash at bank and in hand
6,733
20,595
465,129
428,320
Creditors: amounts falling due within one year
13
(2,093,960)
(1,775,218)
Net current liabilities
(1,628,831)
(1,346,898)
Total assets less current liabilities
22,430,607
22,779,366
Creditors: amounts falling due after more than one year
14
(1,120,025)
(1,398,644)
Provisions for liabilities
Deferred tax liability
16
2,790,763
2,782,363
(2,790,763)
(2,782,363)
Net assets
18,519,819
18,598,359
Capital and reserves
Called up share capital
17
11,190
11,190
Revaluation reserve
8,198,331
8,176,479
Other reserves
9,648,929
9,648,929
Profit and loss reserves
661,369
761,761
Total equity
18,519,819
18,598,359
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
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 number 06819727 (England and Wales)
PLEVIN HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
10,190
9,648,929
2,345,594
12,004,713
Year ended 31 August 2023:
Profit
-
-
-
256,661
256,661
Other comprehensive income:
Revaluation of tangible fixed assets
-
11,482,678
-
-
11,482,678
Tax relating to other comprehensive income
-
(2,725,493)
-
(2,725,493)
Total comprehensive income
-
8,757,185
-
256,661
9,013,846
Dividends
8
-
-
-
(2,421,200)
(2,421,200)
Other movements
1,000
(580,706)
-
580,706
1,000
Balance at 31 August 2023
11,190
8,176,479
9,648,929
761,761
18,598,359
Year ended 31 August 2024:
Profit
-
-
-
294,408
294,408
Other comprehensive income:
Revaluation of tangible fixed assets
-
29,137
-
-
29,137
Tax relating to other comprehensive income
-
(7,285)
-
(7,285)
Total comprehensive income
-
21,852
-
294,408
316,260
Dividends
8
-
-
-
(394,800)
(394,800)
Balance at 31 August 2024
11,190
8,198,331
9,648,929
661,369
18,519,819
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
1
Accounting policies
Company information
Plevin Holdings 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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The 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 for parent company information presented within the consolidated financial statements:
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 company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Plevin Holdings Limited is a wholly owned subsidiary of Plevinco 2 Limited and the results of Plevin Holdings Limited are included in the consolidated financial statements of Plevinco 2 Limited. These consolidated financial statements are available on request from the company's registered office: Whams Road, Hazlehead, South Yorkshire, S36 4HG.
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. This is based on the continued financial support by its trading subsidiary R. Plevin & Sons Limited.
At the balance sheet date the company owes £1,830,446 (2023: £1,532,580) to its trading subsidiary, R. Plevin & Sons Limited, as included in creditors: amounts falling due within one year. Although this balance is technically due on demand, repayment will not be sought from R. Plevin & Sons Limited unless cash-flow permits. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 12 -
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
10% p.a. straight line
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.
Freehold land and buildings is not depreciated on the basis that its carrying value reflects its residual value.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -
1.7
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.
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
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.
1.8
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.
1.9
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.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
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.
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.
Valuation of freehold land and buildings
Land and buildings have been revalued to fair value based on property valuations prepared by an independent professional valuer.
At 31 August 2024, the balance on the revaluation reserve, net of deferred tax, amounted to £8,198,331 (2023: £8,176,479).
Refer to note 9 for the carrying value of land and buildings relating to this key estimate.
3
Revenue
2024
2023
£
£
Interest income
11,633
9,826
Rental income
445,833
830,004
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
Depreciation of owned tangible fixed assets
66,826
85,581
Audit fees are borne by a trading subsidiary company.
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
11,633
9,826
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
76,422
88,005
Dividends on redeemable preference shares not classified as equity
115,500
Other interest on financial liabilities
18,619
20,005
95,041
223,510
7
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
1,115
997
Changes in tax rates
315
Total deferred tax
1,115
1,312
Total tax charge
1,115
262,008
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
295,523
518,669
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
73,881
98,547
Tax effect of expenses that are not deductible in determining taxable profit
22,517
Adjustments in respect of prior years
106,323
Effect of change in corporation tax rate
315
Group relief
(89,472)
Depreciation on assets not qualifying for tax allowances
16,706
16,260
Other rate changes
18,046
Taxation charge for the year
1,115
262,008
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
7
Taxation
(Continued)
- 17 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
7,285
2,725,493
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.
8
Dividends
2024
2023
£
£
Interim paid
394,800
2,421,200
9
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 September 2023
16,100,000
668,239
16,768,239
Disposals
(29,137)
(29,137)
Revaluation
29,137
29,137
At 31 August 2024
16,100,000
668,239
16,768,239
Depreciation and impairment
At 1 September 2023
335,694
335,694
Depreciation charged in the year
66,826
66,826
At 31 August 2024
402,520
402,520
Carrying amount
At 31 August 2024
16,100,000
265,719
16,365,719
At 31 August 2023
16,100,000
332,545
16,432,545
Freehold land and buildings includes the historic cost of £5,049,355 (2023: £5,049,355) in respect of freehold land, which is not depreciated.
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Tangible fixed assets
(Continued)
- 18 -
Land and buildings have been revalued in accordance with a professional property valuation dated 21 December 2023 by Avison Young (UK) Limited, independent valuers. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors believe the valuation dated 21 December 2023 is indicative of the fair value of the properties held as at 31 August 2024.
Freehold buildings
2024
2023
£
£
Cost
5,261,130
5,290,267
Accumulated depreciation
(92,238)
(92,238)
Carrying value
5,168,892
5,198,029
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
7,693,719
7,693,719
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 & 31 August 2024
11,726,441
Impairment
At 1 September 2023 & 31 August 2024
4,032,722
Carrying amount
At 31 August 2024
7,693,719
At 31 August 2023
7,693,719
11
Subsidiaries
Details of the company's subsidiaries at 31 August 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
R. Plevin & Sons Limited
1
Recycling of wood waste and manufacture of animal bedding
Ordinary
100.00
Snowflake Animal Bedding Ltd
1
Dormant
Ordinary
100.00
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Subsidiaries
(Continued)
- 19 -
Registered office addresses (all UK unless otherwise indicated):
1
Whams Road, Hazlehead, South Yorkshire, S36 4HG
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,213
1,213
Other debtors
457,183
406,512
458,396
407,725
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
250,514
229,638
Amounts owed to group undertakings
1,831,446
1,533,580
Other creditors
12,000
12,000
2,093,960
1,775,218
The bank loan is secured by legal charges over properties held by the company.
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
15
772,418
1,022,933
Other borrowings
15
347,607
375,711
1,120,025
1,398,644
The bank loan is secured by legal charges over properties held by the company.
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
15
Loans and overdrafts
2024
2023
£
£
Bank loans
1,022,932
1,252,571
Other loans
347,607
375,711
1,370,539
1,628,282
Payable within one year
250,514
229,638
Payable after one year
1,120,025
1,398,644
Bank loans are repayable within 5 years of the balance sheet date and interest is charged at 2% p.a. above the Bank of England base rate.
The company is also party to a cross company guarantee given to the company's bankers between the company, R. Plevin & Sons Limited and Snowflake Animal Bedding Ltd.
Other loans represent amounts due to a company director. There is no fixed repayment date, but all amounts due must be repaid by the final repayment date of 28 February 2029 and interest is charged at 5% p.a.
16
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
57,985
56,870
Revaluations
2,732,778
2,725,493
2,790,763
2,782,363
2024
Movements in the year:
£
Liability at 1 September 2023
2,782,363
Charge to profit or loss
1,115
Charge to other comprehensive income
7,285
Liability at 31 August 2024
2,790,763
The deferred tax liability set out above predominately relates to future tax payable on expected property revaluation gains arising on fair value professional valuations obtained. It also includes accelerated capital allowances that are expected to mature over the associated fixed assets useful economic life.
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,188
10,188
10,188
10,188
A Ordinary shares of £1 each
1
1
1
1
B Ordinary shares of £1 each
1
1
1
1
10,190
10,190
10,190
10,190
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
M preference shares of £1 each
500
500
500
500
R preference shares of £1 each
500
500
500
500
1,000
1,000
1,000
1,000
Preference shares classified as equity
1,000
1,000
Total equity share capital
11,190
11,190
The Ordinary, A Ordinary and B Ordinary shares of £1 each, all rank pari passu in terms of fully voting rights, rights to dividends and distribution on a wind up basis.
The M and R redeemable preference shares carry no voting rights and do not carry any rights to participate in any dividend or distribution. The do carry preferential rights on a return of capital (including winding up). They are redeemable at the option of the company.
18
Other reserves
The other reserves balance of £9,648,929 (2023: £9,648,929) included on the balance sheet relates to a merger relief reserve.
19
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 this cross guarantee is £Nil (2023: £3,180,646).
The company has also entered an unlimited cross guarantee covering the borrowings of its trading subsidiary, R. Plevin & Sons Limited, in favour of Close Brothers Limited. At the balance sheet date the potential added liability for the company under this cross guarantee is £4,518,896 (2023: £Nil).
PLEVIN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
20
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.
As at 31 August 2024 the company was owed £111,657 (2023: £102,349) from a close family member. During the year, interest of £2,909 (2023: £955) was charged on this overdrawn loan account.
During the prior year, close family members of the company directors held £1,000 preference shares. Dividends on redeemable preferences shares (deemed interest) amounted to £115,500 during the prior year.
21
Directors' transactions
Dividends totalling £0 (2023 - £409,200) were paid in the year in respect of shares held by the company's directors.
Included within other long term loans is £347,607 (2023: £375,711) in respect of a fixed interest loan owed to a company director and group shareholder. The loan carries interest at 5% per annum. Loan note interest of £18,619 (2023: £20,005) was paid during the year.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' loan
2.25
148,226
194,160
4,694
(148,600)
198,480
Directors' loan
2.25
155,641
149,298
4,030
(162,219)
146,750
303,867
343,458
8,724
(310,819)
345,230
On 31 May 2025, the overdrawn directors loan accounts were fully repaid.
22
Ultimate controlling party
The ultimate parent company is Plevinco 2 Limited, a company registered in England and Wales.
Plevin Holdings 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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