Company registration number 14692356 (England and Wales)
PLEVINCO 2 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PLEVINCO 2 LIMITED
COMPANY INFORMATION
Director
J Plevin
Company number
14692356
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
PLEVINCO 2 LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12 - 13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 36
PLEVINCO 2 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The director presents the strategic report for the year ended 31 August 2024.

Review of the business

During 2023, Plevinco 2 Limited was incorporated and following a group re-structure became the ultimate parent company of the existing "Plevin" Group. No change in overall ownership occurred and as such merger accounting principles were applied. These group consolidated financial statements reflect the results and performance of the "Plevin" Group for the year ended 31 August 2024.

 

The group 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 group 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 group 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 director is pleased with the successfully replacement of various income streams, which are now across multiple customers. This strategic decision will benefit the group 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 group 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 fact that administrative expenses have only increased by 2% 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 group has a proven track record in respect of profitability and operational management and the director is satisfied that disruptions were easing towards the end of the 2024 financial period. The group has a solid pipeline of work and product demand, and the director is pleased to report that the group has returned to profitability post year-end. Towards the end of the financial year, the group also secured additional funding of £1.75m by way of a cash flow loan, which provided additional working capital as required by the group.

 

As at the 31 August 2024, the group has significant net assets of £14.0m (2023: £15.5m) which the director believes places the group in a strong and stable financial position.

PLEVINCO 2 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Principal risks and uncertainties

The group 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 group's operations.

 

The existence of these financial instruments exposes the group to a number of financial risks which are described in more detail below. These are reviewed and policies are agreed for managing these risks. These policies have remained unchanged from previous years.

 

Strategic risk

The group 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 group.

 

Concentration risk

The group is in constant contact with markets, and ensures all new opportunities are explored. The diversity of the group'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 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.

Interest rate risk

The group 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 main trading subsidiary 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 group 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 group treats its compliance responsibility obligations appropriately and has established a robust framework to ensure compliance with all relevant legislation. The group 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 group 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 cost and overheads. The group will continue to monitor costs closely and we expect this to remain for some time to come.

PLEVINCO 2 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Key performance indicators

The group 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 Director has 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:

 

2024

2023

 

 

 

Turnover

£24.9m

£26.9m

GP margin

9.3%

13.3%

EBITDA

£1.1m

£1.8m

Net assets

£14.0m

£15.5m

 

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 group has significant net assets, illustrating the group's strong financial position.

Future developments

The group continues to specialise in recycling waste wood into sustainable products. 

 

The group has received a significant cash injection after the year end following the planned and strategic sale of one of the Groups sites.

 

Furthermore, the group 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 group.

 

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 director is satisfied that the group has sufficient financial resources in place to execute its strategy and continue to develop into the future.

On behalf of the board

J Plevin
Director
28 May 2025
PLEVINCO 2 LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

The director presents his 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 a non-trading holding company.

 

The principal activity of the group continued to be that of recycling of wood waste and the manufacture of animal bedding. The group also holds a commercial property portfolio, which is principally used by the trading subsidiary, in additional to being held for capital appreciation.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £292,200. The director does not recommend payment of a further dividend.

No preference dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

J Plevin
Matters included in the strategic report

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 director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

PLEVINCO 2 LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
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 auditor of the company 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 auditor of the company 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
PLEVINCO 2 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLEVINCO 2 LIMITED
- 6 -
Opinion

We have audited the financial statements of Plevinco 2 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:

PLEVINCO 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLEVINCO 2 LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has 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 group 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 group 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.

PLEVINCO 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLEVINCO 2 LIMITED
- 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:

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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
28 May 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
PLEVINCO 2 LIMITED
GROUP 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
(3,289,186)
(3,222,956)
Operating (loss)/profit
(978,768)
358,679
Exceptional item
4
-
0
(261,183)
Exceptional item
4
-
0
(167,522)
Exceptional item
4
-
0
(657,343)
Operating loss
5
(978,768)
(727,369)
Interest receivable and similar income
9
11,633
10,844
Interest payable and similar expenses
10
(294,009)
(468,929)
Loss before taxation
(1,261,144)
(1,185,454)
Tax on loss
11
180,330
61,049
Loss for the financial year
(1,080,814)
(1,124,405)
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
(1,058,962)
7,632,780
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
PLEVINCO 2 LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
-
0
343,143
Tangible assets
14
24,522,054
25,240,654
24,522,054
25,583,797
Current assets
Stocks
17
3,208,053
1,963,927
Debtors
18
5,074,391
5,247,877
Cash at bank and in hand
134,717
185,777
8,417,161
7,397,581
Creditors: amounts falling due within one year
19
(10,936,848)
(9,903,084)
Net current liabilities
(2,519,687)
(2,505,503)
Total assets less current liabilities
22,002,367
23,078,294
Creditors: amounts falling due after more than one year
20
(4,175,067)
(3,624,187)
Provisions for liabilities
Deferred tax liability
23
3,799,370
3,972,415
(3,799,370)
(3,972,415)
Net assets
14,027,930
15,481,692
Capital and reserves
Called up share capital
26
5,569
5,596
Revaluation reserve
8,198,331
8,176,479
Capital redemption reserve
27
-
0
Other reserves
3,817,929
4,135,872
Profit and loss reserves
2,006,074
3,163,745
Total equity
14,027,930
15,481,692

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
28 May 2025
J Plevin
Director
Company registration number 14692356 (England and Wales)
PLEVINCO 2 LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
11,190
11,190
Capital and reserves
Called up share capital
26
5,569
5,596
Capital redemption reserve
27
-
0
Profit and loss reserves
5,594
5,594
Total equity
11,190
11,190

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £394,800 (2023 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
28 May 2025
J Plevin
Director
Company registration number 14692356 (England and Wales)
PLEVINCO 2 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 September 2022
11,190
-
0
-
0
5,092,929
5,165,993
10,270,112
Year ended 31 August 2023:
Loss for the year
-
-
-
-
(1,124,405)
(1,124,405)
Other comprehensive income:
Revaluation of tangible fixed assets
-
11,482,678
-
-
-
11,482,678
Tax relating to other comprehensive income
-
(2,725,493)
-
-
-
0
(2,725,493)
Total comprehensive income
-
8,757,185
-
-
(1,124,405)
7,632,780
Dividends
12
-
-
-
-
(2,421,200)
(2,421,200)
Reduction of shares
26
(5,594)
-
-
-
5,594
-
0
Other movements
-
(580,706)
-
(957,057)
1,537,763
-
Balance at 31 August 2023
5,596
8,176,479
-
0
4,135,872
3,163,745
15,481,692
PLEVINCO 2 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
- 13 -
Year ended 31 August 2024:
Loss for the year
-
-
-
-
(1,080,814)
(1,080,814)
Other comprehensive income:
Revaluation of tangible fixed assets
-
29,137
-
-
-
29,137
Tax relating to other comprehensive income
-
(7,285)
-
-
-
0
(7,285)
Total comprehensive income
-
21,852
-
-
(1,080,814)
(1,058,962)
Dividends
12
-
-
-
-
(292,200)
(292,200)
Redemption of shares
26
(27)
-
27
-
(102,600)
(102,600)
Other movements
-
-
-
(317,943)
317,943
-
Balance at 31 August 2024
5,569
8,198,331
27
3,817,929
2,006,074
14,027,930
PLEVINCO 2 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 27 February 2023
-
0
-
0
-
0
-
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Issue of share capital
26
11,190
-
-
11,190
Reduction of shares
26
(5,594)
-
5,594
-
0
Balance at 31 August 2023
5,596
-
0
5,594
11,190
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
394,800
394,800
Dividends
12
-
-
(292,200)
(292,200)
Redemption of shares
26
(27)
27
(102,600)
(102,600)
Balance at 31 August 2024
5,569
27
5,594
11,190
PLEVINCO 2 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
831,811
3,331,842
Interest paid
(294,009)
(468,929)
Income taxes refunded
-
0
51,835
Net cash inflow from operating activities
537,802
2,914,748
Investing activities
Purchase of tangible fixed assets
(527,557)
(1,202,024)
Proceeds from disposal of tangible fixed assets
92,087
2,493,254
Repayment of loans
(41,363)
104,327
Interest received
11,633
10,844
Net cash (used in)/generated from investing activities
(465,200)
1,406,401
Financing activities
Redemption of shares
(102,600)
-
0
Proceeds from borrowings
1,750,000
-
Repayment of borrowings
(115,601)
(28,707)
Repayment of bank loans
(229,639)
(258,213)
Payment of finance leases obligations
(1,133,622)
(1,656,403)
Dividends paid to equity shareholders
(292,200)
(2,421,200)
Net cash used in financing activities
(123,662)
(4,364,523)
Net decrease in cash and cash equivalents
(51,060)
(43,374)
Cash and cash equivalents at beginning of year
185,777
229,151
Cash and cash equivalents at end of year
134,717
185,777
PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
1
Accounting policies
Company information

Plevinco 2 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Whams Road, Hazlehead, South Yorkshire, S36 4HG.

 

The group consists of Plevinco 2 Limited and all of its subsidiaries.

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:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Plevinco 2 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

On 31 August 2023, the entire share capital of Plevin Holdings Limited was acquired by Plevinco 2 Limited, the parent company, via a share for share exchange agreement. The group has adopted the principles of merger accounting from FRS 102. Accordingly, the consolidated group financial statements have been presented as if Plevin Holdings Limited and its subsidiaries have been owned by Plevinco 2 Limited throughout the current and preceding periods. The comparative figures include the results of the merged entities, the assets and liabilities at the previous balance sheet dates and the shares issued by Plevinco 2 Limited as consideration as if they had always been in issue.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, based on continued bank and asset based funding facilities. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

This is on the basis that although the group has net current liabilities at the year end, this is partly due to the fact that there has been significant investment in fixed assets both in the current year and prior years. These acquisitions have been financed via finance leases / hire purchase contracts and repayments are 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 £1.1m (2023: £1.8m), showing that company is generating cash to enable it to meet its liabilities.

 

Towards the end of the financial year, the group secured funding of £1.75m by way of a cash flow loan, which provided additional working capital.

 

Post year end, the group has received a significant cash injection following the planned and strategic sale of one of the Groups sites.

 

Furthermore, the group 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 group.

 

The director is satisfied that the group has sufficient financial resources in place to execute its strategy and continue to develop into the future.

 

The group has prepared detailed financial forecasts and these support the going concern basis.

 

Consequently, the financial statements have been prepared on a going concern basis.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.5
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 group, typically on receipt of the goods at one of the group'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 group's operating sites.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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.

1.7
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.

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 and 15% p.a. reducing balance
Fixtures and fittings
20% p.a. straight line
Motor vehicles
15% & 25% p.a. reducing balance

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 recognised in the profit and loss account.

Freehold land and buildings is not depreciated on the basis that its carrying value reflects its residual value.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
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.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -
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 group 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 group after deducting all of its liabilities.

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.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’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 if, and only if, there is 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.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 22 -
1.17
Leases

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 leased asset are consumed.

1.18
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.

1.19
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 group’s accounting policies, the director is 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.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
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 14 for the carrying value of land and buildings relating to this key estimate.

Tangible fixed assets

The useful economic life of tangible fixed assets has to be estimated by the Director of the group 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 Director undertakes 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 £1,745,485 (2023: £1,779,368) has been charged.

 

Refer to note 14 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 Director has included a bad debt provision of £9,365 (2022: £290,098).

 

Refer to note 18 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 17.

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
Other
361,779
1,141,943
24,865,649
26,936,801
PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3
Turnover and other revenue
(Continued)
- 24 -
2024
2023
£
£
Other revenue
Interest income
11,633
10,844
445,833
-
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional impairment of intangible assets
-
657,343
Exceptional bad debt provision
-
261,183
Exceptional relocation costs
-
167,522
-
1,086,048

Exceptional costs incurred in the prior year were deemed to be exceptional due to their significance and one-off nature.

 

The exceptional impairment of intangible assets directly related to the cessation of a customer supply contract and the necessary reassessment of the carrying value of goodwill.

 

The exceptional bad debt provision related to the non-recovery of trade debts owed by a customer that went into administration post year end.

 

Exceptional relocation costs consisted of transportation costs and associated payroll costs associated with the relocation of operations to Hazlehead.

5
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange (gains)/losses
(2,600)
6,584
Depreciation of owned tangible fixed assets
931,966
831,549
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
343,143
343,142
Impairment of intangible assets
-
0
657,343
Operating lease charges
470,906
477,324

Government grants received relate to the release of historic deferred capital grants, as outlined in Note 24.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
38,000
39,500

Audit fees are borne by the trading subsidiary.

7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
78
74
-
-
Distribution
58
57
-
-
Administration
30
27
-
-
Total
166
158
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,159,427
5,686,110
-
0
-
0
Social security costs
680,825
601,291
-
-
Pension costs
170,371
147,357
-
0
-
0
7,010,623
6,434,758
-
0
-
0
Redundancy payments made or committed
-
126,591
-
-
8
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
55,689
11,808
Company pension contributions to defined contribution schemes
253
253
55,942
12,061
PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
8
Director's remuneration
(Continued)
- 26 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: 1).

9
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
11,633
10,844
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
127,111
111,620
Dividends on redeemable preference shares not classified as equity
-
0
115,500
Other interest on financial liabilities
18,619
20,005
Interest on finance leases and hire purchase contracts
136,605
221,804
Other interest
11,674
-
Total finance costs
294,009
468,929
11
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(192,325)
(46,398)
Changes in tax rates
-
0
(14,651)
Adjustment in respect of prior periods
11,995
-
0
Total deferred tax
(180,330)
(61,049)
PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Taxation
(Continued)
- 27 -

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
(1,261,144)
(1,185,454)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(315,286)
(225,236)
Tax effect of expenses that are not deductible in determining taxable profit
99,992
209,726
Tax effect of income not taxable in determining taxable profit
-
0
(15,283)
Gains not taxable
-
0
(2,181)
Effect of change in corporation tax rate
-
(14,651)
Permanent capital allowances in excess of depreciation
-
0
(31,994)
Depreciation on assets not qualifying for tax allowances
22,969
18,570
Deferred tax adjustments in respect of prior years
11,995
-
0
Taxation credit
(180,330)
(61,049)

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.

12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
292,200
-
PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
6,206,557
Amortisation and impairment
At 1 September 2023
5,863,414
Amortisation charged for the year
343,143
At 31 August 2024
6,206,557
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
343,143
The company had no intangible fixed assets at 31 August 2024 or 31 August 2023.
14
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 September 2023
16,100,000
15,882,575
30,977
5,964,064
37,977,616
Additions
-
0
1,031,786
-
0
48,990
1,080,776
Disposals
(29,137)
-
0
-
0
(132,415)
(161,552)
Revaluation
29,137
-
0
-
0
-
0
29,137
At 31 August 2024
16,100,000
16,914,361
30,977
5,880,639
38,925,977
Depreciation and impairment
At 1 September 2023
-
0
9,560,511
4,906
3,171,545
12,736,962
Depreciation charged in the year
-
0
1,038,704
6,195
700,586
1,745,485
Eliminated in respect of disposals
-
0
-
0
-
0
(78,524)
(78,524)
At 31 August 2024
-
0
10,599,215
11,101
3,793,607
14,403,923
Carrying amount
At 31 August 2024
16,100,000
6,315,146
19,876
2,087,032
24,522,054
At 31 August 2023
16,100,000
6,322,064
26,071
2,792,519
25,240,654
The company had no tangible fixed assets at 31 August 2024 or 31 August 2023.
PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
14
Tangible fixed assets
(Continued)
- 29 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
2,098,012
2,032,681
-
0
-
0
Motor vehicles
1,545,375
2,288,476
-
0
-
0
3,643,387
4,321,157
-
-

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.

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.

 

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
5,261,130
5,290,267
Accumulated depreciation
(92,238)
(92,238)
Carrying value
5,168,892
5,198,029
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
11,190
11,190
PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
15
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
11,190
Carrying amount
At 31 August 2024
11,190
At 31 August 2023
11,190
16
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
Indirect
Plevin Holdings Limited
1
Investment company
Ordinary & Preference
100.00
-
R. Plevin & Sons Limited
1
Recycling of wood waste and manufacture of animal bedding
Ordinary
0
100.00
Snowflake Animal Bedding Ltd
1
Dormant
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Whams Road, Hazlehead, South Yorkshire, S36 4HG
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,208,053
1,963,927
-
0
-
0
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,586,544
4,163,057
-
0
-
0
Corporation tax recoverable
1,213
1,213
-
0
-
0
Other debtors
537,895
423,360
-
0
-
0
Prepayments and accrued income
948,739
660,247
-
0
-
0
5,074,391
5,247,877
-
-
PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
250,514
229,638
-
0
-
0
Obligations under finance leases
22
1,094,563
1,133,623
-
0
-
0
Other borrowings
21
609,504
317,843
-
0
-
0
Trade creditors
4,139,028
3,819,979
-
0
-
0
Other taxation and social security
942,679
345,387
-
-
Government grants
24
107,989
107,989
-
0
-
0
Other creditors
2,852,762
3,228,390
-
0
-
0
Accruals and deferred income
939,809
720,235
-
0
-
0
10,936,848
9,903,084
-
0
-
0

The bank loan is secured by legal charges over properties held by the group.

 

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 group's assets.

 

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
772,418
1,022,933
-
0
-
0
Obligations under finance leases
22
1,684,200
2,225,543
-
0
-
0
Other borrowings
21
1,718,449
375,711
-
0
-
0
4,175,067
3,624,187
-
-

The bank loan is secured by legal charges over properties held by the group.

 

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 groups's assets.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 32 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,022,932
1,252,571
-
0
-
0
Other loans
2,327,953
693,554
-
0
-
0
3,350,885
1,946,125
-
-
Payable within one year
860,018
547,481
-
0
-
0
Payable after one year
2,490,867
1,398,644
-
0
-
0

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 bank loan is secured by legal charges over properties held by the group. There is also a cross company guarantee given to the group's bankers between the Plevin Holdings Limited, R. Plevin & Sons Limited and Snowflake Animal Bedding Ltd.

 

Included within other loans is an amount of £347,607 (2023: £375,711) due to a close family member of the director. This individual is also a director of the subsidiary companies within the group. 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% per annum.

 

Included within other loans is an amount of £1,720,834 (2023: £Nil) in respect of non-bank loans. This loan is secured by a floating charge over the assets of the group. This loan is repayable within 5 years of the balance sheet date and interest is charged at 4% p.a. above the Bank of England base rate.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,094,563
1,133,623
-
0
-
0
In two to five years
1,684,200
2,225,543
-
0
-
0
2,778,763
3,359,166
-
-

Finance lease payments represent rentals payable by the company or group 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.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 33 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,572,927
1,642,387
Tax losses
(500,949)
(391,986)
Revaluations
2,732,778
2,725,493
Retirement benefit obligations
(5,386)
(3,479)
3,799,370
3,972,415
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
3,972,415
-
Credit to profit or loss
(180,330)
-
Charge to other comprehensive income
7,285
-
Liability at 31 August 2024
3,799,370
-

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. Tax losses carried forward will be utilised against future profits. Pension contributions will attract tax relief in the year paid.

24
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
107,989
107,989
-
-
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
170,371
147,357
PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
25
Retirement benefit schemes
(Continued)
- 34 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group 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).

 

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,094
5,094
5,094
5,094
A Ordinary shares of £1 each
1
1
1
1
B Ordinary shares of £1 each
1
1
1
1
5,096
5,096
5,096
5,096
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
M Redeemable preference shares of £1 each
223
250
223
250
R Redeemable preference shares of £1 each
250
250
250
250
473
500
473
500
Preference shares classified as equity
473
500
Total equity share capital
5,569
5,596

On 30 May 2024, 27 M Redeemable preference shares of £1.00 each were redeemed by the company at £3,800 per share.

 

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. They do carry preferential rights on a return of capital (including winding up). They are redeemable at the option of the company.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 35 -
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
412,277
574,166
-
-
Between two and five years
265,339
309,235
-
-
677,616
883,401
-
-
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
488,949
147,139
-
-
29
Related party transactions

The company has taken advantage of the exemption available in accordance with Financial Reporting Standard, 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 prior year, close family members of the company director held £1,000 preference shares. Dividends on redeemable preferences shares (deemed interest) amounted to £115,500 during the prior year.

 

As at 31 August 2024 the Plevin Holdings Limited was owed £111,657 (2023: £102,349) from a close family member of the director. During the year, interest of £2,909 (2023: £955) was charged on this overdrawn loan account.

 

During the year, R. Plevin & Sons Limited 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.

 

Included within other long term loans is £347,607 (2023: £375,711) in respect of a fixed interest loan owed to a close family member of the director and a group shareholder. The loan carries interest at 5% per annum. Loan note interest of £18,619 (2023: £20,005) was paid during the year.

 

Included within other debtors is £146,750 (2023: £155,641) in respect of an overdrawn directors loan account owed to Plevin Holdings Limited from a close family member of the director. During the year, advances of £149,298 were made and repayments of £162,219 were received. During the year, interest of £4,030 (2023: £3,502) was charged on this overdrawn directors loan account.

PLEVINCO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 36 -
30
Directors' transactions

Dividends totalling £148,600 (2023 - £265,600) were paid in the year in respect of shares held by the company's directors.

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
148,226
194,160
4,694
(148,600)
198,480
31
Controlling party

The ultimate controlling party is deemed to be J Plevin by virtue of his majority shareholding.

32
Cash generated from group operations
2024
2023
£
£
Loss after taxation
(1,080,814)
(1,124,405)
Adjustments for:
Taxation credited
(180,330)
(61,049)
Finance costs
294,009
468,929
Investment income
(11,633)
(10,844)
Gain on disposal of tangible fixed assets
(9,059)
(225,851)
Amortisation and impairment of intangible assets
343,143
1,000,485
Depreciation and impairment of tangible fixed assets
1,745,485
1,779,368
Movements in working capital:
Increase in stocks
(1,244,126)
(477,619)
Decrease in debtors
214,849
360,250
Increase in creditors
760,287
1,622,578
Cash generated from operations
831,811
3,331,842
33
Analysis of changes in net debt - group
1 September 2023
Cash flows
New finance leases
31 August 2024
£
£
£
£
Cash at bank and in hand
185,777
(51,060)
-
134,717
Borrowings excluding overdrafts
(1,946,125)
(1,404,760)
-
(3,350,885)
Obligations under finance leases
(3,359,166)
1,133,622
(553,219)
(2,778,763)
(5,119,514)
(322,198)
(553,219)
(5,994,931)
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