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Registered number: 13703272












PLURAL UK MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

PLURAL UK MANAGEMENT LIMITED
 
COMPANY INFORMATION


Directors
Khaled Helioui 
Taavet Hinrikus (resigned 27 February 2025)
Ian Robert Ponder Hogarth 
Victoria Adrienne Kennard (appointed 27 February 2025)




Registered number
13703272



Registered office
1 Little Marlborough Street First And Second Floors
1 Little Marlborough Street

Carnaby

London

W1F 7BH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH





 

PLURAL UK MANAGEMENT LIMITED

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Directors' Responsibilities Statement
5
Independent Auditor's Report
6 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 27


 

PLURAL UK MANAGEMENT LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report and audited financial statements for Plural UK Management Limited (the “Company”) for the year ended 31 December 2024.

Business review
 
The Company was incorporated 25 October 2021 and is authorised and regulated since 3 April 2024 by the Financial Conduct Authority (“FCA”) in the United Kingdom, authorisation number 1002298. The Company is registered as portfolio manager under the Markets in Financial Instruments Directive “MIFID”). The Company is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission in the United States of America.
The Company provided investment advisory (until becoming authorised) and portfolio management services to alternative investment funds (“AIF”). 
The net profit for 2024 was £696,147 (2023 - loss £210,762) on turnover of £6,836,166 (2023 - £3,551,588). Average number of employees increased from 9 in 2023 to 11 in 2024.

Future outlook
 
The Company provides portfolio management services to AIFs and expects to continue to provide these services in the future.

Financial key performance indicators
 
Given the straightforward nature of the business, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

Principal risks and uncertainties
 
The principal risks and uncertainties affecting the business relate to the performance of the underlying funds advised by the Company.

Remuneration

The company is making the following disclosure in accordance with MIFIDPRU 8. The disclosure has been made in line with the requirements which apply to the company as a MIFID investment firm which is classified as Small and Non-Interconnected and which has no Additional Tier 1 capital instruments in issue.
This disclosure will be made at least annually. The level of detail provided in the qualitative disclosure is considered proportionate to the size and internal organisation of the company and the nature, scope, and complexity of the company's business activities.
The company's remuneration policy will be approved at least annually by its Board. The company does not believe that it is proportionate to form a remuneration committee at the current time in view of its size, internal organisation and the nature, scope, and complexity of its business activities.
The company's approach to the remuneration of its employees, including whether remuneration is fixed or variable, will vary over time based on its then current business activities, the risks inherent in those business activities and the nature of the work undertaken by each employee. Such an approach will be determined by its Board.
For 2024, staff were paid a total of £2,276,964 which was formed entirely of fixed remuneration to which £14,787 was formed of variable remuneration.

Page 1

 

PLURAL UK MANAGEMENT LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors have managed the Company with regard to the long term from its inception in 2021. Since then the Company has grown substantially, and with it the responsibilities of those charged with its management.


This report was approved by the board on 16 April 2025 and signed on its behalf.



Khaled Helioui
Director

Page 2

 

PLURAL UK MANAGEMENT LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the Company is the provision of investment advisory and management services. The Company was issued a portfolio manager licence from Financial Conduct Authority on 3rd of April 2024.

Results and dividends

The profit for the year, after taxation, amounted to £696,147 (2023 - loss £210,762).

The Company has not declared or paid any dividends during the financial year nor in previous periods.

Directors

The directors who served during the year were:

Khaled Helioui 
Taavet Hinrikus (resigned 27 February 2025)
Ian Robert Ponder Hogarth 

Directors' liability insurance and indemnity

The Company has arranged insurance cover in respect of legal action against its Directors. To the extent permitted by UK law, the Company also indemnifies the Directors.

Engagement with suppliers, customers and others

Under section 172 of the Companies Act 2006 (“the Act”), the directors have the duty to promote the success of the Company for the benefit of its members as a whole, having regards to the interests of other stakeholders in the Company, and to do so with an understanding of the impact on the community and environment and with high standards of business conduct. 
As part of the Company’s deliberations and decision making process, the directors also take into account the following:
(i) likely consequences of any decision in the long term;
(ii) the interests of the Company’s employees;
(iii) the need to foster the Company’s business relationships with suppliers, customers and others;
(iv) the impact on the Company’s operations on the community and environment;
(v) the desirability of the Company, maintaining a reputation for high standards of business conduct; and
(vi) the need to act fairly between members of the Company.
During 2024, the directors gave careful consideration to the factors set out above in discharging their duties under section 172 of the Act. The directors recognise that building strong relationships with stakeholders will help deliver the Company’s strategy in line with its long-term values. The directors consider their significant stakeholder groups to be its employees, shareholders, investors in venture capital funds advised by the Company, suppliers and the environment in a way that investments are made and managed.
The directors believe they have demonstrated compliance with their legal duty under section 172 of the Act.

Page 3

 

PLURAL UK MANAGEMENT LIMITED

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

After the balance sheet date, the Company was subject to restructuring on a shareholder level and from 10 February 2025, the Company is a wholly-owned subsidiary of AS PLAIFM Estonia, the new parent company of the group. The restructuring is not expected to have any material impact on the Company’s business operations in the foreseeable future and there has been no change in the ultimate beneficial owners of the Company. Additionally, on 27 February 2025, there was a resignation of 1 director and appointment of a new director. 

Auditor

Under section 487(2) of the Companies Act 2006Blick Rothenberg Audit LLP will be deemed to have been appointed as auditor.

This report was approved by the board on 16 April 2025 and signed on its behalf.
 





Khaled Helioui
Director

Page 4

 

PLURAL UK MANAGEMENT LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 5

 

PLURAL UK MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PLURAL UK MANAGEMENT LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Plural UK Management Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The 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 ReportOur 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.
Page 6

 

PLURAL UK MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PLURAL UK MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024



Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the 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.


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 set out on page 5, 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
 
Page 7

 

PLURAL UK MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PLURAL UK MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non- compliance with laws and regulations, our procedures included the following: enquiring of management concerning the Company’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Company’s policies for detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act 2006, the Financial Services and Markets Act 2000 and applicable tax legislation.
One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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 2006Our 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.


Page 8

 

PLURAL UK MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PLURAL UK MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024




Richard Hinton (Senior Statutory Auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

16 April 2025
Page 9

 

PLURAL UK MANAGEMENT LIMITED
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
6,836,166
3,551,588

Gross profit
  
6,836,166
3,551,588

Administrative expenses
 5 
(5,891,570)
(3,826,915)

Operating profit/(loss)
  
944,596
(275,327)

Interest receivable and similar income
  
860
1,213

Interest payable and similar expenses
  
(12,707)
-

Profit/(loss) before tax
  
932,749
(274,114)

Tax credit/(charge) for the year/period
 9 
(236,602)
63,352

Profit/(loss) for the financial year
  
696,147
(210,762)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 27 form part of these financial statements.

Page 10


 
REGISTERED NUMBER:13703272
PLURAL UK MANAGEMENT LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 10 
342,539
432,667

Investments into subsidiaries
 11 
125,788
115,764

  
468,327
548,431

Current assets
  

Debtors: amounts falling due after more than one year
 12 
23,352
-

Debtors: amounts falling due within one year
 12 
810,129
541,010

Cash at bank and in hand
  
1,388,513
352,497

  
2,221,994
893,507

Creditors: amounts falling due within one year
 13 
(509,617)
(267,335)

Net current assets
  
 
 
1,712,377
 
 
626,172

Total assets less current liabilities
  
2,180,704
1,174,603

Creditors: amounts falling due after more than one year
 14 
(250,000)
-

Provisions for liabilities
  

Deferred tax
 15 
(59,954)
-

  
 
 
(59,954)
 
 
-

Net assets
  
1,870,750
1,174,603


Capital and reserves
  

Called up share capital 
 16 
125
125

Share premium account
  
975
975

Profit and loss account
  
1,869,650
1,173,503

  
1,870,750
1,174,603


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2025.




Khaled Helioui
Director

The notes on pages 15 to 27 form part of these financial statements.

Page 11

PLURAL UK MANAGEMENT LIMITED


 
  
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 January 2023
100
-
1,384,265
1,384,365



Comprehensive income for the year


Loss for the year
-
-
(210,762)
(210,762)

Total comprehensive income for the year
-
-
(210,762)
(210,762)



Contributions by and distributions to owners


Shares issued during the year
25
975
-
1,000



Total transactions with owners
25
975
-
1,000





At 1 January 2024
125
975
1,173,503
1,174,603



Comprehensive income for the year


Profit for the year
-
-
696,147
696,147

Total comprehensive income for the year
-
-
696,147
696,147



Total transactions with owners
-
-
-
-



At 31 December 2024
125
975
1,869,650
1,870,750



The notes on pages 15 to 27 form part of these financial statements.

Page 12
 

PLURAL UK MANAGEMENT LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
696,147
(210,762)

Adjustments for:

Depreciation of tangible assets
99,179
35,814

Loss on disposal of tangible assets
549
1,545

Interest paid
12,707
-

Interest received
(860)
(1,213)

Taxation charge
236,602
(63,352)

(Increase) in debtors
(356,131)
(211,044)

Increase in creditors
129,294
133,383

Corporation tax received/(paid)
-
(326,368)

Net cash generated from operating activities

817,487
(641,997)


Cash flows from investing activities

Purchase of tangible fixed assets
(10,092)
(464,818)

Sale of tangible fixed assets
492
-

Investment into subsidiary
(10,024)
(10,419)

Net cash from investing activities

(19,624)
(475,237)

Cash flows from financing activities

Issue of ordinary shares
-
1,000

Other new loans
250,000
-

Interest Paid
(12,707)
-

Interest received
860
1,213

Net cash used in financing activities
238,153
2,213

Net increase/(decrease) in cash and cash equivalents
1,036,016
(1,115,021)

Cash and cash equivalents at beginning of year
352,497
1,467,518

Cash and cash equivalents at the end of year
1,388,513
352,497


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,388,513
352,497

1,388,513
352,497


The notes on pages 15 to 27 form part of these financial statements.

Page 13

 

PLURAL UK MANAGEMENT LIMITED

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

352,497

1,036,016

1,388,513

Debt due after 1 year

-

(250,000)

(250,000)


352,497
786,016
1,138,513

The notes on pages 15 to 27 form part of these financial statements.

Page 14

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Plural UK Management Limited is a private company limited by shares incorporated in England and Wales on 25 October 2021. The address of its registered office is 1 Little Marlborough Street, First and Second Floors, London, W1F 7BH.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a profit during the year and has net current assets. The financial statements have been prepared on a going concern basis because there are no material uncertaintites related to events or conditions that may cast significant doubt about the Company's ability to continue as a going concern.
The directors have assessed the Company's cash flow forecasts taking account of the current market conditions. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial slatements were approved. 
Accordingly, they continue to adopt the going concern basis in preparing the financial statements

Page 15

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 16

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Cycle
-
100%
Fixtures and fittings
-
20%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

Page 18

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities
Page 19

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made no significant judgements and estimates in applying the Company's accounting policies.

Page 20

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
6,735,939
3,538,313

Other income
100,227
13,275

6,836,166
3,551,588


Analysis of turnover by country of destination:

2024
2023
£
£

Luxembourg
6,735,939
3,538,313

United Kingdom & EU
100,227
13,275

6,836,166
3,551,588



5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Rent and property expenses
405,877
148,213

Depreciation (Refer to Note 11)
99,179
35,814

Staff costs (Refer to Note 7)
2,821,944
1,907,885

Exchange differences
39,041
14,202

Legal and professional fees
582,231
453,406

Travel and entertainment
434,697
268,467

Management services fee
1,285,685
888,195

Other expenses
222,916
110,733

5,891,570
3,826,915

Page 21

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to Company's auditor and it's associates for the audit of the Company's financial statements
26,600
30,000

Management accounts and tax services (non-audit)
40,279
20,040

66,879
50,040


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,291,751
1,518,532

Social security costs
302,400
202,458

Cost of defined contribution scheme
227,793
186,895

2,821,944
1,907,885


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
11
9


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
903,763
718,035

Company contributions to defined contribution pension schemes
16,000
45,088

919,763
763,123


The highest paid director received remuneration of £304,778 (2023 - £227,891).

Page 22

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
113,296
-


113,296
-


Total current tax
113,296
-

Deferred tax


Origination and reversal of timing differences
(19,767)
84,183

Short term timing differences
395
(4,857)

Losses and other deductions
142,678
(142,678)

Total deferred tax
123,306
(63,352)


Tax charge/(credit) for the year/period
236,602
(63,352)

Factors affecting tax charge for the year

The tax assessed for the year the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
932,749
(274,114)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
233,187
(64,472)

Effects of:


Fixed asset differences
12
(79)

Expenses not deductible for tax purposes
3,403
5,465

Capital allowances for year in excess of depreciation
-
(3,717)

Remeasurement of deferred tax for changes in tax rates
-
(549)

Total tax charge for the year
236,602
(63,352)





Page 23

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Tangible fixed assets





Cycle
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
-
441,077
27,868
468,945


Additions
1,999
4,108
3,985
10,092


Disposals
-
-
(2,082)
(2,082)



At 31 December 2024

1,999
445,185
29,771
476,955



Depreciation


At 1 January 2024
-
30,774
5,504
36,278


Charge for the year on owned assets
1,000
88,735
9,444
99,179


Disposals
-
-
(1,041)
(1,041)



At 31 December 2024

1,000
119,509
13,907
134,416



Net book value



At 31 December 2024
999
325,676
15,864
342,539



At 31 December 2023
-
410,303
22,364
432,667


11.


Investments into subsidiaries





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
115,764


Additions
10,024



At 31 December 2024
125,788




The fixed asset investments held at cost are with Plural Estonia OU. 100% of the share capital of Plural Estonia OU was purchased in October 2022 and investment to Plural II GP S.a.r.l. amounting to £10,419 was purchased in 2023.In 2024, the company made an additional investment to Plural SPV GP S.a.r.l amounting to £10,024. There were no indications of impairments as at 31 December 2024.
 


Page 24

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertaking (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:



12.


Debtors

2024
2023
£
£

Due after more than one year

Trade debtors
23,352
-

23,352
-


2024
2023
£
£

Due within one year

Trade debtors
341,976
186,561

Amounts owed by group undertakings (Refer to Note 19)
21,358
-

Other debtors
215,487
190,812

Prepayments and accrued income
231,308
100,285

Deferred taxation
-
63,352

810,129
541,010



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
104,961
190,193

Corporation tax
112,988
-

Other taxation and social security
109,559
3,994

Other creditors
18,551
27,987

Accruals and deferred income
163,558
45,161

509,617
267,335


Page 25

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
250,000
-

250,000
-


During the year the Company obtained a subordinated loan of £250,000, repayable after 5 years. The purpose of the loan was to enable the entity to meet the FCA's Tier 2 Capital requirements.


15.


Deferred taxation




2024


£






At beginning of year
63,352


Charged to profit or loss
(123,306)



At end of year
(59,954)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(59,954)
63,352

(59,954)
63,352


16.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



125 (2023 - 125) Ordinary Shares shares of £1.00 each
125
125

The share premium of the company of £975 (2023: £975) is a result of the an issue of ordinary shares in May 2023 at a price of £40 per share.


Page 26

 

PLURAL UK MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
200,156
200,156

Later than 1 year and not later than 5 years
95,417
295,572

295,573
495,728

The lease was entered into during the 2023 financial year.


18.


Related party transactions

The Company has rended advisory services to Plural Platform S.a.r.l., a company under common control, in the amount £3,598,019 (2023: £3,538,313) of which £nil (2023: £29,001) is recorded as trade debtors and £nil (2023: £8,958), an interest free loan repayable on demand, is recorded as other debtors at the end of the year. 
The Company has rendered Portfolio Management services to Plural II GP S.a.r.l effective 3 April 2024, in the amount £3,137,920 (2023: £nil).
The Company has recharged costs to Plural Platform 2022 SCSp-RAIF, initially paid on behalf of the fund, in amount of £85,660 (2023: £106,026). The same amount is recorded within trade debtors at year-end. This balance is interest free and repayable on demand.
The Company has recharged costs to Plural II SCSp, initially paid on behalf of the fund, in the amount of £174,901 (2023: £151,729) that is recorded as trade debtors.
The Company has purchased management services from its subsidiary Plural Estonia OÜ. In 2024, the services amounted to £1,285,685 (2023: £888,195) and as at 31 December 2024 payable was £73,663 (2023: £188,956). 
The Company has rendered administration services to PL1 SCSp in the amount of £43,720.90 (2023: £nil).  The Company has recharged costs to PL1 SCSp, initally paid on behalf of the Partnership, in the amount of £109,946.01 (2023: £nil) that has been received at the end of the year. 
The Company has recharged costs to PL2 SCSp, initally paid on behalf of the Partnership, in the amount of £81,722 (2023: £nil) that is recorded as trade debtors. This balance is interest free and repayable on demand. 


19.


Post balance sheet events

Please refer to post balance sheets disclosed as part of the Directors report.


20.


Controlling party

It is considered that there is no ultimate controlling party.

Page 27