Company Registration No. SC157532 (Scotland)
PLM Dollar Group Limited
Annual report and financial statements
for the year ended 30 September 2024
PLM Dollar Group Limited
Company information
Directors
Jerry Francis
Shaun Strain
Iain Baird
David Mackenzie
David Blane
Jason Keith
(Appointed 16 October 2023)
Secretary
Jerry Francis
Company number
SC157532
Registered office
The Heliport
Dalcross Industrial Estate
Inverness
IV2 7XB
Independent auditor
Saffery LLP
Torridon House
Beechwood Park
Inverness
IV2 3BW
PLM Dollar Group Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
PLM Dollar Group Limited
Strategic report
For the year ended 30 September 2024
1
The directors present the strategic report for the year ended 30 September 2024.
Fair review of the business
The results for the year and the financial position of the group are as shown in the annexed financial statements.
Notwithstanding the macro-economic challenges encountered in the financial year (FY24), increased operations in support of the energy renewables sector and environmental projects, along with multiple contractual commitments relating to UK and Ireland maritime, rail and electricity distribution network infrastructure services (survey, inspection and emergency support), have contributed significantly to the continued growth and strong financial performance.
Within the financial year, we continued to deliver our services across existing critical national infrastructure through our long-term contractual relationships, as well as supporting existing and new customers in the transition to renewable energy and sustainable infrastructure. The growth across these sectors was aligned with the group strategy and the business has invested significantly within the commercial function this financial year to support the strategic focus in the growing energy renewables and infrastructure services sectors where we have a proven track record, and an increasing customer base.
Principal risks and uncertainties
Principal risks and uncertainties include how the group continues to operate and grow in line with the business strategy in an increasingly competitive, cost focussed market and one which is subject to substantial regulation and significant barriers to entry.
The success of the business is dependent on good relationships with key stakeholders and the company benefits from several long-standing and trusted relationships with its suppliers and customers. All these relationships are the focus of significant management attention at all levels of the organisation to ensure customer satisfaction, maximise opportunities and minimise any adverse impact of the financial performance of the group.
The company has a strong reputation for being a trusted and reliable partner and looks to deliver upon customer expectations utilising our ISO accredited and certified integrated quality and environmental management systems. These systems are further underpinned by a competent and capable workforce, with extensive industry experience and tenure with the company.
Given the nature of our business activities, we consider the safety of our passengers and personnel to be of the upmost priority for the company and therefore we continue to operate a robust safety management system, which is continually reviewed, which ensures all the group's processes, procedures and practices are conducted to the highest possible standard and ensuring that all the Civil Aviation Authority (CAA) regulations are complied with. The company has had a number of regular CAA inspections during the year and continue to trade with all the relevant CAA licenses in place.
Key performance indicators
The company monitors itself against a number of performance indicators. The key measures are as follows:
2024
2023
% change
Turnover
£17.2m
£16.2m
7%
Gross profit
£10.6m
£9.6m
7%
Gross margin
62%
62%
-
Operating profit
£3.0m
£2.7m
14%
PLM Dollar Group Limited
Strategic report (continued)
For the year ended 30 September 2024
2
Going concern
The company has considerable financial resources together with long term contracts with a number of customers and suppliers across different industries. Therefore, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis in preparing the annual financial statements.
Shaun Strain
Director
Date: 20 December 2024
PLM Dollar Group Limited
Directors' report
For the year ended 30 September 2024
3
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of Osprey Aviation Services (UK) Limited is that of an investment holding company of PLM Dollar Group Limited (PDG), with PDG being the principal trading company of the group.
PDG are the UK and Ireland’s leading provider of aerial survey, inspection and lifting solutions, working across the infrastructure and environmental sectors, from utilities, rail and telecommunications, to renewables, marine, defence and national parks.
With our extensive fleet of 16 helicopters and advanced portfolio of high-performance gyro stabilised aerial survey and inspection camera systems, PDG retain a range of Contracts and Framework Agreements, providing aerial solutions to a wide range of blue-chip companies across multi sectors.
Our teams acquire a significant amount of critical survey and inspection data to improve the performance and longevity of our customers infrastructure, while delivering complex lifting solutions in support of existing and new build projects.
Collaborating with key customers and partners, PDG are also supporting the research, development and integration of advanced image/sensor suites and, in parallel, commissioning the development of bespoke data processing programmes that will exploit this technologies capability in support of infrastructure management.
With an increasing focus on the energy renewables sector and environmental programmes, along with critical national infrastructure asset management support contracts, PDG’s pedigree and specialist aerial capability places the company in an ideal position to support continuing growth and maintaining an influential presence in these market sectors.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Jerry Francis
Shaun Strain
Iain Baird
David Mackenzie
David Blane
Jason Keith
(Appointed 16 October 2023)
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid in the current year amounting to £1.0mil (2023: £nil).
PLM Dollar Group Limited
Directors' report (continued)
For the year ended 30 September 2024
4
Future developments
The directors will continue to support the operational teams in the development and delivery of innovative, efficient and effective technical and performance delivery solutions for our customers across the renewables, environmental, infrastructure management, defence, film and passenger sectors.
Significant investment in the growth of the commercial function was introduced within the financial year, and the directors will continue to support the strategic focus in the growing energy renewables and infrastructure services sectors where we have a proven track record and an increasing customer base.
PDG’s pedigree and specialist capability places the company in an ideal position to support continuing growth and maintaining an influential presence in these market sectors.
In addition to the recent investments within the business, the directors will explore further investment opportunities which complement the core activities of the company and provide additional services to our customers.
Financial risk management policy
The company has exchange rate exposure on the Euro and US dollar, principally arising through the purchase of aircraft parts in these currencies. The company manages these risks by maintaining bank accounts in these currencies, using natural hedging arrangements, and on occasion putting in place forward exchange contracts. At the balance sheet date the company had no forward exchange contracts.
Liquidity and cashflow risk
The company has in place a range of short term and long-term financing facilities to assist in managing its cash flow. The company ensures it has sufficient cash reserves to meet its obligations as they become due.
Auditor
In accordance with section 485 of the Companies Act 2006, a resolution proposing that Saffery LLP be re-appointed will be put forward at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Shaun Strain
Director
20 December 2024
PLM Dollar Group Limited
Directors' responsibilities statement
For the year ended 30 September 2024
5
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 United Kingdom Accounting Standards and applicable law (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PLM Dollar Group Limited
Independent auditor's report
To the members of PLM Dollar Group Limited
6
Opinion
We have audited the financial statements of PLM Dollar Group Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
PLM Dollar Group Limited
Independent auditor's report (continued)
To the members of PLM Dollar Group Limited
7
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
PLM Dollar Group Limited
Independent auditor's report (continued)
To the members of PLM Dollar Group Limited
8
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Eunice McAdam
Senior Statutory Auditor
For and on behalf of Saffery LLP
20 December 2024
Statutory Auditors
Torridon House
Beechwood Park
Inverness
IV2 3BW
PLM Dollar Group Limited
Statement of comprehensive income
For the year ended 30 September 2024
9
2024
2023
as restated
Notes
£
£
Turnover
3
17,243,526
16,168,530
Cost of sales
(6,629,969)
(6,210,378)
Gross profit
10,613,557
9,958,152
Administrative expenses
(7,778,548)
(7,533,458)
Other operating income
206,835
232,027
Operating profit
4
3,041,844
2,656,721
Interest receivable and similar income
1,447
176
Interest payable and similar expenses
(2,951)
(104)
Profit before taxation
3,040,340
2,656,793
Tax on profit
7
(766,160)
(572,651)
Profit for the financial year
2,274,180
2,084,142
Other comprehensive income
-
-
Total comprehensive income for the year
2,274,180
2,084,142
The Statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
PLM Dollar Group Limited
Balance sheet
As at 30 September 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
7,335,516
8,367,456
Investments
11
344,163
344,163
7,679,679
8,711,619
Current assets
Stocks
13
1,891,803
2,157,226
Debtors
12
9,370,358
7,794,360
Cash at bank and in hand
1,891,106
1,804,176
13,153,267
11,755,762
Creditors: amounts falling due within one year
14
(3,122,780)
(3,852,855)
Net current assets
10,030,487
7,902,907
Total assets less current liabilities
17,710,166
16,614,526
Provisions for liabilities
Deferred tax liability
17
668,337
846,877
(668,337)
(846,877)
Net assets
17,041,829
15,767,649
Capital and reserves
Called up share capital
16
1,180,878
1,180,878
Profit and loss reserves
15,860,951
14,586,771
Total equity
17,041,829
15,767,649
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Shaun Strain
Director
Company Registration No. SC157532
PLM Dollar Group Limited
Statement of changes in equity
For the year ended 30 September 2024
11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
1,180,878
12,502,629
13,683,507
Year ended 30 September 2023:
Profit and total comprehensive income
-
2,084,142
2,084,142
Balance at 30 September 2023
1,180,878
14,586,771
15,767,649
Year ended 30 September 2024:
Profit and total comprehensive income
-
2,274,180
2,274,180
Dividends
8
-
(1,000,000)
(1,000,000)
Balance at 30 September 2024
1,180,878
15,860,951
17,041,829
PLM Dollar Group Limited
Notes to the financial statements
For the year ended 30 September 2024
12
1
Accounting policies
Company information
PLM Dollar Group Limited is a private company limited by shares incorporated in Scotland. The registered office is The Heliport, Dalcross Industrial Estate, Inverness, IV2 7XB.
1.1
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below, and have been applied consistently to all periods presented.
PLM Dollar Group Limited is a wholly owned subsidiary of Osprey Aviation Services (UK) Limited and the results of PLM Dollar Group Limited are included in the consolidated financial statements of Osprey Aviation Services (UK) Limited which are available from www.companieshouse.gov.uk.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Disclosures relating to certain financial instruments;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company has considerable financial resources together with long term contracts with a number of customers and suppliers across different geographical areas and industries. As a consequence the directors believe that the company is well placed to manage its business risks successfully.true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
13
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% and 11% per annum straight line basis
Hangar & role equipment
10% per annum straight line basis
Helicopters
5% and 10% per annum straight line basis
Office equipment
15% per annum reducing balance basis
Motor vehicles
25% per annum reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Land is not depreciated.
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
For engines and airframes maintained under power and support by the hour contracts, maintenance costs are charged to the profit and loss account as incurred. Where such contracts require prepayment at commencement, these costs are prepaid and amortised in line with the related helicopter's useful economic life.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolescence.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities, and are included in cash and cash equivalents for the purposes of the cash flow statement.
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
14
1.9
Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Debtors
Debtors do not carry interest and are stated at their nominal value less any impairment losses.
Investment in subsidiaries
Investments in subsidiaries are carried at cost less impairment.
Trade creditors
Trade creditors are not interest bearing and are stated at their nominal value.
1.10
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Cost reimbursements from clients are recorded as revenue with the related costs recorded as expenses.
Where the outcome of a long-term contract can be measured reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
15
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense in the period during which services are rendered by employees.
1.14
Expenses
Operating lease
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in the profit and loss account over the term of the lease as an integral part of the total lease expense.
Interest receivable and interest payable
Interest payable and similar charges include interest payable, finance charges on shares classified as liabilities and finance leases recognised in the profit or loss account using the effective interest method and the unwinding of the discount on provisions.
Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains.
Interest income and interest payable are recognised in the profit and loss account as they accrue using the effective interest method. Dividend income is recognised in the profit and loss account on the date the company's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.
1.15
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 are included in the profit and loss account for the period.
Non-monetary assets and liabilities that are measured in terms of historic cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair values were determined.
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
16
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Fixed assets and prepaid maintenance expense
Management is required to assess the useful economic lives and residual values of fixed assets and prepaid maintenance such that these assets are expensed on a systematic basis over the period of use, and amounts remaining are recoverable. Estimates of useful economic life are based on management's experience by comparison to similar aircraft in the industry and specific circumstances related to each asset. However, the actual life of a helicopter, or usage of the prepaid maintenance asset, may be different and events may occur, such as accidental damage, withdrawal of supplier support or technical issues, which cannot be predicted. Residual values of fixed assets recoverable are difficult to estimate given the long lives of these assets, the uncertainty as to future economic conditions and the future price of materials.
3
Turnover
2024
2023
as restated
£
£
Turnover analysed by geographical market
United Kingdom
16,762,208
15,828,244
Republic of Ireland
481,318
340,286
17,243,526
16,168,530
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(34,402)
(43,365)
Development costs
58,642
-
Fees payable to the company's auditor for the audit of the company's financial statements
24,325
23,295
Amortisation of prepaid maintenance
43,565
43,565
Depreciation of owned tangible fixed assets
1,027,003
1,112,420
Loss/(profit) on disposal of tangible fixed assets
14,067
(12,329)
Operating lease charges
144,566
134,283
Amounts payable to the company's auditor in respect of non-audit services are disclosed in the consolidated accounts of the parent company.
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
17
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Aircrew
33
32
Engineering
30
27
Management and administration
14
13
Operations
6
6
Ancillary
1
1
Total
84
79
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,039,055
3,589,423
Social security costs
411,868
393,057
Pension costs
153,041
231,619
4,603,964
4,214,099
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
395,259
409,489
Company pension contributions to defined contribution schemes
40,129
54,911
435,388
464,400
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023: 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
125,167
193,552
Company pension contributions to defined contribution schemes
2,600
17,857
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
18
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
647,740
456,079
Adjustments in respect of prior periods
(143)
(1,844)
Group relief
297,103
243,647
Total current tax
944,700
697,882
Deferred tax
Origination and reversal of timing differences
(178,540)
(127,147)
Adjustment in respect of prior periods
1,916
Total deferred tax
(178,540)
(125,231)
Total tax charge
766,160
572,651
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,040,340
2,656,793
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
760,085
584,760
Tax effect of expenses that are not deductible in determining taxable profit
2,631
829
Adjustments in respect of prior years
(143)
(1,844)
Depreciation on assets not qualifying for tax allowances
3,587
2,206
Deferred tax adjustments in respect of prior years
1,916
Remeasurement of deferred tax for changes in tax rates
(15,216)
Taxation charge for the year
766,160
572,651
8
Dividends
2024
2023
£
£
Final paid
1,000,000
The dividend paid in the year was to the parent company, Osprey Aviation Services (UK) Ltd, to clear internal group debt.
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
19
9
Tangible fixed assets
Freehold buildings
Hangar & role equipment
Helicopters
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
728,549
6,971,643
14,593,874
643,051
426,831
23,363,948
Additions
36,006
27,258
14,286
18,716
96,266
Disposals
(1,121,138)
(2,396)
(19,450)
(1,142,984)
At 30 September 2024
764,555
6,998,901
13,472,736
654,941
426,097
22,317,230
Depreciation and impairment
At 1 October 2023
291,866
5,628,293
8,260,871
524,409
291,053
14,996,492
Depreciation charged in the year
14,895
271,776
684,597
18,754
36,981
1,027,003
Eliminated in respect of disposals
(1,021,710)
(1,446)
(18,625)
(1,041,781)
At 30 September 2024
306,761
5,900,069
7,923,758
541,717
309,409
14,981,714
Carrying amount
At 30 September 2024
457,794
1,098,832
5,548,978
113,224
116,688
7,335,516
At 30 September 2023
436,683
1,343,350
6,333,003
118,642
135,778
8,367,456
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
20
10
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Irish Helicopters Limited
Knocksedan Hangar, Knocksedan, Swords, Co. Dublin
Helicopter services
Ordinary
100.00
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
10
594,163
594,163
Provisions
(250,000)
(250,000)
344,163
344,163
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,437,359
1,503,154
Amounts owed by group undertakings
7,056,816
5,343,247
Other debtors
254,388
339,683
Prepayments and accrued income
473,127
438,142
9,221,690
7,624,226
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
148,668
170,134
Total debtors
9,370,358
7,794,360
Other debtors includes £504,661 (2023: £548,226) of prepaid maintenance costs, of which £148,668 (2023: £170,134) is classified as falling due after more than one year.
Amounts owed by group undertakings are interest bearing and repayable on demand.
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
21
13
Stocks
2024
2023
£
£
Spares
1,829,011
2,089,850
Fuel
62,792
67,376
1,891,803
2,157,226
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,186,692
1,052,974
Corporation tax
336,916
221,222
Other taxation and social security
658,437
854,231
Accruals and deferred income
940,735
1,724,428
3,122,780
3,852,855
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
153,041
231,619
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,180,878
1,180,878
1,180,878
1,180,878
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
22
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Net
Net
liabilities
liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
699,881
855,000
Other short term timing differences
(31,544)
(8,123)
668,337
846,877
2024
Movements in the year:
£
Net liability at 1 October 2023
846,877
Credit to profit or loss
(178,540)
Net liability at 30 September 2024
668,337
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
115,691
69,000
Between two and five years
411,283
156,000
In over five years
252,000
117,000
778,974
342,000
19
Ultimate controlling party
The company is a subsidiary undertaking of Osprey Aviation Services (UK) Limited. The directors of Osprey Aviation Services (UK) Limited are considered the ultimate controlling party.
The largest and smallest group in which the results of the company are consolidated is that headed by Osprey Aviation Services (UK) Limited, incorporated in the United Kingdom. The registered office of Osprey Aviation Services (UK) Limited is Blackwood House, Union Grove Lane, Aberdeen, AB10 6XU.
PLM Dollar Group Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
23
20
Related party transactions
As the company is a wholly owned subsidiary of Osprey Aviation Services (UK) Limited, the company has not disclosed related party transactions to which another wholly owned member of the group is the counter-party.
21
Guarantees and securities
The company has granted security over all its assets in relation to loan notes totalling £6,596,637 (2023: £6,146,311) and borrowings of £2,882,416 (2023: £5,380,156) held by its immediate parent Osprey Aviation Services (UK) Limited.
Bank of Scotland plc have provided a performance guarantee backed by a cash deposit in relation to a customer contract in the normal course of business.
22
Prior period reclassifications
Within turnover and cost of sales, invoices have been identified which should have been presented net as other operating income. This reclassification has no impact on the reported operating profit or net assets of the company.
Changes to the profit and loss account
Period ended 30 September 2023
As previously reported
Adjustment
As restated
£
£
£
Turnover
16,554,240
(385,710)
16,168,530
Cost of sales
(6,570,378)
360,000
(6,210,378)
Other operating income
206,317
25,710
232,027
Profit for the financial period
2,084,142
-
2,084,142
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