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Registration number: 14638838

Pluno Topco Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Pluno Topco Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 30

 

Pluno Topco Limited

Company Information

Directors

O Booth

L T Creighton

G R R Dew

K W M Ho

D J Orange

Registered office

The Engine Shed
Top Station Road
Brackley
Northamptonshire
England
NN13 7UG

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Pluno Topco Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024. The comparative period is for the period from 3 February 2023 to 31 December 2023.

Principal activity

The principal activity of the Group is the supply and maintenance of commercial catering equipment. The principal activity of the Company is that of a holding company.

Fair review of the business

On 25 January 2024 Pluno Bidco Limited, a subsidiary of Pluno Topco Limited, acquired 100% of the issued share capital of Buttress Holdings Limited. These financial statements present the trading performance of the Group from that date.

The results for the year which are set out in the profit and loss account show turnover of £31,861,779 (3 February to 31 December 2023 - £nil) and an operating profit of £3,182,313 (3 February to 31 December 2023 - £nil). At 31 December 2024 the Group had net assets of £21,308,306 (3 February to 31 December 2023 - £1). The directors consider the performance for the year and the financial position at the year-end to be satisfactory.

Principal risks and uncertainties

The main financial risks faced by the Group are market risk, liquidity risk and currency risk. The Group seeks to minimise these risks through its policies and management activities.

The Group specifically manages liquidity risk by maintaining adequate reserves and banking facilities, and by continually monitoring forecast and actual cashflows. The Group is highly cash generative in nature.

The Group specifically manages foreign currency risk by utilising foreign currency exchange contracts for expected purchasing quantities in foreign currencies.


Financial Key performance indicators
The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£'000

31,861,779

-

Gross profit margin

%

47

-

Operating profit

£'000

3,182,313

-

The directors are satisfied with the Group’s performance shown by the above key performance indicators given market conditions.

Future developments

The Group has continued to trade profitably since the year end and results remain in-line with expectations.

The Group intends to continue to drive growth to meet the strategic objectives as set by the Board through further investment in product development, talent recruitment and new IT systems.

Approved by the Board on 23 June 2025 and signed on its behalf by:


L T Creighton
Director

 

Pluno Topco Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

The directors who held office during the year were as follows:

O Booth (appointed 25 January 2024)

L T Creighton (appointed 17 June 2024)

G R R Dew

H P Mcgonigle (resigned 20 March 2025)

The following directors were appointed after the year end:

K W M Ho (appointed 20 March 2025)

D J Orange (appointed 22 May 2025)

Disclosure of information to the 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 and the Group'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 and the Group's auditor is aware of that information.

Appointment of auditors
Hazlewoods LLP were appointed auditors to the group during the period and have expressed their willingness to continue in office.

Approved by the Board on 23 June 2025 and signed on its behalf by:


L T Creighton
Director

 

Pluno Topco Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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 Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements 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; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Pluno Topco Limited

Independent Auditor's Report to the Members of Pluno Topco Limited

Opinion

We have audited the financial statements of Pluno Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

Other matter
In the previous accounting period the directors of the company took advantage of audit exemption under section 480 of the Companies Act 2006. Therefore the prior period financial statements were not subject to audit.

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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Pluno Topco Limited

Independent Auditor's Report to the Members of Pluno Topco Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 Statement of Directors' Responsibilities set out on page 4, 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 group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was capable of detecting irregularities, including fraud:

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 considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

Pluno Topco Limited

Independent Auditor's Report to the Members of Pluno Topco Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

Reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

A further description of our responsibilities is available 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 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.





James Morter (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

24 June 2025

 

Pluno Topco Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

Year ended
31 December
2024
£

Unaudited
3 February to
31 December
2023
£

Turnover

3

31,861,779

-

Cost of sales

 

(16,902,216)

-

Gross profit

 

14,959,563

-

Administrative expenses

 

(11,777,250)

-

Operating profit

4

3,182,313

-

Other interest receivable and similar income

5

34,757

-

Interest payable and similar expenses

6

(2,243,606)

-

   

(2,208,849)

-

Profit before tax

 

973,464

-

Tax on profit

10

(821,532)

-

Profit for the financial year

 

151,932

-

Profit attributable to:

 

Owners of the company

 

151,932

-

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Pluno Topco Limited

(Registration number: 14638838)
Consolidated Balance Sheet as at 31 December 2024

Note

31 December
2024
£

Unaudited
31 December
2023
£

Fixed assets

 

Intangible assets

11

38,941,894

-

Tangible assets

12

430,547

-

 

39,372,441

-

Current assets

 

Stocks

15

2,905,644

-

Debtors

16

5,749,457

1

Cash at bank and in hand

 

3,357,231

-

 

12,012,332

1

Creditors: Amounts falling due within one year

18

(7,301,823)

-

Net current assets

 

4,710,509

1

Total assets less current liabilities

 

44,082,950

1

Creditors: Amounts falling due after more than one year

18

(21,802,415)

-

Provisions for liabilities

20

(972,229)

-

Net assets

 

21,308,306

1

Capital and reserves

 

Called up share capital

21

21,150,135

1

Share premium reserve

22

6,239

-

Other reserves

22

2,469,210

-

Retained earnings

22

(2,317,278)

-

Equity attributable to owners of the company

 

21,308,306

1

Shareholders' funds

 

21,308,306

1

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:
 

L T Creighton
Director

 

Pluno Topco Limited

(Registration number: 14638838)
Balance Sheet as at 31 December 2024

Note

31 December
2024
£

Unaudited
31 December
2023
£

Fixed assets

 

Investments

13

1

-

Current assets

 

Debtors

16

29,186,248

1

Creditors: Amounts falling due within one year

18

(20,000)

-

Net current assets

 

29,166,248

1

Total assets less current liabilities

 

29,166,249

1

Creditors: Amounts falling due after more than one year

18

(5,292,808)

-

Net assets

 

23,873,441

1

Capital and reserves

 

Called up share capital

21

21,150,135

1

Share premium reserve

6,239

-

Other reserves

2,469,210

-

Retained earnings

247,857

-

Shareholders' funds

 

23,873,441

1

The company made a profit after tax for the financial year of £2,717,067 (2023 - loss of £nil).

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:
 

L T Creighton
Director

 

Pluno Topco Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

Total equity
£

At 1 January 2024

1

-

-

-

1

Profit for the year

-

-

-

151,932

151,932

New share capital subscribed

21,150,134

6,239

-

-

21,156,373

Transfers

-

-

2,469,210

(2,469,210)

-

At 31 December 2024

21,150,135

6,239

2,469,210

(2,317,278)

21,308,306

As explained in note 22, transfers to other reserves represent amounts accruing in respect of fixed dividends on preference shares.

Share capital
£

Total
£

Total equity
£

Shares issued on incorporation

1

1

1

At 31 December 2023

1

1

1

 

Pluno Topco Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2024

1

-

-

-

1

Profit for the year

-

-

-

2,717,067

2,717,067

New share capital subscribed

21,150,134

6,239

-

-

21,156,373

Transfers

-

-

2,469,210

(2,469,210)

-

At 31 December 2024

21,150,135

6,239

2,469,210

247,857

23,873,441

As explained in note 22, transfers to other reserves represent amounts accruing in respect of fixed dividends on preference shares.

Share capital
£

Total
£

Shares issued on incorporation

1

1

At 31 December 2023

1

1

 

Pluno Topco Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

31 December
2024
£

Unaudited
31 December
2023
£

Cash flows from operating activities

Profit for the year

 

151,932

-

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

2,045,418

-

Loss on disposal of tangible assets

7,652

-

Finance income

(34,757)

-

Finance costs

2,243,606

-

Income tax expense

10

821,532

-

 

5,235,383

-

Working capital adjustments

 

Decrease in stocks

 

58,918

-

Decrease/(increase) in debtors

 

159,062

(1)

Increase in creditors

 

42,429

-

Cash generated from operations

 

5,495,792

(1)

Income taxes paid

 

(996,867)

-

Net cash flow from operating activities

 

4,498,925

(1)

Cash flows from investing activities

 

Interest received

34,757

-

Acquisition of subsidiaries

14

(33,445,849)

-

Acquisitions of tangible assets

12

(82,415)

-

Proceeds from sale of tangible assets

 

5,202

-

Acquisition of intangible assets

11

(20,244)

-

Net cash flows from investing activities

 

(33,508,549)

-

Cash flows from financing activities

 

Interest paid

(1,793,291)

-

Proceeds from issue of ordinary shares

 

13,787

1

Proceeds from issue of preference shares

 

16,572,218

-

Bank borrowings advanced

 

19,349,000

-

Repayment of bank borrowings

 

(916,530)

-

Debt costs paid

 

(858,329)

-

Net cash flows from financing activities

 

32,366,855

1

Net increase in cash and cash equivalents

 

3,357,231

-

Cash and cash equivalents at 1 January

 

-

-

Cash and cash equivalents at 31 December

 

3,357,231

-

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Engine Shed
Top Station Road
Brackley
Northamptonshire
England
NN13 7UG

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £2,717,067 (3 February to
31 December 2023 - £Nil).

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

After reviewing the group and company's forecasts and projections, the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future. The group and company therefore continues to adopt the going concern basis in preparing their financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group and company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Warranty provisions
A warranty provision has been recognised for the expected future costs to fulfil the group's liability in relation to products sold under warranty. Management calculates the warranty provision based on several factors including the historical costs incurred to service warranty claims, management's historical experience and the length of the warranty periods remaining. Actual warranty claims however, may vary due to unforeseen circumstances. The Group reviews the costs incurred to fulfil warranty claims on a monthly basis.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when all of the following conditions are satisfied:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

the group has transferred the significant risks and rewards of ownership to the buyer

the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

the amount of revenue can be measured reliably

it is probable that the group will receive the consideration due under the transaction; and

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 group 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

2% straight line

Fixtures and fittings

5-25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed twenty years if a reliable estimate of the useful life cannot be made.

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transactions costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

3

Turnover

The analysis of the group's Turnover for the year by class of business is as follows:

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Sale of goods

23,125,956

-

Rendering of services

8,735,823

-

31,861,779

-


 

The total turnover of the group has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Operating profit

Arrived at after charging/(crediting)

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Depreciation expense

71,325

-

Amortisation expense

1,974,093

-

Operating lease expense - property

234,765

-

Exceptional costs

990,061

-

Exceptional costs include monitoring fees paid to Cooperative H2 Equity Partners Fund VI U.A, pricing and marketing project fees, recruitment costs and other small non-recurring expenses.

 

5

Other interest receivable and similar income

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Other interest income

34,757

-

 

6

Interest payable and similar expenses

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Interest payable on bank borrowings

1,793,291

-

Preference dividends on shares classified as liabilities

292,808

-

Amortisation of debt costs

157,507

-

2,243,606

-

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Wages and salaries

6,119,562

-

Social security costs

684,104

-

Pension costs, defined contribution scheme

149,327

-

6,952,993

-

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

Year ended
31 December
2024
No.

Unaudited
3 February to 31 December
2023
No.

Administration and support

69

-

Distribution

74

-

143

-

Company
The company incurred no staff costs and had no employees other than the directors.

 

8

Directors' remuneration

The directors' remuneration for the year was as follows:

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Remuneration

372,487

-

Contributions paid to money purchase pension schemes

14,912

-

387,399

-

There were 2 (3 February to 31 December 2023: - Nil) directors who were members of a pension scheme.

In respect of the highest paid director:

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Remuneration

219,968

-

Company contributions to money purchase pension schemes

9,123

-

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

9

Auditors' remuneration

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Audit of the group and subsidiaries financial statements

72,500

-

Other fees to auditors

Taxation compliance services

16,500

-

All other non-audit services

14,500

-

31,000

-


 

 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Current taxation

UK corporation tax

874,461

-

Deferred taxation

Arising from origination and reversal of timing differences

(52,929)

-

Tax expense in the income statement

821,532

-

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (3 February to 31 December 2023 - the same as the standard rate of corporation tax in the UK) of 25% (3 February to 31 December 2023 - 19%).

The differences are reconciled below:

Year ended
31 December
2024
£

Unaudited
3 February to 31 December
2023
£

Profit before tax

973,464

-

Corporation tax at standard rate

241,607

-

Tax increase from effect of capital allowances and depreciation

37,399

-

Effect of expense not deductible in determining taxable profit (tax loss)

595,455

-

Over/(under) provision of deferred taxes

(52,929)

-

Total tax charge

821,532

-

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

11

Intangible assets

Group

Goodwill
 £

Computer software
 £

Total
£

Cost or valuation

Additions acquired separately

-

20,244

20,244

Acquired through business combinations

40,578,532

317,211

40,895,743

At 31 December 2024

40,578,532

337,455

40,915,987

Amortisation

Amortisation charge

1,901,076

73,017

1,974,093

At 31 December 2024

1,901,076

73,017

1,974,093

Carrying amount

At 31 December 2024

38,677,456

264,438

38,941,894

 

12

Tangible assets

Group

Plant and Machinery
£

Fixtures and fittings
 £

Total
£

Cost or valuation

Additions

24,063

58,352

82,415

Acquired through business combinations

45,564

386,748

432,312

Disposals

(12,855)

-

(12,855)

At 31 December 2024

56,772

445,100

501,872

Depreciation

Charge for the year

15,028

56,297

71,325

At 31 December 2024

15,028

56,297

71,325

Carrying amount

At 31 December 2024

41,744

388,803

430,547

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

13

Investments

Company

31 December 2024
£

Unaudited
31 December 2023
£

Investments in subsidiaries

1

-

Subsidiaries

£

Cost

Additions

1

Carrying amount

At 31 December 2024

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Pluno Bidco Limited *

England and Wales

Ordinary

100%

100%

Buttress Holdings Limited

England and Wales

Ordinary

100%

0%

Dace Group Limited

England and Wales

Ordinary

100%

0%

Buttress Group Limited

England and Wales

Ordinary

100%

0%

Caterparts Limited

England and Wales

Ordinary

100%

0%

Crystaltech Services (UK) Limited

England and Wales

Ordinary

100%

0%

Grey Simmonds Food Service Equipment

England and Wales

Ordinary

100%

0%

Grey Simmonds Limited

England and Wales

Ordinary

100%

0%

Castlegate 123 Limited

England and Wales

Ordinary

100%

0%

HC 1225 Limited

England and Wales

Ordinary

100%

0%

Maidaid Limited

England and Wales

Ordinary

100%

0%

* Indicates subsidiaries held directly

The registered office for all companies except Crystaltech Services (UK) Limited is Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP. The registered office for Crystaltech Services (UK) Limited is 14 Redbridge Enterprise Centre Thompson Close London IG1 1TY.

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The principal activity of Pluno Bidco Limited and Buttress Holdings Limited is that of being intermediate holding entities.The principal activity of Buttress Group Limited is the supply of commercial catering equipment. The principal activity of Caterparts Limited is the supply of parts for commercial catering equipment. The principal activity of Crystaltech Services (UK) Limited is the repair and maintenance of commercial catering equipment. The principal activity of Grey Simmonds Food Service Equipment Limited is the supply of commercial catering solutions. Grey Simmonds Limited, Castlegate 123 Limited, HC 1225 Limited and Maidaid Limited were dormant in the year.

 

14

Business combinations

On 25 January 2024, Pluno Bidco Limited acquired 100% of the issued share capital of Buttress Holdings Limited and its subsidiaries, obtaining control. Buttress Holdings Limited and its subsidiaries contributed £31,861,779 revenue and £151,932 to the group's profit for the period between the date of acquisition and the balance sheet date.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

Book and
fair value
£

Assets and liabilities acquired

Financial assets

7,895,242

Stocks

2,964,562

Tangible assets

432,312

Identifiable intangible assets

317,211

Financial liabilities

(7,141,763)

Total identifiable assets

4,467,564

Goodwill

40,578,532

Total consideration

45,046,096

Satisfied by:

Cash

35,168,728

Equity instruments

4,570,368

Debt instruments

5,000,000

Settlement of pre-existing balance

307,000

Total consideration transferred

45,046,096

Cash flow analysis:

Cash consideration

35,168,728

Less: cash and cash equivalent balances acquired

(1,722,879)

Net cash outflow arising on acquisition

33,445,849

 

15

Stocks

 

Group

Company

31 December 2024
£

Unaudited
31 December 2023
£

31 December 2024
£

Unaudited
31 December 2023
£

Finished goods and consumables

2,905,644

-

-

-

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

16

Debtors

 

Group

Company

31 December 2024
£

Unaudited
31 December 2023
£

31 December 2024
£

Unaudited
31 December 2023
£

Trade debtors

5,089,600

-

-

-

Amounts due from group undertakings

-

-

29,183,898

-

Other debtors

281,835

1

-

1

Prepayments

378,022

-

2,350

-

5,749,457

1

29,186,248

1

 

17

Cash and cash equivalents

 

Group

Company

31 December 2024
£

Unaudited
31 December 2023
£

31 December 2024
£

Unaudited
31 December 2023
£

Cash on hand

954

-

-

-

Cash at bank

3,356,277

-

-

-

3,357,231

-

-

-

 

18

Creditors

   

Group

Company

Note

31 December
2024
£

Unaudited
31 December
2023
£

31 December
2024
£

Unaudited
31 December
2023
£

Due within one year

 

Loans and borrowings

19

1,222,040

-

-

-

Trade creditors

 

3,036,663

-

-

-

Amounts due to related parties

27

90,475

-

-

-

Social security and other taxes

 

1,006,247

-

-

-

Outstanding defined contribution pension costs

 

43,967

-

-

-

Other creditors

 

51,039

-

-

-

Accruals

 

1,702,867

-

20,000

-

Corporation tax liability

 

148,525

-

-

-

 

7,301,823

-

20,000

-

Due after one year

 

Loans and borrowings

19

21,802,415

-

5,292,808

-

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

19

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

1,222,040

-

-

-

Non-current loans and borrowings

 

Group

Company

31 December
2024
£

Unaudited
31 December
2023
£

31 December
2024
£

Unaudited
31 December
2023
£

Bank borrowings

16,509,607

-

-

-

Preference shares classified as liabilities

5,292,808

-

5,292,808

-

21,802,415

-

5,292,808

-

Bank borrowings in the year comprise two facilities advanced in January 2024, Facility A and Facility B. Facility A includes £4,888,170 on which interest is payable at a margin of 4.25% above SONIA. Facility B includes £13,544,300 on which interest is payable at a margin of 4.75% above SONIA. Facility A is repayable in equal instalments beginning in June 2024 and expiring in December 2028. Facility B is repayable in January 2029.

Bank borrowings are stated net of debt costs capitalised of £700,823 (31 December 2023 - £nil). The group has a revolving credit facility of £3,000,000. Interest on the revolving facility is payable at a rate of 35% of the applicable margin of 4.25%. Bank borrowings are secured by way of fixed or floating charges over all assets of the group headed by Pluno Topco Limited.

Preference shares above comprise 500,000,000 C preference shares with an aggregate nominal value of £5,000,000 which were issued as part of acquisition of Buttress Holdings Limited by Pluno Bidco Limited on 25 January 2024. Interest is payable at a rate of 6.25%. Preference shares include accrued interest of £298,808 (31 December 2023 - £nil) and are repayable in accordance with the terms set out in the Company's articles.

 

20

Provisions for liabilities

Group

Deferred tax
£

Warranty provisions
£

Total
£

Increase through business combinations

183,575

1,005,296

1,188,871

Increase (decrease) in existing provisions

-

775,094

775,094

Provisions used

(43,160)

(948,576)

(991,736)

At 31 December 2024

140,415

831,814

972,229

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

21

Share capital

Allotted, called up and fully paid shares

31 December 2024

Unaudited
31 December 2023

No.

£

No.

£

Ordinary A shares of £0.01 each

704,947

7,049

100

1

Ordinary B shares of £0.01 each

195,154

1,952

-

-

Ordinary C shares of £0.01 each

50,000

500

-

-

Preference A Shares of £0.01 each

1,650,000,000

16,500,000

-

-

Preference B Shares of £0.01 each

464,063,426

4,640,634

-

-

2,115,013,527

21,150,135

100

1

New shares allotted

During the year 704,847 Ordinary A Shares having an aggregate nominal value of £0.01 were allotted for an aggregate consideration of £7,048. The shares were allotted on 25 January 2024.

During the year 195,154 Ordinary B Shares having an aggregate nominal value of £0.01 were allotted for an aggregate consideration of £1,952. The shares were allotted on 25 January 2024.

During the year 1,650,000,000 Preference A Shares having an aggregate nominal value of £0.01 were allotted for an aggregate consideration of £16,500,000. The shares were allotted on 25 January 2024.

During the year 456,841,626 Preference B Shares having an aggregate nominal value of £0.01 were allotted for an aggregate consideration of £4,568,416. The shares were allotted on 25 January 2024.

During the year 7,221,800 Preference B Shares having an aggregate nominal value of £0.01 were allotted for an aggregate consideration of £72,218. The shares were allotted on 29 January 2024.

During the year 50,000 Ordinary C Shares having an aggregate nominal value of £0.01 were allotted for an aggregate consideration of £6,739. The shares were allotted on 29 January 2024.

Share rights and preferences

All classes of Ordinary Shares rank pari passu in all respects.

Preference Shares listed above have differing rights to dividends and return of capital as set out in the Company's articles. The Preference Shares have no voting rights.

 

22

Reserves

Retained earnings
This reserve records accumulated profit and losses.

Other reserves
Other reserves represents the accruing preference dividend on A and B preference shares as per the Company's articles. At the balance sheet date the dividends remain undeclared and amounts included within other reserves are distributable.

Share premium
The share premium account represents the value paid for shares over the par value of the shares.

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

23

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £149,327 (3 February to 31 December 2023 - £Nil).

Contributions totalling £43,967 (3 February to 31 December 2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

 

24

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 December
2024
£

Unaudited
31 December
2023
£

Not later than one year

290,535

-

Later than one year and not later than five years

785,469

-

1,076,004

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £234,765 (3 February to 31 December 2023 - £Nil).

 

25

Commitments

Company

The company has given a cross guarantee in respect of the bank borrowings of fellow subsidiary undertakings. This guarantee is supported by a fixed and floating charge over the assets and undertakings of the company and a right of set off between the respective companies' debit and credit balances.

 

26

Analysis of changes in net debt

Group

Acquisition of subsidiaries
£

Cash flows
£

Other non-cash changes
£

At 31 December 2024
£

Cash and cash equivalents

Cash

1,722,879

1,634,352

-

3,357,231

Borrowings

Bank borrowings

-

(17,574,141)

(157,506)

(17,731,647)

Preference shares classified as liabilities

(5,000,000)

-

(292,808)

(5,292,808)

(5,000,000)

(17,574,141)

(450,314)

(23,024,455)

 

(3,277,121)

(15,939,789)

(450,314)

(19,667,224)

Other non-cash changes in bank borrowings represent amortisation of debt costs. Other non-cash changes on Preference shares classified as liabilities represents accrued dividends.

 

Pluno Topco Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

 

27

Related party transactions

Monitoring fees of £282,735 (3 February to December 2023 - £nil) were paid to Cooperative H2 Equity Partners Fund VI U.A the shareholders. At 31 December 2024 amounts totalling £90,475 (31 December 2023 - £nil) were issued to Cooperative H2 Equity Partners Fund VI U.A.

During the year preference A shares totalling £16,500,000 (3 February to December 2023: £nil) were issued to Cooperative H2 Equity partners Fund VI U.A. Preference B shares totalling £3,307,906 were issued to directors. See note 21 for a further description of the shares.

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 8 to the financial statements.
 

 

28

Controlling party

In the opinion of the directors, there is no ultimate controlling party.