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Registered number: 11105009
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PLEXUS INNOVATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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PLEXUS INNOVATION LIMITED
REGISTERED NUMBER:11105009
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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PLEXUS INNOVATION LIMITED
REGISTERED NUMBER:11105009
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 17 form part of these financial statements.
Page 2
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PLEXUS INNOVATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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At 1 January 2024 (unaudited)
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 17 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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At 1 January 2023 (unaudited)
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Comprehensive income for the year
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Total comprehensive income for the year
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At 31 December 2023 (unaudited)
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The notes on pages 4 to 17 form part of these financial statements.
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Page 3
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Plexus Innovation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tanfield Lea Business Centre, Tanfield Lea, Stanley, DH9 9DB.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The functional and presentation currency for the Company during the year was GBP and the accounts are rounded to the nearest GBP.
The following principal accounting policies have been applied:
In light of the Group and Company forecasts prepared, the Board of Directors remain of the view that the forecasts are achievable and that the headroom within these forecasts and the continued support from Group should be sufficient to enable the Company to operate and meet its liabilities as they fall due for payment for at least the next twelve months after the signing of the accounts. The Directors therefore continue to adopt the going concern basis in preparing the financial statement.
The group’s external banking facilities remain partially undrawn and are not repayable until June 2029. The group also has mitigating actions, if required, in the form of cost cutting measures which would further improve liquidity.
Consequently, the directors are confident that the group and company will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.
Page 4
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company 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 Company 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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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LEASED ASSETS: THE COMPANY AS LESSOR
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Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.
A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.
Page 5
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 6
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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TANGIBLE FIXED ASSETS (CONTINUED)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Page 7
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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FINANCIAL INSTRUMENTS (CONTINUED)
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Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 8
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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FINANCIAL INSTRUMENTS (CONTINUED)
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Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 9
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.
Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Intergroup loans classified as Basic debt (notes 9 and 10)
The company assessed its debt instruments entered into with HSL Compliance Group Limited and determined them to be basic debt under FRS 102. This determination considered the requirements within Section 11 of FRS 102.
Finance leasing to customers (note 7)
The directors exercise judgement in determining the application of FRS 102 section 20 to assets which the company provides to customers under leasing arrangements. The directors consider that the customers obtain substantially all the economic benefits of the assets over the period of the lease through the customers right of use to the asset. Consequently, the directors account for the contractual revenues arising as finance leases.
Alternative Performance Measures (APMs)
The directors exercise judgement in determining adjustments to apply to FRS 102 measurements in order to derive suitable APMs which are used by management to provide additional information on the trends and performance of the group. The directors believe that Adjusted EBITDA is a key APM. This measure is used for performance analysis by the Board, is not defined by FRS 102 and not intended to be a substitute from FRS 102 measurements. They may not be directly comparable with other companies' APMs.
The average monthly number of employees, including directors, during the year was 5 (2023: 7).
Page 10
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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At 1 January 2024 (unaudited)
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At 1 January 2024 (unaudited)
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Charge for the year on owned assets
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At 31 December 2023 (unaudited)
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Finished goods and goods for resale
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Page 11
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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DUE AFTER MORE THAN ONE YEAR
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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CASH AND CASH EQUIVALENTS
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Page 12
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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Page 13
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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AMOUNTS FALLING DUE 1-2 YEARS
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The bank loan was secured by a fixed and floating charge over the Company's assets and was repaid as part of the HSL Compliance takeover.
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Other income recognised for the year was £505,670 (2023: £NIL). This income has arisen as the Company was released from all obligations under a convertible loan stock agreement following a shareholder exit. The company has therefore recognised income arising from the write-off of the loan liability in full.
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ALLOTTED, CALLED UP AND FULLY PAID
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10,000 (2023: 10,000) Ordinary shares of £0.0001 each
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7,272 (2023: 10,000) Ordinary A shares of £0.0001 each
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The shares have full rights with regards to voting, participation and dividends.
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Page 14
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Within the Statement of Comprehensive Income, adjustments have been made to the comparative figures relating to turnover, interest receivable and cost of sales following the application of lessor accounting to recognise a lease receivable balance. Under FRS102 section 20.97, the revenue and cost of sale has been recognised for the contracts at the commencement date, with the discount subsequently being unwound within interest costs as per accounting policy note 2.6.
Within the Statement of Financial Position, comparative balances for deferred income, stock, lease receivable and reserves have been restated to reflect the corrected application of the Company's accounting policies. A corresponding adjustment has also been made to the brought forward reserves. The impact of these restated balances is considered material.
Within the Statement of Comprehensive Income and the Statement of Financial position, an adjustment has been made to recognise the interest payable accrued during 2023 on the convertible loan stock agreement at 8%
The impact of this on balances for the year ending 31 December 2023 is:
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Total impact on profit before tax
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Total net liability impact
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The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,553 (2023: £8,514). Contributions totalling £2,246 (2023: £564) were payable to the fund at the balance sheet date and were included in creditors.
Page 15
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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RELATED PARTY TRANSACTIONS
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The Company has taken advantage of the exemption under FRS 102 from disclosing transactions with other wholly owned group companies.
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POST BALANCE SHEET EVENTS
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HSL Compliance Group Limited prepares financial statements into which the results of the Company are consolidated. On 28 March 2025, 100% of the ordinary share capital of HSL Compliance Group Limited was purchased by Mariner Bidco Limited, an investment holding company ultimately controlled by IK Investment Partners AIFM, a private limited liability company incorporated in Luxembourg which acts as manager of the IK Small Cap III Fund No.1 SCSp and IK Small Cap III Fund No.2 SCSp.
The controlling party note reflects the above change in ultimate controlling party.
The immediate parent undertaking is HSL Compliance Holdings Limited.
The smallest group to consolidate these financial statements is HSL Compliance Group Limited, a company registered in England and Wales at Alton House Alton Business Park, Alton Road, Ross-On-Wye, Herefordshire, United Kingdom, HR9 5BP.
The largest group to consolidate these financial statements is Mariner Topco Limited, a company registered in England and Wales at Alton House Alton Business Park, Alton Road, Ross-On-Wye, Herefordshire, United Kingdom, HR9 5BP.
The ultimate controlling party is IK Investment Partners AIFM, a private limited liability company incorporated in Luxembourg which acts as manager of the IK Small Cap III Fund No.1 SCSp and IK Small Cap III Fund No.2 SCSp.
Page 16
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PLEXUS INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors' report on the financial statements for the year ended 31 December 2024 was qualified.
The qualification in the audit report was as follows:
The audit opinion was qualified due to a limitation in the the scope of the audit. Due to the date of our appointment, we were unable to attend a physcial stock count at the balance sheet date or at the end of the prior year, 31 December 2023, which formed the closing and opening stock balances for the current year.
We have been unable to satisfy ourselves through other audit procedures whether the stock quantities held in the company financial statements at 31 December 2024 valued at £53,630 and 31 December 2023 valued at £81,922, were materially correct, together which any consequential impact on the Statement of Financial Position.
In our opinion, except for the possible effects of the matter described above, the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
The audit report was signed on 22 December 2025 by David Butler FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Audit Limited.
Page 17
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