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Registration number: 07141006

Perfect Group (Nationwide) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

image-name
 

Perfect Group (Nationwide) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Perfect Group (Nationwide) Limited

Company Information

Directors

Mr Michael Lawrence Hemsley

Mr Michael D Laker

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Perfect Group (Nationwide) Limited

(Registration number: 07141006)
Balance Sheet as at 31 January 2023

Note

2023
 £

2022
 £

Fixed Assets

 

Tangible Assets

4

500,975

242,154

Current assets

 

Debtors

5

1,979,335

1,402,954

Cash at bank and in hand

 

153,462

49,260

 

2,132,797

1,452,214

Creditors: Amounts falling due within one year

6

(1,111,667)

(821,337)

Net current assets

 

1,021,130

630,877

Total assets less current liabilities

 

1,522,105

873,031

Creditors: Amounts falling due after more than one year

6

(293,688)

(90,024)

Provisions for liabilities

(114,676)

(40,362)

Net assets

 

1,113,741

742,645

Capital and Reserves

 

Called up share capital

150

150

Profit and loss account

1,113,591

742,495

Total equity

 

1,113,741

742,645

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

 

Perfect Group (Nationwide) Limited

(Registration number: 07141006)
Balance Sheet as at 31 January 2023

.........................................
Mr Michael D Laker
Director

   
     
 

Perfect Group (Nationwide) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

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:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
United Kingdom

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Perfect Group (Nationwide) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

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 company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet 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

Computer equipment

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 company 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 subsequently measured at amortised cost using the effective interest method.

 

Perfect Group (Nationwide) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

 

Perfect Group (Nationwide) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

3

Staff numbers

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

2023
 No.

2022
 No.

Administration and support

38

28

Distribution

2

2

40

30

 

Perfect Group (Nationwide) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Cost or valuation

At 1 February 2022

31,933

23,845

446,590

23,216

Additions

-

-

295,540

64,351

At 31 January 2023

31,933

23,845

742,130

87,567

Depreciation

At 1 February 2022

3,193

14,155

246,127

19,955

Charge for the year

3,193

2,424

90,692

4,761

At 31 January 2023

6,386

16,579

336,819

24,716

Carrying amount

At 31 January 2023

25,547

7,266

405,311

62,851

At 31 January 2022

28,740

9,690

200,463

3,261

Total
£

Cost or valuation

At 1 February 2022

525,584

Additions

359,891

At 31 January 2023

885,475

Depreciation

At 1 February 2022

283,430

Charge for the year

101,070

At 31 January 2023

384,500

Carrying amount

At 31 January 2023

500,975

At 31 January 2022

242,154

 

Perfect Group (Nationwide) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade Debtors

 

1,576,784

927,442

Amounts owed by related parties

-

4,474

Prepayments

 

50,606

-

Other debtors

 

351,945

471,038

   

1,979,335

1,402,954

6

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

393,981

257,845

Trade Creditors

 

124,732

13

Social security and other taxes

 

263,189

255,498

Outstanding defined contribution pension costs

 

3,838

1,694

Other payables

 

6,000

1,893

Accrued expenses

 

214,871

191,074

Corporation tax liability

105,056

113,320

 

1,111,667

821,337

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £128,191 (2022 - £76,251).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

293,688

90,024

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £293,688 (2022 - £90,024).

 

Perfect Group (Nationwide) Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

7

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

Hire purchase and finance lease liabilities

293,688

90,024

2023
 £

2022
 £

Current loans and borrowings

HP and finance lease liabilities

109,978

43,036

Other borrowings

284,003

214,809

393,981

257,845

Included within other borrowings above is an amount due to Close Brothers Finance in the amount of £18,214 (2022: £33,215), which is secured by fixed and floating charge over the company's assets.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,072,456 (2022 - £1,454,346). These are annual commitments under non-cancellable operating leases. Financial commitments relate to operating lease payments committed to be paid over periods following the balance sheet date. The total commitment payable within one year is 291,960 (2022- £291,960), witth the balance of comittments falling due for payment more than one year after the balance sheet date.