Company Registration No. 06376815 (England and Wales)
Perega Limited
Unaudited accounts
for the year ended 31 March 2023
Perega Limited
Unaudited accounts
Contents
Perega Limited
Company Information
for the year ended 31 March 2023
Directors
Robert John Barnes
Stephen John Brock
Paul Douglas Jarvis
David Edward Manion
Stephen Edward McSorley
Fraser John Robb
Company Number
06376815 (England and Wales)
Registered Office
86 Epsom Road
Guildford
Surrey
GU1 2BX
Perega Limited
Statement of financial position
as at 31 March 2023
Tangible assets
164,718
108,196
Inventories
488,756
269,595
Debtors
2,042,380
2,249,067
Cash at bank and in hand
782,238
360,239
Creditors: amounts falling due within one year
(1,146,498)
(912,297)
Net current assets
2,166,876
1,966,604
Total assets less current liabilities
2,332,694
2,075,900
Creditors: amounts falling due after more than one year
(69,531)
(46,353)
Provisions for liabilities
Deferred tax
(20,921)
(21,278)
Net assets
2,242,242
2,008,269
Called up share capital
324,977
324,977
Share premium
210,932
210,932
Capital redemption reserve
1,173
1,173
Profit and loss account
1,705,160
1,471,187
Shareholders' funds
2,242,242
2,008,269
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by
Fraser John Robb
Director
Company Registration No. 06376815
Perega Limited
Notes to the Accounts
for the year ended 31 March 2023
Perega Limited is a private company, limited by shares, registered in England and Wales, registration number 06376815. The registered office is 86 Epsom Road, Guildford, Surrey, GU1 2BX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over life of leases
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Patents - 3 years straight line
Goodwill - 10 years straight line
Perega Limited
Notes to the Accounts
for the year ended 31 March 2023
Turnover represents total fees and expenses receivable net of value added tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work completed in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. Provisions are made for irrecoverable amounts and foreseeable losses.
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease 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.
Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Income Statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tax is recognised in the Income Statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have enacted or substantively enacted by the reporting date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where marked value cannot be reliably determined, such investments are stated at historic cost less impairment.
Perega Limited
Notes to the Accounts
for the year ended 31 March 2023
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Where the company makes payments to the employee ownership trust ("Trust") where no future economic benefits will flow to the company following payment and where the company does not have control to the right or other access to the future economic benefit it is expected to receive, the payments will be expensed in the Income Statement.
The directors are of the opinion that the company does not have control of the Trust and therefore have excluded the assets and liabilities of the Trust from these financial statements. Had the directors assessment confirmed such control existed the net assets of the company would have been reduced by £2,167,610 (2022: £2,699,109)
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's inventories, intangible fixed assets, tangible fixed assets and investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 5)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 April 2022
1,732,586
11,116
1,743,702
At 31 March 2023
1,732,586
11,116
1,743,702
At 1 April 2022
1,732,586
11,116
1,743,702
At 31 March 2023
1,732,586
11,116
1,743,702
Perega Limited
Notes to the Accounts
for the year ended 31 March 2023
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
34,853
76,421
402,196
513,470
Additions
-
1,732
93,431
95,163
At 31 March 2023
34,853
78,153
495,627
608,633
At 1 April 2022
34,853
73,040
297,381
405,274
Charge for the year
-
878
37,763
38,641
At 31 March 2023
34,853
73,918
335,144
443,915
At 31 March 2023
-
4,235
160,483
164,718
At 31 March 2022
-
3,381
104,815
108,196
6
Investments
Subsidiary undertakings
Valuation at 1 April 2022
1,100
Valuation at 31 March 2023
1,100
Amounts falling due within one year
Trade debtors
1,343,514
1,597,618
Amounts due from group undertakings etc.
171,498
171,498
Accrued income and prepayments
335,684
286,461
Other debtors
191,684
193,490
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
29,912
6,315
Trade creditors
405,786
304,375
Amounts owed to group undertakings and other participating interests
1,000
1,000
Taxes and social security
100,481
99,920
Other creditors
53,826
44,815
Perega Limited
Notes to the Accounts
for the year ended 31 March 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
43,698
10,520
Allotted, called up and fully paid:
240,000 Ordinary Class A-F shares of £1 each
240,000
240,000
7,714 Ordinary Class G shares of £1 each
7,714
7,714
19,218 Ordinary Class H shares of £1 each
19,218
19,218
19,218 Ordinary Class I shares of £1 each
19,218
19,218
19,218 Ordinary Class J shares of £1 each
19,218
19,218
19,609 Ordinary Class K shares of £1 each
19,609
19,609
11
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
132,875
183,575
Later than one year and not later than five years
238,750
371,625
On 23 May 2019, the Thomasons Employee Ownership Trust ("EOT") purchased 100% of the ordinary share capital of Thomasons Holdings Limited, a company which in turn owns 100% of the share capital of Perega Limited. Together these companies form part of the Thomasons Group ("Group"). The company and group, by virtue of this transaction, are now "employee owned".
The funding for this transaction was achieved by deferring consideration payable to the previous owners of the business of £3,459,194 (over a six year term, subject to cash availability). This deferred consideration is a liability of the EOT however the Thomasons Group is named as a guarantor in the events of the EOT not meeting its obligations.
During the period the company made a contribution to the EOT totalling £531,499 (2022: £218,713) and the payment of this has been included within the Income Statement.
As a result, the contingent liability of the group at the year end amounted to £2,167,610 (2022: £2,699,109)
The present obligation to make the future loan payments is that of the EOT and so the liability for the future payments has not been recognised by the company or the group.
Perega Limited
Notes to the Accounts
for the year ended 31 March 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan account
-
35,000
15,000
20,000
Director's loan account
11,359
82,770
81,000
13,129
11,359
117,770
96,000
33,129
14
Transactions with related parties
The directors N Russell and S E McSorley have both made personal guarantees of £112,500 each in respect of the overdraft facility. The directors F J Robb, P D Jarvis, D Manion and R J Barnes have each made personal guarantees of £56,250 in respect of the facility.
The ultimate parent company is considered to be Perega Holdings Limited. The address of its registered office is 86 Epsom Road, Guildford, Surrey, GU1 2BX.
The directors consider there to be no controlling party.
16
Average number of employees
During the year the average number of employees was 68 (2022: 63).