Peregrine Corporate And Business Communications Limited
Unaudited Financial Statements
For the year ended 27 February 2023
Pages for Filing with Registrar
Company Registration No. 04672225 (England and Wales)
Peregrine Corporate and Business Communications Limited
Peregrine Corporate And Business Communications Limited
Company Information
Directors
A Layzell-Payne
T Layzell-Payne
Company number
04672225
Registered office
2nd Floor
19-20 Great Sutton Street
London
England
EC1V 0DR
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Peregrine Corporate and Business Communications Limited
Peregrine Corporate And Business Communications Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Peregrine Corporate and Business Communications Limited
Peregrine Corporate And Business Communications Limited
Balance Sheet
As at 27 February 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
Tangible assets
5
8,723
5,599
Investments
6
110,001
110,001
118,724
115,600
Current assets
Debtors
8
718,741
708,783
Cash at bank and in hand
28,640
145,502
747,381
854,285
Creditors: amounts falling due within one year
9
(863,104)
(751,790)
Net current (liabilities)/assets
(115,723)
102,495
Total assets less current liabilities
3,001
218,095
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
2,901
217,995
Total equity
3,001
218,095
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 27 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Peregrine Corporate and Business Communications Limited
Peregrine Corporate And Business Communications Limited
Balance Sheet (Continued)
As at 27 February 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
A Layzell-Payne
Director
Company Registration No. 04672225
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements
For the year ended 27 February 2023
Page 3
1
Accounting policies
Company information
Peregrine Corporate and Business Communications Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 19-20 Great Sutton Street, London, England, EC1V 0DR.
Peregrine US Limited has the same registered office as its parent, stated above. The registered office of Peregrine Communications Inc is 16192 Coastal Highway, Lewis, Delaware 19958.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
During the year the company made a profit of £95,919 and at 27 February 2023 had net assets of only £3,001 which includes amounts due to group companies of £522,178. These financial statements have been prepared on a going concern basis which the director considers to be appropriate for the following reasons.
The director has received sufficient confirmation and assurances that the group companies will not demand repayment of the intercompany loan balances for a period of at least 12 months from the date of signing of these accounts. In addition, the group companies are able to provide further funding if needed.
Therefore, the director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and they have therefore been prepared on the going concern basis.
1.3
Turnover
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Turnover represents amounts receivable for services net of VAT and trade discounts.
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2023
1
Accounting policies
(Continued)
Page 4
1.4
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website and CRM software 20% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
33% straight line
Computer equipment
25% straight line
Motor vehicles
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2023
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
2023
2022
Number
Number
Total
24
26
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2023
Page 6
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
19,062
41,871
Adjustments in respect of prior periods
4,745
(4,853)
Total current tax
23,807
37,018
Deferred tax
Origination and reversal of timing differences
766
79
Total tax charge
24,573
37,097
4
Intangible fixed assets
Website and CRM
£
Cost
At 28 February 2022 and 27 February 2023
1,365
Amortisation and impairment
At 28 February 2022 and 27 February 2023
1,365
Carrying amount
At 27 February 2023
At 27 February 2022
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2023
Page 7
5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 28 February 2022
20,964
30,813
47,560
67,121
166,458
Additions
8,136
8,136
At 27 February 2023
20,964
30,813
47,560
75,257
174,594
Depreciation and impairment
At 28 February 2022
20,964
30,813
47,560
61,522
160,859
Depreciation charged in the year
5,012
5,012
At 27 February 2023
20,964
30,813
47,560
66,534
165,871
Carrying amount
At 27 February 2023
8,723
8,723
At 27 February 2022
5,599
5,599
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
110,001
110,001
7
Subsidiaries
Details of the company's subsidiaries at 27 February 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Peregrine Communications Inc
405 Lexington Avenue, New York, NY 10174
Ordinary
-
100
Peregrine US Limited
2nd Floor, 19-20 Great Sutton Street, London, England, EC1V 0DR
Ordinary
100
-
Gerber Public Relations Limited
2nd Floor, 19-20 Great Sutton Street, London, England, EC1V 0DR
Ordinary
100
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2023
7
Subsidiaries
(Continued)
Page 8
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Peregrine Communications Inc
1,260,582
(157,689)
Peregrine US Limited
1
-
Gerber Public Relations Limited
16,520
(16,182)
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
185,020
178,873
Other debtors
468,560
463,419
Prepayments and accrued income
65,161
65,725
718,741
708,017
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
766
Total debtors
718,741
708,783
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,994
49,265
Amounts owed to group undertakings
522,178
382,711
Corporation tax
36,385
42,606
Other taxation and social security
94,332
85,667
Other creditors
14,132
14,957
Accruals and deferred income
129,083
176,584
863,104
751,790
10
Share-based payment transactions
During the year the company granted nil (2022: nil) share options in respect of ordinary shares.
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2023
10
Share-based payment transactions
(Continued)
Page 9
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 28 February 2022 and 27 February 2023
1,330
1,330
29.66
29.66
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.0001 (2022: £0.01) each
1,000,000
10,000
100
100
On 4 January 2023, the share capital of the company was subdivided, so that the 10,000 Ordinary shares of £0.01 were split so that the new share capital of the company was 1,000,000 Ordinary shares of £0.001 nominal value. The overall share capital of the company therefore remains at £100.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
26,500
185,500
13
Related party transactions
The company had related party transactions with wholly owned subsidiaries and as such has taken advantage of the exemption permitted under FRS 102 section 33.1 A not to provide disclosures of transactions entered into with other wholly owned members of the group.
During the year, dividends amounting to £311,013 (2022: £334,181) were paid to the directors. Included within other debtors is an amount of £331,310 (2022: £330,279) owed from the directors.
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2023
Page 10
14
Control
The company is controlled by Mr Anthony Layzell-Payne.
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