Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
COMPANY INFORMATION
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PERPETUAL GROUP LIMITED
CONTENTS
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PERPETUAL GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present the strategic report for the year ended 30 September 2023.
The directors are pleased to provide a review of the company during the period, the position as the end of the
period and the main objectives for the immediate future. The principal activity of the group during the year remained the servicing and maintenance of heavy commercial vehicles. In addition, we have a MOT facility at our Witney site. GB Fleetcare has grown the business in 2023 ensuring service was delivered consistently to high levels, with the ongoing challenges of parts shortages and a shortage of skilled resources in the labour market. GB Fleetcare opened an additional DAF franchise workshop in DIRFT in the summer of 2023, secured a major contract renewal in August 2023 and was awarded UK DAF Service Dealer of the Year at its depot in Gatwick for the second year in a row. Turnover has increased by 15%, driven by growth in sold hours in all our retail workshops, the addition of one major retail fleet customer and a higher level of activity at the contract sites. Gross profit levels have increased due to the higher level of activity across all our depots, whilst general business overheads have not increased exponentially. Due to the shortage of skilled technicians in our industry, wage growth will be a constant risk in future financial years. Unless we have a compelling wage and benefits package, it is difficult to retain and attract technicians. During the last quarter of the year, the labor market showed signs of stabilizing with more candidates applying for advertised positions. The ability to pass on increases in labour costs to our end customers will be limited, due to the current state of the UK economy. The company are focused on offering new apprenticeships every year, fast tracking semi-skilled resources on manufacturer approved training schemes and ensuring technicians are progressed and trained to high levels to retain their skills within GB Fleetcare to mitigate this risk. GB Fleetcare continues to invest in its own sites to ensure its workshops are surpassed manufacturer's standards, leading to a high level of customer satisfaction and an excellent working environment for its employees. In 2023, GB Fleetcare opened a new purpose built DAF franchise in DIRFT, which has been equipped to the highest standards and with leading edge technology. In 2024, we will continue our refurbishment program of our Banbury and Witney depots. The company remain focused on strengthening the business through expansion with the securing of new retail and contract depots in key geographical locations. GB Fleetcare began operations at its new DAF franchise in DIRFT in the summer of 2023. The financial results of this new depot will flow through in the next financial year. We have secured three major fleet customers in the last quarter of 2023, and this will grow our hours sold in 2024. We will also continue to look at acquiring an existing business in 2024 to further grow our retail business. The directors remain confident that within GB Fleetcare we have the skills and resources to manage effectively the ongoing risks that are evident in the marketplace and to ensure the ongoing success of the business.
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PERPETUAL GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The volatility of the UK economy with high inflation and a cost-of-living crisis. GB Fleetcare have a diverse
customer base with customers from all industries, with several depots across a large geographical base and offer both a contract maintenance service and retail offering. GB Fleetcare will seek to maintain a wide customer base and maintain its two distinct business offerings going forward to protect from fluctuations in the UK economy. Price volatility and availability of parts across the global supply chain. GB Fleetcare have agreed long term parts arrangements with key part suppliers with agreed prices for a set period. GB Fleetcare have increased their holding of fast-moving parts through impressed stock agreements. The company will review their sourcing arrangements every next six months, to establish best price for parts supply. Ensuring successful delivery of a new franchise in a challenging economic environment. GB Fleetcare have recruited an experienced depot manager to ensure successful delivery of the new franchise and have key performance indicators in place to ensure we can measure our success. The recruitment and retention of skilled technicians in a highly competitive labour market coupled with a cost-of-living crisis. GB Fleetcare have a comprehensive training program in place to ensure technicians can progress within the organization and recruit new apprentices actively each year. Semi-skilled technicians are being recruited and retrained on a fast-track training scheme accredited by truck manufacturer. The potential loss of any of our more significant clients. GB Fleetcare monitor customer satisfaction through regular meetings between key customer contacts and our top management team. GB Fleetcare deliver a quality service to ensure customer satisfaction is maintained at high level. All major issues are escalated to top management to ensure we have the appropriate resources in place to remedy quickly any problems experienced. Customers in certain sectors such as construction struggling and experiencing poor financial performance. GB Fleetcare have a wide customer base from all sectors of the economy. GB Fleetcare actively monitor credit ratings of customers and review account limits regularly to ensure that they are appropriate given past payment performance. Our account team actively identify new customers monthly.
The board recognises the value of high-quality management information to help them manage the business
efficiently and effectively. The directors consider the following KPI's to be the most important, and monitor them on a regular basis: Sales £21,909,087 (2022: £19,048,667) Gross margin £5,422,475 (2022: £4,612,008) Gross margin 24.7% (2022: 24.2%) Staff costs £6,971,026 (2022: £6,413,412) Cash balances £10,687,617 (2022: £9,364,760) Trade debtor £3,858,980 (2022: £2,403,642)
This report was approved by the board and signed on its behalf.
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PERPETUAL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £2,692,160 (2022 - £2,204,851).
Ordinary dividends were declared in the year amounting to £891,600 (2022: £1,000,000).
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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PERPETUAL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
This report was approved by the board and signed on its behalf.
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PERPETUAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERPETUAL GROUP LIMITED
We have audited the financial statements of Perpetual Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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's 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 United Kingdom, including the Financial Reporting Council'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.
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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.
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PERPETUAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERPETUAL GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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PERPETUAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERPETUAL GROUP LIMITED (CONTINUED)
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 Group financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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PERPETUAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERPETUAL GROUP LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxfordshire
OX2 9GG
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PERPETUAL GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
REGISTERED NUMBER: 11372500
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 32 form part of these financial statements.
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PERPETUAL GROUP LIMITED
REGISTERED NUMBER: 11372500
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
REGISTERED NUMBER: 11372500
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 32 form part of these financial statements.
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PERPETUAL GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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PERPETUAL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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PERPETUAL GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Perpetual Group Limited ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is 10 Thrope Way, Banbury, Oxfordshire, OX16 4SP.
The group consists of Perpetual Group Limited and all of its subsidiaries.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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.
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group 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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The estimates and underlying assuptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the reviesion affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Tangible fixed assets 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. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Investment property valuation The Company carries its investment property asset at fair value being recognised in the statement of comprehensive income. The Company director assessed the fair value of building, and has not revalued the investment property at 30 September 2023. This is based on reference to market-based evidence, using comparable prices adjusted for specific market factors such as nature, location and condition of the property.
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11.Taxation (continued)
The main rate of corporation tax increased from 19% to 25% from 1 April 2023. On this basis deferred
tax is provided at the future rate of 25%.
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
13.Tangible fixed assets (continued)
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Investment property comprises of two properties. The fair value of the investment properties has been arrived at on the basis of the directors’ opinion based on the movement within the market place since acquisition. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Investment property comprises of one property. The fair value of the investment property has been arrived at on the basis of the directors’ opinion based on the movement within the market place since acquisition. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £253,951 (2022: £227,293). There were no contributions payable to the fund at the balance sheet date (2022: £Nil).
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PERPETUAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Group is under the control of its
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