Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302023-09-3002022-10-01falseNo description of principal activity0falsefalsefalse 11372500 2022-10-01 2023-09-30 11372500 2021-10-01 2022-09-30 11372500 2023-09-30 11372500 2022-09-30 11372500 2021-10-01 11372500 c:PriorPeriodIncreaseDecrease 2021-10-01 2022-09-30 11372500 d:Director2 2022-10-01 2023-09-30 11372500 d:Director3 2022-10-01 2023-09-30 11372500 d:Director4 2022-10-01 2023-09-30 11372500 d:RegisteredOffice 2022-10-01 2023-09-30 11372500 c:Buildings 2022-10-01 2023-09-30 11372500 c:Buildings 2023-09-30 11372500 c:Buildings 2022-09-30 11372500 c:Buildings c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 11372500 c:PlantMachinery 2022-10-01 2023-09-30 11372500 c:FreeholdInvestmentProperty 2022-10-01 2023-09-30 11372500 c:FreeholdInvestmentProperty 2023-09-30 11372500 c:FreeholdInvestmentProperty 2022-09-30 11372500 c:CurrentFinancialInstruments 2023-09-30 11372500 c:CurrentFinancialInstruments 2022-09-30 11372500 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 11372500 c:CurrentFinancialInstruments c:WithinOneYear 2022-09-30 11372500 c:ShareCapital 2023-09-30 11372500 c:ShareCapital 2022-09-30 11372500 c:ShareCapital 2021-10-01 11372500 c:SharePremium 2023-09-30 11372500 c:SharePremium 2022-09-30 11372500 c:SharePremium c:PriorPeriodIncreaseDecrease 2021-10-01 2022-09-30 11372500 c:SharePremium 2021-10-01 11372500 c:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 11372500 c:RetainedEarningsAccumulatedLosses 2023-09-30 11372500 c:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 11372500 c:RetainedEarningsAccumulatedLosses 2022-09-30 11372500 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2021-10-01 2022-09-30 11372500 c:RetainedEarningsAccumulatedLosses 2021-10-01 11372500 c:AcceleratedTaxDepreciationDeferredTax 2023-09-30 11372500 c:AcceleratedTaxDepreciationDeferredTax 2022-09-30 11372500 d:OrdinaryShareClass1 2022-10-01 2023-09-30 11372500 d:OrdinaryShareClass1 2023-09-30 11372500 d:OrdinaryShareClass1 2022-09-30 11372500 d:FRS102 2022-10-01 2023-09-30 11372500 d:Audited 2022-10-01 2023-09-30 11372500 d:FullAccounts 2022-10-01 2023-09-30 11372500 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 11372500 c:Subsidiary1 2022-10-01 2023-09-30 11372500 c:Subsidiary1 1 2022-10-01 2023-09-30 11372500 d:Consolidated 2023-09-30 11372500 d:ConsolidatedGroupCompanyAccounts 2022-10-01 2023-09-30 11372500 2 2022-10-01 2023-09-30 11372500 6 2022-10-01 2023-09-30 11372500 e:PoundSterling 2022-10-01 2023-09-30 11372500 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2021-10-01 11372500 c:PreviouslyStatedAmount 2021-10-01 11372500 c:ShareCapital c:PriorPeriodIncreaseDecrease 2021-10-01 2022-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11372500










PERPETUAL GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
PERPETUAL GROUP LIMITED
 

COMPANY INFORMATION


Directors
Mr P Banwell 
Mr P Grimes 
Mrs J Patel-Banwell 




Registered number
11372500



Registered office
10 Thorpe Way
Banbury

Oxfordshire

OX16 4SP




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
PERPETUAL GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10
Company balance sheet
11 - 12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 32


 
PERPETUAL GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors present the strategic report for the year ended 30 September 2023.

Business review
 
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.

Page 1

 
PERPETUAL GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal risks and uncertainties
 
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.

Key performance indicators
 
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.



Mrs J Patel-Banwell
Director
Date: 8 March 2024

Page 2

 
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.

Directors

The directors who served during the year were:

Mr P Banwell 
Mr P Grimes 
Mrs J Patel-Banwell 

Results and dividends

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).

Directors' responsibilities statement

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.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
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.
 





Mrs J Patel-Banwell
Director
Date: 8 March 2024

Page 4

 
PERPETUAL GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERPETUAL GROUP LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2023 and of the Group's 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.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
PERPETUAL GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERPETUAL GROUP LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
PERPETUAL GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERPETUAL GROUP LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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.

Page 7

 
PERPETUAL GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERPETUAL GROUP LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.





James Pitt BA BFP FCA (Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

27 March 2024
Page 8

 
PERPETUAL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
21,909,087
19,048,667

Cost of sales
  
(16,486,612)
(14,436,659)

Gross profit
  
5,422,475
4,612,008

Administrative expenses
  
(2,066,024)
(1,914,160)

Other operating income
 5 
41,492
27,379

Operating profit
 6 
3,397,943
2,725,227

Interest receivable and similar income
 10 
88,598
2,324

Profit before taxation
  
3,486,541
2,727,551

Tax on profit
 11 
(794,381)
(522,700)

Profit for the financial year
  
2,692,160
2,204,851

Profit for the year attributable to:
  

Owners of the parent Company
  
2,692,160
2,204,851

  
2,692,160
2,204,851

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 32 form part of these financial statements.

Page 9

 
PERPETUAL GROUP LIMITED
REGISTERED NUMBER: 11372500

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,096,411
4,110,515

Investment property
 15 
310,386
468,514

  
4,406,797
4,579,029

Current assets
  

Debtors: amounts falling due within one year
 16 
4,541,003
3,072,568

Cash at bank and in hand
 17 
10,687,617
9,364,760

  
15,228,620
12,437,328

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(4,797,743)
(3,997,889)

Net current assets
  
 
 
10,430,877
 
 
8,439,439

Total assets less current liabilities
  
14,837,674
13,018,468

Provisions for liabilities
  

Deferred taxation
 19 
(148,227)
(129,581)

Net assets
  
 
 
14,689,447
 
 
12,888,887


Capital and reserves
  

Called up share capital 
 20 
40,000
40,000

Share premium account
  
9,129,757
9,129,757

Profit and loss account
  
5,519,690
3,719,130

Equity attributable to owners of the parent Company
  
14,689,447
12,888,887

  
14,689,447
12,888,887


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs J Patel-Banwell
Director
Date: 8 March 2024

The notes on pages 17 to 32 form part of these financial statements.

Page 10

 
PERPETUAL GROUP LIMITED
REGISTERED NUMBER: 11372500

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,960,787
4,050,131

Investments
 14 
9,169,757
9,169,757

Investment property
 15 
86,581
244,709

  
13,217,125
13,464,597

Current assets
  

Debtors: amounts falling due within one year
 16 
4,239
41,144

Cash at bank and in hand
 17 
5,269,761
4,252,603

Current liabilities
  
5,274,000
4,293,747

Creditors: amounts falling due within one year
 18 
(2,871,093)
(1,277,659)

Net current assets
  
 
 
2,402,907
 
 
3,016,088

Total assets less current liabilities
  
15,620,032
16,480,685

  

Provisions for liabilities
  

Deferred taxation
 19 
(96,104)
(100,477)

Net assets
  
 
 
15,523,928
 
 
16,380,208


Capital and reserves
  

Called up share capital 
 20 
40,000
40,000

Share premium account
  
9,129,757
9,129,757

Profit and loss account
  
6,354,171
7,210,451

  
15,523,928
16,380,208


Page 11

 
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: 


Mrs J Patel-Banwell
Director

Date: 8 March 2024

The notes on pages 17 to 32 form part of these financial statements.

Page 12

 
PERPETUAL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 October 2022
40,000
9,129,757
3,719,130
12,888,887
12,888,887



Profit for the year
-
-
2,692,160
2,692,160
2,692,160

Dividends: Equity capital
-
-
(891,600)
(891,600)
(891,600)


At 30 September 2023
40,000
9,129,757
5,519,690
14,689,447
14,689,447


The notes on pages 17 to 32 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 October 2021 (as previously stated)
40,000
9,129,757
767,931
9,937,688
9,937,688

Prior year adjustment
-
-
1,746,348
1,746,348
1,746,348

At 1 October 2021 (as restated)
40,000
9,129,757
2,514,279
11,684,036
11,684,036



Profit for the year
-
-
2,204,851
2,204,851
2,204,851

Dividends: Equity capital
-
-
(1,000,000)
(1,000,000)
(1,000,000)


At 30 September 2022
40,000
9,129,757
3,719,130
12,888,887
12,888,887


The notes on pages 17 to 32 form part of these financial statements.

Page 13

 
PERPETUAL GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
40,000
9,129,757
7,210,451
16,380,208



Profit for the year
-
-
35,320
35,320

Dividends: Equity capital
-
-
(891,600)
(891,600)


At 30 September 2023
40,000
9,129,757
6,354,171
15,523,928



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2021 (as previously stated)
40,000
9,129,757
6,430,091
15,599,848

Prior year adjustment
-
-
1,746,348
1,746,348

At 1 October 2021 (as restated)
40,000
9,129,757
8,176,439
17,346,196



Profit for the year
-
-
34,012
34,012

Dividends: Equity capital
-
-
(1,000,000)
(1,000,000)


At 30 September 2022
40,000
9,129,757
7,210,451
16,380,208


The notes on pages 17 to 32 form part of these financial statements.

Page 14

 
PERPETUAL GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,692,160
2,204,851

Adjustments for:

Depreciation of tangible assets
198,948
156,557

Impairments of fixed assets
-
11,569

Interest received
(88,598)
(2,324)

Taxation charge
794,381
522,700

(Increase) in debtors
(1,468,435)
(352,972)

Increase in creditors
567,576
96,649

Net fair value losses recognised in P&L
158,128
-

Corporation tax (paid)
(543,457)
(521,380)

Net cash generated from operating activities

2,310,703
2,115,650


Cash flows from investing activities

Purchase of tangible fixed assets
(184,844)
(135,506)

Interest received
88,598
2,324

Net cash from investing activities

(96,246)
(133,182)

Cash flows from financing activities

Dividends paid
(891,600)
(1,000,000)

Net cash used in financing activities
(891,600)
(1,000,000)

Net increase in cash and cash equivalents
1,322,857
982,468

Cash and cash equivalents at beginning of year
9,364,760
8,382,292

Cash and cash equivalents at the end of year
10,687,617
9,364,760


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,687,617
9,364,760

10,687,617
9,364,760


The notes on pages 17 to 32 form part of these financial statements.

Page 15

 
PERPETUAL GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023




At 1 October 2022
Cash flows
At 30 September 2023
£

£

£

Cash at bank and in hand

9,364,760

712,233

10,076,993


-

-

-


The notes on pages 17 to 32 form part of these financial statements.

Page 16

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

  
2.2

Basis of consolidation

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.

 
2.3

Going concern

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.

Page 17

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Group 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.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

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 19

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (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:

Freehold property
-
2% straight line
Plant and machinery
-
15% - 50% straight line

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.

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

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.

 
2.15

Cash and cash equivalents

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.16

Creditors

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

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. 

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Maintenance and repair
21,909,087
19,048,667


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
38,900
25,152

Government grants receivable
-
2,227

Profit on disposal of fixed asset investments
2,592
-

41,492
27,379


Page 22

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of owned tangible fixed assets
198,948
156,557

Other operating lease rentals
120,488
139,567


7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
15,900
16,100


.


Fees payable to the Group's auditor and its associates in respect of:

Taxation compliance services

2,800

2,650
 


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
6,048,083
5,568,082

Social security costs
668,992
648,037

Cost of defined contribution scheme
253,951
197,293

6,971,026
6,413,412


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production
110
109



Social security costs
29
30



Directors
3
3

142
142

Page 23

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
235,769
274,433

Group contributions to defined contribution pension schemes
70,000
40,000

305,769
314,433


During the year retirement benefits were accruing to 2 directors (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £120,374 (2022: £159,808).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £60,000 (2022: £40,000).
The total accrued pension provision of the highest paid director at 30 September 2023 amounted to £NIL (2022: £NIL).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
88,598
2,324


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
771,684
550,763

Adjustments in respect of previous periods
4,051
1


775,735
550,764


Total current tax
775,735
550,764

Deferred tax


Origination and reversal of timing differences
18,646
(28,064)

Total deferred tax
18,646
(28,064)


Taxation on profit on ordinary activities
794,381
522,700
Page 24

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 22.01% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,486,541
2,727,551


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.01% (2022 - 19%)
767,388
518,235

Effects of:


Fixed asset differences
11,142
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,483
4,741

Capital allowances for year in excess of depreciation
(2,420)
6,459

Adjustments to tax charge in respect of prior periods
4,051
-

Adjustments to tax charge in respect of previous periods - deferred tax
4,011
-

Remeasurement of deferred tax for changes in tax rates
1,750
(6,735)

Chargeable gains
2,976
-

Total tax charge for the year
794,381
522,700


Factors that may affect future tax charges

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%.


12.


Dividends

2023
2022
£
£


Dividends paid
891,600
1,000,000

Page 25

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 October 2022
3,756,382
1,534,262
5,290,644


Additions
-
184,844
184,844



At 30 September 2023

3,756,382
1,719,106
5,475,488



Depreciation


At 1 October 2022
62,023
1,118,106
1,180,129


Charge for the year
89,463
109,485
198,948



At 30 September 2023

151,486
1,227,591
1,379,077



Net book value



At 30 September 2023
3,604,896
491,515
4,096,411



At 30 September 2022
3,694,359
416,156
4,110,515

Page 26

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

           13.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 October 2022
4,111,300



At 30 September 2023

4,111,300



Depreciation


At 1 October 2022
61,169


Charge for the year
89,344



At 30 September 2023

150,513



Net book value



At 30 September 2023
3,960,787



At 30 September 2022
4,050,131





The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
3,960,787
4,050,131


Page 27

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
9,169,757



At 30 September 2023
9,169,757





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

GB Fleetcare Limited
England and Wales
Ordinary
100%

Page 28

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Investment property

Group


Freehold investment property

£



Valuation


At 1 October 2022
468,514


Disposals
(158,128)



At 30 September 2023
310,386

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. 






Company





Freehold investment property

£



Valuation


At 1 October 2022
244,709


Disposals
(158,128)



At 30 September 2023
86,581

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. 


Page 29

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

16.


Debtors

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,858,980
2,403,642
-
-

Other debtors
531,401
532,082
4,239
29,783

Prepayments and accrued income
150,622
125,483
-
-

Tax recoverable
-
11,361
-
11,361

4,541,003
3,072,568
4,239
41,144



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
10,687,617
9,364,760
5,269,761
4,252,603



18.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,940,130
1,543,512
240
58,657

Amounts owed to group undertakings
-
-
2,217,753
680,753

Corporation tax
501,306
269,028
36,811
30,747

Other taxation and social security
728,736
691,627
-
1,485

Other creditors
957,194
876,924
610,624
500,352

Accruals and deferred income
670,377
616,798
5,665
5,665

4,797,743
3,997,889
2,871,093
1,277,659


Amounts owed to group undertakings are non-interest bearing and repayable on demand.

Page 30

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

19.


Deferred taxation


Group



2023


£






At beginning of year
(129,581)


Charged to profit or loss
(18,646)



At end of year
(148,227)

Company


2023


£






At beginning of year
(100,477)


Charged to profit or loss
4,373



At end of year
(96,104)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(148,227)
(129,581)
(96,104)
(100,477)

(148,227)
(129,581)
(96,104)
(100,477)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



40,000 (2022 - 40,000) Ordinary shares of £1.00 each
40,000
40,000



21.


Pension commitments

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).

Page 31

 
PERPETUAL GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

22.


Commitments under operating leases

At 30 September 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
122,000
81,473

Later than 1 year and not later than 5 years
477,833
-

599,833
81,473

23.


Related party transactions

At the year end, the Company owed its Directors £610,624 (2022: £500,352).
At the year end, the Directors owed the Group a total of £12,863 (2022: £52,185). The Company issued the loans to the Directors on an interest free basis over a 60 month term.
During the year, the Group made charitable donations of £30,000 (2022: £30,000) to a charity of which a director of the Group was a trustee. 
During the year, the Group made purchases of £11,000 (2022: £6,000) from Alex James Independent
Financial Advisors Ltd, a Company related to a director of the Group.
During the year, the Group paid pension costs of £30,000 (2022: £20,000) to the spouse of a director of
the Group.


24.


Controlling party

The Group is under the control of its directors


Page 32