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Registered number: 05609119












PERINVEST (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

PERINVEST (UK) LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 5
Directors' report
 
6
Directors' responsibilities statement
 
7
Independent auditor's report
 
8 - 11
Profit and loss account
 
12
Balance sheet
 
13
Statement of changes in equity
 
14
Statement of cash flows
 
15
Notes to the financial statements
 
16 - 24


 

PERINVEST (UK) LIMITED
 
COMPANY INFORMATION


Directors
O Debarge 
B Cantwell 
T Doxford 




Registered number
05609119



Registered office
28 Grosvenor Street

London

W1K 4QR




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

London

WC2B 5AH




Page 1

 

PERINVEST (UK) LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

Fair review of the business

Business Activity and Ownership
Perinvest (UK) Limited (“Perinvest”) acts as an investment management company providing investment management services to a Luxembourg registered UCITS fund, the Perinvest (Lux) SICAV, and two offshore hedge funds, access for institutional and professional investors to a range of branded and unbranded single manager hedge and UCITS funds (“The Funds”). Perinvest also provides investment advisory services to one Bahamian based trust. Assets under management  are valued at approximately $160 million as of the end of 2023 with Perinvest acting as an investment manager or advisor on approximately $145 million, of which $103 million is held in the Perinvest (Lux) SICAV platform. The company closed one of the SICAV sub funds in November 2023. 
For these services Perinvest is paid an agreed share of both management and performance fees (subject to performance fees being generated) under individual contracts agreed with each fund, fund manager or promoter. Perinvest is 100% owned by Mr Sassi a UAE resident. 
Functional Currency
During 2023 in excess of 90% of the revenues of the firm were denominated in US Dollars as were the corresponding cost of sales payments. As a consequence, the Board have agreed that US Dollars are the Functional Currency of the company, and have therefore continued to adopt the US Dollar as the presentation currency for these financial statements.. 

Development and performance
From the funds perspective 2023 was a good year with regards to performance and much needed after 2022. Most major indices performed positively and the funds followed suit. Most of the gains were made in the US where the “Magnificent seven” stocks returned some 75+ percent of the S&P 500’s 26.% yearly gain. In Asian markets returns were very much mixed although indexes as a whole performed well enough. Countries such as India and South Korea were the main contributors in the year. 
Asset levels increased year on year to $160m, a $5m increase on last year. Management fees were largely in line with the 2022 at $2.01m for the year. Performance fees were generated by two SICAV sub-funds and the offshore fund of $418k, an increase from $182k in 2022. Gross profit increased slightly on last year ($1.05m – 2022) to $1.1m in 2023. Overheads decreased year on year from $1.59m to $1.47m in 2023. The movements above have led to a pre-tax loss of $305k against a loss of $522k in 2022. 
Looking forward to 2024 there are still a number of global uncertainties with conflicts and a number of key elections in the year. Interest rates may have peak which could give the markets another boost as they taper off and investors look away from safe havens to try and find greater returns in equity markets. On a conservative outlook Perinvest (UK) Limited are looking to break even (not taking into account performance fees) in 2024 and a profit in 2025. 
The directors will continue to take reasonable measures to conserve cash and reduce costs where possible to ensure the company any additional pressure from the above uncertainties. The directors are confident that the capital and financial resources of Perinvest are strong enough to withstand the pressures put on the business at this time.
Page 2

 

PERINVEST (UK) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties

As a regulated entity Perinvest is required to maintain significant capital resources to support its business activity. Perinvest holds these resources in cash held at Nat West Bank majority owned by the Government. The level of financial resources held is significantly higher than that required by the regulator, the directors therefore believe that Perinvest capital base is strong enough to support the business until the impacts of the pandemic subside. Perinvest has enough Sterling held on account to pay 6-8 months expenses.
 
Forex risk
Perinvest has a level of foreign exchange risk exposure as the majority of its income is priced in US dollars whilst its liabilities (excluding cost of sales) are principally priced in Sterling. The company mitigates this risk by transferring funds into its Sterling current account to cover all near-term liabilities.
  
Interest rate risk
Perinvest has no borrowings and thus is not materially exposed to interest rate risk. It has a strong capital base in relation to both its business activities and in relation to its regulatory capital requirements and does not need to borrow to finance its current or future activity. 
Credit risk
Perinvest has limited credit risk and since incorporation has not suffered any bad debts and the directors see no reason why this will not continue. The funds pay on a calendar quarterly basis. The level of these quarterly payments, based only on management fees, is more than the fixed overheads of Perinvest. The cash resources of Perinvest are higher than the required capital to fund this debtor cycle.
 
Financial key performance indicators
 
The key performance indicators for the business are:
1)    Profitability at a “Management Fee” level
2)    Total profitability level
3)    Level of Assets under Management
4)    Gross profit for the year
5)    Monitoring and ageing of fees receivable quarter by quarter
6)    Level of trade debtors of the year
7)    Cash at bank in hand monitored quarterly

Page 3

 

PERINVEST (UK) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Statement by the directors on performance of their statutory duties in accordance with S172 (1)
Companies Act 2006
 
The board of directors of Perinvest (UK) Limited consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out below.

• the likely consequence of any decision in the long term
• the interests of the company’s employees
• the need to foster the company’s business relationships with suppliers, clients and others
• the impact of the company’s operations on the community and the environment
• the desirability of the company maintaining a reputation for high standards of business conduct, and
• the need to act fairly as between shareholders of the company
 
Our long term objective is to provide an excellent service to our clients as we firmly believe that providing a                   high quality service at a fair and transparent price is the best strategy for growing the business over the long       term.

Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our       approach to the pay and benefits our employees receive. The health, safety and wellbeing of our employees       is one of our primary considerations in the way we conduct business.

The satisfaction of our clients are one of the principal key performance indicators for the directors. Reports       are made to the directors on prospective and actual clients, and business development.

We work with our suppliers to help drive change in our organisation through promoting new ideas and ways        of working, whilst working with our suppliers to ensure that they reflect the same values and behaviours that we expect from our own people. The board has oversight of the procurement and contract management processes in place and receives regular updates on any matters of significance.

As well as customers and suppliers, we seek to build strong relationships with other key stakeholders in the areas in which we operate. Our directors take an active interest in these connections and participate where possible in building such relationships. The company is authorised by the FCA and the directors are conscious of their responsibility to the regulators. The directors receive regular reports from the firm's internal Compliance Officer.

The directors recognise the importance of the company's role in managing social, economic and environmental issues in the course of running its business.

As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our responsible behaviour.

As the board of directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.

Page 4

 

PERINVEST (UK) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board and signed on its behalf.



B Cantwell
Director

Date: 23 April 2024

Page 5

 

PERINVEST (UK) LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company continued to be that of acting as a fund investment company providing investment access for institutional and professional investors to a range of branded and unbranded single manager and UCITS funds as well as provide investment advisory services. 

Directors

The directors who served during the year were:

O Debarge 
M Jennings (resigned 30 November 2023)
B Cantwell 
T Doxford 

Results and dividends

The loss for the year, after taxation, amounted to US$304,659 (2022 - US$422,637). No Dividend was declared for the year.

Future developments

Perinvest is currently exploring a number of opportunities to grow both its Assets under Management ("AuM") and the number of products it offers to investors. 

Matters covered in the Strategic report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts Reports) Regulations 2008', in the strategic report.

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'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's auditor is aware of that information.

Financial Risk Management

Financial risk management objectives and policies are included in Strategic Report under Principal Risks and Uncertainties.

This report was approved by the board and signed on its behalf.
 





B Cantwell
Director

Date: 23 April 2024

Page 6

 

PERINVEST (UK) LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the strategic report, the directors' report and the 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7

 

PERINVEST (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERINVEST (UK) LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion


We have audited the financial statements of Perinvest (UK) Limited (the 'company') for the year ended 31 December 2023, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity and the notes to the financial statements, including 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 company's affairs as at 31 December 2023 and of its loss 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 company 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 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 8

 

PERINVEST (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERINVEST (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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 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.


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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 7, 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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 9

 

PERINVEST (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERINVEST (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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 financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the regulated financial services sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and the requirements of the Financial Conduct Authority (FCA);
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and a review of the appropriate records.
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HM Revenue and Customs and the FCA.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
 
Page 10

 

PERINVEST (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERINVEST (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.


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.





Shaun Melvin (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
London
WC2B 5AH
 

23 April 2024

Page 11

 

PERINVEST (UK) LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
US$
US$

  

Turnover
 4 
2,491,209
2,293,576

Cost of sales
  
(1,329,026)
(1,239,982)

Gross profit
  
1,162,183
1,053,594

Administrative expenses
  
(1,472,314)
(1,594,583)

Operating loss
 5 
(310,131)
(540,989)

Interest receivable and similar income
  
5,472
19,265

Interest payable and similar expenses
  
-
(37)

Loss before taxation
  
(304,659)
(521,761)

Tax on loss
 9 
-
99,124

Loss for the financial year
  
(304,659)
(422,637)

There are no items of other comprehensive income for either the year or prior year other than the loss for the year. Accordingly, no statement of other comprehensive income has been presented.

Page 12


 
REGISTERED NUMBER:05609119
PERINVEST (UK) LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
US$
US$

  

Current assets
  

Debtors: amounts falling due within one year
 10 
761,266
744,710

Cash at bank and in hand
 11 
1,009,747
1,226,597

  
1,771,013
1,971,307

Creditors: amounts falling due within one year
 12 
(545,794)
(441,429)

Net current assets
  
 
 
1,225,219
 
 
1,529,878

Total assets less current liabilities
  
1,225,219
1,529,878

  

Net assets
  
1,225,219
1,529,878


Capital and reserves
  

Called up share capital 
 13 
553
553

Share premium account
 15 
552,557
552,557

Profit and loss account
 15 
672,109
976,768

Total equity
  
1,225,219
1,529,878


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




B Cantwell
Director

Date: 23 April 2024

The notes on pages 16 to 24 form part of these financial statements.

Page 13

 

PERINVEST (UK) LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

US$
US$
US$
US$


At 1 January 2022
553
552,557
1,399,405
1,952,515


Comprehensive income for the year

Loss for the financial year
-
-
(422,637)
(422,637)



At 1 January 2023
553
552,557
976,768
1,529,878


Comprehensive income for the year

Loss for the financial year
-
-
(304,659)
(304,659)


At 31 December 2023
553
552,557
672,109
1,225,219


The notes on pages 16 to 24 form part of these financial statements.

Page 14

 

PERINVEST (UK) LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
US$
US$

Cash flows from operating activities

Operating loss
(310,131)
(540,989)

Adjustments for:

(Increase)/decrease in debtors
(110,736)
4,549,880

Increase/(decrease) in creditors
104,365
(3,912,472)

Corporation tax repaid/(paid)
94,180
(21,469)

Net cash generated from operating activities

(222,322)
74,950


Cash flows from investing activities

Interest received
5,472
19,265

Net cash from investing activities

5,472
19,265

Cash flows from financing activities

Interest paid
-
(37)

Net cash used in financing activities
-
(37)

Net (decrease)/increase in cash and cash equivalents
(216,850)
94,178

Cash and cash equivalents at beginning of year
1,226,597
1,132,419

Cash and cash equivalents at the end of year
1,009,747
1,226,597


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,009,747
1,226,597

1,009,747
1,226,597


Page 15

 

PERINVEST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a fund investment company providing investment access for institutional and professional investors to a range of branded and unbranded single manager and multi-manager hedge funds and UCITS funds.
Perinvest (UK) Limited is a private limited company incorporated in England and Wales. The registered office is at 28 Grosvenor Street, London, W1K 4QR, which is also the principal place of business.
The financial statements are presented in US dollars ($).

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 management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue relates to management, performance and advisory fees which are recognised in the period in which the services are provided. Performance fees are recognised on crystalisation.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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:

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 company 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.
 

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PERINVEST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

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.


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets 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 profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the
Page 17

 

PERINVEST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
If a transfer does not result in derecognition because the company has retained significant risks and rewards of ownership of the transferred asset, the company continues to recognise the transferred asset in its entirety and recognises a financial liability for the consideration received. The asset and liability are not offset. In subsequent periods, the company recognises any income on the transferred asset and any expense incurred on the financial liability. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Current and deferred taxation

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18

 

PERINVEST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.7

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

 
2.9

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is US Dollars.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 19

 

PERINVEST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Interest income

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

  
2.12

Share capital

Ordinary shares are classified as equity.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company'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 historicalexperience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors have not identified any material uncertainties and judgements in the financial statements.


4.


Turnover

The whole of the turnover is attributable to management and performance fees.

Analysis of turnover by country of destination:

2023
2022
US$
US$

United Kingdom
61,976
40,141

Rest of Europe
1,839,595
1,752,041

Rest of the world
589,638
501,394

2,491,209
2,293,576



5.


Operating loss

The operating loss is stated after charging:

2023
2022
US$
US$

Exchange differences
(34,902)
74,327

Other operating lease rentals
102,998
88,891

Page 20

 

PERINVEST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditor's remuneration

2023
2022
US$
US$

Fees payable to the company's auditor and its associates for the audit of the company's financial statements
19,276
17,156

7.


Employees

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


2023
2022
US$
US$

Wages and salaries
870,932
749,004

Social security costs
111,207
103,100

Cost of defined contribution scheme
30,846
27,083

1,012,985
879,187


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


        2023
        2022
            No.
            No.







Management, administration and client service
7
7


8.


Directors' remuneration

2023
2022
US$
US$

Directors' emoluments
466,533
410,000

Company contributions to defined contribution pension schemes
21,998
17,365

488,531
427,365


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

The highest paid director received remuneration of US$162,846 (2022 - US$151,957).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to US$11,410 (2022 - US$9,529).

Page 21

 

PERINVEST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
US$
US$

Current tax


UK corporation tax on losses for the year
-
(99,124)


Total current tax
-
(99,124)

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 23.5% (2022 - 19%). The differences are explained below:

2023
2022
US$
US$


Loss on ordinary activities before tax
(304,659)
(521,761)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(71,595)
(99,135)

Effects of:


Adjustments to tax charge in respect of prior periods
-
11

Unrelieved tax losses carried forward
71,595
-

Total tax charge for the year
-
(99,124)

Page 22

 

PERINVEST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Debtors

2023
2022
US$
US$


Trade debtors
701,333
574,589

Other debtors
33,145
127,972

Prepayments and accrued income
26,788
42,149

761,266
744,710



11.


Cash and cash equivalents

2023
2022
US$
US$

Cash at bank and in hand
1,009,747
1,226,597



12.


Creditors: Amounts falling due within one year

2023
2022
US$
US$

Trade creditors
438,714
378,646

Other taxation and social security
32,819
32,066

Other creditors
4,117
3,073

Accruals and deferred income
70,144
27,644

545,794
441,429



13.


Share capital

2023
2022
US$
US$
Allotted, called up and fully paid



300 (2022 - 300) Ordinary shares of £1.00 each
553
553

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.


Page 23

 

PERINVEST (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.


Analysis of net debt




At 1 January 2023
Cash flows
At 31 December 2023
US$

US$

US$

Cash at bank and in hand

1,226,597

(216,850)

1,009,747



15.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


16.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases as follows:

2023
2022
US$
US$


Not later than 1 year
34,595
78,795


17.


Related party transactions

Performance and other fees of $192,598 (2022: $185,572) were payable to the ultimate controlling party of which $16,594 (2022: $13,000) were unpaid at the year end.
Consultancy payments of $49,890 (2022: $100,492) were paid to a company controlled by a director who served during the year, for consultancy services in the year. The amount outstanding at the balance sheet date was $NIL (2022: $NIL).
The company rents a flat at an annual rent of $49,911 (2022: $48,525) which can be used by the ultimate controlling party.
Total remuneration in respect of the key management personnel for the year was $488,531 (2022: $499,859).


18.


Controlling party

Mr Ismael Sassi is considered to be the ultimate controlling party.

 
Page 24