Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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PERINVEST (UK) LIMITED
CONTENTS
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PERINVEST (UK) LIMITED
COMPANY INFORMATION
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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.
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.
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PERINVEST (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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
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PERINVEST (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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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.
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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.
The directors who served during the year were:
The loss for the year, after taxation, amounted to US$304,659 (2022 - US$422,637). No Dividend was declared for the year.
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.
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.
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.
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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 2006. They 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.
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PERINVEST (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERINVEST (UK) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
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PERINVEST (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERINVEST (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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.
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.
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PERINVEST (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERINVEST (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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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.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
WC2B 5AH
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PERINVEST (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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PERINVEST (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 24 form part of these financial statements.
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PERINVEST (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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PERINVEST (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PERINVEST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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PERINVEST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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
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PERINVEST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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.
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PERINVEST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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PERINVEST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Ordinary shares are classified as equity.
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.
The whole of the turnover is attributable to management and performance fees.
Analysis of turnover by country of destination:
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PERINVEST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PERINVEST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PERINVEST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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PERINVEST (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Profit and loss account
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