REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2022 TO 31 DECEMBER 2023 |
FOR |
PERIGON UK LIMITED |
TRADING AS |
PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2022 TO 31 DECEMBER 2023 |
FOR |
PERIGON UK LIMITED |
TRADING AS |
PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
PERIGON UK LIMITED (REGISTERED NUMBER: 07259134) |
TRADING AS PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Period 1 December 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PERIGON UK LIMITED |
TRADING AS PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
COMPANY INFORMATION |
For The Period 1 December 2022 to 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
7a Abbey Business Park |
Monks Walk |
Farnham |
Surrey |
GU9 8HT |
PERIGON UK LIMITED (REGISTERED NUMBER: 07259134) |
TRADING AS PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
ABRIDGED BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves |
Retained earnings | ( |
) | 264,978 |
( |
) |
The financial statements were approved by the director and authorised for issue on |
PERIGON UK LIMITED (REGISTERED NUMBER: 07259134) |
TRADING AS PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
For The Period 1 December 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Perigon Uk Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on a going concern basis, which the director considers to be appropriate, as Perigon GmbH has agreed to provide the necessary finance to enable the company to meet its liabilities as they fall due. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents sales of printing services, sales of printing equipment and re-invoicing of intercompany expenses as well as printing services, all excluding value added tax. |
Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Leasehold improvements | - | 10 years |
Plant and machinery | - | 7 years |
Office and computer equipment | - | 4 years |
Furniture and fixtures | - | 8 years |
Tangible assets under construction | - | No depreciation |
During the year, after the company was purchased by Perigon GmbH, management evaluated the useful lives of all tangible fixed assets. The useful lives of a number of older assets were amended, however new assets are included in line with the rates above. |
Stocks |
Ink and printing consumables are stated at the lower of cost and estimated selling price, less costs to complete and sell. Cost includes all costs of purchase, including costs to bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Printing equipment is stated at the lower of cost and estimated selling price. Cost includes all costs of purchase, including costs to bring the equipment to its present location and condition. An impairment review is conducted by management at each year end in order to identify damaged, obsolete and slow-moving stock. |
Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
PERIGON UK LIMITED (REGISTERED NUMBER: 07259134) |
TRADING AS PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 December 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
Consideration is given to whether deferred tax should be provided in respect of material timing differences which have not reversed at the balance sheet date. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits. |
Current tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date. |
Hire purchase and leasing commitments |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
PERIGON UK LIMITED (REGISTERED NUMBER: 07259134) |
TRADING AS PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 December 2022 to 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 November 2022 |
5. | FIXED ASSET INVESTMENTS |
Other Investments |
£ |
COST |
At 1 December 2022 | £449,070 |
Disposals | £(43,665 | ) |
Impairment | £(405,405 | ) |
At 31 December 2023 | - |
NET BOOK VALUE |
At 31 December 2023 | - |
At 30 November 2022 | £449,070 |
After the acquisition management deemed the other investments to have a nil value. |
6. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2023 | 2022 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
PERIGON UK LIMITED (REGISTERED NUMBER: 07259134) |
TRADING AS PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 December 2022 to 31 December 2023 |
6. | LEASING AGREEMENTS - continued |
Non-cancellable operating | leases |
2023 | 2022 |
as restated |
£ | £ |
Within one year |
Between one and five years |
7. | SECURED DEBTS |
On 31 May 2023, a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery which was held by HSBC Bank PLC was satisfied. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for opinion |
The previous year's financial statements were not audited as the company was exempt from audit. Due to the acquisition by Perigon GmbH, the company is now required to have its financial statements audited. As this is the first year that the company has had its financial statements audited, we are required to ensure that the opening position has not been materially misstated. Due to the change in management, we have not been able to obtain all information and explanations required to support all of the opening balances. Therefore we have been unable to conclude that the opening position has not been materially misstated. |
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 in the UK, including the FRC'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 qualified opinion. |
Matters required to report by exception |
Arising solely from the limitation on the scope of our work relating to opening balances, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- we were unable to determine whether adequate accounting records have been kept in respect of the year ended 30 November 2022. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of director's remuneration specified by law are not made; or |
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
for and on behalf of |
PERIGON UK LIMITED (REGISTERED NUMBER: 07259134) |
TRADING AS PERIGON UK LIMITED |
PREVIOUSLY KNOWN AS TRICHORD LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 December 2022 to 31 December 2023 |
9. | RELATED PARTY DISCLOSURES |
At the period end, the following amounts were owed to related parties: |
Perigon GmbH - £716,025 |
SIHL GmbH - £41,363 |
Prior to the acquisition of the company by Perigon GmbH, the company entered into the following transactions with the company: |
- Sales relating to printing services and delivery amounting to £761,407 |
- Purchases and delivery costs relating to ink and film consumables amounting to £150,537 |
- Interest paid in relation to outstanding loans amounting to £4,794 |
10. | ULTIMATE CONTROLLING PARTY |
The director considers SIHL I Holding AG (incorporated in Switzerland) to be the Ultimate Controlling Party. |
SIHL I Holding AG is the parent company for both the smallest and largest group in which the company is a member and for which consolidated financial statements are prepared. The registered office and principal place of business of SIHL I Holding AG is: Schermenweg 151, CH-3072 Ostermundigen, Bern, Switzerland. |
11. | DEFERRED TAX ASSET |
No deferred tax asset has been recognised in these financial statements in respect of tax losses. This is due to the uncertainty as to when the asset will be recovered, which will depend upon the company's future taxable profits. There are tax losses carried forward of approximately £1,783,000 (2022 - £nil), which if provided for would result in a deferred tax asset of approximately £445,000 (2022 - £nil). |
12. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |