REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
RON PERRY & SON LIMITED |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
RON PERRY & SON LIMITED |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Statement of Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
RON PERRY & SON LIMITED |
Company Information |
for the Year Ended 31 January 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
Accountants and Statutory Auditor |
43 Coniscliffe Road |
Darlington |
Co. Durham |
DL3 7EH |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Strategic Report |
for the Year Ended 31 January 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
Review of business |
31/1/24 | 31/1/23 | Movement% |
Turnover £ | 12,442 | 12,639 | -1.6 |
Gross profit £ | 1,962 | 1,560 | 25.8 |
Gross profit margin % | 15.8 | 12.3 | 3.5 |
Shop and fuel sales have remained steady, but overall in financial terms the higher rate of interest from the bank and the assorted loans has impacted operating profit, albeit minimally. The Company's HSBC bounce-back loan repayments that commenced in December 2021 still has payments until 2030, which is a fixed term cost for the long term, albeit a manageable one. In terms of variable rates, the Company has seen an increase in electricity, water and business rates as well as a general increase in overall costs as a consequence of the cost of living crisis. In October 2023 the Company was delighted at the opening of a new Amazon factory at Wynyard Park approximately 2 miles down the road which has increased traffic to the A19 and Amazon vans and lorries have proven to be lucrative customers. |
HGV Parking remained steady in this financial year and the previous years implementation of live-monitored third party Metropolitan security cameras complete with on-site security checks seems to have enhanced security for HGV Overnight Parking customers. The Company consensus is that due to market demands and increased welfare requirements for HGV drivers, the HGV Parking North and South needs a complete overhaul in the future and the Company would prefer to implement a dedicated and fenced off HGV parking area complete with ANPR barrier. |
The Company added 8 new self-storage containers to the site to add to the existing self-storage facility and the occupancy rates of the self-storage containers has remained consistently full, with a small waiting list gathering pace should any further containers become available. The Company renegotiated an increase on the OK Diner rent at Southbound in July 2023 on a short term contract. |
In terms of ongoing expenditure, the minimum wage increase of April 2023 had an impact on the Company wage bill. The Company was keen to ensure that fully trained members of staff were on an hourly rate slightly above the minimum wage in order to ensure that the Company keeps its best staff and long term staff members are incentivised to carry on their tenure. |
Further cost increases in this financial year have seen the Company's insurance priced higher than the previous year and has necessitated a site re-evaluation due to the gradual increase in Company assets over the past few years. |
Cost increases to Ron Perry & Son Limited have also been incurred due to Ron Perry (A19 Test & Tune) Limited being awarded an extended police contract which has seen the Test and Tune fuel account increase in volume relative with the increased workload. |
The Company spent a portion of Q1 of this financial year researching and exploring the possibility of adding to the existing solar panels in order to maximise renewable energy options for the sites. There are a large number of solar panel options available and a variety of feed in tariffs that have been proposed to the Company with viability studies conducted into the realistic medium and long terms gains afforded by such opportunities. |
The ATM self-fill facility provided by NoteMachine has led to a saving of approximately £1k per month in bank charges, which has offset some of the increased costs above. The visibility of the ATM's on North and South have been enhanced with LED strip lighting to promote this amenity to customers. |
Further savings have been made with the ongoing electronic shelf edge labels which have not only made labelling the shelves an automated task as opposed to a manual one, but the time saving and data analysis that comes with Market Hub has been invaluable. |
Sales of Shell Vpower on North after the tank refit in early 2023 have saturated from the Northbound doing zero Vpower to a steady level and completes the Shell repertoire of products across the business and puts the Company in a strong position to renegotiate the Retail motor fuel agreement in the next financial year (expires May 2024). |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Strategic Report |
for the Year Ended 31 January 2024 |
A consistent and well planned brand refresh in the shops North and South with new physical signage (Costa, Londis, Rollover and Off License illuminated signs) and the addition of significant digital video media has ensured a modern look to the shops and digital media screens at the pumps as well as entranceways and has entailed a significant investment in the overall look of the shops with a modern and digital outcome. The fuel pumps now incorporate custom tailored digital media content showcasing shop products as well as well as offers and promotions this content is calendar specific and the Company has utilised this to its full advantages by ensuring video visibility to customers of the niche promotions at niche times of year such as Easter, Halloween, Christmas and more. |
The Company had large format 4k digital media screens installed in September 2023 that operate via a cloud media system from Bdigital installed at the entrance of North (x1) and South (x2 dual screen) and are also customer tailored to the shops products and promotions, in particular the hot food to go is presented in video form on these large format video screens which has contributed to steady and sustained sales in that department. |
To further add to the media element inside the shops, screen display stands were incorporated into the Dunkin' Donuts and sweet treat displays to further showcase video content to customers, with a particular focus on pride of place for the sweet treats in between the Costa coffee machines for maximum customer catchment area. The Costa machines were replaced in November 2023 by Costa-Marlow machines designed at Costa by Ferrari. |
The overall look of the North and South sites were refreshed in April 2023 with the buildings being completely repainted from the old fashioned white colour to a more modern and crisp dark grey colour combined with the new illuminated signs and at the entrance of South in order to compliment the large format media screens a large scale 3D illuminated Londis lettering sign is displayed above the entrance porch. |
The shop refresh North and South also featured a suspended ceiling overhaul in October 2023 with the old fashioned and weathered white tiles replaced with more modern black ceiling tiles complete with new and more energy efficient LED frame lights that give a totally fresh look to both North and South. |
Further shop refresh additions included large format digital LED clock / temperature displays mounted to the exterior of North and South to further enhance the memorability of the sites to the passing customer. The Company also commissioned our till provider CBE to implement pole sign integrated dynamic pricing which streamlines any price-display changes by automatically displaying the till price on the pole signs as opposed to the former method of having a separate pole sign and till price system. The dynamic element of the integration also means that the Company can look into dynamic fuel pricing at some point in the future. |
As well as additions to the sites, the Company undertook several maintenance projects in this financial year, particularly in September 2023 with the installation of a new interceptor along with a continued maintenance project throughout the year to ensure that the drainage at North and South is adequate for periods of heavy rainfall. |
In terms of operational change with the hot food to go, the packaged Chicago Town hot food to go pizza's that were replaced with the Country Choice stone baked freshly prepared in store ones have seen steady growth after being introduced in the previous financial year. The branding and advertising of the stonebaked pizzas on the large format media screens combined with a dedicated hot food to go pizza unit saw sales outperform the previous Chicago Town pizza significantly. |
The Hot food to go offering has been further diversified in 2023, particularly under the Rollover brand with the Company having a dedicated Rollover hot food to go unit. This has been achieved in conjunction with enhanced brand visibility at the sites combined with the large format screen digital media and the addition in May 2023 of a large curtain sided trailer on the roadside at Southbound featuring the Rollover branding, with the signature Rollover Hot Dog being prevalent in an eye-catching manner. |
Shop retail and confectionery sales have maintained a steady growth and the Company sandwiches now showcase a "Made Fresh in Store" sticker to advertise the local and fresh element of the sandwiches made on site. The bakery side of the hot food to go has also seen an increase in visibility through the media screens and the savoury element of the bakery with sausage rolls, pies, pasties as well as our own bacon and sausage sandwiches to go have been extremely popular with customers, all presented in the hot food to go cabinet. |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Strategic Report |
for the Year Ended 31 January 2024 |
Principal risks and uncertainties |
After a period of research and given the decline of Red Diesel sales, the Company made the decision to convert the Red Diesel underground tanks on North and one of the above ground Red Diesel tanks into the renewable diesel offering of HVO, an environmentally friendly "future-fuel" that is 96% less emissions than traditional diesel. The Company undertook a total clean out and complete rebrand of the old Red Diesel pumps to the new HVO offering and also featured memorable leaf-branding on the pumps and South's above ground tank to give pride of place at this exciting new fuel option. After a lengthy clean out and various software issues to programme the tills for HVO fuel, the Company was delighted to launch a renewable diesel offering in October 2023. Sales were relatively slow into Q4 of this financial year but the Company is optimistic for the future about HVO. |
On behalf of the board: |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
Principal activities |
The principal activities of the company in the year under review were those of the operation of petrol stations and the provision of associated services; such as; convenience store, off licence and HGV facilities. |
Dividends |
The total distribution of dividends for the year ended 31 January 2024 will be £ |
Future developments |
The Company is always looking to the future to potentially reduce the Company's carbon footprint but also as part of our research into EV as a whole and the question of whether an EV charging facility would be beneficial at the sites. The Company has spent this financial year in informal talks with various EV charging suppliers and there is a debate to be had as to whether to self-finance and self-implement our own EV offering or rent out charge bays to a dedicated EV supplier. In either circumstance, the Company would stand to gain shop sales from EV customers. |
Looking forward to the 2024-2025 financial year, the Company has engaged ADS design to draw up plans in November 2023 for enhanced and increased HGV parking at North and South and the Company has subsequently submitted an application in November 2023 to the Department For Transport's Window 2 of the HGV Driver and Welfare grant scheme which aligns with our long term strategic objectives. The Company expects to learn the outcome of this grant in early 2024. |
Looking to the future, the Company has also begun the process to submit planning permission to the local council planning control for increasing the HGV Parking along with a submission for planning permission for EV charging at the sites. We are optimistic that planning will be a straightforward and timely process should the DFT grant be awarded as there is time-controlled deadline should any grant funds be forthcoming. |
Directors |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 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. |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Report of the Directors |
for the Year Ended 31 January 2024 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Ron Perry & Son Limited |
Opinion |
We have audited the financial statements of Ron Perry & Son Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Ron Perry & Son Limited |
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 Report of the Directors. |
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: |
- | 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 Statement of Directors' Responsibilities set out on page five, 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 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. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | 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 sectors in which the company operates; |
- | 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, data protection compliance, anti-bribery, employment, environmental and health and safety legislation; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
These procedures did not identify any potentially material actual or suspected non-compliance. |
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; |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
Report of the Independent Auditors to the Members of |
Ron Perry & Son Limited |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | reviewed material journal entries to identify unusual transactions or posting by unusual users; |
- | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; |
- | 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; |
- | reviewing correspondence with HMRC and the company's legal advisors. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. |
In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations. |
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 Report of the Auditors. |
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 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 a Report of the Auditors 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 |
Accountants and Statutory Auditor |
43 Coniscliffe Road |
Darlington |
Co. Durham |
DL3 7EH |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Statement of Comprehensive |
Income |
for the Year Ended 31 January 2024 |
31/1/24 | 31/1/23 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales |
Gross profit |
Administrative expenses |
469,344 | 260,036 |
Other operating income |
Operating profit | 5 |
Interest receivable and similar income |
731,544 | 490,632 |
Interest payable and similar expenses | 6 |
Profit before taxation |
Tax on profit | 7 |
Profit for the financial year |
Other comprehensive income |
Revaluation reserve | ( |
) |
Income tax relating to other comprehensive income |
Other comprehensive income for the year, net of income tax |
( |
) |
Total comprehensive income for the year | ( |
) |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Balance Sheet |
31 January 2024 |
31/1/24 | 31/1/23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 9 |
Investments | 10 |
Current assets |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 13 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
Provisions for liabilities | 18 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 19 |
Revaluation reserve | 20 |
Retained earnings | 20 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Cash Flow Statement |
for the Year Ended 31 January 2024 |
31/1/24 | 31/1/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New bank loans in year |
Loan repayments in year | ( |
) | ( |
) |
Movement on associated company balance | 66,956 | (295,261 | ) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | (454 | ) | - |
Amount withdrawn by directors | - | 671 |
Other loan repayments in year | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
284,264 |
Cash and cash equivalents at end of year | 2 | 167,836 | 174,767 |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Cash Flow Statement |
for the Year Ended 31 January 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/1/24 | 31/1/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 157,931 | 123,495 |
Finance income | (110 | ) | - |
980,731 | 649,641 |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31/1/24 | 1/2/23 |
£ | £ |
Cash and cash equivalents | 167,836 | 174,767 |
Year ended 31 January 2023 |
31/1/23 | 1/2/22 |
£ | £ |
Cash and cash equivalents | 174,767 | 284,264 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/2/23 | Cash flow | At 31/1/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 174,767 | (6,931 | ) | 167,836 |
174,767 | ( |
) | 167,836 |
Debt |
Finance leases | (440,567 | ) | 119,197 | (321,370 | ) |
Debts falling due within 1 year | (118,786 | ) | (5,526 | ) | (124,312 | ) |
Debts falling due after 1 year | (1,995,146 | ) | 124,306 | (1,870,840 | ) |
(2,554,499 | ) | 237,977 | (2,316,522 | ) |
Total | (2,379,732 | ) | 231,046 | (2,148,686 | ) |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Ron Perry & Son Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis and in accordance with applicable Accounting Standards, as the directors have a reasonable expectation that the company will remain in business for the foreseeable future. |
Critical accounting judgements 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 historical experience 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. |
Turnover |
Turnover represents the value of goods sold during the year, excluding value added tax. |
Turnover from the sale of fuel and dry goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispensing of the fuel for wet stock and the point of payment for dry goods. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Freehold property are not depreciated as they are not expected to fall in value. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss. |
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 |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
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. |
Basic financial liabilities |
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is 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 year 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss 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 to the company's pension scheme are charged to profit or loss in the period to which they relate. |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the company. |
An analysis of turnover by class of business is given below: |
31/1/24 | 31/1/23 |
£ | £ |
An analysis of turnover by geographical market is given below: |
31/1/24 | 31/1/23 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
31/1/24 | 31/1/23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/1/24 | 31/1/23 |
Management | 4 | 4 |
Sales and administration | 36 | 36 |
31/1/24 | 31/1/23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/1/24 | 31/1/23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/1/24 | 31/1/23 |
£ | £ |
Bank interest |
Bank loan interest |
Corporation tax interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/1/24 | 31/1/23 |
£ | £ |
Current tax: |
UK corporation tax |
Under/(over) provision in prior years | (1,188 | ) | (31,527 | ) |
Total current tax | ( |
) |
Deferred tax |
Tax on profit |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31/1/24 | 31/1/23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Overprovision in prior years | (1,187 | ) | (816 | ) |
Unused tax losses | - | 36,149 |
Accelerated capital allowances | 66,685 | 150,135 |
Effect of change in tax rate | - | 299,037 |
Transfer to revaluation reserve | (52,625 | ) | (258,718 | ) |
Total tax charge | 132,970 | 158,927 |
Tax effects relating to effects of other comprehensive income |
31/1/24 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | - | 190,525 |
31/1/23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | ( |
) | - | (258,718 | ) |
8. | DIVIDENDS |
31/1/24 | 31/1/23 |
£ | £ |
Paid during the year |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Cost or valuation at 31 January 2024 is represented by: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 1999 | 120,427 | - | - | 120,427 |
Valuation in 2001 | 40,000 | - | - | 40,000 |
Valuation in 2004 | 60,000 | - | - | 60,000 |
Valuation in 2005 | 640,551 | - | - | 640,551 |
Valuation in 2007 | 472,157 | - | - | 472,157 |
Valuation in 2008 | 139,455 | - | - | 139,455 |
Valuation in 2009 | 147,173 | - | - | 147,173 |
Valuation in 2013 | 42,268 | - | - | 42,268 |
Valuation in 2019 | 4,575,490 | - | - | 4,575,490 |
Valuation in 2024 | 319,017 | - | - | 319,017 |
Cost | 2,143,462 | 2,128,211 | 95,086 | 4,366,759 |
8,700,000 | 2,128,211 | 95,086 | 10,923,297 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
31/1/24 | 31/1/23 |
£ | £ |
Cost | 2,143,462 | 2,067,341 |
Value of land in freehold land and buildings | 484,923 | 484,923 |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2023 |
Transfer to ownership | (50,248 | ) | - | (50,248 | ) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Transfer to ownership | (13,457 | ) | - | (13,457 | ) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
10. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Unlisted investments represents the cost of acquiring 100% of the ordinary 'A' shares in Ron Perry (A19 Test & Tune) Limited, incorporated in England and Wales, a company under ultimate control of the company directors. These shares carry no voting rights. |
11. | STOCKS |
31/1/24 | 31/1/23 |
£ | £ |
Finished goods and goods for resale |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 43,984 | - |
Other creditors |
Directors' current accounts | 843 | 1,297 |
Accruals and deferred income |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31/1/24 | 31/1/23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 651,875 | 658,191 |
Bank loans falling due after more than 5 years include a fixed rate loan and a variable rate loan. The fixed rate loan expires in October 2026 and the variable rate loan expires in October 2031. Interest is charged at 3.25% above base rate. |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31/1/24 | 31/1/23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/1/24 | 31/1/23 |
£ | £ |
Hire purchase contracts | 321,370 | 440,567 |
Bank loans | 1,956,423 | - |
Trade creditors | 362,341 | 229,224 |
A19 Services - Northbound, Sunderland Road, Hartlepool and A19 Services - Southbound, Sunderland Road, Hartlepool are secured by a legal first charge. The bank also has a debenture creating a fixed and floating charge over the assets of the company. |
Trade creditors are secured against the Northbound and Southbound A19 services sites. |
Hire purchase creditors are secured on the assets to which they relate. |
18. | PROVISIONS FOR LIABILITIES |
31/1/24 | 31/1/23 |
£ | £ |
Deferred tax | 1,714,812 | 1,572,260 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Accelerated capital allowances | 14,060 |
Revaluation reserve | 128,492 |
Balance at 31 January 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/1/24 | 31/1/23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
RON PERRY & SON LIMITED (REGISTERED NUMBER: 01403530) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
20. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 February 2023 | 6,369,769 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Deferred tax on freehold |
property | - | (128,492 | ) | (128,492 | ) |
Freehold property | - | 319,017 | 319,017 |
At 31 January 2024 | 6,850,937 |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023: |
31/1/24 | 31/1/23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above advances are subject to interest charged at 2% up to 5th April 2023 and 2.25% thereafter. Loans are repayable upon demand. |
22. | RELATED PARTY DISCLOSURES |
31/1/24 | 31/1/23 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
During the year, a total of key management personnel compensation of £ |
23. | ULTIMATE CONTROLLING PARTY |
The company is controlled by R C Perry. |
24. | RESTATED COMPARATIVES |
Credit card charges in the prior period had been incorrectly net off sales, the comparatives have been restated to more accurately reflect the nature of the transaction. |