REGISTERED NUMBER: 09343084 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
FOR |
PERRY & CO LIMITED |
REGISTERED NUMBER: 09343084 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
FOR |
PERRY & CO LIMITED |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
PERRY & CO LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
The directors present their strategic report of the company and the group for the period 1 January 2023 to 30 June 2024. |
REVIEW OF BUSINESS |
Perry & Co Limited owns the entire issued share capital of A Perry Limited and GIC International Trading Limited. The group structure brings a cohesive corporate structure and allows the standardisation of financial and operating procedures amongst the group as the company continues to strive for the "best in class" operations across all business activities. |
The financial period has shown a profit before taxation amounting to £44,591. Despite uncertainties in the market, financial pressures and supply chain difficulties the group achieved turnover and profit growth. This was achieved in the main through expanding the customer base and broadening the product range. |
Given the uncertainty within the economy, the group has managed to increase the customer base with a focussed sales strategy targeting particular demographics. Maintaining sufficient stock levels in a changing environment has been challenging but ensured customer requirements throughout the year. |
A focus on margin has been key in combatting inflationary pressures across the different markets the group supply into. An emphasis on value creation and efficiencies has enabled the group to offset increased expenditure in essential areas. |
Gross profit at 25.4% shows a slight increase from 2022 (25.2%) reflecting a more stable year for the group regarding sales prices in relation to purchases. Managing stock levels and working capital have been key in response to consistent margins. All supplier prices are continually monitored to ensure value for money. |
The group operates from a modern 90,000 square foot warehouse, factory and office facility which will remain the hub of the group's operation for many years to come. The larger warehousing facility has allowed the group to install an efficient storage and picking layout which will also facilitate future growth product lines. |
Employee relations continue to be exceptionally good, with the open business culture focusing both on customer service and encouraged employee involvement. |
The group's key financial indicators during the year were as follows: |
Unit | 2024 | 2022 |
Turnover | £ | 21,387,773 | 13,451,448 |
Gross profit margin | 25.4 | 25.2 |
EBITDA | £ | 1,135,684 | 478,010 |
as % of turnover | % | 5.3 | 3.6 |
Stock turnover | days | 133 | 149 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The mains risks facing the group are evaluated in regular Board meetings and management meetings. Measures are in place to manage and address risks on a daily basis through the policies and procedures implemented by the group. |
The credit risk on liquid funds is limited as the group uses a major UK clearing bank with which the group enjoys very good relations and with their continuing assistance and support, has utilised funds as necessary for both long-term and short-term funding requirements. The group also continues to make use of various lease and hire purchase agreements. |
All credit and liquidity risks are considered and monitored in conjunction with the production of short and long-term cash flow forecasts to ensure all financial obligations are met as they fall due. The group has minimal bad debt risk due to very tight credit control procedures, closely supervised at director level. Price risk is managed through the group's Product Guide and Price List. Foreign exchange risk is minimal and managed as most purchases are in Sterling. |
Based on the information available to the directors at this time and the forecasts prepared, the directors believe sufficient working capital is available and the going concern basis of preparation is appropriate for these financial statements. |
ON BEHALF OF THE BOARD: |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the period 1 January 2023 to 30 June 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the period under review were those of the manufacturer of threaded bar and supplier of ironmongery. |
The principal activity of the company in the year under review was that of a holding company of a medium size group. |
DIVIDENDS |
Dividends paid for the period ended 30th June 2024 were £233,863 (2022: £60,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
AUDITORS |
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PERRY & CO LIMITED |
Opinion |
We have audited the financial statements of Perry & Co Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 June 2024 and of the group's loss for the period 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PERRY & CO LIMITED |
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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
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 industry 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 data protection, 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; |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PERRY & CO LIMITED |
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; |
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; 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; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC and other relevant parties. |
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. |
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 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 |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
CONSOLIDATED INCOME STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 | 21,387,773 | 13,451,448 |
Cost of sales | 15,958,544 | 10,061,930 |
GROSS PROFIT | 5,429,229 | 3,389,518 |
Administrative expenses | 4,944,762 | 3,388,422 |
484,467 | 1,096 |
Other operating income | 128,356 | 47,888 |
OPERATING PROFIT | 5 | 612,823 | 48,984 |
Interest receivable and similar income | 2,133 | - |
614,956 | 48,984 |
Interest payable and similar expenses | 6 | 570,365 | 308,240 |
PROFIT/(LOSS) BEFORE TAXATION | 44,591 | (259,256 | ) |
Tax on profit/(loss) | 7 | 56,085 | (58,565 | ) |
LOSS FOR THE FINANCIAL PERIOD | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (11,494 | ) | (200,691 | ) |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
Notes | £ | £ |
LOSS FOR THE PERIOD | (11,494 | ) | (200,691 | ) |
OTHER COMPREHENSIVE INCOME |
Freehold property revaluation | - | 2,566,294 |
Income tax relating to other comprehensive income |
- |
(495,000 |
) |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
- |
2,071,294 |
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD |
(11,494 |
) |
1,870,603 |
Total comprehensive (loss)/income attributable to: |
Owners of the parent | (11,494 | ) | 1,870,603 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 51,800 | 140,033 |
Tangible assets | 12 | 6,299,731 | 6,571,703 |
Investments | 13 |
Interest in joint venture |
Share of gross assets | 210,172 | 163,455 |
Investment property | 14 | - | 900,000 |
6,561,703 | 7,775,191 |
CURRENT ASSETS |
Stocks | 15 | 3,755,135 | 4,097,468 |
Debtors | 16 | 4,658,366 | 2,777,383 |
Cash at bank and in hand | 39,211 | 359,872 |
8,452,712 | 7,234,723 |
CREDITORS |
Amounts falling due within one year | 17 | 6,676,986 | 5,998,255 |
NET CURRENT ASSETS | 1,775,726 | 1,236,468 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,337,429 |
9,011,659 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(2,655,551 |
) |
(3,078,890 |
) |
PROVISIONS FOR LIABILITIES | 22 | (785,941 | ) | (791,475 | ) |
NET ASSETS | 4,895,937 | 5,141,294 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 78,637 | 78,637 |
Share premium | 24 | 2,008,728 | 2,008,728 |
Revaluation reserve | 24 | 2,071,294 | 2,071,294 |
Capital redemption reserve | 24 | 7,635 | 7,635 |
Retained earnings | 24 | 729,643 | 975,000 |
SHAREHOLDERS' FUNDS | 4,895,937 | 5,141,294 |
The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by: |
N G Perry - Director |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 236,803 | 54,929 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 January 2022 | 78,637 | 1,235,691 | 2,008,728 |
Changes in equity |
Dividends | - | (60,000 | ) | - |
Total comprehensive income | - | (200,691 | ) | - |
Balance at 31 December 2022 | 78,637 | 975,000 | 2,008,728 |
Changes in equity |
Dividends | - | (233,863 | ) | - |
Total comprehensive loss | - | (11,494 | ) | - |
Balance at 30 June 2024 | 78,637 | 729,643 | 2,008,728 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 January 2022 | - | 7,635 | 3,330,691 |
Changes in equity |
Dividends | - | - | (60,000 | ) |
Total comprehensive income | 2,071,294 | - | 1,870,603 |
Balance at 31 December 2022 | 2,071,294 | 7,635 | 5,141,294 |
Changes in equity |
Dividends | - | - | (233,863 | ) |
Total comprehensive loss | - | - | (11,494 | ) |
Balance at 30 June 2024 | 2,071,294 | 7,635 | 4,895,937 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 302,746 | 1,142,400 |
Interest paid | (530,803 | ) | (277,521 | ) |
Interest element of hire purchase payments paid |
(39,562 |
) |
(30,719 |
) |
Government grants | 7,445 | 2,504 |
Tax paid | 47,688 | (160,708 | ) |
Net cash from operating activities | (212,486 | ) | 675,956 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (4,650 | ) | - |
Purchase of tangible fixed assets | (260,230 | ) | (238,543 | ) |
Sale of tangible fixed assets | 86,581 | - |
Sale of investment property | 950,000 | - |
Interest received | 2,133 | - |
Net cash from investing activities | 773,834 | (238,543 | ) |
Cash flows from financing activities |
New loans in year | - | 1,410,661 |
Loan repayments in year | (366,704 | ) | (1,600,500 | ) |
New HP in year | 269,269 | 138,144 |
Capital repayments in year | (360,962 | ) | (211,208 | ) |
Equity dividends paid | (233,863 | ) | (60,000 | ) |
Net cash from financing activities | (692,260 | ) | (322,903 | ) |
(Decrease)/increase in cash and cash equivalents | (130,912 | ) | 114,510 |
Cash and cash equivalents at beginning of period |
2 |
(1,102,166 |
) |
(1,216,676 |
) |
Cash and cash equivalents at end of period |
2 |
(1,233,078 |
) |
(1,102,166 |
) |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
£ | £ |
Profit/(loss) before taxation | 44,591 | (259,256 | ) |
Depreciation charges | 537,410 | 360,434 |
Profit on disposal of fixed assets | (16,682 | ) | - |
Share of Joint Venture (profit)/loss | (46,717 | ) | 22,428 |
Finance costs | 570,365 | 308,240 |
Finance income | (2,133 | ) | - |
1,086,834 | 431,846 |
Decrease in stocks | 342,333 | 1,440,156 |
(Increase)/decrease in trade and other debtors | (1,910,732 | ) | 135,106 |
Increase/(decrease) in trade and other creditors | 784,311 | (864,708 | ) |
Cash generated from operations | 302,746 | 1,142,400 |
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: |
Period ended 30 June 2024 |
30.6.24 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 39,211 | 359,872 |
Bank overdrafts | (1,272,289 | ) | (1,462,038 | ) |
(1,233,078 | ) | (1,102,166 | ) |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 359,872 | 448,387 |
Bank overdrafts | (1,462,038 | ) | (1,665,063 | ) |
(1,102,166 | ) | (1,216,676 | ) |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 359,872 | (320,661 | ) | 39,211 |
Bank overdrafts | (1,462,038 | ) | 189,749 | (1,272,289 | ) |
(1,102,166 | ) | (130,912 | ) | (1,233,078 | ) |
Debt |
Finance leases | (460,745 | ) | 54,272 | (406,473 | ) |
Debts falling due within 1 year | (1,652,800 | ) | (246,008 | ) | (1,898,808 | ) |
Debts falling due after 1 year | (2,762,535 | ) | 364,454 | (2,398,081 | ) |
(4,876,080 | ) | 172,718 | (4,703,362 | ) |
Total | (5,978,246 | ) | 41,806 | (5,936,440 | ) |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Perry & Co Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approving these financial statements. The directors have prepared profit and cash flow forecasts on a monthly basis, adopting assumptions that are considered appropriate, balanced and achievable. The cash flow forecast has been considered in light of the available banking facilities that the group has access to. |
Given the current trading levels, the information available and sources of funding available the directors believe the group has sufficient funds and facilities to enable it to prepare these financial statements on a going concern basis. |
Basis of consolidation |
The Group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the Group's share of the results of joint ventures made up to 30 June 2024. |
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. |
Joint ventures are accounted for using the equity method of accounting. |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Joint ventures |
An entity is treated as a joint venture where the Group is party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. |
In the accounts, interest in joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including translation costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the joint venture. The statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. Any share of losses are only recognised to the extent that they do not reduce the investment balance below zero as the Group has no obligations to make payments on behalf of the joint venture, and any share of subsequent profits shall be accounted for once the unrecognised profits are equal to the unrecognised losses. In the balance sheet, the interests in joint ventures are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any unrealised profits and losses from transactions between the Group and the joint venture are eliminated to the extent of the Group's interest in the joint venture. |
Any premium on acquisition is included within the equity method accounted figure in the financial statements as goodwill. This goodwill is amortised over 10 years. Where there are indicators of impairment, the investment as a whole is tested for impairment. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Sale of goods |
Turnover from the sale of threaded bar and ironmongery is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of the turnover can be measured reliably, its is probable that the economic benefits associated with the transactions will flow to the company and the costs incurred or to be incurred in respect of the transactions can be measured reliably. This is usually on dispatch of the goods. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Freehold land | - no depreciation |
Freehold buildings | - 2% - 4% on cost |
Plant and machinery | - at variable rates on cost & reducing balance |
Fixtures and fittings | - at variable rates on cost & reducing balance |
Motor vehicles | - 25% on reducing balance |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are valued at the lower of cost and net realisable value. Cost includes all costs of purchases, costs of conversion and other costs incurred in bringing inventories to its present location and condition. Cost is calculated using the FIFO method. Provision is made for damaged, obsolete and slow-moving inventory where appropriate. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 group operates defined contribution pension schemes and stakeholder pension schemes for all of its directors and employees. The premiums are paid to insurance companies. The contributions are charged against profits in the year in which they are paid. |
Employee benefits |
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
Investments |
Investments held as fixed assets are stated at cost less any provision for impairment. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation reserve. |
Judgements and key sources of estimation uncertainty |
The group makes judgements and assumptions concerning the future. The key assumptions and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are detailed below. |
Inventory provisioning |
The group sells ironmongery products which are subject to changing consumer demands and trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions for anticipated saleability of finished goods based on recent demand. |
Impairment of debtors |
The group makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade and other debtors, management considers specific matters that may exist, the ageing profile of debtors and historical experience. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the company. |
An analysis of revenue by geographical market is given below: |
2024 | 2022 |
United Kingdom | 98.33% | 98.07% |
Overseas | 1.67% | 1.93% |
100.00% | 100.00% |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
£ | £ |
Wages and salaries | 2,963,597 | 2,011,689 |
Social security costs | 268,187 | 180,782 |
Other pension costs | 262,326 | 211,071 |
3,494,110 | 2,403,542 |
The average number of employees during the period was as follows: |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
Staff and works (including Directors) |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
£ | £ |
Directors' remuneration | 297,178 | 159,901 |
Directors' pension contributions to money purchase schemes | 143,661 | 91,996 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director for the period ended 30 June 2024 is as follows: |
Period |
1.1.23 |
to |
30.6.24 |
£ |
Emoluments etc | 76,192 |
Pension contributions to money purchase schemes | 27,000 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
£ | £ |
Other operating leases | 126 | 1,715 |
Depreciation - owned assets | 277,274 | 187,404 |
Depreciation - assets on hire purchase contracts | 160,029 | 106,691 |
Profit on disposal of fixed assets | (16,682 | ) | - |
Customer relationships amortisation | 65,778 | 43,852 |
Website costs amortisation | 7,500 | 5,000 |
Computer software amortisation | 19,605 | 17,487 |
Auditors' remuneration | 22,502 | 23,578 |
Foreign exchange differences | (30,911 | ) | 12,816 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
£ | £ |
Bank interest | 272,698 | 157,453 |
Loan charges | 198,841 | 62,753 |
Loan interest | 59,264 | 57,315 |
Hire purchase | 39,562 | 30,719 |
570,365 | 308,240 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the period was as follows: |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | 79,556 | (29,752 | ) |
Adjustment in respect of prior |
year tax | (17,936 | ) | 1,828 |
Total current tax | 61,620 | (27,924 | ) |
Deferred tax | (5,535 | ) | (30,641 | ) |
Tax on profit/(loss) | 56,085 | (58,565 | ) |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
£ | £ |
Profit/(loss) before tax | 44,591 | (259,256 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 24 % (2022 - 19 %) |
10,702 |
(49,259 |
) |
Effects of: |
Expenses not deductible for tax purposes | 5,912 | 5,486 |
Utilisation of tax losses | - | 52,165 |
Chargeable gains | 44,365 | - |
asset not recognised |
R&D enhanced deduction | - | (29,752 | ) |
Deferred tax movement | (5,535 | ) | (30,641 | ) |
Timing of depreciation and capital allowances | 641 | (6,564 | ) |
Total tax charge/(credit) | 56,085 | (58,565 | ) |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the period ended 30 June 2024. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Freehold property revaluation | 2,566,294 | (495,000 | ) | 2,071,294 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
Period |
1.1.23 |
to | Year ended |
30.6.24 | 31.12.22 |
£ | £ |
Ordinary shares shares of £1 each |
Interim | 233,863 | 60,000 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
10. | GOVERNMENT GRANTS |
During the financial period the company received the following grants: |
Grant | 2024 | 2022 |
£ | £ |
Other Government Grants | 7,445 | 2,504 |
7,445 | 2,504 |
Other Government grants received contains the following. |
In 2024 the company received amounts for Spoga and Eisenwarenmesse Exhibition grant, the HSBC UK Green SME Fund and the Government grant in relation to the BOWE system. |
In 2022 the company received amounts from the European Development Fund only. |
11. | INTANGIBLE FIXED ASSETS |
Group |
Customer | Website | Computer |
relationships | costs | software | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 438,521 | 50,000 | 114,858 | 603,379 |
Additions | - | - | 4,650 | 4,650 |
At 30 June 2024 | 438,521 | 50,000 | 119,508 | 608,029 |
AMORTISATION |
At 1 January 2023 | 350,816 | 40,000 | 72,530 | 463,346 |
Amortisation for period | 65,778 | 7,500 | 19,605 | 92,883 |
At 30 June 2024 | 416,594 | 47,500 | 92,135 | 556,229 |
NET BOOK VALUE |
At 30 June 2024 | 21,927 | 2,500 | 27,373 | 51,800 |
At 31 December 2022 | 87,705 | 10,000 | 42,328 | 140,033 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 5,340,000 | 1,350,563 | 964,912 |
Additions | 9,563 | 173,578 | - |
Disposals | - | - | - |
At 30 June 2024 | 5,349,563 | 1,524,141 | 964,912 |
DEPRECIATION |
At 1 January 2023 | - | 732,510 | 669,355 |
Charge for period | 111,153 | 157,353 | 83,380 |
Eliminated on disposal | - | - | - |
At 30 June 2024 | 111,153 | 889,863 | 752,735 |
NET BOOK VALUE |
At 30 June 2024 | 5,238,410 | 634,278 | 212,177 |
At 31 December 2022 | 5,340,000 | 618,053 | 295,557 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 150,730 | 362,077 | 8,168,282 |
Additions | 77,089 | - | 260,230 |
Disposals | (120,044 | ) | - | (120,044 | ) |
At 30 June 2024 | 107,775 | 362,077 | 8,308,468 |
DEPRECIATION |
At 1 January 2023 | 43,669 | 151,045 | 1,596,579 |
Charge for period | 23,606 | 61,811 | 437,303 |
Eliminated on disposal | (25,145 | ) | - | (25,145 | ) |
At 30 June 2024 | 42,130 | 212,856 | 2,008,737 |
NET BOOK VALUE |
At 30 June 2024 | 65,645 | 149,221 | 6,299,731 |
At 31 December 2022 | 107,061 | 211,032 | 6,571,703 |
Included in cost or valuation of land and buildings is freehold land of £1,441,164 (2022 - £1,441,164) which is not depreciated. |
The company had no tangible fixed assets at 30 June 2024 or 31 December 2022. |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 30 June 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2022 | 2,149,843 | - | - |
Cost | 3,199,720 | 1,524,141 | 964,912 |
5,349,563 | 1,524,141 | 964,912 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | 2,149,843 |
Cost | 107,775 | 362,077 | 6,158,625 |
107,775 | 362,077 | 8,308,468 |
The freehold property was valued on an open market basis on 30 August 2022 by Bruton Knowles . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 771,107 | 216,418 | 88,062 | 1,075,587 |
Additions | 136,500 | - | - | 136,500 |
Transfer to ownership | - | 77,915 | - | 77,915 |
At 30 June 2024 | 907,607 | 294,333 | 88,062 | 1,290,002 |
DEPRECIATION |
At 1 January 2023 | 279,790 | 101,570 | 53,547 | 434,907 |
Charge for period | 100,504 | 42,092 | 17,433 | 160,029 |
Transfer to ownership | - | 41,555 | - | 41,555 |
At 30 June 2024 | 380,294 | 185,217 | 70,980 | 636,491 |
NET BOOK VALUE |
At 30 June 2024 | 527,313 | 109,116 | 17,082 | 653,511 |
At 31 December 2022 | 491,317 | 114,848 | 34,515 | 640,680 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
13. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in joint |
venture |
£ |
COST |
At 1 January 2023 | 163,455 |
Share of profit/(loss) | 46,717 |
At 30 June 2024 | 210,172 |
NET BOOK VALUE |
At 30 June 2024 | 210,172 |
At 31 December 2022 | 163,455 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 31 December 2022 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2023 | 900,000 |
Disposals | (900,000 | ) |
At 30 June 2024 | - |
NET BOOK VALUE |
At 30 June 2024 | - |
At 31 December 2022 | 900,000 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2019 | 697,455 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
14. | INVESTMENT PROPERTY - continued |
Group |
If the investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2022 |
£ | £ |
Cost | 202,545 | 202,545 |
The investment property was valued on an open market basis on 9 February 2023 by Sellers Chartered Surveyors . |
15. | STOCKS |
Group |
2024 | 2022 |
£ | £ |
Finished goods | 3,755,135 | 4,097,468 |
The company held no stock at 30 June 2024 or 31 December 2022. |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2022 | 2024 | 2022 |
£ | £ | £ | £ |
Trade debtors | 2,924,236 | 1,815,715 |
Amounts owed by group undertakings | - | - |
Amounts owed by joint ventures | 1,416,128 | 640,748 |
Other debtors | 10,374 | 59 |
Tax | - | 29,752 |
Prepayments | 307,628 | 291,109 |
4,658,366 | 2,777,383 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2022 | 2024 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 3,171,097 | 3,114,838 |
Hire purchase contracts (see note 20) | 149,003 | 144,390 |
Trade creditors | 2,191,419 | 1,488,495 |
Amounts owed to group undertakings | - | - |
Tax | 79,556 | - |
Social security and other taxes | 320,886 | 158,763 |
Other creditors | 699,474 | 991,603 | - | - |
Accrued expenses | 65,551 | 100,166 |
6,676,986 | 5,998,255 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2022 |
£ | £ |
Bank loans (see note 19) | 2,398,081 | 2,762,535 |
Hire purchase contracts (see note 20) | 257,470 | 316,355 |
2,655,551 | 3,078,890 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2022 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 1,272,289 | 1,462,038 |
Bank loans | 242,139 | 242,139 |
Short term loans | 1,656,669 | 1,410,661 |
3,171,097 | 3,114,838 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 246,062 | 246,062 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 400,218 | 580,218 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,751,801 | 1,936,255 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2024 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 149,003 | 144,390 |
Between one and five years | 257,470 | 316,355 |
406,473 | 460,745 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
20. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable | operating leases |
2024 | 2022 |
£ | £ |
Within one year | 165,469 | 23,933 |
Between one and five years | 103,253 | 46,490 |
268,722 | 70,423 |
The company had no hire purchase contracts or operating leases at 30 June 2024 or 31 December 2022. |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2022 |
£ | £ |
Bank overdrafts | 1,272,289 | 1,462,038 |
Bank loans | 4,296,889 | 4,415,335 |
Hire purchase contracts | 406,473 | 460,745 |
5,975,651 | 6,338,118 |
HSBC UK Bank PLC hold a charge over the offices and warehouse at Doulton Road, Cradley Heath, West Midlands, B64 5QW and B65 8JQ and a fixed and floating charge over all the assets of the group by way of a debenture dated 23 August 2019. |
The company is party to an unlimited multilateral guarantee dated 23 August 2019 in favour of HSBC UK Bank PLC. The guarantee is given by Perry & Co Limited, A Perry Limited and GIC International Trading Limited. |
22. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 785,941 | 791,475 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 791,475 |
Provided during period | (5,534 | ) |
Balance at 30 June 2024 | 785,941 |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 78,637 | 78,637 |
On 19 December 2018 the 78,637 £1 Ordinary shares were redesignated as below: |
All shares rank equally in all respects |
£1 B Ordinary Shares | 13,284 |
£1 C Ordinary Shares | 15,933 |
£1 D Ordinary Shares | 7,634 |
£1 E Ordinary Shares | 18,134 |
£1 F Ordinary Shares | 3,284 |
£1 G Ordinary Shares | 4,800 |
£1 H Ordinary Shares | 7,784 |
£1 I Ordinary Shares | 7,784 |
78,637 |
24. | RESERVES |
Group |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 January 2023 | 975,000 | 2,008,728 | 2,071,294 | 7,635 | 5,062,657 |
Deficit for the period | (11,494 | ) | - | - | - | (11,494 | ) |
Dividends | (233,863 | ) | - | - | - | (233,863 | ) |
At 30 June 2024 | 729,643 | 2,008,728 | 2,071,294 | 7,635 | 4,817,300 |
a) The share premium reserve represents the premium on the issue of the Ordinary and A Ordinary shares in connection with the group reorganisation in 2015. |
b) The retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
c) The revaluation reserve was created on the revaluation of the freehold property during 2022. |
d) The capital redemption reserve was created on the purchase of Ordinary and A Ordinary shares during 2017. |
25. | PENSION COMMITMENTS |
The group operates defined contribution pension schemes and stakeholder pension schemes for all of its directors and employees. The premiums are paid to insurance companies and a workplace pension scheme. The contributions are charged against profits in the year in which they are paid. During the year to 30 June 2024 contributions of £157,985 (2022: 211,071) were charged against the Profit and Loss Account. At 30 June 2024 contributions of £8,979 (2022: £1,075) were due to scheme providers. |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
26. | ULTIMATE PARENT COMPANY |
The company is owned by a number of private shareholders, accordingly there is no parent entity nor ultimate controlling party. |
27. | CAPITAL COMMITMENTS |
2024 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | 389,146 | - |
28. | OTHER FINANCIAL COMMITMENTS |
At 30 June 2024, the company had entered into a contract to purchase foreign currency at future |
dates. The amount committed to was dependant on future exchange rates. The maximum potential |
commitments as at 30 June 2024 was $482,051. |
29. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Directors' current account balances are included within Other Creditors. The total amount in credit as at the end of the year was £540,043 (2022: £841,814). |
30. | RELATED PARTY DISCLOSURES |
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. |
During the year Perry & Co Limited received dividends of £233,863 (2022 - £60,000) from A Perry Limited. |
The total compensation paid to key management personnel for services provided to the company was £741,725 (2022 - £439,471). |
The following transactions took place between the group and its joint venture company during the year: |
2024 | 2022 |
£ | £ |
Net short term loan for stock manufacture | - | - |
Short term loan for working capital | - | - |
Stock purchased from joint venture | 4,427,105 | 1,809,195 |
The group paid interest on the credit balances owed to certain directors at 6.0%. |
PERRY & CO LIMITED (REGISTERED NUMBER: 09343084) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
31. | PRINCIPAL SUBSIDIARIES |
The company had the following principal subsidiaries: |
Company Name |
Country of incorporation |
Percentage shareholding |
Principal activity |
A Perry Limited | England and Wales | 100% | Sale of hardware products |
SD International Trading Limited - Dissolved February 2023 |
England and Wales |
100% |
Sale of hardware products |
GIC International Trading Limited |
England and Wales |
100% |
Holding of joint venture interest in hardware manufacturer |
All of the above subsidiaries are included in the consolidated accounts. |
The registered office of the companies A Perry Limited and GIC International Trading Limited is Doulton Road, Cradley Heath, West Midlands, B64 5QW. |