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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: A B Dunnaker
N G Perry
I J Dunnaker
C J Perry





SECRETARY: A J Allen





REGISTERED OFFICE: Doulton Road
Cradley Heath
West Midlands
B64 5QW





REGISTERED NUMBER: 09343084 (England and Wales)





AUDITORS: Prime
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:





N G Perry - Director


14 November 2024

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.

A B Dunnaker
N G Perry
I J Dunnaker
C J Perry

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:





N G Perry - Director


14 November 2024

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.




Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

2 December 2024

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 (11,494 ) (200,691 )
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 2,095,002 2,095,002
Investment property 14 - -
2,095,002 2,095,002

CURRENT ASSETS
Debtors 16 33,221 30,010
Cash at bank 4,784 5,055
38,005 35,065
CREDITORS
Amounts falling due within one year 17 2 2
NET CURRENT ASSETS 38,003 35,063
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,133,005

2,130,065

CAPITAL AND RESERVES
Called up share capital 23 78,637 78,637
Share premium 2,008,728 2,008,728
Capital redemption reserve 7,635 7,635
Retained earnings 38,005 35,065
SHAREHOLDERS' FUNDS 2,133,005 2,130,065

Company's profit for the financial year 236,803 54,929

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 78,637 40,136 2,008,728 7,635 2,135,136

Changes in equity
Dividends - (60,000 ) - - (60,000 )
Total comprehensive income - 54,929 - - 54,929
Balance at 31 December 2022 78,637 35,065 2,008,728 7,635 2,130,065

Changes in equity
Dividends - (233,863 ) - - (233,863 )
Total comprehensive income - 236,803 - - 236,803
Balance at 30 June 2024 78,637 38,005 2,008,728 7,635 2,133,005

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Customer relationships are being amortised evenly over their estimated useful life of ten years.

Website costs are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of five years.

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) 64 71

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 2,095,002
NET BOOK VALUE
At 30 June 2024 2,095,002
At 31 December 2022 2,095,002


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 - - 25,845 29,949
Amounts owed by joint ventures 1,416,128 640,748 - -
Other debtors 10,374 59 7,376 61
Tax - 29,752 - -
Prepayments 307,628 291,109 - -
4,658,366 2,777,383 33,221 30,010

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 - - 2 2
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 2 2

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: £    £   
78,637 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 Shares13,284
£1 C Ordinary Shares15,933
£1 D Ordinary Shares7,634
£1 E Ordinary Shares18,134
£1 F Ordinary Shares3,284
£1 G Ordinary Shares4,800
£1 H Ordinary Shares7,784
£1 I Ordinary Shares7,784
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.