IRIS Accounts Production v24.3.0.553 00363827 Board of Directors 1.1.23 30.6.24 30.6.24 Medium entities the wholesale distribution of ironmongery and equestrian products. true false true true false false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary 1.00000 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REGISTERED NUMBER: 00363827 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

FOR

A. PERRY LIMITED

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


A. PERRY LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024







DIRECTORS: N G Perry
A B Dunnaker
C J Perry
I J Dunnaker
S L Perry
P Dunnaker
S L Perry
W J B Dougan





SECRETARY: A J Allen





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





REGISTERED NUMBER: 00363827 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


The directors present their strategic report for the period 1 January 2023 to 30 June 2024.

REVIEW OF THE BUSINESS
The company is a wholly owned subsidiary of Perry & Co 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 £68,517. Despite uncertainties in the market, financial pressures and supply chain difficulties A Perry Ltd 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 company 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 A Perry Ltd supply into. An emphasis on value creation and efficiencies has enabled the company 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 company 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 company operates from a modern 90,000 square foot warehouse, factory and office facility which will
remain the hub of the company's operation for many years to come. The larger warehousing facility has
allowed the company 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 company'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 £ 1,086,332 478,010
as % of turnover % 5.1 3.6

Stock turnover days 133 149


A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The mains risks facing the Company 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 Company.

The credit risk on liquid funds is limited as the company uses a major UK clearing bank with which the
company 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 company 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 company has
minimal bad debt risk due to very tight credit control procedures, closely supervised at director level.
Price risk is managed through the company'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

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

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 for the period 1 January 2023 to 30 June 2024.

DIVIDENDS
On 1 January 2023, 1 April 2023 and 1 April 2024 interim dividends of £76,436, £77,775 and £76,651, were voted respectively. No final dividend is proposed.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

N G Perry
A B Dunnaker
C J Perry
I J Dunnaker
S L Perry
P Dunnaker
S L Perry
W J B Dougan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

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
A. PERRY LIMITED


Opinion
We have audited the financial statements of A. Perry Limited (the 'company') for the period ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A. PERRY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the 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;

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A. PERRY LIMITED


To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- 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

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

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 4,920,836 3,310,402
508,393 79,116

Other operating income 128,356 47,888
OPERATING PROFIT 5 636,749 127,004

Interest receivable and similar income 2,133 -
638,882 127,004

Interest payable and similar expenses 6 570,365 308,240
PROFIT/(LOSS) BEFORE TAXATION 68,517 (181,236 )

Tax on profit/(loss) 7 56,085 (58,565 )
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD

12,432

(122,671

)

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

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 £    £   

PROFIT/(LOSS) FOR THE PERIOD 12,432 (122,671 )


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 INCOME
FOR THE PERIOD

12,432

1,948,623

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

BALANCE SHEET
30 JUNE 2024

2024 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 27,373 42,328
Tangible assets 11 6,299,731 6,571,703
Investment property 12 - 900,000
6,327,104 7,514,031

CURRENT ASSETS
Stocks 13 3,755,135 4,097,468
Debtors 14 4,887,289 3,016,186
Cash at bank and in hand 34,174 346,049
8,676,598 7,459,703
CREDITORS
Amounts falling due within one year 15 6,702,831 6,022,559
NET CURRENT ASSETS 1,973,767 1,437,144
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,300,871

8,951,175

CREDITORS
Amounts falling due after more than one
year

16

(2,655,551

)

(3,078,890

)

PROVISIONS FOR LIABILITIES 20 (785,941 ) (791,475 )
NET ASSETS 4,859,379 5,080,810

CAPITAL AND RESERVES
Called up share capital 21 60,000 60,000
Revaluation reserve 22 2,071,294 2,071,294
Other reserves 22 52,809 52,809
Retained earnings 22 2,675,276 2,896,707
SHAREHOLDERS' FUNDS 4,859,379 5,080,810

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


A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2022 60,000 3,079,378 - 52,809 3,192,187

Changes in equity
Dividends - (60,000 ) - - (60,000 )
Total comprehensive income - (122,671 ) 2,071,294 - 1,948,623
Balance at 31 December 2022 60,000 2,896,707 2,071,294 52,809 5,080,810

Changes in equity
Dividends - (233,863 ) - - (233,863 )
Total comprehensive income - 12,432 - - 12,432
Balance at 30 June 2024 60,000 2,675,276 2,071,294 52,809 4,859,379

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


1. STATUTORY INFORMATION

A. Perry 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 Company Information page.

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


2. ACCOUNTING POLICIES

General information and basis of preparing the financial statements
The nature of the company's operations and principal activities are the manufacture and supply of ironmongery and threaded bar.

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" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of certain assets. The functional currency of the company is the Pound Sterling and the figures in the financial statements are rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
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 the light of the available banking facilities that the company has access to.

Given the current trading levels, the information available and sources of funding available, the directors believe the company has sufficient funds and facilities to enable it to prepare these financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Revenue and other income
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies for the recognition of revenue are as follows:

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 turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on 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.

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

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Costs include 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 property- 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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing inventories to its present location and condition. Cost is calculated using the first-in, first-out formula. 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 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.


A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
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.


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.

Leases
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 the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expenses, on a straight-line basis over the period of the lease.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution pension scheme for the benefit of its employees. Contributions are expensed as they become payable.

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

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.

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 measure 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 decrease.

Judgements and key sources of estimation uncertainty
The company 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 company 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 company 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.

Grants
Grants are realised when conditions in regards to the grant are met.

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:

20242022
United Kingdom98.33%98.07%
Overseas1.67%1.93%
100.00%100.00%

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE 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 2,011,690
Social security costs 268,187 180,782
Other pension costs 262,326 211,072
3,494,110 2,403,544

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 552,126 314,269
Directors' pension contributions to money purchase schemes 170,661 105,996

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
Period
1.1.23
to Year ended
30.6.24 31.12.22
£    £   
Emoluments etc 90,938 50,602
Pension contributions to money purchase schemes 9,000 6,000

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE 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 ) -
Computer software amortisation 19,605 17,487
Auditors' remuneration 22,500 21,494
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 interest 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 (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 )

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE 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 68,517 (181,236 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 24% (2022 - 19%)

16,444

(34,435

)

Effects of:
Expenses not deductible for tax purposes 5,912 5,486
eligible for capital
Chargeable gains 44,365 -
R&D enhanced deduction - (29,752 )
Group relief received (11,504 ) -
Deferred tax movement (5,535 ) (30,641 )
Utilisation of tax losses - 46,623
Timing of depreciation and capital allowances 6,403 (15,846 )
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. DIVIDENDS
Period
1.1.23
to Year ended
30.6.24 31.12.22
£    £   
Interim 233,863 60,000

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


9. 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.

10. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 114,858
Additions 4,650
At 30 June 2024 119,508
AMORTISATION
At 1 January 2023 72,530
Amortisation for period 19,605
At 30 June 2024 92,135
NET BOOK VALUE
At 30 June 2024 27,373
At 31 December 2022 42,328

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


11. TANGIBLE FIXED ASSETS
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 Electrical
vehicles installations 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.

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


11. TANGIBLE FIXED ASSETS - continued

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 Electrical
vehicles installations 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 Electrical
machinery fittings installations 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

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


12. INVESTMENT PROPERTY
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

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 basis on 9 February 2023 by Sellers Chartered Surveyors .

13. STOCKS
2024 2022
£    £   
Finished goods 3,755,135 4,097,468

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 2,924,234 1,815,714
Amounts owed by group undertakings 239,299 238,863
Amounts owed by joint ventures 1,416,128 640,748
Corporation Tax - 29,752
Prepayments 307,628 291,109
4,887,289 3,016,186

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Bank loans and overdrafts (see note 17) 3,171,097 3,116,507
Hire purchase contracts (see note 18) 149,003 144,390
Trade creditors 2,191,419 1,488,495
Amounts owed to group undertakings 25,845 22,635
Tax 79,556 -
Social security 320,886 158,763
Other creditors 699,474 991,603
Accrued expenses 65,551 100,166
6,702,831 6,022,559

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2022
£    £   
Bank loans (see note 17) 2,398,081 2,762,535
Hire purchase contracts (see note 18) 257,470 316,355
2,655,551 3,078,890

17. LOANS

An analysis of the maturity of loans is given below:

2024 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,272,289 1,463,707
Bank loans 242,139 242,139
Short term loans 1,656,669 1,410,661
3,171,097 3,116,507

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

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


17. LOANS - continued

The bank overdraft is secured (see note 19) and repayable on demand. It is provided for the company's working capital requirements. Interest is charged at 2.5% over the HSBC UK Bank PLC base rate.

Bank loans attract interest at 2.35% over bank base rate and are secured on the freehold properties owned by the company.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

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 finance leases primarily relate to plant and machinery for warehouse operations and motor vehicles.

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2022
£    £   
Bank overdrafts 1,272,289 1,463,707
Bank loans 4,296,889 4,415,335
Hire purchase contracts 406,473 460,745
5,975,651 6,339,787

HSBC UK Bank PLC hold a charge over the offices and warehouses, Doulton Road, Cradley Heath, West Midlands, B64 5QW and B65 8JQ and a fixed and floating charge over all the assets of the company 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 A. Perry Limited, Perry & Co Limited and GIC International Trading Limited.

20. PROVISIONS FOR LIABILITIES
2024 2022
£    £   
Deferred tax 785,941 791,475

Deferred
tax
£   
Balance at 1 January 2023 791,475
Provided during period (5,534 )
Balance at 30 June 2024 785,941

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
60,000 Ordinary £1 60,000 60,000

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


22. RESERVES
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2023 2,896,707 2,071,294 52,809 5,020,810
Profit for the period 12,432 12,432
Dividends (233,863 ) (233,863 )
At 30 June 2024 2,675,276 2,071,294 52,809 4,799,379

Other reserves represents a Capital Redemption Reserve created from share repurchases in prior years.

23. PENSION COMMITMENTS

The company operates defined contribution pension schemes and stakeholder pension schemes for all 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 period to 30 June 2024 contributions of £157,985 (2022: £211,072) were charged against the profit and loss account. At 30 June 2024 contributions of £8,979 (2022: £1,075) were due to scheme providers.

24. CAPITAL COMMITMENTS
2024 2022
£    £   
Contracted but not provided for in the
financial statements 389,146 -

25. 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.

26. 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).

27. 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.

The total compensation paid to key management personnel for services provided to the company was £741,725 (2022 - £439,471).

The company paid interest on the credit balances owed to certain directors at 6.0%

A. PERRY LIMITED (REGISTERED NUMBER: 00363827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


28. CONTROLLING PARTIES

The company is a wholly owned subsidiary of Perry & Co Limited, whose Registered Office is Doulton Road, Cradley Heath, West Midlands, B64 5QW.

The company is controlled by Messrs A B Dunnaker, N G Perry, I J Dunnaker and C J Perry through their shareholdings in Perry & Co Limited.