Peregrine Corporate And Business Communications Limited
Unaudited Financial Statements
For the year ended 27 February 2024
Pages for Filing with Registrar
Company Registration No. 04672225 (England and Wales)
Peregrine Corporate and Business Communications Limited
Peregrine Corporate And Business Communications Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
Peregrine Corporate And Business Communications Limited
Balance Sheet
As at 27 February 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,083
8,723
Investments
5
110,001
110,001
114,084
118,724
Current assets
Debtors
7
700,603
718,741
Cash at bank and in hand
47,402
28,640
748,005
747,381
Creditors: amounts falling due within one year
8
(851,989)
(863,104)
Net current liabilities
(103,984)
(115,723)
Net assets
10,100
3,001
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
10,000
2,901
Total equity
10,100
3,001

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 27 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Peregrine Corporate And Business Communications Limited
Balance Sheet (Continued)
As at 27 February 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
A Layzell-Payne
Director
Company Registration No. 04672225
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements
For the year ended 27 February 2024
Page 3
1
Accounting policies
Company information

Peregrine Corporate and Business Communications Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 19-20 Great Sutton Street, London, England, EC1V 0DR.

 

Peregrine US Limited has the same registered office as its parent, stated above. The registered office of Peregrine Communications Inc is 16192 Coastal Highway, Lewis, Delaware 19958.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

During the year, the company made a profit of £297,513 (2023: £95,919) and at the balance sheet date the company had net assets of £10,100 (2023: £2,901) and net current liabilities of £103,984 (2023:

£115,723) which includes amounts due to group companies of £461,852 (2023: £522,178).

 

Whilst consolidated accounts are not prepared in accordance with the exemption referred to in note 1.1, as at 27 February 2024 the total reserves available from the company’s 100% subsidiary, Peregrine Communications Inc., was £872,765 as set out in note 7.  On a consolidated basis the group would have current assets and eliminating intercompany loans from these companies would leave both entities with current asset balances. The Group has traded profitably and with positive cash flow since 29 February 2024 and continues to do so.

 

Therefore, the director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and they have therefore been prepared on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2024
1
Accounting policies
(Continued)
Page 4

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website and CRM Software
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% straight line
Plant and machinery
25% straight line
Fixtures, fittings and equipment
33% straight line
Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2024
1
Accounting policies
(Continued)
Page 5
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments measured at fair value.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2024
1
Accounting policies
(Continued)
Page 6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
23
24
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2024
Page 7
3
Intangible fixed assets
Website and CRM Software
£
Cost
At 28 February 2023
1,365
Disposals
(1,365)
At 27 February 2024
-
0
Amortisation and impairment
At 28 February 2023
1,365
Disposals
(1,365)
At 27 February 2024
-
0
Carrying amount
At 27 February 2024
-
0
At 27 February 2023
-
0
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 28 February 2023
20,964
30,813
47,560
75,257
174,594
Disposals
(20,964)
(30,813)
(47,560)
(56,695)
(156,032)
At 27 February 2024
-
0
-
0
-
0
18,562
18,562
Depreciation and impairment
At 28 February 2023
20,964
30,813
47,560
66,534
165,871
Depreciation charged in the year
-
0
-
0
-
0
4,640
4,640
Eliminated in respect of disposals
(20,964)
(30,813)
(47,560)
(56,695)
(156,032)
At 27 February 2024
-
0
-
0
-
0
14,479
14,479
Carrying amount
At 27 February 2024
-
0
-
0
-
0
4,083
4,083
At 27 February 2023
-
0
-
0
-
0
8,723
8,723
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2024
Page 8
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
110,001
110,001
6
Subsidiaries

Details of the company's subsidiaries at 27 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Peregrine Communications Inc
405 Lexington Avenue, New York, NY 10174
Ordinary
-
100
Peregrine US Limited
2nd Floor, 19-20 Great Sutton Street, London, England, EC1V 0DR
Ordinary
100
-
Gerber Public Relations Limited
2nd Floor, 19-20 Great Sutton Street, London, England, EC1V 0DR
Ordinary
100
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Peregrine Communications Inc
872,765
66,267
Peregrine US Limited
63
-
Gerber Public Relations Limited
6,141
(9,145)
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
160,666
185,020
Other debtors
484,452
468,560
Prepayments and accrued income
55,485
65,161
700,603
718,741
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2024
Page 9
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
48,604
66,994
Amounts owed to group undertakings
461,852
522,178
Corporation tax
49,278
36,385
Other taxation and social security
119,464
94,332
Other creditors
43,350
14,132
Accruals and deferred income
129,441
129,083
851,989
863,104
Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2024
Page 10
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 28 February 2023
1,330
1,330
29.66
29.66
Subdivision of shares (See below)
131,670
-
2.30
-
Granted
222,415
-
0
3.75
-
0
Outstanding at 27 February 2024
355,415
1,330
3.26
29.66
Exercisable at 27 February 2024
-
0
-
0
-
0
-
0

During the period 1,330 options were subdivided into 133,000 options at a weighted average price of £2.30.

 

During the period the company granted 222,415 share options (2023: None) at a weight average price of £3.75.

 

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
1,000,000
1,000,000
100
100
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
342,528
26,500
12
Related party transactions

The company had related party transactions with wholly owned subsidiaries and as such has taken advantage of the exemption permitted under FRS 102 section 33.1 A not to provide disclosures of transactions entered into with other wholly owned members of the group.

 

Included within other debtors is an amount due from the director totalling £331,310 (2023: £331,310). Interest has been charged on this balance totalling £6,554 (2023: £6,550).

Peregrine Corporate And Business Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 27 February 2024
Page 11
13
Control

The company is controlled by Mr Anthony Layzell-Payne.

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