Company Registration No. 13481063 (England and Wales)
Perform2 Ltd
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Perform2 Ltd
Company information
Directors
Stacey Wedge-Pywell
Stuart Burn
Amanda Smith
Company number
13481063
Registered office
First Floor Orion House
Orion Way
Kettering
Northamptonshire
England
NN15 6PE
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Perform2 Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Perform2 Ltd
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
30,616,262
28,506,462
Cash at bank and in hand
125,492
100,185
30,741,754
28,606,647
Creditors: amounts falling due within one year
6
(12,266,225)
(12,086,456)
Net current assets
18,475,529
16,520,191
Creditors: amounts falling due after more than one year
7
(18,432,220)
(16,460,047)
Provisions for liabilities
(34,643)
(40,087)
Net assets
8,666
20,057
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
8,566
19,957
Total equity
8,666
20,057

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered 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 17 March 2025 and are signed on its behalf by:
Stuart Burn
Director
Company Registration No. 13481063
Perform2 Ltd
Notes to the financial statements
For the year ended 31 December 2024
2
1
Accounting policies
Company information

Perform2 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor Orion House, Orion Way, Kettering, Northamptonshire, England, NN15 6PE.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Perform2 Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
3
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

1.7
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 income statement 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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

Perform2 Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
4
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(5,444)
12,791

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(16,835)
(93,968)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(4,209)
(22,101)
Tax effect of expenses that are not deductible in determining taxable profit
390,318
312,797
Fixed asset differences
(391,553)
(278,662)
Remeasurement of deferred tax for changes in tax rates
-
0
757
Taxation (credit)/charge for the year
(5,444)
12,791

The deferred tax balance at 31 December 2024 has been calculated based on the tax rate of 25%, based on rates that have been substantively enacted at the balance sheet date.

Perform2 Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
5
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Hire purchase agreements receivable
3,781,452
2,919,424
Other loans
6,294,454
7,107,334
Finance leases receivable
1,652,937
1,188,631
Other debtors
452,428
831,026
Prepayments and accrued income
2,771
-
0
12,184,042
12,046,415
2024
2023
Amounts falling due after more than one year:
£
£
Hire purchase agreements receivable
7,535,283
7,745,755
Other loans
7,327,075
5,763,249
Finance leases receivable
3,569,862
2,951,043
18,432,220
16,460,047
Total debtors
30,616,262
28,506,462
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
11,728,843
11,215,389
Amounts owed to group undertakings
522,582
856,867
Accruals and deferred income
14,800
14,200
12,266,225
12,086,456

Bank loans are secured by two fixed and floating charges on all the assets of the company.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,432,220
16,460,047

Included in bank loans and overdrafts is a loan from Conister bank which is interest bearing at Bank of England base rate plus 3.25%. Bank loans are repaid according to the underlying agreement. As at the year end, the longest running agreement runs for seven years from 31 December 2024.

Perform2 Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Michael Di Leto
Statutory Auditors:
Saffery LLP
Date of audit report:
17 March 2025
10
Related party transactions

Perform2 Ltd has taken the exemption in accordance with FRS102 section 33 for subsidiary undertakings to not disclose related party transactions with other entities where the relationship is as such that they are wholly owned. The only related party transactions during the year were of this nature.

11
Parent company

The immediate parent undertaking is Performance Finance Limited, a company incorporated in England and Wales. The address of its registered office is First Floor Orion House, Orion Way, Kettering, Northamptonshire, England, NN15 6PE.

 

The ultimate controlling party is Stuart Burn, a director of Performance Finance Limited.

 

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