ACCOUNTS - Final Accounts

Other operating income

Registered number: 02022717

PRIVATE EQUITY RECRUITMENT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

PRIVATE EQUITY RECRUITMENT LIMITED

COMPANY INFORMATION

Directors	G McManus
	R T I Bell (appointed on 13 September 2024)


Company secretary	G McManus


Registered number	02022717


Registered office	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA


Bankers	National Westminster Bank Plc
	12 High Street
	Dartford
	DA1 1DD

PRIVATE EQUITY RECRUITMENT LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 9
Consolidated statement of comprehensive income	10
Consolidated balance sheet	11 - 12
Company balance sheet	13 - 14
Consolidated statement of changes in equity	15
Company statement of changes in equity	16
Consolidated statement of cash flows	17 - 18
Notes to the financial statements	19 - 35

PRIVATE EQUITY RECRUITMENT LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their group strategic report to accompany the financial statements for the year ended 31 December 2024.

Business review

The principal activity of the group is that of executive search and recruitment consultancy within the private capital market.
The group has offices in the United Kingdom, Germany, Switzerland, Singapore, Mexico and the United States and works with clients globally using the knowledge and experience gained in over 20 years of working in these markets. Clients work with the group because of the corporate reputation of the group and the strength of the brand. The group is commonly known as PER and is a sought after recruiter as a result of its specialised knowledge, insight into market trends and its long term relationships with both clients and candidates.
Our employees are important to our success and the group invests in their growth with external training courses, and internal and external coaching and mentoring. There are monthly group wide meetings for all employees to increase the distribution of knowledge and strengthen involvement of staff at all levels, giving everyone the opportunity to express their opinions and share their views on the growth opportunities for the business. The group also interacts formally in performance and development review processes with well documented competencies and KPIs identified for each level of performance.
There is informal open-door access for all employees with management, including directors, which has resulted in numerous initiatives including a focus on the community such as supporting a school by providing job interview practice, and charitable support with matched funding for team members fund raising activties.
The group actively monitors its environmental impact with recycling in its offices and encouragement for energy saving measures.

Principal risks and uncertainties

Significant risks include changing investor sentiment towards private capital. In recent years appetite for allocation of funding to private markets has been subdued and other external and political events causing either turbulence or uncertainty in financial markets, have all had an impact on investor commitment to our client base. The global reach of the group offsets some of this risk as typically different regions are affected to a different extent to any event. Historically, the main effect of any shock is timing rather than a permanent change as the private markets continue to produce a satisfactory return to investors. The group’s response is to hold significant liquidity to fund any such temporary effect.
The group carries insurance against all identified significant risks, including the risk of cyber-attacks.

Financial key performance indicators

The principal KPI for the group is revenue growth which was 9% lower in 2024 which was due to a decrease in line with the private equity market. However, the corresponding commission costs decreased in line with this.

Page 1

PRIVATE EQUITY RECRUITMENT LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf.

G McManus

Director

Date: 23 June 2025

Page 2

PRIVATE EQUITY RECRUITMENT LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the group's financial statements and then apply them consistently;

∙make judgments 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 group 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 the group and to 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.

Results and dividends

The profit for the year, after taxation, amounted to £239,056 (2023 - £950,118).

The group voted dividends for the year of £nil (2023 - £616,000).

Directors

The directors who served during the year were:

G McManus

R T I Bell (appointed 13 September 2024)

Future developments

The group continues to pursue opportunities to improve its performance and financial position.

Page 3

PRIVATE EQUITY RECRUITMENT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board and signed on its behalf.

G McManus

Director

Date: 23 June 2025

Page 4

PRIVATE EQUITY RECRUITMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIVATE EQUITY RECRUITMENT LIMITED

Opinion

We have audited the financial statements of Private Equity Recruitment Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's affairs as at 31 December 2024 and of the group's profit for the year 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 United Kingdom, including the Financial Reporting Council'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 or 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.

Page 5

PRIVATE EQUITY RECRUITMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIVATE EQUITY RECRUITMENT LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.

Page 6

PRIVATE EQUITY RECRUITMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIVATE EQUITY RECRUITMENT LIMITED (CONTINUED)

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 an Auditors' report 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 group finanial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 law 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 Private Equity Recruitment Limited through discussion with directors and management, and from our commercial knowledge and experience of the recruitment sector ;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
• Companies Act 2006.
• FRS102.
• Health and Safety legislation.
• Employment legislation
• Tax legislation
• GDPR
• Local regulations surrounding recruitment
• VAT, Intrastat and customs legislation
• Immigration law
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;

Page 7

PRIVATE EQUITY RECRUITMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIVATE EQUITY RECRUITMENT LIMITED (CONTINUED)

• Assessing whether judgement and assumptions made in determining significant accounting estimates;
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

Page 8

PRIVATE EQUITY RECRUITMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIVATE EQUITY RECRUITMENT LIMITED (CONTINUED)

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 an Auditors' report 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.

Mario Cientanni (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

24 June 2025

Page 9

PRIVATE EQUITY RECRUITMENT LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	11,976,460	13,085,759
Gross profit		11,976,460	13,085,759
Administrative expenses		(11,811,939)	(11,833,373)
Other operating income	5	12,151	-
Operating profit	6	176,672	1,252,386
Interest receivable and similar income	10	185,652	29,056
Interest payable and similar expenses	11	(1,549)	(3,152)
Profit before taxation		360,775	1,278,290
Tax on profit	12	(121,719)	(328,172)
Profit for the financial year		239,056	950,118


Other comprehensive (costs)/income	(214,582)	152,178
Other comprehensive (costs)/income for the year	(214,582)	152,178
Total comprehensive income for the year	24,474	1,102,296

Profit for the year attributable to:
Owners of the parent company	239,056	950,118
	239,056	950,118

Total comprehensive income for the year attributable to:
Owners of the parent company	24,474	1,102,296
	24,474	1,102,296

The notes on pages 19 to 35 form part of these financial statements.

Page 10

PRIVATE EQUITY RECRUITMENT LIMITED

REGISTERED NUMBER: 02022717

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024


	2024	2023
Note	£	£

Fixed assets
Tangible assets	14		264,491		201,282
Investments	15		-		1
			264,491		201,283
Current assets
Debtors	16	1,294,496		2,035,113
Cash at bank and in hand	17	6,981,219		7,725,992
		8,275,715		9,761,105
Creditors: amounts falling due within one year	18	(1,986,451)		(3,462,435)
Net current assets			6,289,264		6,298,670
Total assets less current liabilities			6,553,755		6,499,953
Provisions for liabilities
Deferred taxation	19	(2,825)		(10,997)
Other provisions	20	(212,500)		(175,000)
			(215,325)		(185,997)
Net assets			6,338,430		6,313,956

Capital and reserves
Called up share capital	21	110	110
Foreign exchange reserve		21,278	235,860
Profit and loss account		6,317,042	6,077,986
		6,338,430	6,313,956

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PRIVATE EQUITY RECRUITMENT LIMITED

REGISTERED NUMBER: 02022717

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

G McManus

Director

Date: 23 June 2025

The notes on pages 19 to 35 form part of these financial statements.

Page 12

PRIVATE EQUITY RECRUITMENT LIMITED

REGISTERED NUMBER: 02022717

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	14		11,299		48,181
Investments	15		170,694		170,695
			181,993		218,876
Current assets
Debtors	16	1,406,394		1,554,036
Cash at bank and in hand	17	3,843,000		4,665,515
		5,249,394		6,219,551
Creditors: amounts falling due within one year	18	(1,347,033)		(2,558,308)
Net current assets			3,902,361		3,661,243
Total assets less current liabilities			4,084,354		3,880,119

Provisions for liabilities
Deferred taxation	19	(2,825)		(10,997)
Other provisions	20	(212,500)		(175,000)
			(215,325)		(185,997)
Net assets			3,869,029		3,694,122

Capital and reserves
Called up share capital	21		110		110
Profit and loss account brought forward		3,694,012		3,662,615
Profit for the year		174,907		647,397
Other changes in the profit and loss account		-		(616,000)
Profit and loss account carried forward			3,868,919		3,694,012
			3,869,029		3,694,122

Page 13

PRIVATE EQUITY RECRUITMENT LIMITED

REGISTERED NUMBER: 02022717

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

G McManus

Director

Date: 23 June 2025

The notes on pages 19 to 35 form part of these financial statements.

Page 14

PRIVATE EQUITY RECRUITMENT LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Foreign exchange reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£
At 1 January 2024	110	235,860	6,077,986	6,313,956	6,313,956

Profit for the year	-	-	239,056	239,056	239,056
Foreign exchange movement	-	(214,582)	-	(214,582)	(214,582)
At 31 December 2024	110	21,278	6,317,042	6,338,430	6,338,430

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Foreign exchange reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£
At 1 January 2023	110	83,682	5,743,868	5,827,660	5,827,660

Profit for the year	-	-	950,118	950,118	950,118
Foreign exchange movement	-	152,178	-	152,178	152,178
Dividends: Equity capital	-	-	(616,000)	(616,000)	(616,000)
At 31 December 2023	110	235,860	6,077,986	6,313,956	6,313,956

The notes on pages 19 to 35 form part of these financial statements.

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PRIVATE EQUITY RECRUITMENT LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	110	3,694,012	3,694,122

Profit for the year	-	174,907	174,907
At 31 December 2024	110	3,868,919	3,869,029

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	110	3,662,615	3,662,725

Profit for the year	-	647,397	647,397
Dividends: Equity capital	-	(616,000)	(616,000)
At 31 December 2023	110	3,694,012	3,694,122

The notes on pages 19 to 35 form part of these financial statements.

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PRIVATE EQUITY RECRUITMENT LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	239,056	950,118
Adjustments for:
Amortisation of intangible assets	-	887
Depreciation of tangible assets	98,263	103,275
(Profit)/Loss on disposal of tangible assets	(807)	-
Interest paid	1,549	3,152
Interest received	(185,652)	(29,056)
Taxation charge	121,719	328,172
Decrease/(increase) in debtors	740,618	(292,520)
(Decrease) in creditors	(1,529,831)	(217,283)
Increase in provisions	37,500	37,500
Corporation tax (paid)	(111,500)	(512,456)
Decrease in foreign exchange reserves	(209,759)	152,178
Net cash generated from operating activities	(798,844)	523,967

Cash flows from investing activities
Purchase of tangible fixed assets	(166,991)	(120,562)
Sale of tangible fixed assets	1,503	-
Sale of fixed asset investments	1	-
Interest received	185,652	29,056
Hire purchase interest paid	(1,549)	(2,966)
Net cash from investing activities	18,616	(94,472)

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PRIVATE EQUITY RECRUITMENT LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
New finance leases	73,643	-
Repayment of finance leases	(38,188)	(40,292)
Dividends paid	-	(616,000)
Interest paid	-	(186)
Net cash used in financing activities	35,455	(656,478)
Net (decrease) in cash and cash equivalents	(744,773)	(226,983)
Cash and cash equivalents at beginning of year	7,725,992	7,952,975
Cash and cash equivalents at the end of year	6,981,219	7,725,992

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	6,981,219	7,725,992
	6,981,219	7,725,992

The notes on pages 19 to 35 form part of these financial statements.

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PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Private Equity Recruitment Limited is a private company limited by share capital and incorporated in England and Wales. The registered office is at Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA.
The company's principal activity is that of recruitment consultants.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Turnover

Turnover comprises revenue recognised by the company, exclusive of Value Added Tax. Revenue is recognised when invoiced other than where there is an obligation to provide services for a fixed period where revenue is recognised on a straight line basis over the period of the obligation. Sales are invoiced when all significant contractual obligations have been met, and the collection of resulting revenues is reasonably assured.

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PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Page 21

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases:.

Leasehold property	-	20% straight line
Office equipment	-	50% straight line
Other fixed assets	-	over the terms of lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 22

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.16

Deferred income

Deferred income for placement is measured by stage of completion. Each placement that is ongoing at year end is measured for its stage of completion and subsequently a percentage of the total recruitment fee income for that placement is then deferred to the following year.

2.17

Provision for liabilities

Provisions are recognised when an event has taken place that gives the group a legal or constructive obligation, that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are made, they are charged to the provision carried in the Balance sheet

2.18

Financial instruments

The group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Page 23

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
No significant judgements have had to be made by the group in preparing these financial statements.
b) Key accounting estimates and assumptions
The group has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.11.
The group also makes key assumptions regarding accruals and deferred income and this is further described in note 2.16.

Turnover

The whole of the turnover is attributable to the principal activity of recruitment consultant services.

Analysis of turnover by country of destination:


					2024	2023
					£	£

United Kingdom	5,646,636	5,805,755
Rest of Europe	3,821,693	4,428,468
Rest of the world	2,508,131	2,851,536
	11,976,460	13,085,759

Other operating income	12,151	-
	12,151	-

Page 24

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Depreciation	106,083	74,784
Exchange differences	(8,270)	122,790
Other operating lease rentals	775,594	588,385

7.	Auditors' remuneration
		2024	2023
		£	£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements

10,700

10,350

		2024	2023
		£	£

Fees payable to the company's auditors in respect of:
All other services	4,950	8,350
	4,950	8,350

Page 25

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

group	group	company	company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	8,187,473	8,351,434	5,362,757	5,515,438
Social security costs	956,224	1,010,267	685,668	695,385
Cost of defined contribution scheme	229,264	211,951	149,785	151,436
	9,372,961	9,573,652	6,198,210	6,362,259

The average monthly number of employees, including the directors, during the year was as follows:

	group	group	company	company
	2024	2023	2024	2023
	No.	No.	No.	No.

Administration	81	82	53	58

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	723,230	659,785
	723,230	659,785

The highest paid director received remuneration of £556,865 (2023 - £659,785).

10.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	185,652	29,056
		185,652	29,056

Page 26

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	-	45
Other loan interest payable	-	141
Finance leases and hire purchase contracts	1,549	2,966
	1,549	3,152

Corporation tax
Current tax on profits for the year	65,282	208,554
	65,282	208,554
Foreign tax
Foreign tax on income for the year	64,609	121,742
	64,609	121,742
Total current tax	129,891	330,296

Deferred tax
Origination and reversal of timing differences	(8,172)	(2,124)
Total deferred tax	(8,172)	(2,124)


	Total tax charge for the year	121,719	328,172

Page 27

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Taxation (continued)

Profit on ordinary activities before tax

360,775

1,278,290

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19/25%)	89,426	300,398
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(1,948)	4,316
Capital allowances for year lower than/(in excess of) depreciation	9,226	4,285
Overseas tax	33,187	21,297
Deferred Tax	(8,172)	(2,124)
Total tax charge for the year	121,719	328,172

Factors that may affect future tax charges

There are no factors that may affect future tax charges.

13.	Dividends
		2024	2023
		£	£

Ordinary "A" Shares
Dividends paid	-	-
Ordinary "B" Shares
Dividends paid	-	141,000
Ordinary "C" Shares
Dividends paid	-	475,000
	-	616,000

Page 28

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets
	group

	Leasehold property	Office equipment	Other fixed assets	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	215,283	251,305	145,504	612,092
Additions	-	12,280	154,711	166,991
Disposals	-	(1,356)	(79,290)	(80,646)
Exchange adjustments	-	(5,045)	-	(5,045)
At 31 December 2024	215,283	257,184	220,925	693,392
Depreciation
At 1 January 2024	187,212	176,079	47,519	410,810
Charge for the year on owned assets	28,071	31,924	38,268	98,263
Disposals	-	(1,114)	(78,836)	(79,950)
Exchange adjustments	-	(222)	-	(222)
At 31 December 2024	215,283	206,667	6,951	428,901
Net book value
At 31 December 2024	-	50,517	213,974	264,491
At 31 December 2023	28,071	75,226	97,985	201,282

Page 29

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Tangible fixed assets (continued)

	company

	Leasehold property	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	215,283	111,425	326,708
Additions	-	9,852	9,852
Disposals	-	(1,215)	(1,215)
At 31 December 2024	215,283	120,062	335,345
Depreciation
At 1 January 2024	187,212	91,315	278,527
Charge for the year on owned assets	28,071	18,562	46,633
Disposals	-	(1,114)	(1,114)
At 31 December 2024	215,283	108,763	324,046
Net book value
At 31 December 2024	-	11,299	11,299
At 31 December 2023	28,071	20,110	48,181

Page 30

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Fixed asset investments

	company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	170,695
	Adjustment	(1)
	At 31 December 2024	170,694

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Country of incorporation	Class of shares	Holding

Private Equity Recruitment GmbH	Germany	Ordinary	100%
PER LatAm, S. de R.L. de C.V.	Mexico	Ordinary	100%
Private Equity Recruitment Asia Pte.Ltd	Singapore	Ordinary	100%
Private Equity Recruitment (Switzerland) AG	Switzerland	Ordinary	100%
Private Equity Recruitment Inc	USA	Ordinary	100%

The principal activity of the above subsidiary undertakings continues to be that of recruitment consultancy.

Page 31

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.

Debtors

group	group	company	company
2024	2023	2024	2023
£	£	£	£

Due after more than one year
Other debtors	184,001	184,001	184,001	184,001
	184,001	184,001	184,001	184,001
Due within one year
Trade debtors	532,392	1,309,636	337,184	777,244
Amounts owed by group undertakings	-	-	556,882	307,008
Other debtors	281,617	242,061	58,748	10,119
Prepayments and accrued income	296,486	299,415	269,579	275,664
	1,294,496	2,035,113	1,406,394	1,554,036

17.	Cash and cash equivalents
		group	group	company	company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	6,981,219	7,725,992	3,843,000	4,665,515
	6,981,219	7,725,992	3,843,000	4,665,515

18.	Creditors: Amounts falling due within one year
		group	group	company	company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	47,208	66,357	20,765	41,559
Amounts owed to group undertakings	-	-	89,856	161,157
Corporation tax	23,639	91,157	-	11,073
Other taxation and social security	399,387	504,350	316,038	395,389
Obligations under finance lease and hire purchase contracts	67,755	32,714	-	-
Other creditors	54,560	562,796	41,158	35,415
Accruals and deferred income	1,393,902	2,205,061	879,216	1,913,715
	1,986,451	3,462,435	1,347,033	2,558,308

Page 32

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of year	(10,997)	(13,121)
Credited to profit or loss	8,172	2,124
At end of year	(2,825)	(10,997)

Company

	2024	2023
	£	£

At beginning of year	(10,997)	(13,121)
Credited to profit or loss	8,172	2,124
At end of year	(2,825)	(10,997)

group	group	company	company
2024	2023	2024	2023
£	£	£	£

	Accelerated capital allowances	(2,825)	(10,997)	(2,825)	(10,997)
		(2,825)	(10,997)	(2,825)	(10,997)

Page 33

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Provisions
	Group and company

		Dilapidation provision
		£

	At 1 January 2024	175,000
	Charged to profit or loss	37,500
	At 31 December 2024	212,500

The company's policy is to provide dilapidation costs in respect of the foreseeable costs of reinstatement of the leased property at the expiry of the existing lease.

21.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

4,900 (2023 - 4,900) Ordinary "A" Shares shares of £0.01 each	49	49
4,700 (2023 - 4,700) Ordinary "B" Shares shares of £0.01 each	47	47
100 (2023 - 100) Ordinary "C" Shares shares of £0.01 each	1	1
100 (2023 - 100) Ordinary "D" Shares shares of £0.01 each	1	1
100 (2023 - 100) Ordinary "E" Shares shares of £0.01 each	1	1
100 (2023 - 100) Ordinary "F" Shares shares of £0.01 each	1	1
10 (2023 - 10) Ordinary "G" Shares shares of £1.00 each	10	10

	110	110

The company has issued share options whereby, holders can exercise in the event of an offer for sale of the company and which if fully exercised would constitute up to 10% of the company's capital at that time. The options are exercisable at £1 (par value of £0.01 each) and will expire after 10 years between 28 May 2025 and 18 December 2026. No options were granted in the current year.

22.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £149,785 (2023 - £151,436). Contributions totalling £1,793 (2023 - £24,442) were payable at the balance sheet date and are included in creditors.

Page 34

PRIVATE EQUITY RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.	Related party transactions

Included within other creditors due within one year are amounts totalling £4,504 (2023: £10,843) owed to one of the directors. Interest is not charged on the loans and they are repayable on demand.
Included within other creditors is an amount due to Private Equity Limited (HK), a company with common control totalling £34,861 (2023: £570).

24.	Commitments under operating leases
	At 31 December 2024 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		group	group	company	company
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	318,539	230,001	318,539	230,001
Later than 1 year and not later than 5 years	1,194,519	-	1,194,519	-
	1,513,058	230,001	1,513,058	230,001

25.	Post balance sheet events

Subsequent to the year-end, four employees have exercised options under the company's share option scheme, and 778 Ordinary "M" shares of £0.01 each have been issued at a share price of £1 per share.
This event does not impact the results or financial position as at the balance sheet date, but will be reflected in the share capital and share premium account in the following year.

Page 35