ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 00545324

PERRY OF OAKLEY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


PERRY OF OAKLEY LIMITED REGISTERED NUMBER:00545324

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Stocks		1,604,831		1,892,270
Debtors: amounts falling due after more than one year	5	996,713		2,103,111
Debtors: amounts falling due within one year	5	1,203,570		907,641
Cash at bank and in hand		518,971		323,031
		4,324,085		5,226,053
Creditors: amounts falling due within one year	6	(2,869,099)		(3,808,304)
Net current assets			1,454,986		1,417,749
Total assets less current liabilities			1,454,986		1,417,749
Creditors: amounts falling due after more than one year	7		(170,000)		(290,000)

Net assets			1,284,986		1,127,749

Capital and reserves
Called up share capital	11,801	11,801
Capital redemption reserve	5,000	5,000
Other reserves	2,400	2,400
Profit and loss account	1,265,785	1,108,548
	1,284,986	1,127,749

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PERRY OF OAKLEY LIMITED REGISTERED NUMBER:00545324

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.

Dr C L McTernan

Director

The notes on pages 3 to 10 form part of these financial statements.

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PERRY OF OAKLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Perry of Oakley Limited is a private limited liability company incorporated in England & Wales. The registered office is Dunkeswell Airfield, Dunkeswell, Honiton, Devon, England, EX14 4LF.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The directors have considered the financial position of the company and note that it is in a net asset position of £1,284,986 with cash of of £518,971. The directors have considered cash flow forecasts for future financial years and on this basis have concluded that the company is a going concern. The accounts have therefore been prepared on this basis.

2.3

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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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PERRY OF OAKLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Operating leases: the Company 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.

2.6

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.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

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PERRY OF OAKLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

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 operates and generates 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; and

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

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.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

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.

2.12

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.

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PERRY OF OAKLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

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.

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

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 Balance sheet 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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PERRY OF OAKLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Financial instruments (continued)

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The cost of manufactured stock is uplifted to take into account actual inefficiencies in labour time compared to the standard costing system used. This is estimated by the directors based upon prior knowledge and experience within the industry.
Old and slow moving stock is provided for based upon the last time it was used or sold. The timeframe for this is estimated by the directors based upon prior knowledge and experience within the industry.
Bad debts are provided for on the basis that they are deemed irrecoverable to the company. This assessment is carried out by management based upon prior knowledge and experience within the industry.

Employees

The average monthly number of employees, including directors, during the year was 66 (2023 - 70).

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PERRY OF OAKLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Debtors
		2024	2023
		£	£

Due after more than one year
Amounts owed by group undertakings	996,713	2,103,111
	996,713	2,103,111

					2024	2023
					£	£

Due within one year
Trade debtors	639,144	608,477
Other debtors	-	4,052
Prepayments and accrued income	563,426	294,112
Deferred taxation	1,000	1,000
	1,203,570	907,641

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	120,000	120,000
Trade creditors	664,819	1,085,905
Amounts owed to group undertakings	921,330	1,637,344
Corporation tax	14,510	121,022
Other taxation and social security	200,082	210,188
Other creditors	15,552	9,047
Accruals and deferred income	932,806	624,798
	2,869,099	3,808,304

Included in accruals and deferred income is £423,412 (2023: £76,221) in respect of deferred income from a fellow subsidiary.

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PERRY OF OAKLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	170,000	290,000
	170,000	290,000

The following liabilities were secured:
	2024	2023
	£	£


Bank loans	290,000	410,000
	290,000	410,000

Details of security provided:

The bank loan is payable in 60 installments and is due to be repaid by May 2027. The loan has an interest rate of 2.36% over the base rate. There is an unlimited debenture incorporating a fixed and floating charge over the assets of the group by way of a cross guarantee.

Amounts falling due within one year
Bank loans	120,000	120,000
	120,000	120,000
Amounts falling due 1-2 years
Bank loans	170,000	290,000
	170,000	290,000


	290,000	410,000

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PERRY OF OAKLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Contingent liabilities

There is a cross guarantee and set off arrangement in favour of Lloyds bank in respect of borrowings for the group. The total amounts outstanding with the bank at the year end is £290,000 (2023: £410,000).

10.	Pension commitments

The company operates a defined contributions pension scheme for the benefit of its directors and staff. During the year, contributions of £46,908 (2023 - £50,640) were paid. £8,416 (2023 - £9,047) of pension contrbutions were payable at the year end and included within other creditors.

11.

Related party transactions

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.
Perry of Oakley Limited paid Delatt Limited, a company controlled by David Perry, £5,700 in relation to rental charges for the use of a mobile home. At the balance sheet date, £3,000 was included within creditors.
Perry of Oakley Limited paid £76,216 to the private pension schemes of David Perry and Claire McTernan (directors) in relation to rental charges for the use of commercial property. Rent has been calculated and charged at the usual market rate. No amounts were owed at the balance sheet date.
Perry of Oakley Limited paid £90,000 to David Perry and Claire McTernan (directors) in relation to rental charges for the use of commercial property. Rent has been calculated and charged at the usual market rate. At the balance sheet date, £27,000 was included within creditors.

12.	Controlling party

The company's immediate parent is Perry of Oakley (Holdings) Limited, incorporated in England and Wales, which owns 100% of the share capital of Perry of Oakley Limited. This is the smallest and largest group in which the company is consolidated. The address of its registered office is the same as Perry of Oakley Limited and can be found on the Company Information page

13.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 September 2025 by Misty Nickells (FCA) (Senior statutory auditor) on behalf of Griffin.

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