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PEG Limited Annual Report and Financial Statements For the Year Ended 31 March 2025
PEG Limited Company Information
Directors | Mr M Corris (resigned 6 June 2025)
| Mr D Trousdale (appointed 6 June 2025)
| Mr J Schofield (appointed 6 June 2025)
| Mr D Jones (appointed 6 June 2025)
Registered number | 06492932
Registered office | 123 Radcliffe Road
| Bury
| Lancashire
| BL9 9LD
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| SK1 3GG
PEG Limited Contents
| Page
Strategic Report | 1
Director's Report | 2 - 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 15
PEG Limited Strategic Report For the Year Ended 31 March 2025
Introduction
The director presents the strategic report for the year ended 31 March 2025.
Business review
The company continues to operate as an intermediate holding company. The financial position and performance of the company's subsidiary does not in the view of the directors give rise to any impairment of investments in subsidiary undertakings.
Principal risks and uncertainties
The principal risk and uncertainty facing the company is seen as the financial performance of its subsidiary undertaking.
Financial key performance indicators
As this company is a holding company, there are no operational or financial KPI's This report was approved by the board and signed on its behalf.
Mr D Trousdale Director
Date: 17 November 2025
Page 1
PEG Limited Directors' Report For the Year Ended 31 March 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 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 £NIL (2024 - £140,000). No ordinary dividends were paid in the year (2024: £140,000). The directors do not recommend payment of a final dividend.
Director
The director who served during the year was:
Mr M Corris (resigned 6 June 2025)
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'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's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end. Page 2
PEG Limited Directors' Report (continued) For the Year Ended 31 March 2025
Auditors
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr D Trousdale Director
Date: 17 November 2025
Page 3
PEG Limited Independent Auditors' Report to the Members of PEG Limited
Opinion
We have audited the financial statements of PEG Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 Company's affairs as at 31 March 2025 and of its result 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 Company 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The 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. Page 4
PEG Limited Independent Auditors' Report to the Members of PEG Limited (continued)
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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
PEG Limited Independent Auditors' Report to the Members of PEG 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 financial 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: Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: ∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. ∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. ∙Supporting documentation relating to the Company's policies and procedures for: °Identifying, evaluating, and complying with laws and regulations °Detecting and responding to the risks of fraud ∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. ∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. ∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: ∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. ∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. ∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. ∙Enquiring of management about any actual and potential litigation and claims. ∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. Page 6
PEG Limited Independent Auditors' Report to the Members of PEG Limited (continued) We have also considered the risk of fraud through management override of controls by: ∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. ∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and ∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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. John Glover (senior statutory auditor) for and on behalf of Hurst Accountants Limited Chartered Accountants Statutory Auditors 3 Stockport Exchange Stockport SK1 3GG 17 November 2025 Page 7
PEG Limited Statement of Comprehensive Income For the Year Ended 31 March 2025
| 2025 | 2024
Note | £ | £
Income from shares in group undertakings |  | - | 140,000
Profit before tax |  | - | 140,000
Tax on profit | 6 | - | -
Profit for the financial year |  | - | 140,000
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 11 to 15 form part of these financial statements.
Page 8
PEG Limited Registered number: 06492932 Statement of Financial Position As at 31 March 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 8 |  | 1,957,058 |  | 1,957,058
Creditors: amounts falling due within one year | 9 | (1,953,119) |  | (1,953,119) |
Net current liabilities |  |  | (1,953,119) |  | (1,953,119)
Net assets |  |  | 3,939 |  | 3,939
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 80 |  | 80
Capital redemption reserve | 11 |  | 20 |  | 20
Profit and loss account | 11 |  | 3,839 |  | 3,839
|  |  | 3,939 |  | 3,939
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr D Trousdale
Director
Date: 17 November 2025
The notes on pages 11 to 15 form part of these financial statements. Page 9
PEG Limited Statement of Changes in Equity For the Year Ended 31 March 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 80 | 20 | 3,839 | 3,939
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 140,000 | 140,000
Total comprehensive income for the year | - | - | 140,000 | 140,000
Dividends | - | - | (140,000) | (140,000)
At 1 April 2024 | 80 | 20 | 3,839 | 3,939
Total comprehensive income for the year | - | - | - | -
At 31 March 2025 | 80 | 20 | 3,839 | 3,939
| The notes on pages 11 to 15 form part of these financial statements.
Page 10
PEG Limited Notes to the Financial Statements For the Year Ended 31 March 2025
1. | General information
PEG Limited is a private company limited by shares and is registered and incorporated in England and Wales. The address of the registered office and principal place of business is 123 Radcliffe Road, Bury, Lancashire, BL9 9LD. The company's registration number is 06492932. The nature of the company's operation and its principal activity is that of a holding company. 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 Company's functional and presentational currency is GBP. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Performance Electrical Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. PEG Limited is a wholly owned subsidiary of Performance Electrical Holdings Limited and the results of PEG Limited are included in the consolidated financial statements of Performance Electrical Holdings Limited which are available from Companies House.
| 2.4 | Going concern
The Company relies on continued financial support from Performance Electrical Limited, its subsidiary undertaking, to enable it to continue operating and meet its liabilities as they fall due. Such financial support is confirmed by the subsidiary undertaking and management therefore consider it appropriate to prepare the financial statements on a going concern basis. Page 11
PEG Limited Notes to the Financial Statements For the Year Ended 31 March 2025 2.Accounting policies (continued)
| 2.5 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.6 | 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.
| 2.7 | 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. | Judgements in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcome may differ from these judgements, estimates and assumptions. The director believes there are no judgements, estimates and assumptions that have a significant effect on the carrying value of assets and liabilities of the company.
4. | Auditors' remuneration
| Audit fees are borne by another group company.
5. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
Page 12
PEG Limited Notes to the Financial Statements For the Year Ended 31 March 2025
6. | Taxation
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | - | 140,000
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | - | 35,000
| Effects of: |  |
| Non-taxable income | - | (35,000)
| Total tax charge for the year | - | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
7. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Final paid | - | 140,000
| During the year, a dividend of £Nil (2024: £175) per share was paid to the shareholder.
Page 13
PEG Limited Notes to the Financial Statements For the Year Ended 31 March 2025
8. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 April 2024 | 1,957,058
| At 31 March 2025 | 1,957,058
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Performance Electrical Limited | 123 Radcliffe Road, Bury, Lancashire, BL9 9LD | Electrical engineers and contractors | Ordinary | 100%
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 1,944,619 | 1,944,619
| Other creditors | 8,000 | 8,000
| Accruals and deferred income | 500 | 500
|  | 1,953,119 | 1,953,119
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 800 (2024 - 800) Ordinary A shares of £0.10 each | 80 | 80
Page 14
PEG Limited Notes to the Financial Statements For the Year Ended 31 March 2025
11. | Reserves
Capital redemption reserve The capital redemption reserve records the nominal value of shares repurchased by the company. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
12. | Related party transactions
| The directors have chosen not to disclose transactions entered into with other companies wholly owned within the group as permitted under FRS 102 paragraph 33.1A.
13. | Controlling party
The company's immediate parent undertaking is Performance Electrical Holdings Limited, a company registered in England and Wales, registered number 09404582. The ultimate parent undertaking is Performance Electrical Group Limited, a company registered in England and Wales, registered number 16475266. The parent undertaking of the smallest and largest group for which consolidated accounts are prepared is Performance Electrical Group Limited. Consolidated accounts are available from 123 Radcliffe Road, Bury, Lancashire, BL9 9LD. The ultimate controlling party is Mr D Trousdale and Mr J Schofield by virtue of their majority shareholding of Performance Electrical Group Limited.
Page 15