Company registration number 10012786 (England and Wales)
THE PEACOCK GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
THE PEACOCK GROUP LIMITED
COMPANY INFORMATION
Directors
T E Gumbley
C D Peacock
J C Peacock
Company number
10012786
Registered office
Unit C1 Benfield Business Park
Benfield Business Park
Benfield Road
Newcastle upon Tyne
NE6 4NQ
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
THE PEACOCK GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
THE PEACOCK GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the period ended 30 November 2024.

Review of the business

The business continues to maintain and develop market leading orthotic services to the NHS and private sector both through service and product offering. In addition to this the business supplies decontamination and sterilising equipment to health services including installation and maintenance of machines. The business has now introduced waste management systems, which it both installs and maintains.

Revenue has increased across the Group from £16m to £25m, however waste activities expected to crystallise in this period, were delayed due to longer than expected regulatory processes, which created an unexpected operating loss £1.467m.

The Directors are pleased to note that regulatory approval has been secured, and commercial revenue generation is about to begin for waste activities, both in England and Wales. The strategic plan is continuing, with the directors anticipating a turnaround over the course of 2024/2025, ensuring the continued investment in innovation and improved services to customers.

Despite the results the directors remain satisfied with the group’s working capital and net asset positions, together with the level of financial resources available through operating cash flows. The directors consider that current cash flows are sufficient to adequately meet the needs of the group’s business, particularly in light of further improvement activity.

In addition to financial KPIs, the directors internally monitor operational KPIs relating to quality, health, and safety and on time delivery performance.

Principal risks and uncertainties

Financial risk exposure for the business is centred around credit and liquidity risk:

Credit risk

The business has a sound record of managing debtors and with the majority of contracts being government funded, the level of risk is considered to be minimal. Levels of credit are reviewed regularly and action taken to minimise risk.

Liquidity risk

The group meets its day to day working capital requirements through operating cash flows.

Cash flow projections are prepared and reviewed by the Directors regularly, monitoring cash at both a company and group level on a daily basis with a rolling thirteen week cash forecast, together with forecasts covering the current and subsequent financial year on a month by month basis. Forecasts are prepared on a realistic but prudent basis, reflecting reasonably foreseeable developments or changes to the company’s and group's trading performance.

As detailed in note 2 to these financial statements, the Directors have considered the company’s and group's financial forecasts for at least the next twelve months and having regard for reasonably possible changes in trading performance expect the company and its group to continue to have sufficient financial resources through trading activities.

Market risk

The group works closely with the NHS, interest groups, statutory and governmental bodies to ensure that the business understands the market that it operates in and adapts accordingly as changes occur.

Key performance indicators

| 2024 | 2023
Turnover | £25,351,905 | £16,059,043
Operating profit | £(1,467,042) | £183,545

THE PEACOCK GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 2 -
Future developments

The Board has continued to invest in R&D resulting in significant advances within the orthotics sector and, with the fruition of this additional investment in people and systems, the business is now able to offer a market leading proposition to existing and new customers.

With patient care and customer service at our core, the company continues to seek to be at the forefront of a changing orthotic marketplace, working with the NHS and private sector to develop and grow our business in the future whilst also improving innovations and services in the NHS.

On behalf of the board

C D Peacock
Director
18 November 2025
THE PEACOCK GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 3 -

The directors present their annual report and financial statements for the period ended 30 November 2024.

Principal activities

The principal activity of the company and group continued to be that of the supply of orthotic services and products to the UK market. As a parent company the company is responsible for the management and administration of companies in The Peacock Group Limited.

Results and dividends

The results for the period are set out on page 8.

Ordinary dividends were paid amounting to £852,359. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

T E Gumbley
C D Peacock
J C Peacock
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk

See disclosures in the Strategic Report in respect of the financial risk management of the group.

Future developments

See disclosures within the Strategic Report regarding future developments of the group.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
C D Peacock
Director
18 November 2025
THE PEACOCK GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 4 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE PEACOCK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE PEACOCK GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of The Peacock Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 November 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 November 2024 and of the group's loss for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial period 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.

THE PEACOCK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE PEACOCK GROUP LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.

THE PEACOCK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE PEACOCK GROUP LIMITED
- 7 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 auditor's 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.

Claire Hinshaw ACCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
19 November 2025
THE PEACOCK GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 8 -
Period
Year
ended
ended
30 November
31 May
2024
2023
Notes
£
£
Turnover
3
25,351,905
16,059,043
Cost of sales
(16,707,480)
(9,526,522)
Gross profit
8,644,425
6,532,521
Administrative expenses
(10,127,074)
(6,358,871)
Other operating income
15,607
9,895
Operating (loss)/profit
4
(1,467,042)
183,545
Interest receivable and similar income
8
269
-
0
Interest payable and similar expenses
9
(15,592)
(4,119)
(Loss)/profit before taxation
(1,482,365)
179,426
Tax on (loss)/profit
10
(37,428)
247,898
(Loss)/profit for the financial period
25
(1,519,793)
427,324
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
THE PEACOCK GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 9 -
Period
Year
ended
ended
30 November
31 May
2024
2023
£
£
(Loss)/profit for the period
(1,519,793)
427,324
Other comprehensive income
-
-
Cash flow hedges gain arising in the period
-
0
-
0
Total comprehensive income for the period
(1,519,793)
427,324
Total comprehensive income for the period is all attributable to the owners of the parent company.
THE PEACOCK GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2024
30 November 2024
- 10 -
30 November 2024
31 May 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
122,319
45,866
Tangible assets
13
557,953
678,454
680,272
724,320
Current assets
Stocks
16
1,697,147
1,213,121
Debtors
17
5,449,146
4,290,766
Cash at bank and in hand
491,505
3,463,568
7,637,798
8,967,455
Creditors: amounts falling due within one year
18
(4,154,687)
(3,159,395)
Net current assets
3,483,111
5,808,060
Total assets less current liabilities
4,163,383
6,532,380
Provisions for liabilities
Deferred tax liability
20
49,760
46,605
(49,760)
(46,605)
Net assets
4,113,623
6,485,775
Capital and reserves
Called up share capital
24
86,768
86,768
Other reserves
25
400
400
Profit and loss reserves
25
4,026,455
6,398,607
Total equity
4,113,623
6,485,775

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 18 November 2025 and are signed on its behalf by:
18 November 2025
C D Peacock
Director
Company registration number 10012786 (England and Wales)
THE PEACOCK GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024
30 November 2024
- 11 -
30 November 2024
31 May 2023
Notes
£
£
£
£
Fixed assets
Investments
14
249,180
249,180
249,180
249,180
Current assets
Debtors
17
51,807
33,963
Net current assets
51,807
33,963
Net assets
300,987
283,143
Capital and reserves
Called up share capital
24
86,768
86,768
Profit and loss reserves
25
214,219
196,375
Total equity
300,987
283,143

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £870,203 (2023 - £176,764 profit).

The financial statements were approved by the board of directors and authorised for issue on 18 November 2025 and are signed on its behalf by:
18 November 2025
C D Peacock
Director
Company registration number 10012786 (England and Wales)
THE PEACOCK GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
52,918
400
5,960,190
6,013,508
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
427,324
427,324
Issue of share capital
24
33,750
-
-
33,750
Bonus issue of shares
24
100
-
(100)
-
0
Dividends
11
-
-
(176,551)
(176,551)
Credit to equity for equity settled share-based payments
23
-
-
187,744
187,744
Balance at 31 May 2023
86,768
400
6,398,607
6,485,775
Period ended 30 November 2024:
Loss and total comprehensive income
-
-
(1,519,793)
(1,519,793)
Dividends
11
-
-
(852,359)
(852,359)
Balance at 30 November 2024
86,768
400
4,026,455
4,113,623
THE PEACOCK GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
52,918
8,518
61,436
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
176,764
176,764
Issue of share capital
24
33,750
-
33,750
Bonus issue of shares
24
100
(100)
-
0
Dividends
11
-
(176,551)
(176,551)
Credit to equity for equity settled share-based payments
23
-
187,744
187,744
Balance at 31 May 2023
86,768
196,375
283,143
Period ended 30 November 2024:
Profit and total comprehensive income
-
870,203
870,203
Dividends
11
-
(852,359)
(852,359)
Balance at 30 November 2024
86,768
214,219
300,987
THE PEACOCK GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
31
(2,193,169)
(2,527,045)
Income taxes refunded
225,747
9,070
Net cash outflow from operating activities
(1,967,422)
(2,517,975)
Investing activities
Purchase of intangible assets
(95,873)
(39,603)
Purchase of tangible fixed assets
(151,086)
(250,848)
Interest received
269
-
0
Net cash used in investing activities
(246,690)
(290,451)
Financing activities
Proceeds from borrowings
110,000
-
Repayment of borrowings
-
(83,922)
Payment of finance leases obligations
-
(14,534)
Interest paid
(15,592)
(4,119)
Dividends paid to equity shareholders
(852,359)
(176,551)
Net cash used in financing activities
(757,951)
(279,126)
Net decrease in cash and cash equivalents
(2,972,063)
(3,087,552)
Cash and cash equivalents at beginning of period
3,463,568
6,551,120
Cash and cash equivalents at end of period
491,505
3,463,568
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 15 -
1
Accounting policies
Company information

The Peacock Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit C1 Benfield Business Park, Benfield Business Park, Benfield Road, Newcastle upon Tyne, NE6 4NQ.

The group consists of The Peacock Group Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements have been made up for the period 1 June 2023 to 30 November 2024. As a result, the information in respect of the prior year will not be comparable.

1.2
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Peacock Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

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

The group meets its day to day working capital requirements through cash generated from operations along with the use of an invoice discounting facility.

The group’s forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Based on the factors set out above the directors believe that that the group has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

1.6
Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.9
Intangible fixed assets other than goodwill

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

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

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

Development costs
Five to ten years straight line
1.10
Tangible fixed assets

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

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

Leasehold land and buildings
10% straight line
Plant and equipment
10% - 33% straight line
Fixtures and fittings
10% - 20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.11
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

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

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

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.14
Cash and cash equivalents

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

1.15
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset and 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.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

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

1.17
Taxation

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

Current tax

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

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.18
Retirement benefits

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

1.19
Share-based payments
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 21 -

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the c ompany as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognised over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity.'

1.20
Leases

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

1.21
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

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

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

No judgements have been considered to have a significant effect on amounts recognised in the financial statements.

No estimates or underlying assumptions have been considered to have a significant effect on amounts recognised in the financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
23,078,399
14,566,858
Rendering of services
2,273,506
1,492,185
25,351,905
16,059,043
2024
2023
£
£
Other revenue
Interest income
269
-
Grants received
8,840
5,840
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the period is stated after charging/(crediting):
Exchange losses/(gains)
232
(1,015)
Government grants
(8,840)
(5,840)
Depreciation of owned tangible fixed assets
271,587
208,517
Amortisation of intangible assets
19,420
10,537
Share-based payments
-
187,744
Operating lease charges
827,683
532,617
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 23 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,500
3,000
Audit of the financial statements of the company's subsidiaries
27,000
24,600
29,500
27,600
For other services
All other non-audit services
4,500
-
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
165
125
-
-
Administration and support
34
36
-
-
Management
4
9
-
-
Total
203
170
0
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,196,431
6,157,458
-
0
-
0
Social security costs
979,896
518,106
-
-
Pension costs
475,045
401,709
-
0
-
0
11,651,372
7,077,273
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
45,096
30,064
Company pension contributions to defined contribution schemes
30,046
20,070
75,142
50,134
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 24 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
269
-
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
15,592
3,689
Interest on finance leases and hire purchase contracts
-
430
Total finance costs
15,592
4,119
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(218,785)
Adjustments in respect of prior periods
34,273
(6,714)
Total current tax
34,273
(225,499)
Deferred tax
Origination and reversal of timing differences
3,155
3,431
Changes in tax rates
-
0
5,029
Adjustment in respect of prior periods
-
0
(30,859)
Total deferred tax
3,155
(22,399)
Total tax charge/(credit)
37,428
(247,898)
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
10
Taxation
(Continued)
- 25 -

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

2024
2023
£
£
(Loss)/profit before taxation
(1,482,365)
179,426
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
(370,591)
35,885
Tax effect of expenses that are not deductible in determining taxable profit
2,969
332,516
Tax effect of income not taxable in determining taxable profit
(2,210)
(710,697)
Tax effect of utilisation of tax losses not previously recognised
-
0
323,421
Change in unrecognised deferred tax assets
361,726
-
0
Adjustments in respect of prior years
34,273
(34,069)
Effect of change in corporation tax rate
-
5,029
Group relief
-
0
(222,286)
Permanent capital allowances in excess of depreciation
-
0
8,410
Depreciation on assets not qualifying for tax allowances
11,261
-
Research and development tax credit
-
0
(16,697)
Share based payment charge
-
0
37,549
Effect of super deduction
-
0
(6,959)
Taxation charge/(credit)
37,428
(247,898)
11
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary 'A' shares
Interim paid
2.04
1.93
55,056
52,087
Ordinary 'B' shares
Interim paid
28.41
4.80
736,671
124,464
Ordinary 'C' shares
Interim paid
0.82
-
16,690
-
Ordinary 'D' shares
Interim paid
3.28
-
43,942
-
Total dividends
Interim dividends paid
852,359
176,551
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 26 -
12
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 June 2023
10,000
2,275,693
2,285,693
Additions
-
0
95,873
95,873
At 30 November 2024
10,000
2,371,566
2,381,566
Amortisation and impairment
At 1 June 2023
10,000
2,229,827
2,239,827
Amortisation charged for the period
-
0
19,420
19,420
At 30 November 2024
10,000
2,249,247
2,259,247
Carrying amount
At 30 November 2024
-
0
122,319
122,319
At 31 May 2023
-
0
45,866
45,866
The company had no intangible fixed assets at 30 November 2024 or 31 May 2023.
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
403,717
910,952
1,427,325
88,902
2,830,896
Additions
-
0
45,931
105,089
66
151,086
At 30 November 2024
403,717
956,883
1,532,414
88,968
2,981,982
Depreciation and impairment
At 1 June 2023
374,859
730,388
983,153
64,042
2,152,442
Depreciation charged in the period
10,054
59,919
183,501
18,113
271,587
At 30 November 2024
384,913
790,307
1,166,654
82,155
2,424,029
Carrying amount
At 30 November 2024
18,804
166,576
365,760
6,813
557,953
At 31 May 2023
28,858
180,564
444,172
24,860
678,454
The company had no tangible fixed assets at 30 November 2024 or 31 May 2023.
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 27 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
249,180
249,180
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 30 November 2024
249,180
Carrying amount
At 30 November 2024
249,180
At 31 May 2023
249,180
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Peacocks Medical Group Limited
England and Wales
Provision of orthotics
Ordinary
100.00
Peacocks (Surgical and Medical Equipment) Limited
England and Wales
Supply of surgical and medical equipment
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Other inventories
826,025
693,544
-
-
Work in progress
210,614
43,588
-
-
Finished goods and goods for resale
660,508
475,989
-
0
-
0
1,697,147
1,213,121
-
-
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 28 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,956,012
2,207,953
-
0
-
0
Corporation tax recoverable
51,527
311,547
-
0
-
0
Amounts owed by group undertakings
-
-
18,057
213
Other debtors
1,569,181
1,147,046
33,750
33,750
Prepayments and accrued income
872,426
624,220
-
0
-
0
5,449,146
4,290,766
51,807
33,963
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
19
110,000
-
0
-
0
-
0
Trade creditors
3,055,268
2,329,259
-
0
-
0
Other taxation and social security
442,307
367,458
-
-
Deferred income
21
270,016
270,206
-
0
-
0
Accruals and deferred income
277,096
192,472
-
0
-
0
4,154,687
3,159,395
-
0
-
0
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
110,000
-
0
-
0
-
0
Payable within one year
110,000
-
0
-
0
-
0

Included in other borrowings is a receivable finance agreement with HSBC plc which is secured by way of a first fixed charge and security assignment over the receivables and bank accounts. The amount outstanding at the period end was £110,000 (202 3 - £nil).

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 29 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
68,667
81,585
Tax losses
(15,946)
(11,069)
Retirement benefit obligations
(2,961)
(6,386)
R&D expenditure credits
-
(17,525)
49,760
46,605
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 1 June 2023
46,605
-
Charge to profit or loss
3,155
-
Liability at 30 November 2024
49,760
-
21
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
-
8,840
-
-
Other deferred income
270,016
261,366
-
-
270,016
270,206
-
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
475,045
401,709

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
22
Retirement benefit schemes
(Continued)
- 30 -

Included in the statement of financial position are unpaid pension contributions of £75,117 (202 3 - £47,159).

23
Share-based payment transactions

The group granted options during the year under an EMI Share Option scheme to act as an incentive to key employees. The options granted comprised of options over two share classes, Ordinary C Shares and Ordinary D Shares.

The C shareholders will have a right to a percentage of the yearly profitability of its subsidiary Peacocks Medical Group Limited which will be paid as a dividend each year. The C shareholders have the right to receive a capital return in excess of a pre-determined minimum proceed value in the event of a sale of its subsidiary Peacocks Medical Group Limited.

Options over the C shares will vest immediately and be capable of exercise from the date of grant. These options were exercised at the participants discretion.

The D shareholders will have a right to a percentage of the yearly profitability of its subsidiary Peacocks (Surgical and Medical Equipment) Limited which will be paid as a dividend each year. The D shareholders have the right to receive a capital return in the event of a sale of its subsidiary Peacocks (Surgical and Medical Equipment) Limited.

Options over the D shares will vest immediately and be capable of exercise from the date of grant. These options were exercised at the participants discretion.

Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 June 2023
-
-
-
-
Granted
-
33,750
-
1.00
Exercised
-
(33,750)
-
1.00
Outstanding at 30 November 2024
-
-
-
-
Exercisable at 30 November 2024
-
-
-
-

There were no options outstanding at 30 November 2024.

Group
Company
2024
2023
2024
2023
£
£
£
£
Expenses recognised in the period
Arising from equity settled share based payment transactions
-
187,744
-
-
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 31 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
26,988
26,988
26,988
26,988
Ordinary 'B' shares of £1 each
25,930
25,930
25,930
25,930
Ordinary 'C' shares of £1 each
20,353
20,353
20,353
20,353
Ordinary 'D' shares of £1 each
13,397
13,397
13,397
13,397
Ordinary 'F' shares of £1 each
100
100
100
100
86,768
86,768
86,768
86,768

During the prior year the company re-designated the share capital from ordinary shares to A and B ordinary shares. Both the A and B ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

During the year the company allotted both C and D shares following the exercise of options by the option holder. The exercise price was £1 per share which was the value at par.

The C and D shares are non-voting shares. The C and D shares have a right to dividends based on underlying profitability of individual subsidiary entities.

Also during the year there was a bonus issue of F shares equal to 100 £1 shares. The F shares are dividend only shares and have no voting rights nor rights to capital.

25
Reserves
Equity reserve

The cumulative profits and losses net of cumulative dividends.

Merger reserve

This reserve represents the difference between the nominal value of shares issued by the company to effect the group reconstruction and the nominal value of the shares received in exchange.

26
Financial commitments, guarantees and contingent liabilities

The company, together with its subsidiary undertakings, is party to an Omnibus Guarantee and Set-Off agreement with Lloyds Bank plc. These arrangements incorporate a fixed and floating charge over the assets of the company and its subsidiary undertakings and a Letter of Set-Off in respect of their indebtedness to the bank. The aggregate amount outstanding at the balance sheet date to which these arrangements relate was £nil (202 3: £nil), of which £nil (202 3: £nil) is recognised as a liability in the company's financial statements.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 32 -
27
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
349,916
290,822
-
-
Between two and five years
668,493
337,422
-
-
In over five years
118,333
-
-
-
1,136,742
628,244
-
-
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
598,553
397,315
Transactions with related parties

During the period, the group undertook transactions with PODFO Limited ('PODFO'), a related party with shareholders and directors in common. The company recharged £37,791 (202 3: £41,764) to PODFO in respect of shared costs. During the period the group purchased goods from PODFO totalling £299,964 (202 3: £149,382). At the balance sheet date, total amounts owed from PODFO in respect of these transactions were £171,389 (202 3: £73,260) included in debtors.

The group has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

29
Directors' transactions

Dividends totalling £791,727 (2023 - £0) were paid in the period in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
C D Peacock - Loan account
-
819,866
578,607
(764,615)
633,858
J C Peacock - Loan account
-
27,940
79,086
(62,784)
44,242
847,806
657,693
(827,399)
678,100
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 33 -
30
Controlling party

The ultimate controlling party is J C Peacock.

31
Cash absorbed by group operations
2024
2023
£
£
(Loss)/profit for the period after tax
(1,519,793)
427,324
Adjustments for:
Taxation charged/(credited)
37,428
(247,898)
Finance costs
15,592
4,119
Investment income
(269)
-
0
Amortisation and impairment of intangible assets
19,420
10,537
Depreciation and impairment of tangible fixed assets
271,587
208,517
Equity settled share based payment expense
-
187,744
Movements in working capital:
Increase in stocks
(484,026)
(322,425)
Increase in debtors
(1,418,400)
(372,153)
Increase/(decrease) in creditors
885,482
(2,589,740)
(Decrease)/increase in deferred income
(190)
166,930
Cash absorbed by operations
(2,193,169)
(2,527,045)
32
Analysis of changes in net funds - group
1 June 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
3,463,568
(2,972,063)
491,505
Borrowings excluding overdrafts
-
(110,000)
(110,000)
3,463,568
(3,082,063)
381,505
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