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Registered number: 05256574 Peritum Ltd Directors' Report and Financial Statements For the year ended 31 December 2024
Peritum Ltd
Company Information
Directors | A J Bowser
| S Gogna
| D Hall
| M R Lord
| J Porter
Registered number | 05256574
Registered office | Block G1 Dandy Bank Road
| Pensnett Trading Estate
| Kingswinford
| DY6 7TD
Independent auditor | Dains Audit Limited
| 2 Chamberlain Square
| Birmingham
| B3 3AX
Peritum Ltd
Contents
| Page
Strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditor's report | 6 - 10
Statement of comprehensive income | 11
Balance sheet | 12
Statement of changes in equity | 13
Notes to the financial statements | 14 - 32
Peritum Ltd
Strategic report For the year ended 31 December 2024
Introduction
The Directors present their strategic report for the year ended 31 December 2024.
Business review
The principal activity of the Company in the year under review was that of a specialist provider of products and services to the Commercial Garage Sector. Peritum Ltd has delivered a 26% increase in turnover and a 27% increase in gross profit to £8,207,426 (2023 - £6,449,130). The turnover increase is primarily generated from the organic growth within the Company. The Company has generated earnings before interest, depreciation and amortisation (EBITDA) of £2,392,283 (2023 - £1,908,155) and profit after tax of £1,555,015 (2023 - £1,222,642). The Directors are constantly assessing the market in which the Company operates and are making changes, as necessary, when and where required to maximise the Company’s potential. System and process enhancements are part of this conscious improvement cycle, as is the recruitment of experienced staff. The Directors anticipate a further improvement in trading throughout 2025 and beyond, as we continue with adding more products to the portfolio and making improvements to our service offering to our customers.
Future Developments
The Directors anticipate minor changes in the sector over the next few years, as we see a slow move away from diesel/petrol to electric/hydrogen and they will continue to assess the opportunities in the market and will continue to invest in research and development, system and process enhancements and appropriate skilled staff to ensure the business is at the forefront of the key players in the industry.
Principal risks and uncertainties
Financial Risk Management The Company’s operation exposes it to a variety of financial risks that include effects of credit risk and liquidity risk. The Directors seek to limit the effects on the financial performance of the Company by monitoring levels of exposure to financial risk. Credit risk The Company has implemented policies and procedures that require credit checks and monitoring on potential customers before and during trading. Measures are put in place to reduce the finance given to companies with below average credit ratings.
Financial key performance indicators
The Directors consider that the key financial indicators are turnover, gross profit and profit before tax. The turnover has increased by £5,310,382 in 2024, a 26% increase. The gross profit increased by £1,758,296, a 27% increase, giving a margin of 32.3% (32.0% - 2023). Profit before Tax in 2024 is £1,709,927 compared to £1,389,555 in 2023. Page 1
Peritum Ltd
Strategic report (continued) For the year ended 31 December 2024
Other key performance indicators
The Directors closely monitor complaints and returns to ensure that high quality and customer service are maintained. This report was approved by the board and signed on its behalf.
___________________________ D Hall Director
Date: 6 March 2026
Page 2
Peritum Ltd
Directors' report For the year ended 31 December 2024 The Directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the Company in the year under review was that of specialist provider of products and services to the Commercial Garage Sector.
Results and dividends
The profit for the year, after taxation, amounted to £1,557,794 (2023 - £1,222,642). The Company paid dividends of £550,000 in the year (2023 - £72,000).
Directors
The Directors who served during the year were:
A J Bowser
S Gogna
D Hall
M R Lord
J Porter
Matters covered in the Strategic report
The following disclosures as required by S414C(11) have been elevated to the Strategic Report: - Principal risks and uncertainties - Future Developments
Going Concern
These financial statements have been prepared on a going concern basis. The Directors consider this treatment appropriate as the Company has access to sufficient cash reserves, providing substantial headroom to absorb any uncertainties in future cash flows. Accordingly, the Directors are satisfied that the Company will continue to meet its obligations as they fall due. In forming this assessment, the Directors have prepared detailed trading forecasts and cash flow projections covering a period to December 2030. Furthermore, in February 2026, the Directors, together with the wider Group, secured a new Group finance facility which has replaced part of the existing facility and created substantial additional financial headroom. The Directors have also taken into account the principal risks and uncertainties outlined in the strategic report accompanying these financial statements. Based on these considerations, the Directors are confident that the Company is well positioned for the future and that it will be able to operate within the revised financing arrangements. They therefore conclude that it remains appropriate to prepare the financial statements on a going concern basis. Page 3
Peritum Ltd
Directors' report (continued) For the year ended 31 December 2024
Post balance sheet events
In February 2026 the company and wider group has negotiated a new group finance facility which has replaced part of the existing facility and created substantial additional financial headroom.
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 judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
Disclosure of information to auditor
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 auditor is 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 auditor is aware of that information. Page 4
Peritum Ltd
Directors' report (continued) For the year ended 31 December 2024
Auditor
The auditor, Dains Audit 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.
___________________________ D Hall Director
Date: 6 March 2026
Page 5
Peritum Ltd
Independent auditor's report to the members of Peritum Ltd
Opinion
We have audited the financial statements of Peritum Ltd (the 'Company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, 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 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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. Page 6
Peritum Ltd
Independent auditor's report to the members of Peritum Ltd (continued)
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.
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. Page 7
Peritum Ltd
Independent auditor's report to the members of Peritum Ltd (continued)
Responsibilities of the management committee
As explained more fully in the directors' responsibilities statement set out on page 4, 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 8
Peritum Ltd
Independent auditor's report to the members of Peritum Ltd (continued)
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with Directors and other management, and from our commercial knowledge and experience of the sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. Page 9
Peritum Ltd
Independent auditor's report to the members of Peritum Ltd (continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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. Mark Gurney FCCA (senior statutory auditor) for and on behalf of Dains Audit Limited Statutory Auditor Chartered Accountant Birmingham 6 March 2026 Page 10
Peritum Ltd
Profit and loss account For the year ended 31 December 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 25,449,098 | 20,138,716
Cost of sales |  | (17,241,672) | (13,689,586)
Gross profit |  | 8,207,426 | 6,449,130
Administrative expenses |  | (6,277,492) | (4,926,019)
Operating profit | 5 | 1,929,934 | 1,523,111
Interest receivable and similar income | 9 | - | 1,755
Interest payable and similar expenses | 10 | (220,007) | (135,311)
Profit before tax |  | 1,709,927 | 1,389,555
Tax on profit | 11 | (152,133) | (166,913)
Profit for the financial year |  | 1,557,794 | 1,222,642
There were no recognised gains and losses for 2024 or 2023 other than those included in the profit and loss account.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 14 to 32 form part of these financial statements.
Page 11
Peritum Ltd Registered number:05256574
Balance sheet As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 51,732 |  | 9,176
Tangible assets | 14 |  | 1,361,299 |  | 733,202
|  |  | 1,413,031 |  | 742,378
Current assets |  |  |  |  |
Stocks | 15 | 4,290,060 |  | 2,378,233 |
Debtors: amounts falling due within one year | 16 | 9,288,186 |  | 7,396,226 |
Cash at bank and in hand | 17 | 225,713 |  | 277,497 |
|  | 13,803,959 |  | 10,051,956 |
Creditors: amounts falling due within one year | 18 | (9,231,793) |  | (6,267,046) |
Net current assets |  |  | 4,572,166 |  | 3,784,910
Total assets less current liabilities |  |  | 5,985,197 |  | 4,527,288
Creditors: amounts falling due after more than one year | 19 |  | (701,370) |  | (400,255)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 |  | (325,000) |  | (176,000)
Net assets |  |  | 4,958,827 |  | 3,951,033
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 8,143 |  | 8,143
Capital redemption reserve | 23 |  | 6,144 |  | 6,144
Profit and loss account | 23 |  | 4,944,540 |  | 3,936,746
Shareholders' funds |  |  | 4,958,827 |  | 3,951,033
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
___________________________ D Hall
Director
Date: 6 March 2026
The notes on pages 14 to 32 form part of these financial statements. Page 12
Peritum Ltd
Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 8,143 | 6,144 | 2,786,104 | 2,800,391
Profit for the year | - | - | 1,222,642 | 1,222,642
Dividends | - | - | (72,000) | (72,000)
At 1 January 2024 | 8,143 | 6,144 | 3,936,746 | 3,951,033
Profit for the year | - | - | 1,557,794 | 1,557,794
Contributions by and distributions to owners |  |  |  |
Dividends | - | - | (550,000) | (550,000)
At 31 December 2024 | 8,143 | 6,144 | 4,944,540 | 4,958,827
| The notes on pages 14 to 32 form part of these financial statements.
Page 13
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
1. | General information
Peritum Ltd is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The Company's registered number is 05256574 and its registered office is Block G1, Dandy Bank Road, Pensnett Trading Estate, Kingswinford, DY6 7TD. The nature of the company's operation and its principal activities are set out in the strategic report and directors' report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of CVW SPV Limited as at 31 December 2024 and these financial statements may be obtained from Block G1, Dandy Bank Road, Pensnett Trading Estate, Kingswinford, DY6 7TD. Page 14
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.3 | Going concern
These financial statements have been prepared on a going concern basis. The Directors consider this treatment appropriate as the Company has access to sufficient cash reserves, providing substantial headroom to absorb any uncertainties in future cash flows. Accordingly, the Directors are satisfied that the Company will continue to meet its obligations as they fall due. In forming this assessment, the Directors have prepared detailed trading forecasts and cash flow projections covering a period to December 2030. Furthermore, in February 2026, the Directors, together with the wider Group, secured a new Group finance facility which has replaced part of the existing facility and created substantial additional financial headroom. The Directors have also taken into account the principal risks and uncertainties outlined in the strategic report accompanying these financial statements. Based on these considerations, the Directors are confident that the Company is well positioned for the future and that it will be able to operate within the revised financing arrangements. They therefore conclude that it remains appropriate to prepare the financial statements on a going concern basis.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. The financial statements are rounded to the nearest £. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 15
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Page 16
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 17
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.12 | Intangible assets
Patents and licences are capitalised and written off on a straight line basis over 5 years which the company considers to be their estimated useful life. Software costs are capitalised and written off on a straight line basis over 3 years, which the company considers to be their estimated useful life.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | 33% | straight line
|  |  |  | Plant and machinery | - | 33% | straight line
|  |  |  | Motor vehicles | - | 33% | straight line
|  |  |  | Office equipment | - | 33% | straight line
|  |  |  | Computer equipment | - | 33% | straight line
|  |  |  | Demo stock | - | 33% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Page 18
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.17 | 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.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 19
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 20
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.20 | 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. Page 21
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The Company has no critical judgements. Key source of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The management has concluded that there is no key source of estimation uncertainty which has a significant effect on the amounts recognised in the financial statements.
4. | Turnover
The whole of the turnover is attributable to the Company's principal activities. Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 25,449,098 | 20,138,716
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 13,685 | 12,861
| Other operating lease rentals | 142,253 | 106,940
| Amortisation of intangible assets | 5,647 | -
| Depreciation of tangible fixed assets | 456,702 | 385,044
Page 22
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 26,570 | 18,495
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 3,961,557 | 3,141,548
| Social security costs | 482,651 | 383,860
| Cost of defined contribution scheme | 171,602 | 118,913
|  | 4,615,810 | 3,644,321
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Engineers | 33 | 28
|  | Warehouse | 9 | 7
|  | Sales Functions | 19 | 15
|  | Support Functions | 36 | 22
|  |  | 97 | 72
Page 23
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
8. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 438,415 | 400,308
| Company contributions to defined contribution pension schemes | 52,402 | 36,960
|  | 490,817 | 437,268
| During the year retirement benefits were accruing to 5 Directors (2023 - 4) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £111,573 (2023 - £112,637).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £15,396 (2023 - £13,239).
9. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | - | 1,755
10. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 10,184 | -
| Other loan interest payable | 135,378 | 76,862
| Finance leases and hire purchase contracts | 74,152 | 58,449
| Other interest payable | 293 | -
|  | 220,007 | 135,311
Page 24
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
11. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 4,221 | 150,905
| Adjustments in respect of previous periods | (1,088) | 8
| Total current tax | 3,133 | 150,913
| Deferred tax |  |
| Origination and reversal of timing differences | 149,000 | 16,000
| Total deferred tax | 149,000 | 16,000
| Tax on profit | 152,133 | 166,913
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the effective rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit before tax | 1,709,927 | 1,389,555
| Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 427,482 | 326,823
| Effects of: |  |
| Expenses not deductible for tax purposes | 820 | 156
| Fixed asset differences | 862 | (3,277)
| Adjustments to tax charge in respect of prior periods | (1,088) | 8
| Remeasurement of deferred tax for changes in tax rates | - | 940
| Other timing differences | 2,682 | (2,037)
| Group relief | (278,156) | (155,700)
| Marginal relief | (469) | -
| Total tax charge for the year | 152,133 | 166,913
Page 25
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024 11.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends (£0.6754 per share (2023: £0.0884)) | 550,000 | 72,000
13. | Intangible assets
|  | Patents and licences | Computer software | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 9,176 | - | 9,176
| Additions | - | 5,874 | 5,874
| Transfers between classes | - | 42,329 | 42,329
| At 31 December 2024 | 9,176 | 48,203 | 57,379
| Amortisation |  |  |
| Charge for the year on owned assets | - | 5,647 | 5,647
| At 31 December 2024 | - | 5,647 | 5,647
| Net book value |  |  |
| At 31 December 2024 | 9,176 | 42,556 | 51,732
| At 31 December 2023 | 9,176 | - | 9,176
Page 26
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
14. | Tangible fixed assets
|  | Leasehold improvements | Plant and machinery | Major repair fleet and motor vehicles | Office and computer equipment | Demo stock | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 January 2024 | 246,792 | 118,124 | 969,341 | 551,515 | 16,527 | 1,902,299
| Additions | 20,305 | 113,653 | 955,031 | 29,533 | 29,899 | 1,148,421
| Transfers intra group | 6,683 | - | 2,833 | 1,020 | - | 10,536
| Disposals | - | - | (129,563) | - | - | (129,563)
| Transfers between classes | - | - | - | - | (42,329) | (42,329)
| At 31 December 2024 | 273,780 | 231,777 | 1,797,642 | 582,068 | 4,097 | 2,889,364
| Depreciation |  |  |  |  |  |
| At 1 January 2024 | 169,441 | 103,016 | 423,615 | 473,025 | - | 1,169,097
| Charge for the year | 24,697 | 10,009 | 41,225 | 36,035 | - | 111,966
| Charge for the year on financed assets | 11,596 | 4,737 | 323,215 | 5,188 | - | 344,736
| Disposals | - | - | (97,734) | - | - | (97,734)
| At 31 December 2024 | 205,734 | 117,762 | 690,321 | 514,248 | - | 1,528,065
| Net book value |  |  |  |  |  |
| At 31 December 2024 | 68,046 | 114,015 | 1,107,321 | 67,820 | 4,097 | 1,361,299
| At 31 December 2023 | 77,351 | 15,108 | 545,726 | 78,490 | 16,527 | 733,202
Page 27
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024 14.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Plant and machinery | 134,617 | 63,192
| Major repair fleet and motor vehicles | 1,080,902 | 493,190
|  | 1,215,519 | 556,382
15. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 3,436,120 | 2,358,214
| Stock in transit | 853,940 | 20,019
|  | 4,290,060 | 2,378,233
16. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 3,541,907 | 1,985,398
| Amounts owed by group undertakings | 5,219,985 | 4,302,782
| Other debtors | 29,525 | 33,322
| Prepayments and accrued income | 496,769 | 1,074,724
|  | 9,288,186 | 7,396,226
| The amounts owed by group undertakings above are unsecured, interest free and have no repayment date and are repayable on demand.
Page 28
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
17. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 225,713 | 277,497
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 3,299,720 | 3,889,266
| Amounts owed to group undertakings | 100 | 104,044
| Corporation tax | 167,355 | 149,875
| Other taxation and social security | 1,789,672 | 240,920
| Obligations under finance lease and hire purchase contracts | 628,116 | 223,658
| Other creditors | 2,526,707 | 1,038,987
| Accruals and deferred income | 820,123 | 620,296
|  | 9,231,793 | 6,267,046
| Amounts owed by group undertakings are unsecured, interest free, have no repayment date and are repayable on demand. Included in other creditors is a £2,081,593 invoicing facility liability (2023 - £998,397). Invoicing facility liability is secured over the assets of the company. Obligations under hire purchase contracts are secured on the assets to which they relate.
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 701,370 | 400,255
| Obligations under hire purchase contracts are secured on the assets to which they relate.
Page 29
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within one year | 628,116 | 223,658
| Between 1-5 years | 701,370 | 400,255
|  | 1,329,486 | 623,913
21. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (176,000) | (160,000)
| Charged to profit or loss | (149,000) | (16,000)
| At end of year | (325,000) | (176,000)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (328,000) | (179,000)
| Short term timing differences | 3,000 | 3,000
|  | (325,000) | (176,000)
22. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 814,285 (2023 - 814,285) Ordinary shares of £0.01 each | 8,143 | 8,143
Page 30
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
23. | Reserves
Capital redemption reserve Capital redemption reserve is a statutory, non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own share. Profit and loss account The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £171,602 (2023 - £118,913). Contributions totaling £26,611 (2023 - £21,395) were payable to the fund at the balance sheet date and are included in creditors.
25. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 176,074 | 185,631
| Later than 1 year and not later than 5 years | 704,296 | 704,296
| Later than 5 years | 983,080 | 1,159,154
|  | 1,863,450 | 2,049,081
26. | Related party transactions
| The Company has taken advantage of the exemption available in Financial Reporting Standard 102, section 33 'Related Party Disclosure' not to disclose transactions with companies in the group headed by CVW SPV Limited, where any subsidiary which is a party to the transaction is wholly owned and the company results are included in their publicly available consolidated financial statements.
27. | Post balance sheet events
In February 2026 the company and wider group has negotiated a new group finance facility which has replaced part of the existing facility and created substantial additional financial headroom. Page 31
Peritum Ltd
Notes to the financial statements For the year ended 31 December 2024
28. | Controlling Party
At 31 December 2024, the immediate parent undertaking is Peritum Group Limited, a Company incorporated in the United Kingdom and registered in England and Wales. Copies of the financial statements for Peritum Group Limited can be obtained from its registered office, Block G1, Dandy Bank Road, Pensnett Trading Estate, Kingswinford, DY6 7TD. At 31 December 2024, the ultimate parent undertaking is CVW SPV Limited, a company incorporated in the United Kingdom and registered in England and Wales. The parent undertaking of the smallest group to consolidate their financial statements is CVW SPV Limited, a company incorporated in England and Wales and registered in England and Wales. Copies of these financial statements can be obtained from Block G1, Dandy Bank Road, Pensnett Trading Estate, Kingswinford, DY6 7TD. At 31 December 2024, the Directors considered there to be no ultimate controlling party.
Page 32