Registration number:
Perrys Holdings Limited
for the Year Ended 31 December 2022
Perrys Holdings Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
|
Parent Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Parent Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Perrys Holdings Limited
Company Information
Directors |
Mr CJ Perry Mr MA Perry Ms S J Perry Mr I Cook |
Registered office |
|
Auditors |
|
Perrys Holdings Limited
Strategic Report for the Year Ended 31 December 2022
The directors present their strategic report for the year ended 31 December 2022.
Principal activity
The principal activity of the company is providing Recycling Led Waste Management, Security Shredding & Waste to Energy Service to customers throughout the Southwest. With a 20% shareholding in The Shredding Alliance Ltd, enables us to provide a shredding & recycling service to customers nationwide.
Fair review of the business
These last few years have been challenging and continually improving our business continuity plans and services to our customers. We would like to thank our loyal - staff, customers, suppliers, recycling outlets and stakeholders supporting the business and community.
We continue to invest in staff, renewable sourced energy, environmentally efficient transport and equipment. Enabling us to provide an ethical, reliable and personal services and customer compliance with Data Protection (GDPR), Health & Safety, Environmental Regulations, enabling us to continue to provide ethical, reliable, safe and sustainable services to our customers.
The family business and the directors plan to continue promoting the successful business model with a strong balance sheet and increasing demand for recycling, security shredding, waste to energy and NET ZERO environmental services.
At close of business on 31 December 2022 all of the business, assets and liabilities of Evergreen Facilities Management (UK) Ltd were transferred to its sister company Perrys Recycling Limited, whose services include all of those available through Evergreen. On the face of it, customers will not notice any change as we continue to trade as Evergreen Secure Shredding + Recycling from the same depot in Avonmouth and all of their points of contact will stay the same. However, behind the scenes, this merger will deliver enhanced business resilience with the back up of depots in Yeovil, Bridgwater and Bideford, covering the whole of the South West, as well as National coverage via The Shredding Alliance of which Perrys are shareholder members. This agreement will enable us to remove the duplicated costs of memberships, accreditations and back-office systems which in turn will facilitate continued investment in staff, plant & equipment and customer service.
The group's key financial and other performance indicators during the year were as follows:
Unit |
2022 |
2021 |
|
Gross margin |
% |
46 |
48 |
Current assets over current liabilities |
% |
480 |
448 |
Perrys Holdings Limited
Strategic Report for the Year Ended 31 December 2022
Principal risks and uncertainties
The group operates with a range of customers and grades minimising the exposure risk to individual market sectors. The group also has a good relationship to ensure the provision of quality recyclable materials to processing mills in the UK, Europe and Globally. Therefore, in conjunction with a strong balance sheet, enabling us to continue to provide a specialised and sustainable services to our customers.
The group continues to operate in a competitive marketplace which we seek to manage through geographical, customer and industry spread alongside continued investment regionally, within the South West, in our shredding and recycling depots and nationally through The Shredding Alliance Ltd.
Continued compliance with all applicable regulations and laws is managed through robust management systems which are audited and accredited regularly and investment in staff qualifications and training.
Approved by the
Director
Perrys Holdings Limited
Directors' Report for the Year Ended 31 December 2022
The directors present their report and the for the year ended 31 December 2022.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The directors are responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage the key risks.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk – The group is exposed to price risk as a result of its operations. However, given the size of the group’s operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group’s operations change in size or nature. The group has no exposure to equity securities price risk as it holds no listed or other equity investments.
Credit risk – The group’s credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers, monitoring changes in credit ratings and by monitoring receipts against payment terms.
Liquidity risk – The group monitors cash flow as part of its normal activities. The directors consider cash flow projections on a monthly basis and ensure that facilities are available to be drawn as necessary.
Interest rate cash flow risk – The company has fixed interest bearing liabilities only and is therefore not exposed to increases in interest rates.
Future developments
We are looking to grow our business building on our successful business model and our excellent reputation for service, communication and quality amongst our widespread customer base and recycling outlets, through the continued investment in staff and more efficient equipment and technologies in order to improve processing, communication, customer service and reduce our environmental impact.
We are Future NET ZERO standard certified in line with GHG Protocol and continually monitoring and reducing our carbon footprint by updating and maintaining our vehicle fleet and mobile plant, and looking at all options available in new technologies – i.e. sourcing renewable energy, Solar panels, Euro 6E engines, hydrogen, and electric vehicles , - to reduce our carbon footprint by 50 % by 2030 and NET ZERO by 2050, in line with science based targets set out by the UNFCCC. We are also providing our customers with carbon reports for material recycled and sent to waste to energy recovery, supporting their journey towards NETZERO environmental compliance.
Perrys Holdings Limited
Directors' Report for the Year Ended 31 December 2022
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
|
Perrys Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the 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 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; and |
• |
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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Perrys Holdings Limited
Independent Auditor's Report to the Members of Perrys Holdings Limited
Opinion
We have audited the financial statements of Perrys Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Parent Balance Sheet, Consolidated Statement of Changes in Equity, Parent Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2022 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Perrys Holdings Limited
Independent Auditor's Report to the Members of Perrys Holdings Limited
We have nothing to report in this regard.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and 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 our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
Perrys Holdings Limited
Independent Auditor's Report to the Members of Perrys Holdings Limited
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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.
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Perrys Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2022
Note |
2022 |
2021 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
( |
|
Interest payable and similar expenses |
( |
( |
|
41,676 |
(29,723) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
The above results were derived from continuing operations.
The group has no recognised gains or losses for the year other than the results above.
Perrys Holdings Limited
(Registration number: 05997102)
Consolidated Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investment in associate |
|
|
|
Investments |
5,000 |
5,000 |
|
|
|
||
Current assets |
|||
Stocks |
404,723 |
355,410 |
|
Debtors |
1,310,412 |
1,286,389 |
|
Cash at bank and in hand |
3,903,675 |
3,852,961 |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Other reserves |
( |
( |
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Total equity |
|
|
Approved and authorised by the
|
Perrys Holdings Limited
(Registration number: 05997102)
Parent Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
The company made a profit after tax for the financial year of £413,655 (2021 - loss of £7,378).
Approved and authorised by the
|
Perrys Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2022
Equity attributable to the parent company
Share capital |
Revaluation reserve |
Merger reserve |
Profit and loss account |
Total |
|
At 1 January 2022 |
|
|
( |
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
( |
- |
|
- |
Total comprehensive income |
- |
( |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
At 31 December 2022 |
|
|
( |
|
|
Share capital |
Revaluation reserve |
Merger reserve |
Profit and loss account |
Total |
|
At 1 January 2021 |
|
|
- |
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
( |
- |
- |
( |
Total comprehensive income |
- |
( |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
New share capital subscribed |
|
- |
- |
- |
|
Merger adjustment, decrease in equity |
- |
- |
( |
- |
( |
At 31 December 2021 |
|
|
( |
|
|
Perrys Holdings Limited
Parent Statement of Changes in Equity for the Year Ended 31 December 2022
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
( |
|
- |
Total comprehensive income |
- |
( |
|
|
Dividends |
- |
- |
( |
( |
At 31 December 2022 |
|
|
|
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 January 2021 |
|
- |
|
|
Loss for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
( |
- |
( |
Total comprehensive income |
- |
( |
( |
( |
Dividends |
- |
- |
( |
( |
New share capital subscribed |
|
- |
- |
|
Transfers |
- |
436,020 |
(436,020) |
- |
At 31 December 2021 |
|
|
|
|
Perrys Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2022
Note |
2022 |
2021 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Profit from disposals of investments |
( |
( |
|
Finance income |
( |
|
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
Merger reserve |
- |
(1,284) |
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes (paid)/received |
( |
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
( |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
( |
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
3,852,961 |
3,289,219 |
|
Cash and cash equivalents at 31 December |
3,903,675 |
3,852,961 |
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention modified to include the revaluation of certain fixed assets, except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Summary of disclosure exemptions
The Company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102. para 1.12(b) not to present the Company Statement of Cash Flows.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Group reconstruction
Shares were issued on 31 December 2021 to effect a group reconstruction of Perrys Holdings Limited. Under the group reconstruction, Perrys Holdings Limited acquired the entire issued share capital of Evergreen Facilities Management (UK) Ltd, in exchange for shares in Perrys Holdings Limited in the same proportion to the existing shareholdings in Evergreen Facilities Management (UK) Limited.
The results of these transactions is a merger of all entities previously under common control with the same ultimate controlling party and the equity interests of the owners remaining the same.
The group reconstruction has been accounted for using merger accounting with the consolidated results and cash flows of the entities being included from the start of the financial period and all comparative information has been restated as if the group had always existed in its current form.
The directors consider that the group reconstruction met the requirements for merger accounting and in adopting this approach correctly disclosed the substance of the transaction. As such, true and fair override has been enacted in accordance with FRS 102 to presenting these financial statements using merger accounting.
Where merger accounting has been used, the acquired entities' assets and liabilities are not adjusted to fair value so no new goodwill arises and the entities' assets and liabilities are brought in at the amounts at which the entities recorded them in their books before the combination.
The differences between the nominal value of the shares issued plus the fair value of any other consideration given and the nominal value of the shares received in exchange is shown as a movement in other reserves.
Any existing balances on share premium account of the new subsidiary are brought in against other reserves. These movements are shown in the statement of changes in equity.
Any merger expenses are not shown against other reserves but are charged to the combined entities' profit and loss account in the consolidation.
Under merger accounting, the combined entities' results and financial positions are shown in the consolidated financial statements as if they had always been combined and the comparative numbers in the consolidation reflect this. This presentation is considered appropriate and there has been no change in the substance of the shareholders investment.
The ultimate shareholders of the parent and its subsidiaries remains the same and their rights relative to each other are unchanged. No minority's interest in the net assets of the group is altered by the transfer of shareholdings and reconstruction of the group.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2022.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £423,845 (2021 - loss of £7,378.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
Post year end a reduction in commodity prices for certain recyclable materials is having an impact on the recycling sector, against a background of lower generation and lower demand, mill downtime and closures around the world coupled with slow Chinese economy and weak economies in Europe. However, the directors are confident the business through bank reserves of the group and the current level of trading has adequate reserves and accordingly continues to prepare its financial statements on a going concern basis.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
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 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 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Group's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The Group recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Group's activities.
Government grants
Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Business combinations
Business combinations are accounted for using the purchase method or merger accounting as appropriate. For the purchase method the consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years |
Other intangible assets |
5 years |
Intangible assets
Subsidy entitlement rights, in connection with gaining entitlement rights for income support from the land owned, are held at fair value. The income received from the rights is recognised in other income when the proceeds are received or receivable.
Other intangible assets, being a website, are being amortised over 5 years as management perceives this to be the period in which the group will obtain economic benefits from the assets. The amortisation charged on the other intangible assets is recognised in administrative expenses within the Consolidated Profit and Loss Account.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Tangible assets
Tangible assets are stated in the Parent Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% - 10% straight line |
Improvements to property |
10% straight line |
Plant and machinery |
15% reducing balance |
Fixtures, fittings and equipment |
15% reducing balance or 25% straight line |
Motor vehicles and trailers |
20% reducing balance |
Freehold land held within freehold property is not depreciated.
Investment in associate
Investments in associates are measured at fair value with the original cost of the investment uplifted by the share of distributable reserves due to the company through the profit or loss account.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are 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.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Parent Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
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.
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.
Financial assets are derecognised when
a) the contractual rights to the cash flows from the asset expire or are settled, or
b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or
c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Basic financial liabilities, including trade and other payables and loans from fellow Group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of estimated cash flows discounted at the liability's original effective interest rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
2022 |
2021 |
|
Sale of goods |
|
|
Rendering of services |
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2022 |
2021 |
|
Government grants |
|
|
Rent receivable |
29,714 |
30,000 |
Other operating income |
10,260 |
13,363 |
|
|
Operating profit |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
|
Amortisation expense |
|
- |
Operating lease expense - plant and machinery and motor vehicles |
|
|
Gain on disposal of property, plant and equipment |
( |
( |
Government grants |
The amount of grants recognised in the financial statements was £564 (2021 - £
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Other interest receivable and similar income |
2022 |
2021 |
|
Interest income on bank deposits |
|
( |
Foreign exchange gains |
|
- |
Other finance income |
- |
|
|
( |
Interest payable and similar expenses |
2022 |
2021 |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest |
|
|
Foreign exchange losses |
- |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2022 |
2021 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2022 |
2021 |
|
Office |
|
|
Drivers, maintenance and warehouse |
|
|
Directors |
|
|
|
|
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Directors' remuneration |
The directors' remuneration for the year was as follows:
2022 |
2021 |
|
Remuneration |
|
|
Directors' pension contributions to money purchase schemes |
|
|
181,686 |
272,729 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2022 |
2021 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2022 |
2021 |
|
Audit of these financial statements |
5,030 |
4,575 |
Audit of the subsidiary financial statements |
12,025 |
11,135 |
|
|
|
Other fees to auditors |
||
Taxation compliance services |
|
|
All other assurance services |
|
|
|
|
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Taxation |
Tax charged/(credited) in the profit and loss:
2022 |
2021 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
- |
( |
82,045 |
166,223 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the profit and loss |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2021 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2022 |
2021 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Increase/(decrease) in UK and foreign current tax from unrecognised temporary difference from a prior period |
|
( |
Tax increase from effect of capital allowances and depreciation |
|
|
Tax increase from other short-term timing differences |
|
- |
Total tax charge |
|
|
On 3 March 2021, the Chancellor of the Exchequer announced that the main rate of corporation tax in the United Kingdom will rise to 25% with effect from 1 April 2023 for companies earning annual taxable profits in excess of £250,000. Companies earning annual taxable profits of £50,000 or less will continue to pay corporation tax at 19% with a marginal rate adjustment for companies earning annual taxable profits between the two levels. As a result of this announcement deferred tax has been calculated at 25%.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Deferred tax
Group
Deferred tax assets and liabilities
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
2021 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
Company
Deferred tax assets and liabilities
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
2021 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Intangible assets |
Group
Goodwill |
Subsidy entitlement rights |
Other intangible assets |
Total |
|
Cost or valuation |
||||
At 1 January 2022 |
|
|
- |
|
Additions acquired separately |
- |
- |
|
|
At 31 December 2022 |
|
|
|
|
Amortisation |
||||
At 1 January 2022 |
|
- |
- |
|
Amortisation charge |
- |
- |
|
|
At 31 December 2022 |
|
- |
|
|
Carrying amount |
||||
At 31 December 2022 |
- |
|
|
|
At 31 December 2021 |
- |
|
- |
|
Intangible assets carried at revalued amounts
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Group
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
Cost |
|||||
At 1 January 2022 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
- |
( |
( |
At 31 December 2022 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
( |
At 31 December 2022 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2022 |
|
|
|
|
|
At 31 December 2021 |
|
|
|
|
|
Included within the net book value of land and buildings above is £2,854,327 (2021 - £2,941,012) in respect of freehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2022 |
2021 |
|
Motor vehicles and trailers |
63,001 |
81,736 |
Plant and machinery |
206,507 |
170,186 |
269,508 |
251,922 |
Restriction on title and pledged as security
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Company
Land and buildings |
Total |
|
Cost |
||
At 1 January 2022 |
|
|
At 31 December 2022 |
|
|
Depreciation |
||
At 1 January 2022 |
|
|
Charge for the year |
|
|
At 31 December 2022 |
|
|
Carrying amount |
||
At 31 December 2022 |
|
|
At 31 December 2021 |
|
|
Included within the net book value of land and buildings above is £2,791,381 (2021 - £2,896,238) in respect of freehold land and buildings.
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Investments |
Group
2022 |
2021 |
|
Investments in associates |
|
|
Associates |
£ |
Fair value |
|
At 1 January 2022 |
130,640 |
Share of associate profit |
|
At 31 December 2022 |
147,858 |
Carrying amount |
|
At 31 December 2022 |
147,858 |
At 31 December 2021 |
130,640 |
Details of group undertakings
The group has a shareholding of 20% of the ordinary shares in the Shredding Alliance Holdings Limited (2021 - 20%). The principal activity of the company is the collection of non-hazardous waste. The company has a period end of the 31 March and its registered office is 842 Garstang Road, Barton, Preston, England, PR3 5AA.
Company
2022 |
2021 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost |
|
At 1 January 2022 |
|
At 31 December 2022 |
|
Carrying amount |
|
At 31 December 2022 |
|
At 31 December 2021 |
|
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2022 |
2021 |
Subsidiary undertakings |
||||
|
Rimpton Road, Marston Magna, Yeovil, Somerset, BA22 8DL |
Ordinary |
|
|
|
Unit 112 Burcott Road, Avonmouth, Bristol, Avon, BS11 8AF |
Ordinary |
|
|
Subsidiary undertakings
Perrys Recycling Limited The principal activity of Perrys Recycling Limited is |
Evergreen Facilities Management (UK) Ltd The principal activity of Evergreen Facilities Management (UK) Ltd is |
For the year ending 31 December 2022 the subsidiary Evergreen Facilities Management (UK) Ltd was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Fixed asset investments |
Group
Investments |
Total |
|
Cost |
||
At 1 January 2022 |
5,000 |
5,000 |
At 31 December 2022 |
5,000 |
5,000 |
Carrying amount |
||
At 31 December 2022 |
|
5,000 |
At 31 December 2021 |
|
5,000 |
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Stocks |
Group |
||
2022 |
2021 |
|
Finished goods and goods for resale |
|
|
Group
Impairment of inventories
The amount of impairment loss included in profit or loss is £Nil (2021 - £15,795). The impairment loss is included in purchases.
Debtors |
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
Trade debtors |
|
|
- |
- |
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
- |
- |
Prepayments and accrued income |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
|
|
|
|
|
|
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors |
Group |
Company |
||||
Note |
2022 |
2021 |
2022 |
2021 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Amounts due to related parties |
- |
|
- |
- |
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
Other creditors |
|
|
|
|
|
Other creditors, accruals & deferred income |
|
|
|
|
|
Corporation tax liability |
82,045 |
168,851 |
42,186 |
18,394 |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
Deferred tax and other provisions |
Group
Deferred tax |
Total |
|
At 1 January 2022 |
|
|
Increase in existing provisions |
|
|
At 31 December 2022 |
|
|
|
The group deferred tax liability has arisen due to differences between the net book value and tax written down value of assets on the group balance sheet, which includes the historic fair value reclassification of land and buildings from investment property which created the revaluation reserve. The provision is not expected to reverse significantly in the next twelve months although this is subject to estimation uncertainty.
Company
Deferred tax |
Total |
|
At 1 January 2022 |
|
|
At 31 December 2022 |
|
|
|
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
The company deferred tax liability has arisen upon the historic fair value reclassification of land and buildings from investment property which created the revaluation reserve. The provision is not expected to reverse significantly in the next twelve months although this is subject to estimation uncertainty.
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
4,500 |
|
4,500 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Reserves |
Group
Merger reserve
Arising on consolidation under merger accounting, this reserve represents the difference between the par value of shares issued plus the fair value of any consideration given and the nominal value of shares received in exchange net of any share premium reserves in subsidiaries.
Group and company
Revaluation reserve
This has arisen following the reclassification of an investment property as land and buildings at its fair value in accordance with FRS102.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Revaluation reserve |
Retained earnings |
Total |
|
Surplus/deficit on property, plant and equipment revaluation |
- |
|
|
Surplus/deficit on revaluation of other assets |
( |
- |
( |
( |
|
- |
|
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on property, plant and equipment revaluation |
( |
( |
|
Loans and borrowings |
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
Non-current loans and borrowings |
||||
Net obligations under finance lease and hire purchase contracts |
|
|
- |
- |
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
Current loans and borrowings |
||||
Net obligations under finance lease and hire purchase contracts |
|
|
- |
- |
Group
Other borrowings
Net obligations under finance lease and hire purchase contracts are denominated in Sterling with a nominal interest rate of 3.7% - 3.9%, and the final instalment is due on 17 February 2025. The carrying amount at year end is £255,376 (2021 - £320,979).
Loans are secured over the asset to which they relate.
Obligations under leases and hire purchase contracts |
Group
Hire purchases
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
The group has entered into hire purchase agreements. The loans in respect of the hire purchase agreements are secured against the assets to which they relate.
The total of future minimum lease payments is as follows:
2022 |
2021 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
2022 |
2021 |
|||
Interim dividend of £57 (2021 - £81) per each |
|
|
||
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Analysis of changes in net debt |
Group
At 1 January 2022 |
Financing cash flows |
At 31 December 2022 |
|
Cash and cash equivalents |
|||
Cash |
3,852,961 |
50,714 |
3,903,675 |
Borrowings |
|||
Lease liabilities |
320,979 |
(65,603) |
255,376 |
|
|||
|
( |
|
Related party transactions |
Group and company
Transactions with directors |
2022 |
At 1 January 2022 |
Advances to director |
At 31 December 2022 |
|
|||
During the year interest free loans were advanced which are repayable on demand |
|
|
|
2021 |
At 1 January 2021 |
Advances to director |
Repayments by director |
At 31 December 2021 |
|
||||
During the year interest free loans were advanced which are repayable on demand |
|
|
( |
|
Group
Summary of transactions with associates
Loans to related parties
Perrys Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
2022 |
Associates |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
- |
- |
|
2021 |
Associates |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Financial instruments |
Group
Categorisation of financial instruments
2022 |
2021 |
Financial assets that are debt instuments measured at amortised cost |
1,104,429 |
1,059,090 |
Financial liabilities measured at amortised cost |
721,232 |
781,129 |
Company
Categorisation of financial instruments
2022 |
2021 |
Financial assets that are debt instuments measured at amortised cost |
389,674 |
175,337 |