REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 30 June 2023 |
for |
Peratech Holdco Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 30 June 2023 |
for |
Peratech Holdco Ltd |
Peratech Holdco Ltd (Registered number: 08908953) |
Contents of the Financial Statements |
for the Period 1 October 2022 to 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Peratech Holdco Ltd |
Company Information |
for the Period 1 October 2022 to 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Kepier House |
Belmont Business Park |
Durham |
DH1 1TW |
Peratech Holdco Ltd (Registered number: 08908953) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Peratech Holdco Ltd (Registered number: 08908953) |
Balance Sheet - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Peratech Holdco Ltd (Registered number: 08908953) |
Notes to the Financial Statements |
for the Period 1 October 2022 to 30 June 2023 |
1. | STATUTORY INFORMATION |
Peratech Holdco Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
The accounting period was shortened to 30 June therefore the current period represents 9 months of trade and the prior period represents 12 months. |
Going Concern |
The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. However, the validity of the going concern basis is dependent upon the continued support of the company's creditors, directors and ongoing investment from existing shareholders. |
During the current and prior periods the company reached an agreement with investors to inject capital into the business to meet running costs for a further eighteen months. For this reason, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
If the company is unable to continue to trade, adjustments would be required to reduce the value of the assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. |
Preparation of consolidated financial statements |
The financial statements contain information about Peratech Holdco Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Section 1A "Small Entities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group or those concluded under normal market conditions. |
Peratech Holdco Ltd (Registered number: 08908953) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents net invoiced sale of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. |
Income Recognition |
Income is recognised at point of sale. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is recognised at cost less any provision for permanent diminution in value. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are measured at cost less accumulated depreciation and impairment. |
Stocks |
Stocks are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Peratech Holdco Ltd (Registered number: 08908953) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments in subsidiary undertakings are recognised at cost less any provision for permanent diminution in value. |
Share based payments |
Peratech Holdco Limited issues equity-settled share options to certain employees within the Company. Equity-settled share-based payment transactions are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of the grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting year, based on Peratech Holdco Limited's estimate of shares that will eventually vest, and adjusted for the effect of non market-based vesting conditions. |
Government grants |
Government grants received are matched with the expenditure incurred. Revenue grants are taken to the profit and loss account in the period the expense is incurred. Capital grants are released over the life of the related asset. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 June 2023 |
AMORTISATION |
At 1 October 2022 |
Amortisation for period |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 September 2022 |
Peratech Holdco Ltd (Registered number: 08908953) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 30 June 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for period |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 September 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 September 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
Peratech Holdco Ltd (Registered number: 08908953) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 30 June 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Convertible loan notes |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Directors' current accounts | 19,999 | - |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: |
Class: |
Nominal value: |
2023 £ |
2022 £ |
243,490 | Ordinary | £1 | 243,490 | 243,490 |
778,812 | Preferred A | £1 | 778,812 | 778,812 |
605,404 | B1 Ordinary | £0.01 | 6,054 | 6,054 |
125,000 | A1 Ordinary | £0.01 | 1,250 | 1,250 |
75,000 | A2 Ordinary | £0.01 | 750 | 750 |
18,000 | B2 Ordinary | £0.01 | 180 | - |
1,030,536 | 1,030,356 |
12. | RELATED PARTY DISCLOSURES |
There were no related party transactions other than those concluded under normal market condition, except for those shown below: |
2023 | 2022 |
£ | £ |
Amounts due to directors | 19,999 | - |
Amounts due to shareholder | 100,000 | - |
No interest has been charged. |
Peratech Holdco Ltd (Registered number: 08908953) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 30 June 2023 |
13. | SHARE-BASED PAYMENT TRANSACTIONS |
The company has a Share Option Scheme in place, the directors believe the fair value of the options granted to be £Nil as at 30 June 2023 due to the current EBITDA of the company. |
The number of share options in issue as at 30 June 2023 is 317,881 (2022: 313,274) with 4,607 being issued (2022: 264,631) and a reversal of nil in the year ended 30 June 2023 (2022: nil). |
The company also has issued a number of share warrants in the year. Again the directors believe the fair value to be £Nil as at 30 June 2023. |