Permalok Fastening Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02699717 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

PERMALOK FASTENING SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Tyas

E Tyas

SECRETARY:

D Tyas

REGISTERED OFFICE:

Unit 1A

Plumtree Industrial Estate

Harworth

Doncaster

South Yorkshire

DN11 8EW

REGISTERED NUMBER:

02699717 (England and Wales)

ACCOUNTANTS:

Lewis's Chartered Certified Accountants

Windsor House

44 High Road

Balby

Doncaster

DN4 0PL

FIXED ASSETS

Tangible assets

4

105,739

96,400

Investments

5

205,861

205,861

311,600

302,261

CURRENT ASSETS

Stocks

144,406

148,866

Debtors

6

141,100

143,370

Cash at bank and in hand

12,289

86,359

297,795

378,595

CREDITORS

Amounts falling due within one year

7

106,415

150,144

NET CURRENT ASSETS

191,380

228,451

TOTAL ASSETS LESS CURRENT LIABILITIES

502,980

530,712

CREDITORS

Amounts falling due after more than one year

8

(29,208

)

(19,762

)

PROVISIONS FOR LIABILITIES

(1,105

)

(953

)

NET ASSETS

472,667

509,997

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

472,567

509,897

SHAREHOLDERS' FUNDS

472,667

509,997

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2020 and were signed on its behalf by:

D Tyas - Director

1.	STATUTORY INFORMATION

Permalok Fastening Systems Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

7,445

189,143

196,588

Additions

-

48,074

48,074

Disposals

-

(67,945

)

(67,945

)

At 31 March 2020

7,445

169,272

176,717

DEPRECIATION

At 1 April 2019

7,445

92,743

100,188

Charge for year

-

15,441

15,441

Eliminated on disposal

-

(44,651

)

(44,651

)

At 31 March 2020

7,445

63,533

70,978

NET BOOK VALUE

At 31 March 2020

-

105,739

105,739

At 31 March 2019

-

96,400

96,400

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2019

101,320

Additions

46,750

Disposals

(67,945

)

At 31 March 2020

80,125

DEPRECIATION

At 1 April 2019

63,945

Eliminated on disposal

(44,651

)

At 31 March 2020

19,294

NET BOOK VALUE

At 31 March 2020

60,831

At 31 March 2019

37,375

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2019

and 31 March 2020

205,861

NET BOOK VALUE

At 31 March 2020

205,861

At 31 March 2019

205,861

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

135,046

137,562

Other debtors

6,054

5,808

141,100

143,370

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

3,000

3,000

Hire purchase contracts

6,426

10,229

Trade creditors

65,822

104,787

Taxation and social security

14,682

15,911

Other creditors

16,485

16,217

106,415

150,144

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans

15,339

18,706

Hire purchase contracts

13,869

1,056

29,208

19,762

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

3,339

6,706

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 April 2019

509,897

Profit for the year

8,950

Dividends

(46,280

)

At 31 March 2020

472,567