Permacast Limited - Period Ending 2019-12-31

Registration number: 07746515

Permacast Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

Permacast Limited

(Registration number: 07746515)
Balance Sheet as at 31 December 2019

	Note	2019  £	2018  £
Fixed assets
Investments	4	100,000	100,000
Current assets
Debtors	5	100	100
Creditors: Amounts falling due within one year	6	(100,000)	(100,000)
Net current liabilities		(99,900)	(99,900)
Net assets		100	100
Capital and reserves
Called up share capital		100	100
Total equity		100	100

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 October 2020 and signed on its behalf by:
 

T Holder
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
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Permacast Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Permali Park
Bristol Road
Gloucester
GL1 5SR

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - '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 except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Investments

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.

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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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Permacast Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2019  No.	2018  No.
Average number of employees	2	2

4

Investments

	2019 £	2018 £
Investments in subsidiaries	100,000	100,000

Subsidiaries	£
Cost
At 1 January 2019	100,000
At 31 December 2019	100,000
Carrying amount
At 31 December 2019	100,000
At 31 December 2018	100,000

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Permacast Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) 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
			2019	2018

Subsidiary undertakings
Mekufa Limited	Unit 1 Permali Park Bristol Road Gloucester GL1 5SR	Ordinary	100%	100%
	England & Wales

5

Debtors

	2019  £	2018  £
Other debtors	100	100
	100	100

6

Creditors

Creditors: amounts falling due within one year

	Note	2019  £	2018  £
Due within one year
Amounts due to related parties	7	100,000	100,000

7

Related party transactions

Summary of transactions with other related parties

Included in other creditors is an interest free loan from Mekufa (UK) Limited, its subsidiary company. At the balance sheet date the amount due to Mekufa (UK) Limited was £100,000 (2018 - £100,000).

During the year dividends of £92,000 (2018 - £110,000) were paid to the directors.

 

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