Permits2Work Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04265379 (England and Wales)

PERMITS2WORK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mrs S A Paterson-Passmore

Mr A D Paterson

Mr M Passmore

Mr H T Paterson

REGISTERED OFFICE:

8 Kingsdown Orchard

Hyde Road

SWINDON

Wiltshire

SN2 7RR

REGISTERED NUMBER:

04265379 (England and Wales)

ACCOUNTANTS:

Morris Owen

Chartered Accountants

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

BANKERS:

Barclays Bank Plc

10 - 14 High Street

SWINDON

Wiltshire

SN1 3EP

FIXED ASSETS

Property, plant and equipment

4

15,947

16,775

CURRENT ASSETS

Inventories

26,614

23,995

Debtors

5

94,332

115,739

Cash at bank and in hand

437,663

450,391

558,609

590,125

CREDITORS

Amounts falling due within one year

6

218,316

185,630

NET CURRENT ASSETS

340,293

404,495

TOTAL ASSETS LESS CURRENT LIABILITIES

356,240

421,270

PROVISIONS FOR LIABILITIES

18,233

17,939

NET ASSETS

338,007

403,331

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

337,907

403,231

SHAREHOLDERS' FUNDS

338,007

403,331

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th May 2021 and were signed on its behalf by:

Mrs S A Paterson-Passmore - Director

Mr A D Paterson - Director

1.	STATUTORY INFORMATION

Permits2Work 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

- Determine an appropriate estimate for work in progress by assessing work invoiced after the year end.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Website development

-

25% on cost

Office equipment

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Work in progress

Work in progress represents work not invoiced, net of value added tax, based on work invoiced in the months after the year end carried out before the year end.

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 9 (2019 - 12 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1st September 2019

94,714

Additions

5,894

At 31st August 2020

100,608

DEPRECIATION

At 1st September 2019

77,939

Charge for year

6,722

At 31st August 2020

84,661

NET BOOK VALUE

At 31st August 2020

15,947

At 31st August 2019

16,775

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

68,759

102,791

Other debtors

25,573

12,948

94,332

115,739

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

9,164

12,400

Taxation and social security

106,499

94,435

Other creditors

102,653

78,795

218,316

185,630

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

12,413

14,300

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

9.	GOVERNMENT GRANTS

Government grants in the profit and loss account amount to £18,806 and relates wholly to Covid-19 support. £10,000 of this relates to a Small Business Grant whilst the remaining £8,806 relates to the Job Retention Scheme.