Permanent Way Institution (Incorporated) Filleted accounts for Companies House (small and micro)

PERMANENT-WAY INSTITUTION (INCORPORATED) - Company Information

5 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 47,966 47,966 62,654 4,588 67,242 67,242 62,654 xbrli:pure xbrli:shares iso4217:GBP 00099838 2021-01-01 2021-12-31 00099838 2021-12-31 00099838 2020-12-31 00099838 2020-01-01 2020-12-31 00099838 2020-12-31 00099838 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-01-01 2021-12-31 00099838 core:FurnitureFittings 2021-01-01 2021-12-31 00099838 bus:Director10 2021-01-01 2021-12-31 00099838 bus:Director14 2021-01-01 2021-12-31 00099838 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 00099838 core:FurnitureFittings 2020-12-31 00099838 core:FurnitureFittings 2021-12-31 00099838 core:WithinOneYear 2021-12-31 00099838 core:WithinOneYear 2020-12-31 00099838 core:RevaluationReserve 2021-12-31 00099838 core:RevaluationReserve 2020-12-31 00099838 core:RetainedEarningsAccumulatedLosses 2021-12-31 00099838 core:RetainedEarningsAccumulatedLosses 2020-12-31 00099838 core:CostValuation core:Non-currentFinancialInstruments 2020-12-31 00099838 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2021-12-31 00099838 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 00099838 core:Non-currentFinancialInstruments 2021-12-31 00099838 core:Non-currentFinancialInstruments 2020-12-31 00099838 bus:SmallEntities 2021-01-01 2021-12-31 00099838 bus:Audited 2021-01-01 2021-12-31 00099838 bus:FullAccounts 2021-01-01 2021-12-31 00099838 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 00099838 bus:CompanyLimitedByGuarantee 2021-01-01 2021-12-31

COMPANY REGISTRATION NUMBER: 00099838

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Filleted Financial Statements

For the year ended

31 December 2021

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	7	176	25,656
Investments	8	67,242	62,654
		--------	--------
		67,418	88,310

Current assets

Stocks		9,481	16,187
Debtors	9	31,238	36,655
Cash at bank and in hand		414,291	343,558
		---------	---------
		455,010	396,400

Creditors: amounts falling due within one year	10	280,159		255,297
		---------		---------
Net current assets			174,851	141,103
			---------	---------
Total assets less current liabilities			242,269	229,413

Provisions

Taxation including deferred tax	12,022	11,150
	---------	---------
Net assets	230,247	218,263
	---------	---------

Capital and reserves

Fair value reserve	11	53,632	49,916
Profit and loss account	11	176,615	168,347
		---------	---------
Members funds		230,247	218,263
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 30 March 2022 , and are signed on behalf of the board by:

Mr S J Barber	Mr A Tappen
Director	Director

Company registration number: 00099838

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Swan House, 9 Queens Road, Brentwood, Essex, CM14 4HE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland", relevant to a company following the small entity regime. There were no material departures from that standard.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Having assessed the principal risks, the directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements, estimates or assumptions have had to be made by management in preparing these financial statements .

Revenue recognition

Turnover comprises the invoiced value of sales, conferences, seminars, subscriptions, professional registration fees and advertising supplied by the company but the subscriptions have been time apportioned and provisions for the associated costs of registration have been made.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the life of the project.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	33% straight line
Equipment	-	33 % straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Investments in non-puttable ordinary shares are measured;(a) at fair value with changes recognised in the profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably; (b) at cost less impairment for all other investments.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Company limited by guarantee

Permanent Way Institution (Incorporated) is a company Limited by Guarantee and therefore has no share capital. The maximum liability for each member is 50p.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2020: 2 ).

6. Intangible assets

	Development costs
	£
Cost
At 1 January 2021 and 31 December 2021	47,966
	--------
Amortisation
At 1 January 2021 and 31 December 2021	47,966
	--------
Carrying amount
At 31 December 2021	–
	--------
At 31 December 2020	–
	--------

7. Tangible assets

	Fixtures and fittings	Office equipment	Website development	Total
	£	£	£	£
Cost
At 1 January 2021	6,011	10,387	25,020	41,418
Disposals	–	–	( 25,020)	( 25,020)
	-------	--------	--------	--------
At 31 December 2021	6,011	10,387	–	16,398
	-------	--------	--------	--------
Depreciation
At 1 January 2021	6,011	9,751	–	15,762
Charge for the year	–	460	–	460
	-------	--------	--------	--------
At 31 December 2021	6,011	10,211	–	16,222
	-------	--------	--------	--------
Carrying amount
At 31 December 2021	–	176	–	176
	-------	--------	--------	--------
At 31 December 2020	–	636	25,020	25,656
	-------	--------	--------	--------

8. Investments

	Other investments other than loans
	£
Cost
At 1 January 2021	62,654
Revaluations	4,588
	--------
At 31 December 2021	67,242
	--------
Impairment
At 1 January 2021 and 31 December 2021	–
	--------

Carrying amount
At 31 December 2021	67,242
	--------
At 31 December 2020	62,654
	--------

9. Debtors

	2021	2020
	£	£
Trade debtors	18,786	18,433
Other debtors	12,452	18,222
	--------	--------
	31,238	36,655
	--------	--------

10. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	3,370	6,320
Corporation tax	179	856
Social security and other taxes	17,325	10,019
Other creditors	259,285	238,102
	---------	---------
	280,159	255,297
	---------	---------

11. Reserves

Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

12. Summary audit opinion

The auditor's report for the year dated 31 March 2022 was unqualified.

The senior statutory auditor was Paul Harris , for and on behalf of Chegwidden & Co .

13. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2021	2020	2021	2020
	£	£	£	£
Directors	138,972	173,253	–	( 1,000)
	---------	---------	----	-------