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 2021

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

SECRETARY:

Mr A D 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

15,541

15,947

CURRENT ASSETS

Inventories

21,629

26,614

Debtors

5

185,327

94,332

Cash at bank and in hand

613,945

437,663

820,901

558,609

CREDITORS

Amounts falling due within one year

6

444,258

218,316

NET CURRENT ASSETS

376,643

340,293

TOTAL ASSETS LESS CURRENT LIABILITIES

392,184

356,240

PROVISIONS FOR LIABILITIES

22,550

18,233

NET ASSETS

369,634

338,007

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

369,534

337,907

SHAREHOLDERS' FUNDS

369,634

338,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2021 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 9th May 2022 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 are as below:

Registered number: 04265379

Registered office: 8 Kingsdown Orchard, Hyde Road, Swindon, Wiltshire, SN2 7RR

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

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 (2020 - 9 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1st September 2020

100,608

Additions

7,262

Disposals

(1,779

)

At 31st August 2021

106,091

DEPRECIATION

At 1st September 2020

84,661

Charge for year

6,954

Eliminated on disposal

(1,065

)

At 31st August 2021

90,550

NET BOOK VALUE

At 31st August 2021

15,541

At 31st August 2020

15,947

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

173,557

68,759

Other debtors

11,770

25,573

185,327

94,332

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

8,146

9,164

Taxation and social security

156,042

106,499

Other creditors

280,070

102,653

444,258

218,316

7.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

-

12,413

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

9.	GOVERNMENT GRANTS

Government grants in the financial statements amounts to £5,000 and relates solely to the Coronavirus Job Retention Scheme.