Permits2Work Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04265379 (England and Wales)

PERMITS2WORK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

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

Tangible assets

4

22,250

17,651

CURRENT ASSETS

Stocks

17,187

26,503

Debtors

5

100,765

141,908

Cash at bank and in hand

587,987

418,460

705,939

586,871

CREDITORS

Amounts falling due within one year

6

322,441

200,201

NET CURRENT ASSETS

383,498

386,670

TOTAL ASSETS LESS CURRENT LIABILITIES

405,748

404,321

PROVISIONS FOR LIABILITIES

8,857

3,055

NET ASSETS

396,891

401,266

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

396,791

401,166

SHAREHOLDERS' FUNDS

396,891

401,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 5th April 2018 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 the provisions of Section 1A

"Small Entities" if Financial Reporting Standard 102 "The Financial Reporting Standard applicable

in the UK and Republic of Ireland" and the Companies Act 2006.

FRS 102 is mandatory for accounting periods beginning on or after 1 January 2016 for "Small

Entities", therefore this is being implemented for the first time in these financial statements.

Information on the impact of first time adoption is given in note 12.

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.

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 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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 11 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st September 2016

98,501

Additions

16,938

Disposals

(31,815

)

At 31st August 2017

83,624

DEPRECIATION

At 1st September 2016

80,850

Charge for year

7,496

Eliminated on disposal

(26,972

)

At 31st August 2017

61,374

NET BOOK VALUE

At 31st August 2017

22,250

At 31st August 2016

17,651

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

88,364

128,408

Other debtors

12,401

13,500

100,765

141,908

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

5,787

8,693

Taxation and social security

153,310

113,744

Other creditors

163,344

77,764

322,441

200,201

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

31st August 2017 and 31st August 2016:

2017

2016

£

£

Mrs S A Paterson-Passmore and Mr M Passmore

Balance outstanding at start of year

(3,873

)

(3,424

)

Amounts advanced

18,962

57,482

Amounts repaid

(76,909

)

(57,931

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(61,820

)

(3,873

)

Mr A D Paterson

Balance outstanding at start of year

(34,237

)

(23,667

)

Amounts advanced

31,508

15,916

Amounts repaid

(21,051

)

(26,486

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(23,780

)

(34,237

)

Mr H T Paterson

Balance outstanding at start of year

(8,423

)

(1,052

)

Amounts advanced

7,891

948

Amounts repaid

(11,477

)

(8,319

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(12,009

)

(8,423

)

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £272,487 were paid to the directors .

During the prior year dividends of £271,026 were paid to the directors.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs S A Paterson-Passmore.

11.	FIRST YEAR ADOPTION

This has been considered by the directors and they have concluded that there are no transitional

adjustments necessary for the adoption of FRS 102 (1A).