Permalok Fastening Systems Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02699717 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

PERMALOK FASTENING SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Tyas

E Tyas

SECRETARY:

D Tyas

REGISTERED OFFICE:

Unit 1A

Plumtree Industrial Estate

Harworth

Doncaster

South Yorkshire

DN11 8EW

REGISTERED NUMBER:

02699717 (England and Wales)

ACCOUNTANTS:

Lewis's Chartered Certified Accountants

Windsor House

44 High Road

Balby

Doncaster

DN4 0PL

FIXED ASSETS

Tangible assets

4

119,435

132,656

Investments

5

205,861

205,861

325,296

338,517

CURRENT ASSETS

Stocks

210,149

159,053

Debtors

6

140,673

144,150

Cash at bank and in hand

116,266

131,216

467,088

434,419

CREDITORS

Amounts falling due within one year

7

206,357

198,530

NET CURRENT ASSETS

260,731

235,889

TOTAL ASSETS LESS CURRENT LIABILITIES

586,027

574,406

CREDITORS

Amounts falling due after more than one year

8

(33,286

)

(53,447

)

PROVISIONS FOR LIABILITIES

(3,032

)

(3,032

)

NET ASSETS

549,709

517,927

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

549,609

517,827

549,709

517,927

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 July 2018 and were signed on its behalf by:

D Tyas - Director

1.	STATUTORY INFORMATION

Permalok Fastening Systems 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.

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" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 5 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

7,445

183,325

190,770

Additions

-

5,818

5,818

At 31 March 2018

7,445

189,143

196,588

DEPRECIATION

At 1 April 2017

7,445

50,669

58,114

Charge for year

-

19,039

19,039

At 31 March 2018

7,445

69,708

77,153

NET BOOK VALUE

At 31 March 2018

-

119,435

119,435

At 31 March 2017

-

132,656

132,656

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

101,320

DEPRECIATION

At 1 April 2017

32,909

Charge for year

18,578

At 31 March 2018

51,487

NET BOOK VALUE

At 31 March 2018

49,833

At 31 March 2017

68,411

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2017

and 31 March 2018

205,861

NET BOOK VALUE

At 31 March 2018

205,861

At 31 March 2017

205,861

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

129,225

134,828

Other debtors

11,448

9,322

140,673

144,150

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

3,000

3,000

Hire purchase contracts

12,561

10,523

Trade creditors

150,707

162,909

Taxation and social security

24,393

6,871

Other creditors

15,696

15,227

206,357

198,530

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

22,001

25,267

Hire purchase contracts

11,285

28,180

33,286

53,447

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

10,001

13,267

9.

RESERVES

Retained

earnings

£

At 1 April 2017

517,827

Profit for the year

73,046

Dividends

(41,264

)

At 31 March 2018

549,609