Company Registration No. 04674617 (England and Wales)
Permavent Limited
Unaudited Financial Statements
for the Period Ended 31 December 2021
Pages for Filing with Registrar
Permavent Limited
Contents
Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 11
Permavent Limited
Company Information
Page 1
Director
Mr T Yeremeyev
Secretary
Mrs A Yeremeyeva
Company number
04674617
Registered office
11 Cumberland Drive
Granby Industrial Estate
Weymouth
Dorset
DT4 9TB
Accountants
Azets
37 Commercial Road
Poole
Dorset
BH14 0HU
Permavent Limited
Statement Of Financial Position
As at 31 December 2021
31 December 2021
Page 2
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
153,613
132,813
Tangible assets
4
28,237
27,069
181,850
159,882
Current assets
Stocks
1,543,737
289,906
Debtors
5
1,139,931
889,445
Cash at bank and in hand
269,725
769,051
2,953,393
1,948,402
Creditors: amounts falling due within one year
6
(2,096,170)
(1,382,546)
Net current assets
857,223
565,856
Total assets less current liabilities
1,039,073
725,738
Creditors: amounts falling due after more than one year
7
(127,364)
(204,065)
Provisions for liabilities
(950)
Net assets
910,759
521,673
Capital and reserves
Called up share capital
3,000
3,000
Profit and loss reserves
907,759
518,673
Total equity
910,759
521,673
Permavent Limited
Statement Of Financial Position (Continued)
As at 31 December 2021
31 December 2021
Page 3
In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial Period ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue and are signed on its behalf by:
Mr T Yeremeyev
Director
4 September 2022
Company Registration No. 04674617
The notes on pages 4 to 11 form part of these financial statements.
Permavent Limited
Notes to the Financial Statements
For the Period ended 31 December 2021
Page 4
1
Accounting policies
Company information
Permavent Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Cumberland Drive, Granby Industrial Estate, Weymouth, Dorset, DT4 9TB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statement for the current year represents an 18 month period to bring the companies year end in line with the calendar year and also to aid operational and management reporting year on year. This is consistent with the associated companies in the group.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
Straight line over 5 years
Patents & licences
Straight line over 12 years
Re-branding
Straight line over 10 years
Permavent Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 December 2021
1
Accounting policies
(Continued)
Page 5
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% on cost
Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Computer equipment
Straight line over 3 years
Trade show
Straight line over 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Permavent Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 December 2021
1
Accounting policies
(Continued)
Page 6
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Permavent Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 December 2021
1
Accounting policies
(Continued)
Page 7
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Permavent Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 December 2021
1
Accounting policies
(Continued)
Page 8
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2021
2020
Number
Number
Total
8
8
Permavent Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 December 2021
Page 9
3
Intangible fixed assets
Total
£
Cost
At 1 July 2020
196,611
Additions
48,011
At 31 December 2021
244,622
Amortisation and impairment
At 1 July 2020
63,798
Amortisation charged for the Period
27,211
At 31 December 2021
91,009
Carrying amount
At 31 December 2021
153,613
At 30 June 2020
132,813
4
Tangible fixed assets
Total
£
Cost
At 1 July 2020
117,709
Additions
18,885
Disposals
(39)
At 31 December 2021
136,555
Depreciation and impairment
At 1 July 2020
90,640
Depreciation charged in the Period
17,691
Eliminated in respect of disposals
(13)
At 31 December 2021
108,318
Carrying amount
At 31 December 2021
28,237
At 30 June 2020
27,069
Permavent Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 December 2021
Page 10
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,052,289
698,495
Other debtors
87,642
174,219
1,139,931
872,714
Deferred tax asset
16,731
1,139,931
889,445
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
51,013
12,202
Trade creditors
1,105,864
626,213
Corporation tax
13,156
Other taxation and social security
293,926
241,165
Other creditors
632,211
502,966
2,096,170
1,382,546
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
127,364
204,065
127,364
204,065
8
Loans and overdrafts
2021
2020
£
£
Bank loans
178,377
216,267
Payable within one year
51,013
12,202
Payable after one year
127,364
204,065
The long-term loans are secured by a fixed and floating charge over the companies assets
Permavent Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 December 2021
Page 11
9
Personal Guarantee
During the previous year the company entered into a loan which is limited to £260,000, against which the directors have provided a personal guarantee.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
38,176
33,747
11
Related party transactions
Transactions with related parties
The company has taken advantage of the FRS102 section 33.1A exemption from disclosing transactions entered into between members of the group.
During the year, the company advanced a total of £795,000 (2020: £109,000) and was credited by £873,791 (2020; £109,000) in relation of their intercompany loan account with a related party under common control. At the balance sheet date the amount due from the related party was £nil (2020: £78,791).
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