REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2022 |
for |
Permag Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2022 |
for |
Permag Limited |
Permag Limited (Registered number: SC077253) |
Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Permag Limited |
Company Information |
for the Year Ended 31 May 2022 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountant: |
10 Southern Avenue |
Glasgow |
G73 4JN |
Permag Limited (Registered number: SC077253) |
Balance Sheet |
31 May 2022 |
31.5.22 | 31.5.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Permag Limited (Registered number: SC077253) |
Balance Sheet - continued |
31 May 2022 |
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 and authorised for issue on |
Permag Limited (Registered number: SC077253) |
Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
1. | STATUTORY INFORMATION |
Permag Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of financial information in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. |
The directors have identified the following area which gives rise to estimation uncertainty: |
Estimated useful lives and residual values of fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Permag Limited (Registered number: SC077253) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Trade debtors, trade creditors and short term investments are classified as financial instruments. |
Trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be received or paid. |
Short term investments are included at fair value. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Deferred taxation |
The charge for taxation is based on the profit for the year as adjusted for tax purposes. The company provides for deferred taxation in full on timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax balances are not discounted and deferred tax assets are only recognised where their recoverability in the short term is regarded as more likely than not. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2021 |
and 31 May 2022 |
DEPRECIATION |
At 1 June 2021 |
Charge for year |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
Permag Limited (Registered number: SC077253) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
Included in cost of land and buildings is freehold land of £ 4,500 (2021 - £ 4,500 ) which is not depreciated. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Taxation and social security |
Other creditors |