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REGISTERED NUMBER: SC077253 (Scotland)















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: Mr Timothy Ryan
Mr Roderick Ryan
Mr Kenneth Austin Ryan





Secretary: Ms Ursula Scott Laing





Registered office: Units 1 & 2
Baird Avenue
Strutherhill Industrial Estate
Larkhall
ML9 2PJ





Registered number: SC077253 (Scotland)





Accountant: Audrey Wolfson
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 4 214,644 223,091

CURRENT ASSETS
Stocks 285,599 154,101
Debtors 5 323,412 189,615
Cash at bank and in hand 151,722 285,137
760,733 628,853
CREDITORS
Amounts falling due within one year 6 100,757 64,630
NET CURRENT ASSETS 659,976 564,223
TOTAL ASSETS LESS CURRENT
LIABILITIES

874,620

787,314

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Capital redemption reserve 5,000 5,000
Retained earnings 864,620 777,314
SHAREHOLDERS' FUNDS 874,620 787,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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.

Permag Limited (Registered number: SC077253)

Balance Sheet - continued
31 May 2022


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2022 and were signed on its behalf by:





Mr Roderick Ryan - Director


Permag Limited (Registered number: SC077253)

Notes to the Financial Statements
for the Year Ended 31 May 2022

1. STATUTORY INFORMATION

Permag Limited is a private company, limited by shares , registered in Scotland. 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 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
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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance

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 11 (2021 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2021
and 31 May 2022 304,762 235,889 1,888 15,624 558,163
DEPRECIATION
At 1 June 2021 89,721 231,688 1,888 11,775 335,072
Charge for year 6,005 1,480 - 962 8,447
At 31 May 2022 95,726 233,168 1,888 12,737 343,519
NET BOOK VALUE
At 31 May 2022 209,036 2,721 - 2,887 214,644
At 31 May 2021 215,041 4,201 - 3,849 223,091

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 322,637 187,778
Other debtors 775 1,837
323,412 189,615

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Taxation and social security 84,019 47,169
Other creditors 16,738 17,461
100,757 64,630