Company registration number 10834446 (England and Wales)
PERMAGROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PERMAGROUP LIMITED
COMPANY INFORMATION
Directors
A S Buttress
C L Buttress
Company number
10834446
Registered office
Unit 1 West Way Cotes Park Ind Estate
Somercotes
Alfreton
Derbyshire
England
DE55 4QJ
Auditor
Seagrave French LLP
1 Poplars Court
Lenton Lane
Nottingham
NG7 2RR
PERMAGROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
PERMAGROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The directors present the strategic report for the year ended 31 December 2021.

Fair review of the business

2021 was yet again a very unusual year. Stock shortages due to raw materials, port congestion, shortage of HGV drivers and the start of price increases, were part of what we had to deal with.

 

Restrictions and people generally being cautious were also challenges we had to overcome, and finally some commercial projects we were due to supply were postponed until 2022.

 

Overall a very challenging year, but an educating one. We thought about our growth strategy in great depth, and totally reorganised our people strategy allowing us to upgrade our processes and systems as a business. We focused on the bigger picture which will now allow us to come out of Covid, a much stronger business.

 

That said, despite the many challenges in 2021 we had to overcome, we still managed to keep the business on track to give us our 3rd consecutive growth year, and hitting our revenue and profit targets.

 

I am confident that the company will go from strength to strength in 2022, now that stock supply is improving and how growth strategy is rolled out allowing for another strong year.

 

On behalf of the board

A S Buttress
Director
13 September 2022
PERMAGROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2021.

Principal activities

The principal activity of the company and group continued to be that of wholesale of roofing materials.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £114,782. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A S Buttress
C L Buttress
Auditor

Seagrave French LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
A S Buttress
Director
13 September 2022
PERMAGROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PERMAGROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PERMAGROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of PermaGroup Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

PERMAGROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PERMAGROUP LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

PERMAGROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PERMAGROUP LIMITED
- 6 -

We assessed the susceptibility of the Group and Parent Company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of systems and ensuring these systems operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the Group and Parent Company by discussions with directors and by updating our understanding of the sectors in which the Group and Parent Company operate.

 

Laws and regulations of direct significance in the context of the group including the Companies Act 2006 and UK Tax legislation.

 

Other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to their ability to operate or to avoid a material penalty include anti-bribery legislation, health and safety legislation and employment law.

 

We identified revenue recognition to be the area most susceptible to the risk of material misstatement due to a fraud and non-compliance.

 

Audit response to risks identified.

 

We consider the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statements items including a review of financial statement disclosures.

 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We assessed the risk of fraud through management override of controls by testing the appropriateness or journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus capacity to identify non-compliance with laws and regulations and fraud.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher that the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

For and on behalf of Seagrave French LLP
13 September 2022
Jason Seagrave FCCA
Statutory Auditor
1 Poplars Court
Lenton Lane
Nottingham
NG7 2RR
PERMAGROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2021
2020
Notes
£
£
Turnover
3
23,064,976
17,483,083
Cost of sales
(15,876,280)
(13,046,733)
Gross profit
7,188,696
4,436,350
Administrative expenses
(3,300,463)
(3,047,497)
Other operating income
-
113,642
Operating profit
4
3,888,233
1,502,495
Interest receivable and similar income
8
680
142
Interest payable and similar expenses
9
(28,862)
(17,572)
Profit before taxation
3,860,051
1,485,065
Tax on profit
10
(742,254)
(316,269)
Profit for the financial year
3,117,797
1,168,796
Profit for the financial year is all attributable to the owners of the parent company.
PERMAGROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
2021
2020
£
£
Profit for the year
3,117,797
1,168,796
Other comprehensive income
-
-
Total comprehensive income for the year
3,117,797
1,168,796
Total comprehensive income for the year is all attributable to the owners of the parent company.
PERMAGROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 9 -
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
12
894,960
1,058,127
Tangible assets
13
547,801
475,071
1,442,761
1,533,198
Current assets
Stocks
17
2,933,528
2,761,126
Debtors
18
2,246,950
1,979,034
Cash at bank and in hand
4,964,740
1,812,573
10,145,218
6,552,733
Creditors: amounts falling due within one year
19
(4,799,570)
(3,619,148)
Net current assets
5,345,648
2,933,585
Total assets less current liabilities
6,788,409
4,466,783
Creditors: amounts falling due after more than one year
20
(448,611)
(1,130,000)
Provisions for liabilities
Deferred tax liability
23
70,000
70,000
(70,000)
(70,000)
Net assets
6,269,798
3,266,783
Capital and reserves
Called up share capital
25
49
49
Share premium account
1,498,187
1,498,187
Profit and loss reserves
4,771,562
1,768,547
Total equity
6,269,798
3,266,783
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
13 September 2022
A S Buttress
Director
PERMAGROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
14
3,201,828
3,201,828
Current assets
Debtors
18
2
3
Creditors: amounts falling due within one year
19
(1,703,594)
(1,523,595)
Net current liabilities
(1,703,592)
(1,523,592)
Total assets less current liabilities
1,498,236
1,678,236
Creditors: amounts falling due after more than one year
20
-
(180,000)
Net assets
1,498,236
1,498,236
Capital and reserves
Called up share capital
25
49
49
Share premium account
1,498,187
1,498,187
Total equity
1,498,236
1,498,236

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £114,782 (2020 - £113,332 profit).

These financial statements have been prepared 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 on 13 September 2022 and are signed on its behalf by:
13 September 2022
A S Buttress
Director
Company Registration No. 10834446
PERMAGROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
49
1,498,187
713,084
2,211,320
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
1,168,796
1,168,796
Dividends
11
-
-
(113,333)
(113,333)
Balance at 31 December 2020
49
1,498,187
1,768,547
3,266,783
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
3,117,797
3,117,797
Dividends
11
-
-
(114,782)
(114,782)
Balance at 31 December 2021
49
1,498,187
4,771,562
6,269,798
PERMAGROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
49
1,498,187
-
1,498,236
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
113,333
113,333
Dividends
11
-
-
(113,333)
(113,333)
Balance at 31 December 2020
49
1,498,187
-
1,498,236
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
114,782
114,782
Dividends
11
-
-
(114,782)
(114,782)
Balance at 31 December 2021
49
1,498,187
-
1,498,236
PERMAGROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
4,565,946
1,434,540
Interest paid
(28,862)
(17,572)
Income taxes paid
(667,269)
(138,054)
Net cash inflow from operating activities
3,869,815
1,278,914
Investing activities
Purchase of tangible fixed assets
(196,082)
(167,104)
Proceeds on disposal of tangible fixed assets
2,000
-
Receipts arising from loans made
-
100,000
Interest received
680
142
Net cash used in investing activities
(193,402)
(66,962)
Financing activities
Repayment of bank loans
(424,722)
710,000
Payment of finance leases obligations
35,270
(4,300)
Dividends paid to equity shareholders
(114,782)
(113,333)
Net cash (used in)/generated from financing activities
(504,234)
592,367
Net increase in cash and cash equivalents
3,172,179
1,804,319
Cash and cash equivalents at beginning of year
1,792,561
(11,758)
Cash and cash equivalents at end of year
4,964,740
1,792,561
Relating to:
Cash at bank and in hand
4,964,740
1,812,573
Bank overdrafts included in creditors payable within one year
-
(20,012)
PERMAGROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
274,398
236,438
Interest paid
(14,386)
(16,447)
Net cash inflow from operating activities
260,012
219,991
Investing activities
Dividends received
114,782
113,333
Net cash generated from investing activities
114,782
113,333
Financing activities
Repayment of bank loans
(240,000)
(240,000)
Dividends paid to equity shareholders
(114,782)
(113,333)
Net cash used in financing activities
(354,782)
(353,333)
Net increase/(decrease) in cash and cash equivalents
20,012
(20,009)
Cash and cash equivalents at beginning of year
(20,012)
(3)
Cash and cash equivalents at end of year
-
0
(20,012)
Relating to:
Bank overdrafts included in creditors payable within one year
-
(20,012)
PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
1
Accounting policies
Company information

PermaGroup Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of PermaGroup Limited and all of its subsidiaries.

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.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company PermaGroup Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2021. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -

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 improvements
15% on reducing balance
Plant and equipment
15% on reducing balance
Motor vehicles
25% on reducing balance

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
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.

1.11
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.

PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -
1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 20 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 21 -
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 profit and loss account, 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 if, and only if, there is 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.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.18
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.

1.19
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.

PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2021
2020
£
£
Other revenue
Interest income
680
142
Grants received
-
0
113,642
4
Operating profit
2021
2020
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
0
(113,642)
Depreciation of owned tangible fixed assets
118,541
101,787
Loss on disposal of tangible fixed assets
2,811
-
0
Amortisation of intangible assets
163,167
163,167
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,200
400
Audit of the financial statements of the company's subsidiaries
7,497
7,497
8,697
7,897
For other services
Taxation compliance services
-
150
PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2021
2020
2021
2020
Number
Number
Number
Number
Directors
2
2
-
-
Staff
44
36
-
-
Total
46
38
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2021
2020
2021
2020
£
£
£
£
Wages and salaries
1,509,522
1,242,481
-
0
-
0
Social security costs
148,097
120,117
-
0
-
0
Pension costs
25,543
61,672
-
0
-
0
1,683,162
1,424,270
-
0
-
0
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
24,996
24,996
Company pension contributions to defined contribution schemes
-
40,000
24,996
64,996
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
680
142

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
680
142
PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
9
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
28,143
16,447
Other finance costs:
Interest on finance leases and hire purchase contracts
719
1,125
Total finance costs
28,862
17,572
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
742,254
302,269
Deferred tax
Origination and reversal of timing differences
-
0
14,000
Total tax charge
742,254
316,269

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2021
2020
£
£
Profit before taxation
3,860,051
1,485,065
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
733,410
282,162
Tax effect of expenses that are not deductible in determining taxable profit
-
0
3,105
Permanent capital allowances in excess of depreciation
(6,589)
-
0
Amortisation on assets not qualifying for tax allowances
31,001
31,002
Other non-reversing timing differences
(15,568)
-
0
Taxation charge
742,254
316,269
11
Dividends
2021
2020
Recognised as distributions to equity holders:
£
£
Interim paid
114,782
113,333
PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
1,631,670
Amortisation and impairment
At 1 January 2021
573,543
Amortisation charged for the year
163,167
At 31 December 2021
736,710
Carrying amount
At 31 December 2021
894,960
At 31 December 2020
1,058,127
The company had no intangible fixed assets at 31 December 2021 or 31 December 2020.
13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
61,742
556,660
274,247
892,649
Additions
-
0
115,323
80,759
196,082
Disposals
-
0
(1,477)
(41,299)
(42,776)
At 31 December 2021
61,742
670,506
313,707
1,045,955
Depreciation and impairment
At 1 January 2021
25,088
252,697
139,793
417,578
Depreciation charged in the year
8,219
66,341
43,981
118,541
Eliminated in respect of disposals
-
0
(1,477)
(36,488)
(37,965)
At 31 December 2021
33,307
317,561
147,286
498,154
Carrying amount
At 31 December 2021
28,435
352,945
166,421
547,801
At 31 December 2020
36,654
303,963
134,454
475,071
The company had no tangible fixed assets at 31 December 2021 or 31 December 2020.
PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
14
Fixed asset investments
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,201,828
3,201,828

 

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021 and 31 December 2021
3,201,828
Carrying amount
At 31 December 2021
3,201,828
At 31 December 2020
3,201,828
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2021 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Permaroof (UK) Limited
England and Wales
Ordinary
100.00
16
Financial instruments
Group
Company
2021
2020
2021
2020
£
£
£
£
17
Stocks
Group
Company
2021
2020
2021
2020
£
£
£
£
Raw materials and consumables
2,933,528
2,761,126
-
0
-
0
PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
18
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,971,020
1,732,477
-
0
-
0
Other debtors
20,847
20,848
2
3
Prepayments and accrued income
255,083
225,709
-
0
-
0
2,246,950
1,979,034
2
3
19
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
21
496,667
260,012
180,000
260,012
Obligations under finance leases
22
47,187
11,917
-
0
-
0
Trade creditors
3,407,722
2,904,811
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,523,594
1,263,583
Corporation tax payable
377,254
302,269
-
0
-
0
Other taxation and social security
444,558
109,823
-
-
Other creditors
-
0
12,143
-
0
-
0
Accruals and deferred income
26,182
18,173
-
0
-
0
4,799,570
3,619,148
1,703,594
1,523,595
20
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
21
448,611
1,130,000
-
0
180,000
21
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
945,278
1,370,000
180,000
420,000
Bank overdrafts
-
0
20,012
-
0
20,012
945,278
1,390,012
180,000
440,012
Payable within one year
496,667
260,012
180,000
260,012
Payable after one year
448,611
1,130,000
-
0
180,000
PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
21
Loans and overdrafts
(Continued)
- 28 -

£765,278 (2020: £950,000) of the long-term loans are unsecured. The remainder of the long-term loans, which are all held by the Company, are secured by fixed and floating charges over all property or undertaking of the Company.

22
Finance lease obligations
Group
Company
2021
2020
2021
2020
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
19,608
11,917
-
0
-
0
In two to five years
27,579
-
0
-
0
-
0
47,187
11,917
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2021
2020
Group
£
£
Accelerated capital allowances
70,000
70,000
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
24
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,543
61,672

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 29 -
25
Share capital
Group and company
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
49
49
49
49
26
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2021
2020
2021
2020
£
£
£
£
Between two and five years
186,559
373,118
-
-
186,559
373,118
-
-
27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Services provided in the year:
2021
2020
£
£
Group
Entities with control, joint control or significant influence over the company
-
80,000
28
Directors' transactions

Dividends totalling £114,782 (2020 - £113,333) were paid in the year in respect of shares held by the company's directors.

29
Controlling party

The ultimate controlling party is A S Buttress.

PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 30 -
30
Cash generated from group operations
2021
2020
£
£
Profit for the year after tax
3,117,797
1,168,796
Adjustments for:
Taxation charged
742,254
316,269
Finance costs
28,862
17,572
Investment income
(680)
(142)
Loss on disposal of tangible fixed assets
2,811
-
Amortisation and impairment of intangible assets
163,167
163,167
Depreciation and impairment of tangible fixed assets
118,541
101,787
Movements in working capital:
(Increase)/decrease in stocks
(172,402)
1,403
Increase in debtors
(267,916)
(443,900)
Increase in creditors
833,512
109,588
Cash generated from operations
4,565,946
1,434,540
31
Cash generated from operations - company
2021
2020
£
£
Profit for the year after tax
114,782
113,333
Adjustments for:
Finance costs
14,386
16,447
Investment income
(114,782)
(113,333)
Movements in working capital:
Decrease in debtors
1
-
Increase in creditors
260,011
219,991
Cash generated from operations
274,398
236,438
PERMAGROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 31 -
32
Analysis of changes in net funds - group
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
1,812,573
3,152,167
4,964,740
Bank overdrafts
(20,012)
20,012
-
0
1,792,561
3,172,179
4,964,740
Borrowings excluding overdrafts
(1,370,000)
424,722
(945,278)
Obligations under finance leases
(11,917)
(35,270)
(47,187)
410,644
3,561,631
3,972,275
33
Analysis of changes in net debt - company
1 January 2021
Cash flows
31 December 2021
£
£
£
Bank overdrafts
(20,012)
20,012
-
0
Borrowings excluding overdrafts
(420,000)
240,000
(180,000)
(440,012)
260,012
(180,000)
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