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REGISTERED NUMBER: SC077253 (Scotland)















Financial Statements for the Year Ended 31 May 2023

for

Permag Limited

Permag Limited (Registered number: SC077253)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Permag Limited

Company Information
for the Year Ended 31 May 2023







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 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 247,599 214,644

CURRENT ASSETS
Stocks 317,563 285,599
Debtors 5 313,357 323,412
Cash at bank and in hand 83,274 151,722
714,194 760,733
CREDITORS
Amounts falling due within one year 6 76,707 100,757
NET CURRENT ASSETS 637,487 659,976
TOTAL ASSETS LESS CURRENT
LIABILITIES

885,086

874,620

PROVISIONS FOR LIABILITIES 1,838 -
NET ASSETS 883,248 874,620

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Capital redemption reserve 5,000 5,000
Retained earnings 873,248 864,620
SHAREHOLDERS' FUNDS 883,248 874,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 2023


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 18 August 2023 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 2023

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 2023

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 12 (2022 - 11 ) .

Permag Limited (Registered number: SC077253)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 304,762 235,889 1,888 15,624 558,163
Additions - 51,452 - - 51,452
At 31 May 2023 304,762 287,341 1,888 15,624 609,615
DEPRECIATION
At 1 June 2022 95,726 233,168 1,888 12,737 343,519
Charge for year 6,005 11,770 - 722 18,497
At 31 May 2023 101,731 244,938 1,888 13,459 362,016
NET BOOK VALUE
At 31 May 2023 203,031 42,403 - 2,165 247,599
At 31 May 2022 209,036 2,721 - 2,887 214,644

Included in cost of land and buildings is freehold land of £ 4,500 (2022 - £ 4,500 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 309,482 322,637
Other debtors 3,875 775
313,357 323,412

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Taxation and social security 57,386 84,019
Other creditors 19,321 16,738
76,707 100,757