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Registered number: 02699717
Permalok Fastening Systems Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Lewis's
Windsor House
44 High Road, Balby
Doncaster
South Yorkshire
DN4 0PL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02699717
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 100,025 80,173
Investment Properties 5 205,861 205,861
305,886 286,034
CURRENT ASSETS
Stocks 6 171,123 185,123
Debtors 7 135,931 168,301
Cash at bank and in hand 155,381 114,768
462,435 468,192
Creditors: Amounts Falling Due Within One Year 8 (172,111 ) (187,114 )
NET CURRENT ASSETS (LIABILITIES) 290,324 281,078
TOTAL ASSETS LESS CURRENT LIABILITIES 596,210 567,112
Creditors: Amounts Falling Due After More Than One Year 9 (46,108 ) (30,339 )
NET ASSETS 550,102 536,773
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 550,002 536,673
SHAREHOLDERS' FUNDS 550,102 536,773
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Tyas
Director
02/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Permalok Fastening Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02699717 . The registered office is Unit 1A, Plumtree Industrial Estate, Harworth, Doncaster, South Yorkshire, DN11 8EW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicle Lease 25% On Reducing Balance
Leasehold 15% On Reducing Balance
Plant & Machinery 15% On Reducing Balance
Motor Vehicles 25% On Reducing Balance
Fixtures & Fittings 33% On Reducing Balance
Computer Equipment 33% On Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
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 stocks. 
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Tangible Assets
Land & Property
Motor Vehicle Lease Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 April 2023 57,740 7,445 76,172 30,344
Additions 82,335 - - -
Disposals (34,990 ) - - (30,344 )
As at 31 March 2024 105,085 7,445 76,172 -
Depreciation
As at 1 April 2023 23,445 7,445 45,625 15,765
Provided during the period 18,270 - 4,582 -
Disposals (9,294 ) - - (15,765 )
As at 31 March 2024 32,421 7,445 50,207 -
Net Book Value
As at 31 March 2024 72,664 - 25,965 -
As at 1 April 2023 34,295 - 30,547 14,579
Page 4
Page 5
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 5,176 8,259 185,136
Additions - 990 83,325
Disposals - - (65,334 )
As at 31 March 2024 5,176 9,249 203,127
Depreciation
As at 1 April 2023 5,150 7,533 104,963
Provided during the period 9 337 23,198
Disposals - - (25,059 )
As at 31 March 2024 5,159 7,870 103,102
Net Book Value
As at 31 March 2024 17 1,379 100,025
As at 1 April 2023 26 726 80,173
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 205,861
6. Stocks
2024 2023
£ £
Stock 171,123 185,123
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 128,587 153,498
Other debtors 7,344 14,803
135,931 168,301
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,714 3,333
Trade creditors 96,372 114,891
Bank loans and overdrafts 13,000 13,000
Other creditors 15,541 22,436
Taxation and social security 35,484 33,454
172,111 187,114
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 32,529 3,333
Bank loans 13,579 27,006
46,108 30,339
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,714 3,333
Later than one year and not later than five years 32,529 3,333
44,243 6,666
44,243 6,666
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 47,354 44,013
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