Company No:
Contents
2021 | 2020 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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159,437 | 183,679 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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246,730 | 189,989 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 81,757 | 63,714 | ||
Total assets less current liabilities | 241,194 | 247,393 | ||
Provisions for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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Directors’ responsibilities:
The financial statements of Perpetual Build Limited (registered number:
Mark Aaron Wildman
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Perpetual Build Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is New Creaven House, 3 Sandy Court, Ashleigh Way, Plymouth, PL7 5JX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Perpetual Build Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Motor vehicles - 25%
Office equipment - 20%
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments in subsidiaries are measured at cost less accumulated impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2020 |
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Additions |
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Disposals | (
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At 31 March 2021 |
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Accumulated depreciation | |||||
At 01 April 2020 |
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Charge for the financial year |
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Disposals | (
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At 31 March 2021 |
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Net book value | |||||
At 31 March 2021 |
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At 31 March 2020 |
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Investments in subsidiaries
2021 | |
£ | |
Cost | |
At 01 April 2020 |
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At 31 March 2021 |
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Carrying value at 31 March 2021 |
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Carrying value at 31 March 2020 |
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2021 | 2020 | ||
£ | £ | ||
Amounts owed by own subsidiaries |
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Amounts owed by directors |
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Other taxation and social security |
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£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Other creditors |
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Accruals |
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Other taxation and social security |
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2021 | 2020 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited to the Statement of Income and Retained Earnings |
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At the end of financial year | (
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with entities in which the entity itself has a participating interest
The company has taken advantage of the exemptions available under Section 1AC.35 of FRS 102 to not disclose transactions with a 100% subsidiary.
Transactions with the entity's directors
Included within other debtors at the year end is an amount owed to the company by a director of £25,000 (2020: £25,000). Included within other creditors at the year end is an amount owed to the directors by the company of £110,779 (2020: £97,740).
During the year, dividends of £40,000 (2020: £40,000) were paid to directors and their immediate family members.
During the year, directors were paid remuneration (including benefits) amounting to £370,596 (2020: £337,815).