Ultra-Reliable and Low Latency Communications (URLLC) is a challenging class of services to be supported by the fifth generation of mobile networks (5G). Among the URLLC services, many use cases, especially those related to factory automation, involve communications with relatively static radio conditions and a periodic generation of control or data packets. The transmission of these packets requires extremely low latency and ultra-reliable communication to enable real-time control of automation processes. In this paper, we discuss a mechanism of deterministic resource allocation to meet the URLLC requirement in terms of reliability and latency, including initial transmissions and controlled retransmissions. A joint resource allocation and modulation and coding schemes selection is performed so that the resource consumption is minimized, subject to latency and reliability constraints. We show that when applying the proposed resource allocation technique it is possible to achieve very low error rates.