Company registration number 10465221 (England and Wales)
PUNK DOG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
PUNK DOG LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
PUNK DOG LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Investment properties
4
609,701
602,472
Current assets
Trade and other receivables
5
711
638
Cash and cash equivalents
80,355
6,471
81,066
7,109
Current liabilities
6
(158,442)
(121,116)
Net current liabilities
(77,376)
(114,007)
Total assets less current liabilities
532,325
488,465
Non-current liabilities
7
(525,992)
(490,194)
Provisions for liabilities
(5,186)
(2,568)
Net assets/(liabilities)
1,147
(4,297)
Equity
Called up share capital
8
100
100
Profit and loss reserve - non distributable
15,559
10,948
Profit and loss reserve - distributable
(14,512)
(15,345)
Total equity
1,147
(4,297)
PUNK DOG LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2021
30 November 2021
- 2 -

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 19 August 2022
Mr Jens Richardson
Director
Company Registration No. 10465221
PUNK DOG LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
Share capital
Other reserves
Retained earnings
Total
£
£
£
£
Balance at 1 December 2019
100
(477)
(15,051)
(15,428)
Year ended 30 November 2020:
Profit and total comprehensive income for the year
-
-
11,131
11,131
Transfers
-
14,105
(14,105)
-
Movement in fair value of investment properties
-
(2,680)
2,680
-
Balance at 30 November 2020
100
10,948
(15,345)
(4,297)
Year ended 30 November 2021:
Profit and total comprehensive income for the year
-
-
5,444
5,444
Movement in fair value of investment properties
-
7,229
(7,229)
-
Deferred tax on fair value adjustment of investment properties
-
(2,618)
2,618
-
Balance at 30 November 2021
100
15,559
(14,512)
1,147
PUNK DOG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 4 -
1
Accounting policies
Company information

Punk Dog Limited is a private company limited by shares incorporated in England and Wales. The registered office is Court Cottage, Oakdale Lane, Crockham Hill, Edenbridge, TN8 6RL.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
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.

PUNK DOG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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 trade and other receivables 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.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company 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 company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PUNK DOG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 income statement, 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 when the company has 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.

1.8
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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
Employees

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

2021
2020
Number
Number
Total
-
0
-
0
PUNK DOG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 7 -
4
Investment property
2021
£
Fair value
At 1 December 2020
602,472
Revaluations
7,229
At 30 November 2021
609,701

Investment property comprises one residential building. The initial cost of the investment property at November 2018 was arrived at from the initial building purchase price plus the costs incurred converting the building into a house of multiple occupancy, This included £9,887 of finance interest. Annual fair value changes are calculated using either ONS valuation statistics or a professional valuation which will be undertaken at least every 5 years.

 

5
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Other receivables
711
638
6
Current liabilities
2021
2020
£
£
Corporation tax
126
1,073
Other payables
158,316
120,043
158,442
121,116

Included within other payables is a £49,668 interest free loan from the director (2020 : £40,877).

7
Non-current liabilities
2021
2020
£
£
Bank loans and overdrafts
344,250
344,250
Other payables
181,742
145,944
525,992
490,194

The bank loan is by way of mortgage secured on the investment property.

Other payables of £181,742 (2020; £141,476) are part of non bank loans equating to £285,070. The £103,328 balance forms part of the other payables figure in note 6, Current Liabilities.

PUNK DOG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
7
Non-current liabilities
(Continued)
- 8 -
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable other than by instalments
344,250
344,250
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
2021-11-302020-12-01false19 August 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr J Richardson104652212020-12-012021-11-30104652212021-11-30104652212020-11-3010465221core:CurrentFinancialInstruments2021-11-3010465221core:CurrentFinancialInstruments2020-11-3010465221core:Non-currentFinancialInstruments2021-11-3010465221core:Non-currentFinancialInstruments2020-11-3010465221core:ShareCapital2021-11-3010465221core:ShareCapital2020-11-3010465221core:OtherMiscellaneousReserve2021-11-3010465221core:OtherMiscellaneousReserve2020-11-3010465221core:RetainedEarningsAccumulatedLosses2021-11-3010465221core:RetainedEarningsAccumulatedLosses2020-11-3010465221core:ShareCapital2019-11-3010465221core:OtherMiscellaneousReserve2019-11-30104652212019-11-3010465221bus:Director12020-12-012021-11-3010465221core:RetainedEarningsAccumulatedLosses2019-12-012020-11-30104652212019-12-012020-11-3010465221core:RetainedEarningsAccumulatedLosses2020-12-012021-11-30104652212020-11-3010465221core:WithinOneYear2021-11-3010465221core:WithinOneYear2020-11-3010465221bus:PrivateLimitedCompanyLtd2020-12-012021-11-3010465221bus:SmallCompaniesRegimeForAccounts2020-12-012021-11-3010465221bus:FRS1022020-12-012021-11-3010465221bus:AuditExemptWithAccountantsReport2020-12-012021-11-3010465221bus:FullAccounts2020-12-012021-11-30xbrli:purexbrli:sharesiso4217:GBP