Company Registration No. 07185740 (England and Wales)
Puffett Limited
Unaudited accounts
for the year ended 31 March 2022
Puffett Limited
Company Information
for the year ended 31 March 2022
Company Number
07185740 (England and Wales)
Registered Office
27 OXFORD LANE
GROVE
WANTAGE
OX12 7PL
ENGLAND
Accountants
J JENKIN & ASSOCIATES LIMITED
POST OFFICE VAULTS
4 MARKET PLACE
WANTAGE
OXFORDSHIRE
OX12 8AT
Puffett Limited
Accountants' report
Accountants' report to the director of Puffett Limited on the preparation of the unaudited statutory accounts for the year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Puffett Limited for the year ended
31 March 2022 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Puffett Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2019. Our work has been undertaken solely to prepare for your approval the accounts of Puffett Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Puffett Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Puffett Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Puffett Limited. You consider that Puffett Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Puffett Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
J JENKIN & ASSOCIATES LIMITED
POST OFFICE VAULTS
4 MARKET PLACE
WANTAGE
OXFORDSHIRE
OX12 8AT
19 July 2022
Puffett Limited
Statement of financial position
as at 31 March 2022
Tangible assets
13,499
16,707
Cash at bank and in hand
12,573
17,969
Creditors: amounts falling due within one year
(24,008)
(9,541)
Net current assets
4,965
13,769
Total assets less current liabilities
18,464
30,476
Creditors: amounts falling due after more than one year
(17,761)
(25,000)
Called up share capital
100
100
Profit and loss account
603
5,376
Shareholders' funds
703
5,476
For the year ending 31 March 2022 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 director acknowledges her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 July 2022 and were signed on its behalf by
Andrea Puffett
Director
Company Registration No. 07185740
Puffett Limited
Notes to the Accounts
for the year ended 31 March 2022
Puffett Limited is a private company, limited by shares, registered in England and Wales, registration number 07185740. The registered office is 27 OXFORD LANE, GROVE, WANTAGE, OX12 7PL, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 accounts. 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Puffett Limited
Notes to the Accounts
for the year ended 31 March 2022
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2021
3,100
23,249
540
26,889
At 31 March 2022
3,100
24,543
540
28,183
At 1 April 2021
1,356
8,724
102
10,182
Charge for the year
436
3,956
110
4,502
At 31 March 2022
1,792
12,680
212
14,684
At 31 March 2022
1,308
11,863
328
13,499
At 31 March 2021
1,744
14,525
438
16,707
A revaluation of fixtures and fittings to include a recent refurbishment of the premises was carried out by a qualified professional on 2nd February 2021 under IFRS standards.
5
Debtors: amounts falling due within one year
2022
2021
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
4,843
-
Taxes and social security
1,921
217
Other creditors
9,740
8,352
Loans from directors
-
560
7
Creditors: amounts falling due after more than one year
2022
2021
Taxes and social security
1,158
-
8
Average number of employees
During the year the average number of employees was 6 (2021: 6).