Company registration number 06353160 (England and Wales)
PUPPETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PUPPETS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PUPPETS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
4
4
Current assets
Debtors
6
100,096
100,096
Creditors: amounts falling due within one year
7
(1)
(1)
Net current assets
100,095
100,095
Total assets less current liabilities
100,099
100,099
Capital and reserves
Called up share capital
9
107
107
Share premium account
99,992
99,992
Total equity
100,099
100,099

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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 by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
Mrs S Lockey
Director
Company Registration No. 06353160
PUPPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Puppets Limited is a private company limited by shares incorporated in England and Wales. The registered office is 72 London Road, St Albans, Herts, AL1 1NS.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
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.

1.4
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 balance sheet 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 debtors 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.

PUPPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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 creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
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.

1.6
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

For equity instruments granted before the start of the first reporting period to comply with the new accounting standards, the transitional relief available under FRS 102 to not apply Section 26 share based payments to such instruments has been applied. As such these share based payments are not recognised in the accounts and are disclosed as per note.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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
Interest receivable and similar income
2023
2022
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
-
0
8,000
PUPPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Fixed asset investments
2023
2022
£
£
Investments
4
4
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Puppets by Post Limited
England and Wales
Dormant company
Ordinary
100
The Puppet Company LLC
USA
Wholesaler and retailer of puppets
Ordinary
100
The Puppet Company Limited
England and Wales
Wholesaler and retailer of puppets
Ordinary
100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100,096
100,096
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1
1
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
6,100
6,100
61
61
Ordinary A shares of 1p each
4,000
4,000
40
40
Ordinary B shares of 1p each
593
593
6
6
10,693
10,693
107
107
2023-03-312022-04-01false15 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMrs S LockeyMr J LockeyMr S LockeyMr G HiskettMrs K DennieMrs K RugmanMrs S Lockey063531602022-04-012023-03-31063531602023-03-31063531602022-03-3106353160core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106353160core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3106353160core:ShareCapital2023-03-3106353160core:ShareCapital2022-03-3106353160core:SharePremium2023-03-3106353160core:SharePremium2022-03-3106353160core:ShareCapitalOrdinaryShares2023-03-3106353160core:ShareCapitalOrdinaryShares2022-03-3106353160bus:CompanySecretaryDirector12022-04-012023-03-31063531602021-04-012022-03-3106353160core:Subsidiary12022-04-012023-03-3106353160core:Subsidiary22022-04-012023-03-3106353160core:Subsidiary32022-04-012023-03-3106353160core:CurrentFinancialInstruments2022-03-3106353160core:CurrentFinancialInstruments2023-03-3106353160bus:PrivateLimitedCompanyLtd2022-04-012023-03-3106353160bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3106353160bus:FRS1022022-04-012023-03-3106353160bus:AuditExemptWithAccountantsReport2022-04-012023-03-3106353160bus:Director12022-04-012023-03-3106353160bus:Director22022-04-012023-03-3106353160bus:Director32022-04-012023-03-3106353160bus:Director42022-04-012023-03-3106353160bus:Director52022-04-012023-03-3106353160bus:Director62022-04-012023-03-3106353160bus:CompanySecretary12022-04-012023-03-3106353160bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP