Pukka Films Ltd
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 04345312 (England and Wales)
Pukka Films Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Pukka Films Ltd
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
27,222
43,355
Current assets
Debtors
5
187,858
523,457
Cash at bank and in hand
417,108
710,066
604,966
1,233,523
Creditors: amounts falling due within one year
6
(133,309)
(583,090)
Net current assets
471,657
650,433
Total assets less current liabilities
498,879
693,788
Creditors: amounts falling due after more than one year
7
-
0
(873)
Provisions for liabilities
8
(4,194)
(1,072)
Net assets
494,685
691,843
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
494,585
691,743
Total equity
494,685
691,843

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

For the financial year ended 31 March 2024 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 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.

Pukka Films Ltd
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 11 November 2024
P Katis
Director
Company Registration No. 04345312
Pukka Films Ltd
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information

Pukka Films Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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
Going concern

These financial statements are prepared on the going concern basis. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts. true

1.3
Turnover

Turnover represents amounts receivable for services in the principal activity of the company, net of VAT.

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% straight line per annum
Fixtures, fittings & equipment
20% straight line per annum
Computer equipment
20% straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Pukka Films Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
Financial instruments

The company only has basic financial instruments measured as amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
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.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Pukka Films Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 13 (2023 - 13).

2024
2023
Number
Number
Total
13
13
Pukka Films Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
3
Taxation
Year
Period
ended
ended
31 March
31 March
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
81,826
Adjustments in respect of prior periods
(134)
-
0
Total current tax
(134)
81,826
Deferred tax
Origination and reversal of timing differences
3,122
(6,475)
Total tax charge
2,988
75,351
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023
47,808
21,726
32,104
101,638
Additions
-
0
-
0
1,068
1,068
At 31 March 2024
47,808
21,726
33,172
102,706
Depreciation and impairment
At 1 April 2023
27,209
14,399
16,675
58,283
Depreciation charged in the year
9,477
3,689
4,035
17,201
At 31 March 2024
36,686
18,088
20,710
75,484
Carrying amount
At 31 March 2024
11,122
3,638
12,462
27,222
At 31 March 2023
20,599
7,327
15,429
43,355
Pukka Films Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
105,283
471,957
Other debtors
8,519
11,803
Prepayments and accrued income
74,056
39,697
187,858
523,457
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
784
17,737
Trade creditors
46,795
137,759
Corporation tax
-
0
156,752
Other taxation and social security
51,243
157,026
Other creditors
-
43,250
Accruals and deferred income
34,487
70,566
133,309
583,090

There is a fixed and floating charge issued over the property of the company in favour of Coutts & Company.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
873
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
4,194
1,072
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Pukka Films Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
233,507
31,223
12
Directors' transactions

The director was paid a dividend of £88,000 (3 months ended 31 March 2023: £64,000) in the year.

13
Parent company

The ultimate controlling party is P Katis by virtue of his majority shareholding.

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