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Company registration number: 08025542
Pontone Limited
Unaudited filleted financial statements
31 March 2024
Pontone Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Pontone Limited
Directors and other information
Director Mr Paul Dipino
Company number 08025542
Registered office 2 Tolherst Court
Ashford Road
Maidstone
Kent
ME14 5SF
Business address 8 Waterloo Court
10 Theed Street
London
SE1 8ST
Accountants Couch Bright King & Co
2 Tolherst Court
Turkey Mill Business Park, Ashford Road
Maidstone
Kent
ME14 5SF
Pontone Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Pontone Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pontone Limited for the year ended 31 March 2024 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Couch Bright King & Co
Chartered Accountants
2 Tolherst Court
Turkey Mill Business Park, Ashford Road
Maidstone
Kent
ME14 5SF
14 January 2025
Pontone Limited
Balance sheet
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 272 3,624
Investments 6 6,055,846 9,640,000
___________ ___________
6,056,118 9,643,624
Current assets
Debtors 7 3,186,241 3,203,586
Cash at bank and in hand 56,982 96,745
___________ ___________
3,243,223 3,300,331
Creditors: amounts falling due
within one year 8 ( 767,982) ( 4,387,962)
___________ ___________
Net current assets/(liabilities) 2,475,241 ( 1,087,631)
___________ ___________
Total assets less current liabilities 8,531,359 8,555,993
Creditors: amounts falling due
after more than one year 9 ( 33,592) ( 39,342)
___________ ___________
Net assets 8,497,767 8,516,651
___________ ___________
Capital and reserves
Called up share capital 2 2
Profit and loss account 8,497,765 8,516,649
___________ ___________
Shareholders funds 8,497,767 8,516,651
___________ ___________
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 January 2025 , and are signed on behalf of the board by:
Mr Paul Dipino
Director
Company registration number: 08025542
Pontone Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales in the UK. The address of the registered office is 2 Tolherst Court, Ashford Road, Maidstone, Kent, ME14 5SF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 12,727 12,727
Additions 331 331
Disposals ( 1,681) ( 1,681)
___________ ___________
At 31 March 2024 11,377 11,377
___________ ___________
Depreciation
At 1 April 2023 9,102 9,102
Charge for the year 3,124 3,124
Disposals ( 1,121) ( 1,121)
___________ ___________
At 31 March 2024 11,105 11,105
___________ ___________
Carrying amount
At 31 March 2024 272 272
___________ ___________
At 31 March 2023 3,625 3,625
___________ ___________
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost or valuation
At 1 April 2023 9,640,000 9,640,000
Revaluations ( 3,584,154) ( 3,584,154)
___________ ___________
At 31 March 2024 6,055,846 6,055,846
___________ ___________
Impairment
At 1 April 2023 and 31 March 2024 - -
___________ ___________
Carrying amount
At 31 March 2024 6,055,846 6,055,846
___________ ___________
At 31 March 2023 9,640,000 9,640,000
___________ ___________
7. Debtors
2024 2023
£ £
Other debtors 3,186,241 3,203,586
___________ ___________
Other debtors included loans all of which are repayable on demand.
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 8,333 8,333
Amounts owed to group undertakings and undertakings in which the company has a participating interest 725,727 4,364,377
Social security and other taxes 27,709 9,644
Other creditors 6,213 5,608
___________ ___________
767,982 4,387,962
___________ ___________
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 33,592 39,342
___________ ___________
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Dipino 71,779 426,677 ( 76,690) 421,766
___________ ___________ ___________ ___________
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Dipino ( 4,911) 76,690 - 71,779
___________ ___________ ___________ ___________
The Directors Loan was repaid 1st August 2024.
11. Controlling party
Mr P Dipino owns all the share capital in issue.