Company Registration No. 14101357 (England and Wales)
PUNTCAST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
PUNTCAST LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 4
PUNTCAST LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
84,567
45,168
Current assets
Cash at bank and in hand
113
1,618
Creditors: amounts falling due within one year
4
(17,502)
(16,334)
Net current liabilities
(17,389)
(14,716)
Total assets less current liabilities
67,178
30,452
Creditors: amounts falling due after more than one year
5
(91,000)
(40,000)
Net liabilities
(23,822)
(9,548)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(23,922)
(9,648)
Total equity
(23,822)
(9,548)
For the financial year ended 31 May 2024 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
Mr W R Jones
Mr S D Jones
Director
Director
Company registration number 14101357 (England and Wales)
PUNTCAST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 May 2022
-
Year ended 31 May 2023:
Loss and total comprehensive income
-
(9,648)
(9,648)
Issue of share capital
6
100
-
100
Balance at 31 May 2023
100
(9,648)
(9,548)
Year ended 31 May 2024:
Loss and total comprehensive income
-
(14,274)
(14,274)
Balance at 31 May 2024
100
(23,922)
(23,822)
PUNTCAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
PuntCast Limited is a private company limited by shares incorporated in England and Wales. The registered office is Monkmoor Hall Farm, 324 Monkmoor Road, Shrewsbury, Shropshire, SY2 5TL.
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
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
20% on a straight line basis
1.3
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
PUNTCAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
3
Intangible fixed assets
Software
£
Cost
At 1 June 2023
45,168
Additions
39,399
At 31 May 2024
84,567
Amortisation and impairment
At 1 June 2023 and 31 May 2024
Carrying amount
At 31 May 2024
84,567
At 31 May 2023
45,168
Intangible fixed assets relate solely to capitalised development expenditure on software. As at 31 May 2024, the software is still being developed and has not yet been released. Amortisation will commence when the software is released to the marketplace, which will be in the foreseeable future.
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
16,603
15,184
Accruals and deferred income
899
1,150
17,502
16,334
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
91,000
40,000
6
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
7
Related party transactions
As at 31 May 2024, the sum of £106,953 (2023 - £54,909) was due to My-Com Technology Limited, a company in which the directors of PuntCast Limited are also shareholders and directors.