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Registration number: 07782052

Puffin Homes (SW) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Puffin Homes (SW) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Detailed Profit and Loss Account

8 to 9

 

Puffin Homes (SW) Limited

Company Information

Director

Mr David Charles Tonkin

Company secretary

Mrs Wendy Marian Tonkin

Registered office

Waterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW

Accountants

GW & Co. Limited
Chartered Certified AccountantsWaterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW

 

Puffin Homes (SW) Limited

(Registration number: 07782052)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,329

32,093

Current assets

 

Stocks

5

912,356

797,891

Debtors

6

38,416

34,406

Cash at bank and in hand

 

355,519

60,752

 

1,306,291

893,049

Creditors: Amounts falling due within one year

7

(293,367)

(23,328)

Net current assets

 

1,012,924

869,721

Total assets less current liabilities

 

1,038,253

901,814

Creditors: Amounts falling due after more than one year

7

(7,867)

(207,014)

Net assets

 

1,030,386

694,800

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

1,030,385

694,799

Shareholders' funds

 

1,030,386

694,800

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 February 2025
 

.........................................
Mr David Charles Tonkin
Director

 

Puffin Homes (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Waterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW
England

These financial statements were authorised for issue by the director on 22 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Puffin Homes (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% Reducing Balance

Office Equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Puffin Homes (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Puffin Homes (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

75,858

8,252

5,500

89,610

At 30 September 2024

75,858

8,252

5,500

89,610

Depreciation

At 1 October 2023

44,913

7,104

5,500

57,517

Charge for the year

6,189

575

-

6,764

At 30 September 2024

51,102

7,679

5,500

64,281

Carrying amount

At 30 September 2024

24,756

573

-

25,329

At 30 September 2023

30,945

1,148

-

32,093

5

Stocks

2024
£

2023
£

Work in progress

912,356

797,891

6

Debtors

Current

2024
£

2023
£

Trade debtors

7,932

-

Prepayments

5,657

5,918

Other debtors

24,827

28,488

 

38,416

34,406

7

Creditors

Creditors: amounts falling due within one year

 

Puffin Homes (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,312

10,055

Trade creditors

 

36,874

2,361

Taxation and social security

 

116,155

9,573

Accruals and deferred income

 

-

1,200

Other creditors

 

130,026

139

 

293,367

23,328

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

7,867

207,014

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,867

18,219

Other borrowings

-

188,795

7,867

207,014

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,312

10,055

 

Puffin Homes (SW) Limited

Detailed Profit and Loss Account for the Year Ended 30 September 2024

2024
£

2023
£

Turnover (analysed below)

914,021

780,000

Cost of sales (analysed below)

(390,432)

(699,510)

Gross profit

523,589

80,490

Gross profit (%)

57.28%

10.32%

Administrative expenses

Establishment costs (analysed below)

(37,199)

(9,112)

General administrative expenses (analysed below)

(27,202)

(26,471)

Finance charges (analysed below)

(140)

(223)

Depreciation costs (analysed below)

(6,763)

(8,877)

(71,304)

(44,683)

Operating profit

452,285

35,807

Interest payable and similar expenses (analysed below)

(2,583)

(3,481)

Profit before tax

449,702

32,326

 

Puffin Homes (SW) Limited

Detailed Profit and Loss Account for the Year Ended 30 September 2024

2024
£

2023
£

   

Turnover

Sale of goods, UK

913,937

780,000

Interest received

84

-

914,021

780,000

   

Cost of sales

Opening work in progress

(52,891)

(355,747)

Planning and survey fees

(26,851)

(18,014)

Purchases

(331,298)

(228,197)

Legal fees

(35)

(35)

Direct costs

(1,063)

(2,234)

Closing work in progress

167,356

52,891

Subcontract cost

(138,450)

(142,884)

Hire of plant and machinery (Operating leases)

(7,200)

(5,290)

(390,432)

(699,510)

   

Establishment costs

Rent and rates

(28,273)

135

Light, heat and power

290

(1,309)

Insurance

(8,632)

(6,527)

Repairs and renewals

(584)

(1,411)

(37,199)

(9,112)

   

General administrative expenses

Telephone and fax

(573)

(471)

Printing, postage and stationery

(288)

(287)

Sundry expenses

(647)

(895)

Motor expenses

(11,866)

(9,986)

Accountancy fees

(6,420)

(6,170)

Leasing payments

(7,408)

(8,662)

(27,202)

(26,471)

   

Finance charges

Bank charges

(140)

(223)

   

Depreciation costs

Depreciation of plant and machinery (owned)

(6,189)

(7,736)

Depreciation of office equipment (owned)

(574)

(1,141)

(6,763)

(8,877)

   

Interest payable and similar expenses

Operating lease interest

(2,583)

(3,481)