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COMPANY REGISTRATION NUMBER: 13970826
Puffin Farms Holdings Limited
Filleted Unaudited Financial Statements
31 March 2024
Puffin Farms Holdings Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 3
Puffin Farms Holdings Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
3,300,000
3,300,000
Current assets
Debtors
5
1,416,128
1,416,128
Cash at bank and in hand
100
100
------------
------------
1,416,228
1,416,228
------------
------------
Net current assets
1,416,228
1,416,228
------------
------------
Total assets less current liabilities
4,716,228
4,716,228
------------
------------
Capital and reserves
Called up share capital
6
4,531,388
4,531,388
Share premium account
184,840
184,840
------------
------------
Shareholders funds
4,716,228
4,716,228
------------
------------
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 statement of comprehensive income has not been delivered.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr J M Langmead
Director
Company registration number: 13970826
Puffin Farms Holdings 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 and Wales. The address of the registered office is Withybush, Withybush Road, Haverfordwest, Pembrokeshire, SA62 4BS.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Debt instruments are subsequently measured at amortised cost.
4. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
3,300,000
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
3,300,000
------------
At 31 March 2023
3,300,000
------------
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings
1,416,128
1,416,128
------------
------------
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
4,531,388
4,531,388
4,531,388
4,531,388
------------
------------
------------
------------
7. Events after the end of the reporting period
Subsequent to the year end, on 24 July 2024 the company raised further capital to support the continued growth of the business. The company allotted a further 1,066,000 £1 ordinary shares which were fully paid on 30 September 2024 at par value.