REGISTERED NUMBER: 11861236 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Puffin Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J M Wadsworth

SECRETARY:

Mrs J Wadsworth

REGISTERED OFFICE:

30 Southernhay East

Exeter

Devon

EX1 1NS

REGISTERED NUMBER:

11861236 (England and Wales)

ACCOUNTANTS:

A C Mole LLP

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

FIXED ASSETS

Investments

4

494,187

813,498

Investment property

5

1,094,758

707,380

1,588,945

1,520,878

CURRENT ASSETS

Debtors

6

19,177

19,000

Cash at bank

113,650

167,640

132,827

186,640

CREDITORS

Amounts falling due within one year

7

926,802

819,245

NET CURRENT LIABILITIES

(793,975

)

(632,605

)

TOTAL ASSETS LESS CURRENT LIABILITIES

794,970

888,273

CREDITORS

Amounts falling due after more than one year

8

752,700

852,700

NET ASSETS

42,270

35,573

CAPITAL AND RESERVES

Called up share capital

108

108

Retained earnings

42,162

35,465

42,270

35,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 December 2025 and were signed by:

J M Wadsworth - Director

1.	STATUTORY INFORMATION

Puffin Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Going concern

The company has net current liabilities at the balance sheet date due to amounts owed to participating interests and other creditors. Whilst these are repayable on demand they are not expected to fall due within the next 12 months. The director therefore considers it appropriate to prepare the accounts on a going concern basis.

Critical accounting judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below:

i) Valuation of investment properties

The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The company purchased both properties in the past three years and the directors consider the cost to be a reasonable estimate of the current fair value. The key assumptions used to determine the fair value of investment property are further explained in note 5.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2024

813,498

Additions

391,077

Disposals

(708,256

)

Revaluations

(2,132

)

At 31 March 2025

494,187

NET BOOK VALUE

At 31 March 2025

494,187

At 31 March 2024

813,498

Cost or valuation at 31 March 2025 is represented by:

Other

investments

£

Valuation in 2024

2,131

Cost

492,056

494,187

Fixed assets are held at fair value as set out in the accounting policies in Note 2. Revaluations are included in the profit and loss account in the year of revaluation.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

707,380

Additions

387,378

At 31 March 2025

1,094,758

NET BOOK VALUE

At 31 March 2025

1,094,758

At 31 March 2024

707,380

Investment properties are initially recognised at cost and subsequently measured at fair value. The properties were purchased in recent years and therefore cost is deemed to be an appropriate fair value.

No change in value has been credited or debited to the income statement.

Fair value at 31 March 2025 is represented by:

£

Cost

1,094,758

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

19,177

19,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Tax

-

177

Directors' current accounts

925,302

817,668

Accruals and deferred income

1,500

1,400

926,802

819,245

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to participating interests

385,700

485,700

Shareholder loans

367,000

367,000

752,700

852,700

9.	RELATED PARTY DISCLOSURES

Companies under common control

The company has been provided loans totalling £385,700 (2024: £485,700) from companies under common control. The loans are interest free and repayable on demand, but not expected to be repaid in the next 12 months.