THE_PUFFIN_CLUB_LIMITED - Accounts

THE PUFFIN CLUB LIMITED - Company Information

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Company Registration No. 03242092 (England and Wales)

THE PUFFIN CLUB LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2014

THE PUFFIN CLUB LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

THE PUFFIN CLUB LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

555,234

Current assets

Debtors

195

9,138

Cash at bank and in hand

5,574

10,568

5,769

19,706

Creditors: amounts falling due within one year

(2,410)

(3,398)

Net current assets

3,359

16,308

Total assets less current liabilities

3,359

571,542

Creditors: amounts falling due after more than one year

(1,535,720)

(1,739,075)

(1,532,361)

(1,167,533)

Capital and reserves

Called up share capital

Profit and loss account

(1,532,366)

(1,167,538)

Shareholders' funds

(1,532,361)

(1,167,533)

For the financial year ended 31 August 2014 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 28 May 2015

Mr K Moores

Director

Company Registration No. 03242092

THE PUFFIN CLUB LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services provided during the period net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Aircraft

4% of cost

Fixtures, fittings & equipment

25% of cost

1.4

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.6

Going concern

The balance sheet shows liabilities in excess of assets of £1,532,361 as at 31 August 2014. This is after inclusion of directors' loans of £943,022 and a shareholder loan of £514,635.

Now that the aircraft has been sold, the directors have decided that this will be the last year of trade and the company will be struck off shortly thereafter.

THE PUFFIN CLUB LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 September 2013

1,181,014

Disposals

(1,181,014)

At 31 August 2014

Depreciation

At 1 September 2013

625,780

On disposals

(625,780)

At 31 August 2014

Net book value

At 31 August 2014

At 31 August 2013

555,234

Share capital

2014

2013

Allotted, called up and fully paid

5 Ordinary shares of £1 each