Punk Couplings Limited - Period Ending 2021-09-30
Punk Couplings Limited - Period Ending 2021-09-30
Registration number:
Punk Couplings Limited
for the Year Ended 30 September 2021
Punk Couplings Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Punk Couplings Limited
(Registration number: 08685926)
Balance Sheet as at 30 September 2021
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2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Shareholders' funds |
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Punk Couplings Limited
(Registration number: 08685926)
Balance Sheet as at 30 September 2021
For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Punk Couplings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
3 Fonthill Road
Southmead
Bristol
BS10 5SR
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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 £.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The business is reliant on the success of achieving world-wide patents for the products it is developing and their resale on to end consumers, as such is significant uncertainty as to the timing and eventual success of bringing the company's product to market.
Punk Couplings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Revenue recognition
Turnover is recognised at the fair value of the consideration received in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from services performed is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Government grants
Government grants are recognised as income over the periods neccessary to match them with the related costs which they are intended to compensate.
Finance income and costs policy
Finance income and expenses are recognised using the effective interest method.
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.
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 |
Furniture, fittings and equipment |
20 - 25% straight line |
Punk Couplings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Intangible assets
Patents, development costs, trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Patents, development costs, trademarks, and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents |
5 years straight line |
Development costs |
20 years straight line |
Amortisation on development costs starts the year after the addition is made.
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.
Debtors
Trade debtors are amounts due from customers for 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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Punk Couplings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Borrowings
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Intangible assets |
Patents |
Development costs |
Total |
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Cost or valuation |
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At 1 October 2020 |
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Additions acquired separately |
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At 30 September 2021 |
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Amortisation |
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At 1 October 2020 |
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Amortisation charge |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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Punk Couplings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2020 |
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At 30 September 2021 |
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Depreciation |
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At 1 October 2020 |
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Charge for the year |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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- |
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Other debtors |
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Prepayments and accrued income |
1,319 |
- |
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Amounts owed by related parties |
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Total current trade and other debtors |
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Creditors |
Due within one year |
Note |
2021 |
2020 |
Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Due after one year |
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Loans and borrowings |
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Punk Couplings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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19.25 |
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19.25 |
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133.46 |
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133.46 |
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Ordinary A shares are non voting and ordinary B shares have full voting rights. Both classes have full rights to distribution of the assets of the company in the event of the company being sold or wound up.
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Punk Couplings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Related party transactions |
Key management consists of the companies directors and Other related parties constitutes the companies shareholders.
Loans to related parties
2021 |
Key management |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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2020 |
Key management |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties
Loans from related parties
2021 |
Other related parties |
Total |
At start of period |
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At end of period |
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2020 |
Other related parties |
Total |
At start of period |
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At end of period |
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Terms of loans from related parties