PUNK_COUPLINGS_LIMITED - Accounts

PUNK COUPLINGS LIMITED - Company Information

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Company Registration No. 08685926 (England and Wales)

PUNK COUPLINGS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

PUNK COUPLINGS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

PUNK COUPLINGS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

136,917

42,068

Tangible assets

7,457

4,135

144,374

46,203

Current assets

Debtors

86,548

37,817

Cash at bank and in hand

37,916

180,215

124,464

218,032

Creditors: amounts falling due within one year

(11,903)

(10,969)

Net current assets

112,561

207,063

Total assets less current liabilities

256,935

253,266

256,935

253,266

Capital and reserves

Called up share capital

145

143

Share premium account

367,007

312,509

Profit and loss account

(110,217)

(59,386)

Shareholders' funds

256,935

253,266

For the financial year ended 30 September 2016 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 9 June 2017

S Parker

Director

Company Registration No. 08685926

PUNK COUPLINGS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 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 January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Patents

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

1.5

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

1.6

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:

Computer equipment

25% straight line

Fixtures, fittings & equipment

25% straight line

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

PUNK COUPLINGS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 October 2015

42,068

5,042

47,110

Additions

96,027

5,100

101,127

At 30 September 2016

138,095

10,142

148,237

Depreciation

At 1 October 2015

907

Charge for the year

1,178

1,778

2,956

At 30 September 2016

1,178

2,685

3,863

Net book value

At 30 September 2016

136,917

7,457

144,374

At 30 September 2015

42,068

4,135

46,203

Called up share capital

2016

2015

Allotted, called up and fully paid

1,316 ordinary A shares of 1p each

13,057 ordinary B shares of 1p each

130

145

143

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.

On 12 May 2016 109 ordinary A shares of £0.01 each were issued at a premium of £499.99.

Transactions with directors

During the year advances of £4,834 (2015 - £1,334) were made to S Parker followed by repayments of £1,916 (2015 - £5,598).