Company registration number 08703656 (England and Wales)
PUMA CONTRACTING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PUMA CONTRACTING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PUMA CONTRACTING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
1,082,948
1,605,416
Cash at bank and in hand
42,586
71,093
1,125,534
1,676,509
Creditors: amounts falling due within one year
6
(1,119,922)
(1,674,448)
Net current assets
5,612
2,061
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
4,612
1,061
Total equity
5,612
2,061
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 December 2023 and are signed on its behalf by:
Mr P M Ingram
Director
Company Registration No. 08703656
PUMA CONTRACTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2021
1,000
3,963
4,963
Period ended 31 March 2022:
Loss and total comprehensive income for the period
-
(2,902)
(2,902)
Balance at 31 March 2022
1,000
1,061
2,061
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
3,551
3,551
Balance at 31 March 2023
1,000
4,612
5,612
PUMA CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Puma Contracting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Queen Square, Bristol, United Kingdom, BS1 4ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have prepared and reviewed forecasts and projections for the group and, taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true
At the time of approving the financial statements, the directors are comfortable that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts receivable during the year, for the placement of people within the construction sector.
Revenue from temporary placements, which represents amounts billed for the services of temporary staff, is recognised when the service has been provided.
Revenue from permanent placements is recognised when the placement starts and is further adjusted for rebates; if applicable.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, accruals and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
PUMA CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Impairment of debtors
The company makes an estimate of the recoverable value of its debtors. When assessing impairment of debtors, management considers factors including any history of non-payment by the counter-party or any other factors which indicate that they may not be able to settle their obligation to the company in full.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,465
3,900
PUMA CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Employees
The average monthly number of persons (excluding directors) employed by the company during the period was nil (2022: nil).
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
851,810
1,604,335
Other debtors
230,429
372
1,082,239
1,604,707
Deferred tax asset
709
709
1,082,948
1,605,416
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,116
203,279
Amounts owed to group undertakings
737,383
696,009
Corporation tax
833
Other creditors
351,590
775,160
1,119,922
1,674,448
Other creditors include a balance of £310,572 (2022: £733,685) in relation of debt factoring facility owed to Lloyd Bank Commercial Finance Ltd.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Ravi Hungsraz
Statutory Auditor:
Azets Audit Services
PUMA CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Related party balances
The company has taken advantage of the exemption under section 1A of FRS 102 for not disclosing transactions between wholly-owned group members.
Balances that exist between group members at the balance sheet date are disclosed in note 6.
10
Parent company
In the opinion of the directors, Options Resourcing Limited, registered at 30 Queen Square, Bristol, United Kingdom, BS1 4ND, is the immediate and ultimate controlling party to the reporting entity.
Options Resourcing Limited prepares group financial statements and copies can be obtained from Companies House, Crown Way, Cardiff.
11
Security
Lloyds Bank Commercial Finance Ltd holds a primary fixed and floating charge over the assets of the company in relation to debt factoring.