Purelypaper Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05076956 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

PURELYPAPER LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mr S Butler

Mrs A S M Butler

SECRETARY:

Mr S Butler

REGISTERED OFFICE:

10 St. Ann Street

Salisbury

SP1 2DN

BUSINESS ADDRESS:

123a Park Lane

Heytesbury

Warminster

Wiltshire

BA12 0HE

REGISTERED NUMBER:

05076956 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

BANKERS:

Lloyds Bank PLC

38 Blue Boar Row

Salisbury

Wiltshire

SP1 1DB

FIXED ASSETS

Intangible assets

4

19,569

18,000

Tangible assets

5

3,268

1,486

22,837

19,486

CURRENT ASSETS

Debtors

6

121,774

133,310

Cash at bank

177,423

228,486

299,197

361,796

CREDITORS

Amounts falling due within one year

7

197,390

267,651

NET CURRENT ASSETS

101,807

94,145

TOTAL ASSETS LESS CURRENT LIABILITIES

124,644

113,631

PROVISIONS FOR LIABILITIES

3,661

3,703

NET ASSETS

120,983

109,928

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

9

120,981

109,926

SHAREHOLDERS' FUNDS

120,983

109,928

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2020 and were signed on its behalf by:

Mr S Butler - Director

1.	STATUTORY INFORMATION

Purelypaper Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents the value of paper supplies provided to customers during the year net of value added tax and trade discounts and is measured at the fair value of the consideration received or receivable for the goods provided.

Turnover is recognised on the provision of goods once the clients has received and approved the delivery of the goods at which time the significant risks and rewards of ownership have transferred to the customer.

The company does not operate long term contracts.

Intangible assets

The Company's website is being amortised evenly over its estimated useful life of 10 years.

The assets' residual value, useful live and amortisation method is reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors

Short term debtors are measured at transaction price which is usually the invoice price, less any impairment losses for bad and doubtful debts.

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at transaction price which is usually invoice price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 April 2019

20,000

Additions

3,966

At 31 March 2020

23,966

AMORTISATION

At 1 April 2019

2,000

Charge for year

2,397

At 31 March 2020

4,397

NET BOOK VALUE

At 31 March 2020

19,569

At 31 March 2019

18,000

Cost or valuation at 31 March 2020 is represented by:

Other

intangible

assets

£

Valuation in 2019

20,000

Cost

3,966

23,966

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

4,369

12,827

17,196

Additions

-

3,942

3,942

Disposals

(518

)

(3,510

)

(4,028

)

At 31 March 2020

3,851

13,259

17,110

DEPRECIATION

At 1 April 2019

3,832

11,878

15,710

Charge for year

306

1,853

2,159

Eliminated on disposal

(517

)

(3,510

)

(4,027

)

At 31 March 2020

3,621

10,221

13,842

NET BOOK VALUE

At 31 March 2020

230

3,038

3,268

At 31 March 2019

537

949

1,486

6.

DEBTORS

31.3.20

31.3.19

£

£

Amounts falling due within one year:

Trade debtors

13,018

22,731

Other debtors

46,756

48,579

59,774

71,310

Amounts falling due after more than one year:

Other debtors

62,000

62,000

Aggregate amounts

121,774

133,310

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

1,410

-

Trade creditors

164,488

206,087

Taxation and social security

28,172

57,723

Other creditors

3,320

3,841

197,390

267,651

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.20

31.3.19

£

£

Within one year

10,135

7,233

Between one and five years

7,422

6,229

17,557

13,462

9.

RESERVES

31.3.20

31.3.19

£

£

Distributable

119,021

95,346

Non - distributable

12,960

14,580

120,981

109,926

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019:

31.03.20

31.03.19

£

£

Loan 1

Balance outstanding/owed at start of year

67,001

-

Amounts advanced

-

80,108

Amount repaid

(67,001

)

(13,107

)

Balance outstanding at end of year

-

67,001

31.03.20

31.03.19

£

£

Loan 2

Balance outstanding/owed at start of year

-

-

Amounts advanced

81,780

-

Amount repaid

(8,999

)

-

Balance outstanding at end of year

72,781

-

Interest was charged on these loans at commercial rates.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Purelypaper Ltd for the year ended 31 March 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Purelypaper Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Purelypaper Ltd and state those matters that we have agreed to state to the Board of Directors of Purelypaper Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Purelypaper Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Purelypaper Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Purelypaper Ltd. You consider that Purelypaper Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Purelypaper Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans LLP

Chartered Accountants

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

28 October 2020