Purple Patch Ideas Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08864353 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

PURPLE PATCH IDEAS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Miss N A Murray

REGISTERED OFFICE:

Glebe House

5 Grange Lane

Cople

MK44 3TT

REGISTERED NUMBER:

08864353 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Tangible assets

4

5,855

5,765

CURRENT ASSETS

Stocks

5

31,990

20,509

Debtors

6

5,525

329

Cash at bank

512,387

757,013

549,902

777,851

CREDITORS

Amounts falling due within one year

7

110,918

313,437

NET CURRENT ASSETS

438,984

464,414

TOTAL ASSETS LESS CURRENT LIABILITIES

444,839

470,179

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

444,838

470,178

SHAREHOLDERS' FUNDS

444,839

470,179

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 January 2021 and were signed by:

Miss N A Murray - Director

1.	STATUTORY INFORMATION

Purple Patch Ideas Limited 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.

Given the ongoing COVID-19 pandemic, which has seen widespread economic disruption across the globe, the possibility of operational disruption is heightened. However its impact will hopefully be temporary and on that basis the accounts have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are measured at amortised cost less impairment.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 March 2019

14,000

2,165

16,165

Additions

2,438

-

2,438

At 29 February 2020

16,438

2,165

18,603

DEPRECIATION

At 1 March 2019

9,352

1,048

10,400

Charge for year

1,771

577

2,348

At 29 February 2020

11,123

1,625

12,748

NET BOOK VALUE

At 29 February 2020

5,315

540

5,855

At 28 February 2019

4,648

1,117

5,765

5.

STOCKS

2020

2019

£

£

Stocks

31,990

20,509

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

556

329

Tax

4,969

-

5,525

329

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

-

241

Corporation tax

-

100,926

VAT

408

406

Director's loan account

109,885

211,239

Accrued expenses

625

625

110,918

313,437

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Miss N A Murray by virtue of her shareholding.