Purple Eagle Limited Filleted accounts for Companies House (small and micro)

PURPLE EAGLE LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2020-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 100 100 100 xbrli:pure xbrli:shares iso4217:GBP 07099147 2020-01-01 2020-12-31 07099147 2020-12-31 07099147 2019-12-31 07099147 2019-12-31 07099147 core:FurnitureFittings 2020-01-01 2020-12-31 07099147 bus:RegisteredOffice 2020-01-01 2020-12-31 07099147 bus:LeadAgentIfApplicable 2020-01-01 2020-12-31 07099147 bus:Director1 2020-01-01 2020-12-31 07099147 core:FurnitureFittings 2019-12-31 07099147 core:FurnitureFittings 2020-12-31 07099147 core:WithinOneYear 2020-12-31 07099147 core:WithinOneYear 2019-12-31 07099147 core:ShareCapital 2020-12-31 07099147 core:ShareCapital 2019-12-31 07099147 core:RetainedEarningsAccumulatedLosses 2020-12-31 07099147 core:RetainedEarningsAccumulatedLosses 2019-12-31 07099147 core:CostValuation core:Non-currentFinancialInstruments 2020-12-31 07099147 core:Non-currentFinancialInstruments 2020-12-31 07099147 core:Non-currentFinancialInstruments 2019-12-31 07099147 bus:Director1 2019-12-31 07099147 bus:Director1 2020-12-31 07099147 bus:Director1 2018-12-31 07099147 bus:Director1 2019-12-31 07099147 bus:Director1 2019-01-01 2019-12-31 07099147 bus:SmallEntities 2020-01-01 2020-12-31 07099147 bus:AuditExemptWithAccountantsReport 2020-01-01 2020-12-31 07099147 bus:FullAccounts 2020-01-01 2020-12-31 07099147 bus:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 07099147 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 07099147 core:OfficeEquipment 2020-01-01 2020-12-31 07099147 core:OfficeEquipment 2020-12-31 07099147 core:OfficeEquipment 2019-12-31

COMPANY REGISTRATION NUMBER: 07099147

Purple Eagle Limited

Filleted Unaudited Financial Statements

31 December 2020

Purple Eagle Limited

Financial Statements

Year Ended 31st December 2020

Contents	Pages

Officers and Professional Advisers	1

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements	2

Statement of Financial Position	3 to 4

Notes to the Financial Statements	5 to 9

Purple Eagle Limited

Officers and Professional Advisers

Director	C. King

Registered Office	Middleborough House
	16 Middleborough
	Colchester
	Essex
	United Kingdom
	CO1 1QT

Accountants	Peyton Tyler Mears
	Chartered accountants
	Middleborough House
	16 Middleborough
	Colchester
	Essex
	CO1 1QT

Purple Eagle Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Purple Eagle Limited

Year Ended 31st December 2020

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31st December 2020, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Peyton Tyler Mears Chartered accountants

Middleborough House 16 Middleborough Colchester Essex CO1 1QT

17 August 2021

Purple Eagle Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed Assets

Tangible assets	4	936	1,891
Investments	5	100	100
		-------	-------
		1,036	1,991

Current Assets

Debtors	6	14,687	14,682
Cash at bank and in hand		120	49
		--------	--------
		14,807	14,731

Creditors: amounts falling due within one year	7	156,169		152,119
		---------		---------
Net Current Liabilities			141,362	137,388
			---------	---------
Total Assets Less Current Liabilities			( 140,326)	( 135,397)
			---------	---------
Net Liabilities			( 140,326)	( 135,397)
			---------	---------

Capital and Reserves

Called up share capital	1	1
Profit and loss account	( 140,327)	( 135,398)
	---------	---------
Shareholders Deficit	( 140,326)	( 135,397)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Purple Eagle Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 17 August 2021 , and are signed on behalf of the board by:

C. King
Director

Company registration number: 07099147

Purple Eagle Limited

Notes to the Financial Statements

Year Ended 31st December 2020

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT, United Kingdom.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% straight line
Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in Associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in Joint Ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible Assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1st January 2020 and 31st December 2020	2,953	8,355	11,308
	-------	-------	--------
Depreciation
At 1st January 2020	2,953	6,464	9,417
Charge for the year	–	955	955
	-------	-------	--------
At 31st December 2020	2,953	7,419	10,372
	-------	-------	--------
Carrying amount
At 31st December 2020	–	936	936
	-------	-------	--------
At 31st December 2019	–	1,891	1,891
	-------	-------	--------

5. Investments

	Shares in participating interests
	£
Cost
At 1st January 2020 and 31st December 2020	100
	----
Impairment
At 1st January 2020 and 31st December 2020	–
	----

Carrying amount
At 31st December 2020	100
	----
At 31st December 2019	100
	----

6. Debtors

	2020	2019
	£	£
Other debtors	14,687	14,682
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Other creditors	156,169	152,119
	---------	---------

8. Director's Advances, Credits and Guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
C. King	( 150,114)	83	( 4,133)	( 154,164)
	---------	----	-------	---------

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
C. King	( 143,113)	7,072	( 14,073)	( 150,114)
	---------	-------	--------	---------