Purple Griffon Limited - Period Ending 2014-12-31

Registration number: 4565578

Purple Griffon Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

3CA Limited
Chartered Accountants and Business Advisors
Kent Cottage
Bridge Lane
Kendal
Kendal
LA9 7DD

Purple Griffon Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Purple Griffon Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Purple Griffon Limited for the year ended 31 December 2014 set out on pages 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Purple Griffon Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Purple Griffon Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Purple Griffon Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Purple Griffon Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Purple Griffon Limited. You consider that Purple Griffon Limited 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 accounts of Purple Griffon Limited. 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 accounts.

......................................

3CA Limited
Chartered Accountants and Business Advisors
Kent Cottage
Bridge Lane
Kendal
Kendal
LA9 7DD

17 September 2015

Page 1

Purple Griffon Limited
(Registration number: 4565578)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					4,040			3,961
Current assets
Debtors					370,335			315,014
Cash at bank and in hand					39			52
					370,374			315,066
Creditors: Amounts falling due within one year					(463,175)			(477,440)
Net current liabilities					(92,801)			(162,374)
Net liabilities					(88,761)			(158,413)
Capital and reserves
Called up share capital		4			-			4
Profit and loss account					(88,761)			(158,417)
Shareholders' deficit					(88,761)			(158,413)

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 17 September 2015 and signed on its behalf by:

.........................................
KS McGunigle
Director

.........................................
S Lawless
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Purple Griffon Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	33% reducing balance basis
Office equipment	33% reducing balance basis

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Purple Griffon Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		24,956			24,956
Additions		2,100			2,100
At 31 December 2014		27,056			27,056
Depreciation
At 1 January 2014		20,995			20,995
Charge for the year		2,021			2,021
At 31 December 2014		23,016			23,016
Net book value
At 31 December 2014		4,040			4,040
At 31 December 2013		3,961			3,961

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		-			99,374

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		4			4			4			4

Page 4

Purple Griffon Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

5	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
KS McGunigle
Director’s loan account (Interest has been charged at 4.00% per annum up to 31 March 2014 and at 3.25% thereafter. There are no repayment terms in respect of this loan.)	53,711	37,144	37,144	26,150
S Lawless
Director’s loan account (Interest has been charged at 4.00% per annum up to 31 March 2014 and at 3.25% thereafter. There are no repayment terms in respect of this loan.)	53,711	17,205	17,205	35,308

Page 5