Purple Style Labs UK Limited - Period Ending 2021-03-31
Purple Style Labs UK Limited - Period Ending 2021-03-31
Registration number:
Purple Style Labs UK Limited
for the Year Ended 31 March 2021
Purple Style Labs UK Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Purple Style Labs UK Limited
Company Information
Director |
Mr Abhishek Agarwal |
Registered office |
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Accountants |
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Purple Style Labs UK Limited
(Registration number: 11953992)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Profit and loss account |
(1,066,772) |
(504,203) |
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Shareholders' deficit |
(1,065,772) |
(503,203) |
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements were approved and authorised for issue by the
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Director
Purple Style Labs UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The parent company Purple Style Labs Private Limited has confirmed to the director that they shall continue to support the company for a period of at least 12 months after the date of signing these financial statements.
Also, due to the Covid-19 Government assistance received, the director does not expect there to be any major impacts due to the Covid-19 virus on the financials and accordingly these financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Purple Style Labs UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
2 |
Accounting policies (continued) |
Government grants
Government grants are accounted under the accruals model as permitted by FRS102. Grants of revenue nature are recognised in the financial statements in the same period as the related expenditure.
Due to the Covid-19 pandemic and the closure of businesses under UK Government legislation, the company utilised the Government support schemes: the furlough scheme whereby the Government contributed towards the wage costs of the company and the local grants scheme awarded by local authorities. The amounts received are reported under other income in the financial statements. The income is reported in the period that the relief relates to.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fittings |
25% on reducing balance |
Office equipment |
25% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Purple Style Labs UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Purple Style Labs UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Staff numbers |
The average monthly number of persons employed by the company (including the director) during the year, was
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 April 2020 |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Stocks |
2021 |
2020 |
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Finished goods and goods for resale |
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Purple Style Labs UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by parent undertaking |
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Other debtors |
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Prepayments |
- |
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Total current trade and other debtors |
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Other debtors |
Other debtors includes a rent deposit of £306,000 (2020:£459,000) paid to the company's landlord. The amount is repayable after more than one year.
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Other loans are repayable between 2 and 5 years, interest bearing and unsecured.
Purple Style Labs UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Related party transactions |
The company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the group.
Summary of transactions with parent
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from
CTS No.1081, Plot No.110,
Service Road Western Express Highway,
Vile Parle (East)
Mumbai 400057
Maharashtra, India.
The ultimate controlling party is