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

PURPLE VIDEOS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04944185

PURPLE VIDEOS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 October 2023

PURPLE VIDEOS LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2023

	2023		2022
Note	£	£	£

FIXED ASSETS

Tangible assets	5		47,590	50,639

CURRENT ASSETS

Stocks		300	574
Debtors	6	5,233	5,108
Cash at bank and in hand		21,768	16,735
		---------	---------
		27,301	22,417

CREDITORS: amounts falling due within one year	7	11,754		15,131
		---------		---------
NET CURRENT ASSETS			15,547	7,286
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			63,137	57,925

PROVISIONS

Taxation including deferred tax	8	9,042	9,621
		---------	---------
NET ASSETS		54,095	48,304
		---------	---------

PURPLE VIDEOS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2023

	2023		2022
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	9	2	2
Profit and loss account		54,093	48,302
		---------	---------
SHAREHOLDERS FUNDS		54,095	48,304
		---------	---------

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 October 2023 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:

A W Towers
Director

Company registration number: 04944185

PURPLE VIDEOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st OCTOBER 2023

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, Lancashire, LA1 3SW.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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:

Motor Vehicles	-	25% reducing balance
Equipment	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).

5. TANGIBLE ASSETS

Motor vehicles	Equipment	Total
£	£	£

Cost
At 1st November 2022	30,175	68,610	98,785
Additions	–	8,578	8,578
	---------	---------	----------
At 31st October 2023	30,175	77,188	107,363
	---------	---------	----------
Depreciation
At 1st November 2022	9,741	38,405	48,146
Charge for the year	5,108	6,519	11,627
	---------	---------	----------
At 31st October 2023	14,849	44,924	59,773
	---------	---------	----------
Carrying amount
At 31st October 2023	15,326	32,264	47,590
	---------	---------	----------
At 31st October 2022	20,434	30,205	50,639
	---------	---------	----------

6. DEBTORS

	2023	2022
	£	£

Trade debtors	2,710	2,117
Prepayments and accrued income	2,523	2,991
	-------	-------
	5,233	5,108
	-------	-------

7. CREDITORS: amounts falling due within one year

	2023	2022
	£	£

Accruals and deferred income	1,474	1,517
Corporation tax	3,830	1,819
Director loan accounts	6,450	11,795
	---------	---------
	11,754	15,131
	---------	---------

8. PROVISIONS

	Deferred tax
	£

At 1st November 2022	9,621
Additions	( 579)
	-------
At 31st October 2023	9,042
	-------

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

2023		2022
No.	£	No.	£

Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

10. RELATED PARTY TRANSACTIONS

The company is controlled by Mr A Towers in both the current and previous year by virtue of his sole shareholder. During the year the company continued to borrow funds interest free from Mr A Towers, a director. At the balance sheet date the company owed £6,450 (2022: £11,795) to Mr A Towers. During the year the company paid rent amounting to £3,000 (2022: £3,000) and dividends amounting to £8,100 (2022: £12,950) to Mr A Towers.