Purple Ivy Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC357481 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Purple Ivy Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

9

DIRECTORS:

P G Ivins

C McArthur

REGISTERED OFFICE:

Ground Floor (part)

Unit 8000 Academy Business Park

51 Gower Street

Glasgow

G51 1PR

REGISTERED NUMBER:

SC357481 (Scotland)

ACCOUNTANTS:

T B Dunn & Co

Ground Floor (part)

8000 Academy Business Park

51 Gower Street

GLASGOW

G51 1PR

FIXED ASSETS

Tangible assets

5

205,135

217,512

CURRENT ASSETS

Stocks

105,468

98,238

Debtors

343,497

19,844

Cash at bank and in hand

151,814

308,647

600,779

426,729

CREDITORS

Amounts falling due within one year

182,419

184,957

NET CURRENT ASSETS

418,360

241,772

TOTAL ASSETS LESS CURRENT LIABILITIES

623,495

459,284

CREDITORS

Amounts falling due after more than one year

(42,970

)

(55,240

)

PROVISIONS FOR LIABILITIES

(41,075

)

(38,253

)

NET ASSETS

539,450

365,791

CAPITAL AND RESERVES

Called up share capital

7

133

133

Retained earnings

539,317

365,658

SHAREHOLDERS' FUNDS

539,450

365,791

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:

C McArthur - Director

P G Ivins - Director

1.	STATUTORY INFORMATION

Purple Ivy Ltd is a private company, limited by shares , registered in Scotland. 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Over term of lease

Sight test equipment

-

12.5% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33.33% on cost

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash and deposits with financial institutions repayable without penalty on notice of not more than twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 12 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2022

629,974

Additions

61,280

Disposals

(51,890

)

At 31 August 2023

639,364

DEPRECIATION

At 1 September 2022

412,462

Charge for year

44,267

Eliminated on disposal

(22,500

)

At 31 August 2023

434,229

NET BOOK VALUE

At 31 August 2023

205,135

At 31 August 2022

217,512

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 September 2022

189,290

Additions

61,280

Disposals

(51,890

)

At 31 August 2023

198,680

DEPRECIATION

At 1 September 2022

74,929

Charge for year

26,367

Eliminated on disposal

(22,500

)

At 31 August 2023

78,796

NET BOOK VALUE

At 31 August 2023

119,884

At 31 August 2022

114,361

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Gross obligations repayable:

Within one year

40,298

42,898

Between one and five years

33,893

48,822

74,191

91,720

Finance charges repayable:

Within one year

-

6,078

Between one and five years

-

7,545

-

13,623

Net obligations repayable:

Within one year

40,298

36,820

Between one and five years

33,893

41,277

74,191

78,097

Non-cancellable operating

leases

2023

2022

£

£

Between one and five years

-

37,500

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

13,333

Ordinary

1p

133

133

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

2023

2022

£

£

P G Ivins

Balance outstanding at start of year

(12,625

)

(17,218

)

Amounts advanced

30,935

22,593

Amounts repaid

(10,500

)

(18,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,810

(12,625

)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Purple Ivy Ltd for the year ended 31 August 2023 which comprise the Abridged Statement of Income and Retained Earnings, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Purple Ivy Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Purple Ivy Ltd and state those matters that we have agreed to state to the Board of Directors of Purple Ivy Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

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

T B Dunn & Co

Ground Floor (part)

8000 Academy Business Park

51 Gower Street

GLASGOW

G51 1PR

29 February 2024