Purple Ivy Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC357481 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2017

for

Purple Ivy Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

P G Ivins

C McArthur

REGISTERED OFFICE:

308 Albert Drive

Pollokshields

GLASGOW

G41 5RS

REGISTERED NUMBER:

SC357481 (Scotland)

ACCOUNTANTS:

T B Dunn & Co

308 Albert Drive

Pollokshields

GLASGOW

G41 5RS

FIXED ASSETS

Tangible assets

5

226,826

186,842

CURRENT ASSETS

Stocks

6

66,591

55,943

Debtors

7

21,743

19,103

Cash at bank and in hand

59,344

50,844

147,678

125,890

CREDITORS

Amounts falling due within one year

8

112,832

164,053

NET CURRENT ASSETS/(LIABILITIES)

34,846

(38,163

)

TOTAL ASSETS LESS CURRENT LIABILITIES

261,672

148,679

CREDITORS

Amounts falling due after more than one year

9

(76,784

)

(26,495

)

PROVISIONS FOR LIABILITIES

(31,871

)

(23,706

)

NET ASSETS

153,017

98,478

CAPITAL AND RESERVES

Called up share capital

11

105

100

Retained earnings

152,912

98,378

SHAREHOLDERS' FUNDS

153,017

98,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 26 October 2017 and were signed on its behalf by:

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

The accounting policies applied under the company's previous accounting framework are not materially different

to section 1A FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United

Kingdom Generally Accepted Accounting Practice applicable to Small Entities) and have not impacted on equity

or profit or loss.us year are not affected by the transition to FRS 102.

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 Income Statement, 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 .

5.	TANGIBLE FIXED ASSETS

Improvements

Sight

Fixtures

to

test

and

property

equipment

fittings

£

£

£

COST

At 1 September 2016

160,298

160,811

6,460

At 31 August 2017

160,298

160,811

6,460

DEPRECIATION

At 1 September 2016

45,321

97,179

6,460

Charge for year

8,128

20,102

-

At 31 August 2017

53,449

117,281

6,460

NET BOOK VALUE

At 31 August 2017

106,849

43,530

-

At 31 August 2016

114,977

63,632

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2016

-

45,758

373,327

Additions

80,730

-

80,730

At 31 August 2017

80,730

45,758

454,057

DEPRECIATION

At 1 September 2016

-

37,525

186,485

Charge for year

9,000

3,516

40,746

At 31 August 2017

9,000

41,041

227,231

NET BOOK VALUE

At 31 August 2017

71,730

4,717

226,826

At 31 August 2016

-

8,233

186,842

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

Motor

vehicles

£

COST

Additions

80,730

At 31 August 2017

80,730

DEPRECIATION

Charge for year

9,000

At 31 August 2017

9,000

NET BOOK VALUE

At 31 August 2017

71,730

6.

STOCKS

2017

2016

£

£

Stocks

66,591

55,943

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

13,482

11,493

Other debtors

790

1,469

Prepayments

7,471

6,141

21,743

19,103

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other loans

5,832

-

Hire purchase contracts (see note 10)

14,970

6,624

Trade creditors

43,114

35,871

Tax

6,883

15,274

Social security and other taxes

3,841

7,668

VAT

16,322

6,818

Directors' current accounts

9,605

60,865

Accrued expenses

12,265

30,933

112,832

164,053

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other loans - 1-2 years

5,832

-

Other loans - 2-5 years

17,496

-

Other loans more 5yrs instal

4,374

-

Hire purchase contracts (see note 10)

49,082

26,495

76,784

26,495

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

4,374

-

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Gross obligations repayable:

Within one year

17,627

8,021

Between one and five years

57,685

32,083

75,312

40,104

Finance charges repayable:

Within one year

2,657

1,397

Between one and five years

8,603

5,588

11,260

6,985

Net obligations repayable:

Within one year

14,970

6,624

Between one and five years

49,082

26,495

64,052

33,119

Non-cancellable operating

leases

2017

2016

£

£

Between one and five years

30,770

-

In more than five years

139,700

165,107

170,470

165,107

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10,526

Ordinary

1p

105

100

526 Ordinary shares of 1p each were allotted and fully paid for cash at par during the year.

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 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 2017 which comprise the Income Statement,

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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

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 ICAS as detailed at http://www.icas.com/accountspreparationguidance. 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

308 Albert Drive

Pollokshields

GLASGOW

G41 5RS

26 October 2017