Purple Videos Limited Company Accounts

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 2017

PURPLE VIDEOS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31st OCTOBER 2017

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

PURPLE VIDEOS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

DIRECTOR	A W Towers

COMPANY SECRETARY	A W Towers

REGISTERED OFFICE	20 Mannin Way
	Lancaster Business Park
	Caton Road
	Lancaster
	Lancashire
	LA1 3SW

ACCOUNTANTS	CWR
	Chartered Accountants
	20 Mannin Way
	Lancaster Business Park
	Caton Road
	Lancaster
	LA1 3SW

PURPLE VIDEOS LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Tangible assets	5		27,220	27,921

CURRENT ASSETS

Stocks		570	–
Debtors	6	1,250	2,397
Cash at bank and in hand		6,413	445
		-------	-------
		8,233	2,842

CREDITORS: amounts falling due within one year	7	11,022		18,631
		---------		---------
NET CURRENT LIABILITIES			2,789	15,789
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			24,431	12,132

CREDITORS: amounts falling due after more than one year	8		3,942	5,835

PROVISIONS

Taxation including deferred tax	5,172	5,419
	---------	---------
NET ASSETS	15,317	878
	---------	---------

PURPLE VIDEOS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2017

	2017		2016
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	15,315	876
	---------	----
SHAREHOLDERS FUNDS	15,317	878
	---------	----

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 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 2017 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 19 January 2018 , 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 2017

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets .

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 (2016: 1 ).

5. TANGIBLE ASSETS

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1st November 2016	15,964	33,204	49,168
Additions	–	5,627	5,627
Disposals	–	( 1,048)	( 1,048)
	---------	---------	---------
At 31st October 2017	15,964	37,783	53,747
	---------	---------	---------
Depreciation
At 1st November 2016	4,241	17,006	21,247
Charge for the year	2,931	3,212	6,143
Disposals	–	( 863)	( 863)
	---------	---------	---------
At 31st October 2017	7,172	19,355	26,527
	---------	---------	---------
Carrying amount
At 31st October 2017	8,792	18,428	27,220
	---------	---------	---------
At 31st October 2016	11,723	16,198	27,921
	---------	---------	---------

6. DEBTORS

	2017	2016
	£	£
Trade debtors	–	1,106
Prepayments and accrued income	1,250	1,291
	-------	-------
	1,250	2,397
	-------	-------

7. CREDITORS: amounts falling due within one year

	2017	2016
	£	£
Accruals and deferred income	899	855
Corporation tax	5,093	3,260
Obligations under finance leases and hire purchase contracts	1,893	1,894
Director loan accounts	3,137	12,622
	---------	---------
	11,022	18,631
	---------	---------

8. CREDITORS: amounts falling due after more than one year

	2017	2016
	£	£
Obligations under finance leases and hire purchase contracts	3,942	5,835
	-------	-------

9. RELATED PARTY TRANSACTIONS

The company is controlled by Mr A Towers in both the current and previous year by virtue of his sole shareholding. 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 £ 3,137 (2016: £ 12,622 ) to Mr A Towers. During the year the company paid dividends amounting to £ 6,250 (2016: £ 20,660 ) to Mr A Towers.

10. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st November 2015.

Reconciliation of equity

	1st November 2015			31st October 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	24,990	–	24,990	27,921	–	27,921
Current assets	2,166	–	2,166	2,842	–	2,842
Creditors: amounts falling due within one year	( 8,598)	–	( 8,598)	( 18,631)	–	( 18,631)
	---------	----	---------	---------	----	---------
Net current liabilities	( 6,432)	–	( 6,432)	( 15,789)	–	( 15,789)
	---------	----	---------	---------	----	---------
Total assets less current liabilities	18,558	–	18,558	12,132	–	12,132

Creditors: amounts falling due after more than one year	( 7,570)	–	( 7,570)	( 5,835)	–	( 5,835)
Provisions	–	( 4,998)	( 4,998)	–	( 5,419)	( 5,419)
	---------	-------	---------	---------	-------	---------
Net assets	10,988	( 4,998)	5,990	6,297	( 5,419)	878
	---------	-------	---------	---------	-------	---------

	---------	-------	---------	---------	-------	---------
Capital and reserves	10,988	( 4,998)	5,990	6,297	( 5,419)	878
	---------	-------	---------	---------	-------	---------

A transitional adjustment was required in respect of a deferred taxation provision. This is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for taxation pourposes .