Purple Inc Limited - Limited company accounts 16.3

REGISTERED NUMBER: 07232293 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 April 2017

for

Purple Inc Limited

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

J Ferguson

Mrs J Ferguson

REGISTERED OFFICE:

Mistletoe Corner

4 Oatlands

Elmstead Market

Colchester

Essex

CO7 7EN

REGISTERED NUMBER:

07232293 (England and Wales)

ACCOUNTANTS:

Howlett's Chartered Accountants

Unit 8 Old Forge Court

Colchester Road

Elmstead Market

Colchester

Essex

CO7 7EA

The directors present their report with the financial statements of the company for the year ended 30 April 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2016 to the date of this report.

J Ferguson

Mrs J Ferguson

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

J Ferguson - Director

31 January 2018

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 Inc Limited for the year ended 30 April 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Purple Inc Limited, as a body, in accordance with the terms of our engagement letter dated 22 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Purple Inc Limited and state those matters that we have agreed to state to the Board of Directors of Purple Inc Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Purple Inc Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Purple Inc Limited 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 Inc Limited. You consider that Purple Inc Limited 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 Inc Limited. 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.

Howlett's Chartered Accountants

Unit 8 Old Forge Court

Colchester Road

Elmstead Market

Colchester

Essex

CO7 7EA

31 January 2018

TURNOVER

40,633

19,349

Cost of sales

2,859

-

GROSS PROFIT

37,774

19,349

Administrative expenses

24,652

19,876

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

4

13,122

(527

)

Tax on profit/(loss)

2,976

(506

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

10,146

(21

)

FIXED ASSETS

Tangible assets

5

6,385

8,036

CURRENT ASSETS

Stocks

-

10,000

Debtors

6

29,999

242

Cash at bank

1,585

210

31,584

10,452

CREDITORS

Amounts falling due within one year

7

31,796

17,978

NET CURRENT LIABILITIES

(212

)

(7,526

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,173

510

PROVISIONS FOR LIABILITIES

731

214

NET ASSETS

5,442

296

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

5,438

292

SHAREHOLDERS' FUNDS

5,442

296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31 January 2018 and were signed on its behalf by:

J Ferguson - Director

Mrs J Ferguson - Director

1.	STATUTORY INFORMATION

Purple Inc Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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.

Plant and machinery etc

-

25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	OPERATING PROFIT/(LOSS)

The operating profit (2016 - operating loss) is stated after charging:

30.4.17

30.4.16

£

£

Depreciation - owned assets

4,544

3,200

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

28,729

Additions

2,893

At 30 April 2017

31,622

DEPRECIATION

At 1 May 2016

20,693

Charge for year

4,544

At 30 April 2017

25,237

NET BOOK VALUE

At 30 April 2017

6,385

At 30 April 2016

8,036

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

29,999

242

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade creditors

90

-

Taxation and social security

2,459

-

Other creditors

29,247

17,978

31,796

17,978

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2017 and

30 April 2016:

30.4.17

30.4.16

£

£

J Ferguson and Mrs J Ferguson

Balance outstanding at start of year

(14,527

)

287

Amounts advanced

20,060

33,473

Amounts repaid

(31,240

)

(48,287

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(25,707

)

(14,527

)