Purple Duck Ltd 31/12/2017 iXBRL

PURPLE DUCK LIMITED - Company Information

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Company registration number: 05641434

Purple Duck Ltd

Unaudited filleted financial statements

31 December 2017

Purple Duck Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Purple Duck Ltd

Directors and other information


	Directors	Mrs J Lampard
		Mr S Lampard


	Secretary	Mrs J Lampard


	Company number	05641434


	Registered office	Mornhill
		109 Hartley Road
		Portsmouth
		Hampshire
		PO2 9HX


	Business address	Mornhill
		109 Hartley Road
		Portsmouth
		Hampshire
		PO2 9HX


	Accountants	Focus Accounting Limited
		Unit 16 Highcroft Ind Est
		Enterprise Road
		Waterlooville
		Hampshire
		PO8 0BT

Purple Duck Ltd

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Purple Duck Ltd

Year ended 31 December 2017

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 Duck Ltd for the year ended 31 December 2017 which comprise the statement of financial position, statement of changes in equity and 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.

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

It is your duty to ensure that Purple Duck 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 Duck Ltd. You consider that Purple Duck 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 Duck 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.

Focus Accounting Limited

Accountants & Business Advisers

Unit 16 Highcroft Ind Est

Enterprise Road

Waterlooville

Hampshire

PO8 0BT

27 September 2018

Purple Duck Ltd

Statement of financial position

31 December 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	4	1,782,372		1,635,402
		_______		_______
			1,782,372		1,635,402

Current assets
Debtors	5	667		105
Cash at bank and in hand		12,489		3,209
		_______		_______
		13,156		3,314
Creditors: amounts falling due
within one year	6	( 691,452)		( 512,298)
		_______		_______
Net current liabilities			( 678,296)		( 508,984)
			_______		_______
Total assets less current liabilities			1,104,076		1,126,418

Creditors: amounts falling due
after more than one year	7		( 553,482)		( 581,392)
			_______		_______
Net assets			550,594		545,026
			_______		_______

Capital and reserves
Called up share capital			7		7
Revaluation reserve			516,423		516,423
Profit and loss account			34,164		28,596
			_______		_______
Shareholders funds			550,594		545,026
			_______		_______

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , and are signed on behalf of the board by:

Mrs J Lampard Mr S Lampard

Director Director

Company registration number: 05641434

Purple Duck Ltd

Statement of changes in equity

Year ended 31 December 2017

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 1 January 2016	-	516,423	53,183	569,606

Profit/(loss) for the year			( 24,587)	( 24,587)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 24,587)	( 24,587)

Issue of shares	7			7
	_______	_______	_______	_______
Total investments by and distributions to owners	7	-	-	7

	_______	_______	_______	_______
At 31 December 2016 and 1 January 2017	-	516,423	28,597	545,020

Profit/(loss) for the year			5,567	5,567
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	5,567	5,567

Issue of shares	7			7
	_______	_______	_______	_______
Total investments by and distributions to owners	7	-	-	7

	_______	_______	_______	_______
At 31 December 2017	7	516,423	34,164	550,594
	_______	_______	_______	_______

Purple Duck Ltd

Notes to the financial statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Mornhill, 109 Hartley Road, Portsmouth, Hampshire, PO2 9HX.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Fittings fixtures and equipment	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

4. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 January 2017	1,635,000	2,804	1,637,804
Additions	147,149	-	147,149
	_______	_______	_______
At 31 December 2017	1,782,149	2,804	1,784,953
	_______	_______	_______
Depreciation
At 1 January 2017	-	2,403	2,403
Charge for the year	-	178	178
	_______	_______	_______
At 31 December 2017	-	2,581	2,581
	_______	_______	_______
Carrying amount
At 31 December 2017	1,782,149	223	1,782,372
	_______	_______	_______
At 31 December 2016	1,635,000	401	1,635,401
	_______	_______	_______

Investment property

Included within the above is investment property as follows:

		£
	At 1 January 2017	1,118,577
	Additions	147,149
		_______
		_______

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Freehold property	Total
	£	£
At 31 December 2017
Aggregate cost	1,265,725	1,265,725
Aggregate depreciation	-	-
	_______	_______
Carrying amount	1,265,725	1,265,725
	_______	_______

At 31 December 2016
Aggregate cost	1,118,576	1,118,576
Aggregate depreciation	-	-
	_______	_______
Carrying amount	1,118,576	1,118,576
	_______	_______

5. Debtors

	2017	2016
	£	£
Other debtors	667	105
	_______	_______

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	25,927	22,800
Trade creditors	31,856	15,598
Corporation tax	222	4,812
Other creditors	633,447	469,088
	_______	_______
	691,452	512,298
	_______	_______

7. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	553,482	581,392
	_______	_______

Included within creditors: amounts falling due after more than one year is an amount of £ 449,779 (2016 £ 490,192 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Loans of £579,409 (2016: £604,192) are secured over investment properties.

8. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2017
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mrs J Lampard	( 461,121)	( 164,707)	( 625,828)
		_______	_______	_______

2016
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mrs J Lampard	( 202,432)	( 258,689)	( 461,121)
		_______	_______	_______

During the year the company entered into the following guarantees on behalf of its directors:

	Maximum liability		Amount paid/liability incurred
	2017	2016	2017	2016
	£	£	£	£
Mrs J Lampard	( 2,513)	( 2,513)	-	-
	_______	_______	_______	_______