Purple Patch Ideas Limited - Accounts to registrar (filleted) - small 18.2

Purple Patch Ideas Limited - Accounts to registrar (filleted) - small 18.2

PURPLE PATCH IDEAS LIMITED - Company Information

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REGISTERED NUMBER: 08864353 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

FOR

PURPLE PATCH IDEAS LIMITED
PURPLE PATCH IDEAS LIMITED (REGISTERED NUMBER: 08864353)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 JANUARY 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PURPLE PATCH IDEAS LIMITED

COMPANY INFORMATION
for the Year Ended 31 JANUARY 2018







DIRECTOR: Miss N A Murray





REGISTERED OFFICE: 48 Mill Lane
Greenfield
Bedford
MK45 5DF





REGISTERED NUMBER: 08864353 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
Prospero House
46-48 Rothesay Road
Luton
Bedfordshire
LU1 1QZ
Page 1
PURPLE PATCH IDEAS LIMITED (REGISTERED NUMBER: 08864353)

BALANCE SHEET
31 JANUARY 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,375 9,139

CURRENT ASSETS
Stocks 5 466,434 101,046
Debtors 6 3,582 5,890
Cash at bank 155,247 247,268
625,263 354,204
CREDITORS
Amounts falling due within one year 7 588,714 278,708
NET CURRENT ASSETS 36,549 75,496
TOTAL ASSETS LESS CURRENT
LIABILITIES
42,924
84,635

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 42,923 84,634
SHAREHOLDERS' FUNDS 42,924 84,635

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 6 September 2018 and were signed by:





Miss N A Murray - Director


The notes form part of these financial statements

Page 2
PURPLE PATCH IDEAS LIMITED (REGISTERED NUMBER: 08864353)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 JANUARY 2018

1. STATUTORY INFORMATION

Purple Patch Ideas 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 - 25% on reducing balance
Computer equipment - 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

Page 3 continued...
PURPLE PATCH IDEAS LIMITED (REGISTERED NUMBER: 08864353)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JANUARY 2018

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 February 2017
and 31 January 2018 14,000 417 14,417
DEPRECIATION
At 1 February 2017 5,000 278 5,278
Charge for year 2,625 139 2,764
At 31 January 2018 7,625 417 8,042
NET BOOK VALUE
At 31 January 2018 6,375 - 6,375
At 31 January 2017 9,000 139 9,139

5. STOCKS
2018 2017
£    £   
Stocks 466,434 101,046

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Tax 2,037 -
VAT 1,545 5,890
3,582 5,890

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade creditors - 1,582
Corporation tax - 27,110
Director's loan account 462,995 249,322
Deferred income 125,000 -
Accrued expenses 719 694
588,714 278,708

8. ULTIMATE CONTROLLING PARTY

The controlling party is Miss N A Murray by virtue of her shareholding.

Page 4