Purple Ivy Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC357481 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2018

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

258,194

226,826

CURRENT ASSETS

Stocks

75,501

66,591

Debtors

6

33,190

21,743

Cash at bank and in hand

94,855

59,344

203,546

147,678

CREDITORS

Amounts falling due within one year

7

119,295

112,832

NET CURRENT ASSETS

84,251

34,846

TOTAL ASSETS LESS CURRENT LIABILITIES

342,445

261,672

CREDITORS

Amounts falling due after more than one year

8

(103,502

)

(76,784

)

PROVISIONS FOR LIABILITIES

(39,335

)

(31,871

)

NET ASSETS

199,608

153,017

CAPITAL AND RESERVES

Called up share capital

10

111

105

Retained earnings

199,497

152,912

SHAREHOLDERS' FUNDS

199,608

153,017

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 1 November 2018 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.

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 12 (2017 - 11 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Sight

Fixtures

to

test

and

property

equipment

fittings

£

£

£

COST

At 1 September 2017

160,298

160,811

6,460

Additions

-

77,737

-

At 31 August 2018

160,298

238,548

6,460

DEPRECIATION

At 1 September 2017

53,449

117,281

6,460

Charge for year

8,129

23,671

-

At 31 August 2018

61,578

140,952

6,460

NET BOOK VALUE

At 31 August 2018

98,720

97,596

-

At 31 August 2017

106,849

43,530

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2017

80,730

45,758

454,057

Additions

-

-

77,737

At 31 August 2018

80,730

45,758

531,794

DEPRECIATION

At 1 September 2017

9,000

41,041

227,231

Charge for year

12,000

2,569

46,369

At 31 August 2018

21,000

43,610

273,600

NET BOOK VALUE

At 31 August 2018

59,730

2,148

258,194

At 31 August 2017

71,730

4,717

226,826

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

Motor

vehicles

£

COST

At 1 September 2017

and 31 August 2018

80,730

DEPRECIATION

At 1 September 2017

9,000

Charge for year

12,000

At 31 August 2018

21,000

NET BOOK VALUE

At 31 August 2018

59,730

At 31 August 2017

71,730

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

12,709

13,482

Other debtors

20,481

8,261

33,190

21,743

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 9)

27,930

14,970

Trade creditors

51,654

43,114

Taxation and social security

22,090

27,046

Other creditors

17,621

27,702

119,295

112,832

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 9)

81,632

49,082

Other creditors

21,870

27,702

103,502

76,784

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

-

4,374

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Gross obligations repayable:

Within one year

32,588

17,627

Between one and five years

94,973

57,685

127,561

75,312

Finance charges repayable:

Within one year

4,658

2,657

Between one and five years

13,341

8,603

17,999

11,260

Net obligations repayable:

Within one year

27,930

14,970

Between one and five years

81,632

49,082

109,562

64,052

Non-cancellable operating

leases

2018

2017

£

£

Between one and five years

132,338

30,770

In more than five years

-

139,700

132,338

170,470

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

11,111

Ordinary

1p

111

105

585 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 2018 which comprise the Income Statement, Balance Sheet, Statement

of Changes in Equity 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

1 November 2018