REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period |
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1 November 2020 to 30 November 2021 |
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for |
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The Purple Turtle Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period |
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1 November 2020 to 30 November 2021 |
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for |
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The Purple Turtle Limited |
The Purple Turtle Limited (Registered number: 03233477) |
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Contents of the Financial Statements |
for the Period 1 November 2020 to 30 November 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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The Purple Turtle Limited |
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Company Information |
for the Period 1 November 2020 to 30 November 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Merlin House |
Brunel Road |
Theale |
Reading |
Berkshire |
RG7 4AB |
The Purple Turtle Limited (Registered number: 03233477) |
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Statement of Financial Position |
30 November 2021 |
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30.11.21 | 31.10.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 Purple Turtle Limited (Registered number: 03233477) |
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Statement of Financial Position - continued |
30 November 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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The Purple Turtle Limited (Registered number: 03233477) |
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Notes to the Financial Statements |
for the Period 1 November 2020 to 30 November 2021 |
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1. | STATUTORY INFORMATION |
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The Purple Turtle Limited is a
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2. | STATEMENT OF COMPLIANCE |
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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. |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared under the historical cost convention and comply with FRS 102 Section 1A small entities. |
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The presentation currency is sterling (£). |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Income is recognised at the point at which goods are sold. |
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Tangible fixed assets |
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Leasehold | - |
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Fixtures and fittings | - |
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Office equipment | - |
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At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
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Government grants |
Grants received towards revenue expenditure are released to the profit and loss accounts as the related expenditure is incurred. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the period 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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The Purple Turtle Limited (Registered number: 03233477) |
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Notes to the Financial Statements - continued |
for the Period 1 November 2020 to 30 November 2021 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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 period end and that are expected to apply to the reversal of the timing difference. |
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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. |
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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. |
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Going concern justification |
The company is dependent upon the continued support of its directors. The directors have confirmed that this support will continue for the foreseeable future. The directors have reviewed their projections for the current year and anticipate that the company will continue to trade profitability. On this basis the directors consider it appropriate to prepare the accounts on the going concern basis. |
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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 costs using the effective interest method. |
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Debtors |
Short Term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method, less any impairment |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Office |
Leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2020 |
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Additions |
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At 30 November 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for period |
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At 30 November 2021 |
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NET BOOK VALUE |
At 30 November 2021 |
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At 31 October 2020 |
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The Purple Turtle Limited (Registered number: 03233477) |
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Notes to the Financial Statements - continued |
for the Period 1 November 2020 to 30 November 2021 |
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6. | STOCKS |
30.11.21 | 31.10.20 |
£ | £ |
Goods for resale | 40,011 | 19,718 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 31.10.20 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Tax |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 31.10.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Other creditors |
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Directors' loan accounts | 154,781 | 209,635 |
Accruals and deferred income |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.21 | 31.10.20 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 9,697 | 48,485 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.11.21 | 31.10.20 |
£ | £ |
Bank loans |
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The bank loan is secured by a fixed and floating charge over the company and all of its assets. |
The Purple Turtle Limited (Registered number: 03233477) |
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Notes to the Financial Statements - continued |
for the Period 1 November 2020 to 30 November 2021 |
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11. | CONTINGENT LIABILITIES |
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The Purple Turtle Ltd has given Lloyds TSB Bank PLC a £50,000 guarantee in Bank standard form for Purple Turtle (Holdings) Ltd. Purple Turtle (Holdings) Ltd has given Lloyds TSB Bank PLC unlimited guarantee in Bank standard form to The Purple Turtle Ltd. Lloyds TSB also has a cross guarantee on its borrowings with Purple Turtle (Holdings) and all of its subsidiaries. |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the period ended 30 November 2021 and the year ended 31 October 2020: |
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30.11.21 | 31.10.20 |
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Balance outstanding at start of period | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
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At the balance sheet date there was a credit balance on the following account: |
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G S Muden - £146,043 (2020 - £157,021) |
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Interest of 3% was paid on the above Director's loans. |
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The loans have no fixed date for repayment. |
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13. | ULTIMATE PARENT COMPANY |
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The company is 100% owned by Purple Turtle (Holdings) Limited, a company registered in England & Wales. |