Purpose Products Company Limited
|
Registered number: |
03952856
|
Balance Sheet |
as at 31 March 2017
|
|
Notes |
|
|
2017 |
|
|
2016 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
2,526,891 |
|
|
2,423,625 |
Investments |
4 |
|
|
1,657,378 |
|
|
1,657,378 |
|
|
|
|
4,184,269 |
|
|
4,081,003 |
|
Current assets |
Stocks |
|
|
78,693 |
|
|
18,182 |
Debtors |
5 |
|
174,608 |
|
|
149,430 |
Cash at bank and in hand |
|
|
25,627 |
|
|
175,876 |
|
|
|
278,928 |
|
|
343,488 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,415,483) |
|
|
(1,335,550) |
|
Net current liabilities |
|
|
|
(1,136,555) |
|
|
(992,062) |
|
Total assets less current liabilities |
|
|
|
3,047,714 |
|
|
3,088,941 |
|
|
Provisions for liabilities |
|
|
|
(244,698) |
|
|
(266,099) |
|
|
Net assets |
|
|
|
2,803,016 |
|
|
2,822,842 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1,449 |
|
|
1,449 |
Share premium |
|
|
|
266 |
|
|
266 |
Profit and loss account - non distributable |
7 |
|
|
956,485 |
|
|
944,677 |
Profit and loss account - distributable |
|
|
|
1,844,816 |
|
|
1,876,450 |
|
Shareholders' funds |
|
|
|
2,803,016 |
|
|
2,822,842 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
|
|
|
P Andon |
Director |
Approved by the board on 19 December 2017
|
|
Purpose Products Company Limited
|
Notes to the Accounts |
for the year ended 31 March 2017
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
Freehold buildings |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
at 25% on reducing balance |
|
Fixtures, fittings, tools and equipment |
at 25% on reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Company property holdings that are rented out are treated as investments and are measured at fair value. Changes in fair value are included in the profit and loss account.
|
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
|
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
|
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate.
|
|
|
2 |
Employees |
2017 |
|
2016 |
Number |
Number |
|
|
Average number of persons employed by the company |
5 |
|
4 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
2,273,790 |
|
178,658 |
|
2,452,448 |
|
Additions |
120,744 |
|
26,641 |
|
147,385 |
|
At 31 March 2017 |
2,394,534 |
|
205,299 |
|
2,599,833 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
- |
|
28,823 |
|
28,823 |
|
Charge for the year |
- |
|
44,119 |
|
44,119 |
|
At 31 March 2017 |
- |
|
72,942 |
|
72,942 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
2,394,534 |
|
132,357 |
|
2,526,891 |
|
At 31 March 2016 |
2,273,790 |
|
149,835 |
|
2,423,625 |
|
|
4 |
Investments |
Investments in |
subsidiary |
Other |
undertakings |
investments |
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
1,734 |
|
1,655,644 |
|
1,657,378 |
|
|
At 31 March 2017 |
1,734 |
|
1,655,644 |
|
1,657,378 |
|
|
5 |
Debtors |
2017 |
|
2016 |
£ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
66,181 |
|
22,700 |
|
Other debtors |
108,427 |
|
126,730 |
|
|
|
|
|
|
174,608 |
|
149,430 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
£ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,109,833 |
|
1,183,108 |
|
Taxation and social security costs |
22,684 |
|
2,891 |
|
Other creditors |
282,966 |
|
149,551 |
|
|
|
|
|
|
1,415,483 |
|
1,335,550 |
|
|
|
|
|
|
|
|
|
|
7 |
Profit and loss account - non distributable |
2017 |
|
2016 |
£ |
£ |
|
|
At 1 April 2016 |
944,677 |
|
944,677 |
|
Deferred taxation arising on the revaluation of land and buildings |
11,808 |
|
- |
|
|
|
At 31 March 2017 |
956,485 |
|
944,677 |
|
|
|
|
|
|
|
|
|
|
8 |
Pension commitments |
|
|
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £22,750 (2016: £18,000). |
|
|
9 |
Transition to FRS 102 |
|
|
The company's date of transition to FRS 102 is 1 April 2015 and, as required by FRS 102, it has restated reserves as at that date and as at 31 March 2016 and its profit and loss account for the year ended 31 March 2016. As part of the FRS 102 transition review, the directors have reclassified any property held by the company as investment property, it having previously being disclosed within tangible assets. This change is to bring clarity to disclosure and has not changed the accounting treatment of the property held by the company. The only change to comparatives as a result of the adoption of FRS102 arises in relation to investment property. Changes in fair value are now recognised as part of profit or loss. Accordingly, the balance on the revaluation reserve as at 1 April 2015 of £414,005 has been transferred to the profit and loss reserve. An opening valuation of £1,350,000 has been included and adjustment recognised as part of the comparative profit and loss account, and a provision for deferred tax of £236,169 has been provided for on the valuation gains. |
|
|
10 |
Controlling party |
|
|
The company is controlled by P Andon by virtue of his controlling shareholding.
|
|
11 |
Other information |
|
|
Purpose Products Company Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
18 Manor Grove |
|
Peckham |
|
London |
|
SE15 1SX |