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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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PURELYPAPER LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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PURELYPAPER LTD |
PURELYPAPER LTD (REGISTERED NUMBER: 05076956) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
PURELYPAPER LTD |
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COMPANY INFORMATION |
for the year ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |
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BANKERS: |
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38 Blue Boar Row |
Salisbury |
Wiltshire |
SP1 1DB |
PURELYPAPER LTD (REGISTERED NUMBER: 05076956) |
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BALANCE SHEET |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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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 | 9 |
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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. |
PURELYPAPER LTD (REGISTERED NUMBER: 05076956) |
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BALANCE SHEET - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income 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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PURELYPAPER LTD (REGISTERED NUMBER: 05076956) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Purelypaper Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value of paper supplies provided to customers during the year net of value added tax and trade discounts and is measured at the fair value of the consideration received or receivable for the goods provided. |
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Turnover is recognised on the provision of goods once the clients has received and approved the delivery of the goods at which time the significant risks and rewards of ownership have transferred to the customer. |
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The company does not operate long term contracts. |
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Intangible assets |
The Company's website is being amortised evenly over its estimated useful life of 10 years. |
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The assets' residual value, useful live and amortisation method is reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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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. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PURELYPAPER LTD (REGISTERED NUMBER: 05076956) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors |
Short term debtors are measured at transaction price which is usually the invoice price, less any impairment losses for bad and doubtful debts. |
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Cash |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
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Creditors |
Short term creditors are measured at transaction price which is usually invoice price. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST OR VALUATION |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Cost or valuation at 31 March 2020 is represented by: |
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Other |
intangible |
assets |
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Valuation in 2019 | 20,000 |
Cost | 3,966 |
23,966 |
PURELYPAPER LTD (REGISTERED NUMBER: 05076956) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS |
31.3.20 | 31.3.19 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.20 | 31.3.19 |
£ | £ |
Within one year |
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Between one and five years |
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PURELYPAPER LTD (REGISTERED NUMBER: 05076956) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2020 |
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9. | RESERVES |
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31.3.20 | 31.3.19 |
£ | £ |
Distributable | 119,021 | 95,346 |
Non - distributable | 12,960 | 14,580 |
120,981 | 109,926 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019: |
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31.03.20 | 31.03.19 |
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Loan 1 |
Balance outstanding/owed at start of year | 67,001 | - |
Amounts advanced | - | 80,108 |
Amount repaid | (67,001 | ) | (13,107 | ) |
Balance outstanding at end of year | - | 67,001 |
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31.03.20 | 31.03.19 |
£ | £ |
Loan 2 |
Balance outstanding/owed at start of year | - | - |
Amounts advanced | 81,780 | - |
Amount repaid | (8,999 | ) | - |
Balance outstanding at end of year | 72,781 | - |
Interest was charged on these loans at commercial rates. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
PURELYPAPER LTD |
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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 Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Purelypaper Ltd for the year ended 31 March 2020 which comprise the Statement of Comprehensive Income, 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. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Purelypaper 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 Purelypaper Ltd and state those matters that we have agreed to state to the Board of Directors of Purelypaper Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Purelypaper Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Purelypaper 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 Purelypaper Ltd. You consider that Purelypaper Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Purelypaper 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. |
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Chartered Accountants |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |
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