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Company registration number: 08298503
Purple Sugar Company Limited
Unaudited filleted financial statements
30 November 2023
Purple Sugar Company Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Purple Sugar Company Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 4 1,920,315 1,857,721
_______ _______
1,920,315 1,857,721
Current assets
Stocks 756,177 756,177
Debtors 5 7,846 7,846
_______ _______
764,023 764,023
Creditors: amounts falling due
within one year 6 ( 2,136,601) ( 2,136,481)
_______ _______
Net current liabilities ( 1,372,578) ( 1,372,458)
_______ _______
Total assets less current liabilities 547,737 485,263
Provisions for liabilities ( 68,738) ( 52,157)
_______ _______
Net assets 478,999 433,106
_______ _______
Capital and reserves
Called up share capital 100 100
Other reserves 206,214 222,354
Profit and loss account 272,685 210,652
_______ _______
Shareholders funds 478,999 433,106
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:
Mr R C Prince
Director
Company registration number: 08298503
Purple Sugar Company Limited
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Other reserves Profit and loss account Total
£ £ £ £
At 1 December 2021 100 365,596 219,901 585,597
Profit/(loss) for the year ( 152,491) ( 152,491)
Other comprehensive income for the year:
Reclassification to value reserve from profit and loss account (143,242) 143,242 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 143,242) ( 9,249) ( 152,491)
_______ _______ _______ _______
At 30 November 2022 and 1 December 2022 100 222,354 210,652 433,106
Profit/(loss) for the year 45,893 45,893
Other comprehensive income for the year:
Reclassification to fair value reserve from profit and loss account ( 16,140) 16,140 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 16,140) 62,033 45,893
_______ _______ _______ _______
At 30 November 2023 100 206,214 272,685 478,999
_______ _______ _______ _______
Purple Sugar Company Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 December 2022 1,857,721 1,857,721
Additions 347,924 347,924
Disposals ( 337,191) ( 337,191)
Revaluations 51,861 51,861
_______ _______
At 30 November 2023 1,920,315 1,920,315
_______ _______
Impairment
At 1 December 2022 and 30 November 2023 - -
_______ _______
Carrying amount
At 30 November 2023 1,920,315 1,920,315
_______ _______
At 30 November 2022 1,857,721 1,857,721
_______ _______
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Other investments other than loans Total
£ £
At 30 November 2023
Aggregate cost 1,645,725 1,645,725
Aggregate depreciation - -
_______ _______
Carrying amount 1,645,725 1,645,725
_______ _______
At 30 November 2022
Aggregate cost 1,625,034 1,625,034
Aggregate depreciation - -
_______ _______
Carrying amount 1,625,034 1,625,034
_______ _______
5. Debtors
2023 2022
£ £
Other debtors 7,846 7,846
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 2,136,601 2,136,481
_______ _______
7. Fair value reserve
Included within other reserves is the fair value reserve as follows:
2023 2022
£ £
At start of year 222,354 365,596
Reclassification from fair value reserve to profit and loss account ( 16,140) ( 143,242)
_______ _______
At end of year 206,214 222,354
_______ _______
8. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
Mr R C Prince 2,133,961 2,133,961
_______ _______
9. Controlling party
Mr company is under the control of Mr R C Prince .