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Registered Number: 03641403
England and Wales

 

 

 

PURPLE TURTLE (HOLDINGS) LIMITED


Unaudited Abridged Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 1,890,707    1,936,683 
Investments 5 3,125,100    3,165,100 
5,015,807    5,101,783 
Current assets      
Debtors 1,220,351    1,159,863 
Cash at bank and in hand 486,142    725,662 
1,706,493    1,885,525 
Creditors: amount falling due within one year (552,164)   (410,519)
Net current assets 1,154,329    1,475,006 
 
Total assets less current liabilities 6,170,136    6,576,789 
Creditors: amount falling due after more than one year (486,524)   (583,458)
Provisions for liabilities (331,262)   (258,948)
Net assets 5,352,350    5,734,383 
 

Capital and reserves
     
Called up share capital 100    100 
Reserves 6 1,690,774    1,730,774 
Profit and loss account 3,661,476    4,003,509 
Shareholder's funds 5,352,350    5,734,383 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 22 March 2024 and were signed on its behalf by:


-------------------------------
D P Fraifeld
Director
-------------------------------
G S Muden
Director
1
General Information
Purple Turtle (Holdings) Limited is a private company, limited by shares, registered in England and Wales, registration number 03641403, registration address 9 Gun Street, Reading, Berkshire, RG1 2JR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Rent receivable is shown under Other Operating Income and is recognised at the point of invoice. All other fees are invoiced quarterly in arrears and are recognised at the point of invoice.
Operating lease agreements
Rentals paid under operating leases are charged to profit or loss on a straight line casis 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.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and 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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold property         - 2% on cost
Plant and machinery    - 20% on cost
Fixtures and fittings      - 15% on reducing balance
Office equipment          - 33% on cost  
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.
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.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. No depreciation has been provided for on freehold peoperties held for investment purposes.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value. Dividends when paid are included in the profit and loss account. Consolidated accounts are not prepared as the company qualifies for exemption as part of a small group within the meaning of the Companies Act 2006.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
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 subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 4 (2022 : 4).
3.

Financial Commitments, Guarantees and Contingencies

Purple Turtle (Holdings) Limited has given Lloyds TSB Bank Plc unlimited guarantee in Bank standard form for its subsidiary.

4.

Tangible fixed assets

Cost or valuation Land and buildings   Plant and machinery etc   Total
  £   £   £
At 01 December 2022 2,508,307    49,495    2,557,802 
Additions   5,933    5,933 
Disposals    
At 30 November 2023 2,508,307    55,428    2,563,735 
Depreciation
At 01 December 2022 575,141    45,978    621,119 
Charge for year 50,166    1,743    51,909 
On disposals    
At 30 November 2023 625,307    47,721    673,028 
Net book values
Closing balance as at 30 November 2023 1,883,000    7,707    1,890,707 
Opening balance as at 01 December 2022 1,933,166    3,517    1,936,683 


Fixed Asset Investments
The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

The Purple Turtle Limited
Registered office: United Kingdom
Nature of Business: Bar
  
Class of shares:                                                                   % holding                              
Ordinary £1                                                                                    100

.   30.11.23
£
  30.11.22
£
Aggregate capital and reserves 315,229  207,964 
Profit / (loss) for the period / year 107,265  290,226 

The fixed asset investments are made up as follows:

Share capital of unlisted companies (as above) £100 (2022 - £100).

5.

Investments

Cost Investments in group undertakings   Other investments other than loans   Total
  £   £   £
At 01 December 2022 100    3,165,000    3,165,100 
Additions    
Transfer to/from tangible fixed assets    
Disposals    
Revaluations   (40,000)   (40,000)
At 30 November 2023 100    3,125,000    3,125,100 

Valuation of investment property
The investment properties were valued on an open market basis by the directors of Purple Turtle (Holdings) Ltd at 30 November 2023 (30 November 2022 - valued on an open market basis by David Cliff Property Services Limited).

Fair value at 30 November 2023 is represented by:

Particulars   Current
£
Valuation in 2007 180,000 
Valuation in 2012 158,822 
Valuation in 2014 155,112 
Valuation in 2015 305,000 
Valuation in 2016 270,000 
Valuation in 2017 (125,000)
Valuation in 2018 (605,604)
Valuation in 2019 220,000 
Valuation in 2020 260,764 
Valuation in 2021 204,999 
Valuation in 2023 (40,000)
Cost 2,140,907 
3,125,000 


6.

Advances and Credits



G S Muden
At the balance sheet date there was a credit balance on G S Muden's loan account of £115,826 (2022: £nil) Interest was paid at 3% on credit balances. The loan has no fixed date for repayment.

Current year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
WrittenOff
£
Waived
£
Carry Forward
£
G S Muden164,633 280,459 (115,826)
0164633028045900-115826
Previous year (2022)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
WrittenOff
£
Waived
£
Carry Forward
£
G S Muden
0000000
7.

Director’s loan

Director's Advances, Credits And Guarantees

At the balance sheet date there was a credit balance of £239 (2022 : £nil) on D P Fraifeld's loan account.

Interest was paid at 3% on credit balances. No interest was charged on overdrawn balances. The loan has no fixed date for repayment.


8.

Debtors: amounts due within one year

.   2023
£
  2022
£
Trade Debtors 4,798  7,408 
Prepayments & Accrued Income 9,438  7,614 
Other Debtors 1,206,115  1,144,841 
1,220,351  1,159,863 

9.

Creditors: amount falling due within one year

.   2023
£
  2022
£
Trade Creditors 8,621  11,593 
Bank Loans & Overdrafts (Secured) 132,680  128,538 
Amount Owed to Group Undertakings 192,064  173,385 
Corporation Tax 75,693  64,121 
PAYE & Social Security 2,300  2,308 
Accrued Expenses 6,832  7,771 
Other Creditors 2,912  8,295 
Directors' Current Accounts 116,065 
VAT 14,997  14,508 
552,164  410,519 

10.

Creditors: amount falling due after more than one year

.   2023
£
  2022
£
Bank Loans & Overdrafts (secured) 486,524  583,458 
486,524  583,458 

11.

Secured debts

The following secured debts are included within creditors:

.   30.11.23
£
  30.11.22
£
Bank loans 619,203  711,996 


The bank has first legal charge in the bank's standard form over nine investment properties, the freehold property shown in note 5 to the accounts and all other assets held by the company.
12.

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

.   30.11.23
£
  30.11.22
£
Within one year 3,181  12,785 
Between one and five years 3,181 
3,181  15,966 

2