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Registered Number: 03233477
England and Wales

 

 

 

THE PURPLE TURTLE 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 3 255,439    240,815 
255,439    240,815 
Current assets      
Stocks 34,366    34,237 
Debtors 236,887    190,633 
Cash at bank and in hand 204,316    467,758 
475,569    692,628 
Creditors: amount falling due within one year (276,165)   (503,542)
Net current assets 199,404    189,086 
 
Total assets less current liabilities 454,843    429,901 
Creditors: amount falling due after more than one year (106,667)   (184,243)
Provisions for liabilities (32,947)   (37,694)
Net assets 315,229    207,964 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 315,129    207,864 
Shareholder's funds 315,229    207,964 
 


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
The Purple Turtle Limited is a private company, limited by shares, registered in England and Wales, registration number 03233477, 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.
The financial statements are prepared in sterling which is the functional currency of the company.
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. Income is recognised at the point at which goods are sold.
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:

Leasehold - 5% on cost
Fixtures & 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.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. 
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 37 (2022 : 27).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 December 2022 77,351    702,849    35,894    816,094 
Additions 46,445    2,826    3,524    52,795 
Disposals      
At 30 November 2023 123,796    705,675    39,418    868,889 
Depreciation
At 01 December 2022 49,844    496,979    28,456    575,279 
Charge for year 2,436    31,199    4,536    38,171 
On disposals      
At 30 November 2023 52,280    528,178    32,992    613,450 
Net book values
Closing balance as at 30 November 2023 71,516    177,497    6,426    255,439 
Opening balance as at 01 December 2022 27,507    205,870    7,438    240,815 


4.

Director’s loan

Directors Advances, Credits and Guarantees

At the balance sheet date there was a credit balance on the following accounts:

D P Fraifeld - £nil (2022 - £31,085)
G S Muden - £nil (2022 - £131,159)

Interest of 3% was paid on the above loans. 

The loans have no fixed date for repayment.
5.

Debtors: amounts falling due within one year

.   2023
£
  2022
£
Trade Debtors 20,567  650 
Amount Owed to Group Undertakings 192,064  173,385 
Prepayments & Accrued Income 24,256  16,598 
236,887  190,633 

6.

Creditors: amount falling due within one year

.   2023
£
  2022
£
Trade Creditors 74,088  105,787 
Bank Loans & Overdrafts (Secured) 64,000  58,182 
Corporation Tax 38,960  60,532 
Social Security & Other Taxes 55,828  44,728 
Accrued Expenses 38,394  68,645 
Other Creditors 4,895  3,424 
Directors' Current Accounts 162,244 
276,165  503,542 

7.

Creditors: amount due falling after more than one year

.   2023
£
  2022
£
Bank Loans & Overdrafts (secured) 106,667  184,243 
106,667  184,243 

8.

Secured Debts

The below secured debts are included within creditors.

.   2023
£
  2022
£
Bank loans 170,667  242,425 

The bank loan is secured by a fixed and floating charge over the company and all of its assets.
9.

Contingent Liabilities

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.
10.

Ultimate Controlling Party

The compay is 100% owned by Purple Turtle (Holdings) Limited, a company registered in England and Wales.
2