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Registration number: 07332174

Purple Chameleon Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Purple Chameleon Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Purple Chameleon Limited

Company Information

Director

Mr G Gedney

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified AccountantsAlbion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Purple Chameleon Limited

(Registration number: 07332174)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

62,770

107,956

Investment property

5

1,535,424

390,924

 

1,598,194

498,880

Current assets

 

Debtors

6

184,287

136,967

Cash at bank and in hand

 

20,184

1,751,672

 

204,471

1,888,639

Creditors: Amounts falling due within one year

7

(160,274)

(717,925)

Net current assets

 

44,197

1,170,714

Total assets less current liabilities

 

1,642,391

1,669,594

Provisions for liabilities

(8,864)

(17,051)

Net assets

 

1,633,527

1,652,543

Capital and Reserves

 

Called up share capital

8

1

1

Retained Earnings

1,633,526

1,652,542

Shareholders' funds

 

1,633,527

1,652,543

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 May 2025
 

.........................................
Mr G Gedney
Director

 

Purple Chameleon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the director on 28 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Purple Chameleon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Motor vehicles

25% straight line

Other

25%/50% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Purple Chameleon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Purple Chameleon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

4

Tangible Assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 September 2023

190,360

49,210

17,945

257,515

Additions

5,354

-

-

5,354

At 31 August 2024

195,714

49,210

17,945

262,869

Depreciation

At 1 September 2023

125,287

12,303

11,969

149,559

Charge for the year

35,250

12,302

2,988

50,540

At 31 August 2024

160,537

24,605

14,957

200,099

Carrying amount

At 31 August 2024

35,177

24,605

2,988

62,770

At 31 August 2023

65,073

36,907

5,976

107,956

5

Investment properties

2024
£

At 1 September

390,924

Additions

1,144,500

At 31 August

1,535,424

There has been no valuation of investment property by an independent valuer.

 

Purple Chameleon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

6

Debtors

Current

Note

2024
£

2023
£

Trade Debtors

 

135,615

15,214

Amounts owed by related parties

10

19,846

-

Prepayments

 

28,826

121,753

   

184,287

136,967

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

53,861

-

Trade Creditors

 

5,384

378,464

Taxation and social security

 

37,144

157,959

Accruals and deferred income

 

54,474

177,846

Other creditors

 

9,411

3,656

 

160,274

717,925

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ord of £1 each

1

1

1

1

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

53,861

-

10

Related party transactions

 

Purple Chameleon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

10

Related party transactions (continued)

Transactions with the director

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr G Gedney

Mr G Gedney

(3,655)

742

(6,601)

(9,514)

2023

At 1 September 2022
£

At 31 August 2023
£

Mr G Gedney

Mr G Gedney

(3,655)

(3,655)

 

Purple Chameleon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

10

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

-

40,609