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PURPLE ELEPHANT PROPERTIES LIMITED

Registered Number
09848838
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

PURPLE ELEPHANT PROPERTIES LIMITED
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

LOVELL, Andrew John
RUTTER, Tony Andrew

Registered Address

Suite 7 126 Great Lime Road
West Moor
Newcastle Upon Tyne
NE12 6RU

Registered Number

09848838 (England and Wales)
PURPLE ELEPHANT PROPERTIES LIMITED
Statement of Financial Position
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property3315,000230,000
315,000230,000
Current assets
Debtors-750
Cash at bank and on hand3,6292,775
3,6293,525
Creditors amounts falling due within one year4(52,453)(52,396)
Net current assets (liabilities)(48,824)(48,871)
Total assets less current liabilities266,176181,129
Creditors amounts falling due after one year5(79,448)(81,297)
Provisions for liabilities6(41,325)(15,258)
Net assets145,40384,574
Capital and reserves
Called up share capital11
Profit and loss account145,40284,573
Shareholders' funds7145,40384,574
The financial statements were approved and authorised for issue by the Board of Directors on 25 June 2025, and are signed on its behalf by:
LOVELL, Andrew John
Director
Registered Company No. 09848838
PURPLE ELEPHANT PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. For services provided. revenue is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year00
3.Investment property
The investment properties have not been valued by an independent expert. The directors best estimate of the market value of the investment properties at the year end, with regard to current market condition is £315,000

£
Fair value at 01 November 23230,000
Fair value adjustments85,000
At 31 October 24315,000
4.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts25,40823,797
Taxation and social security9141,251
Other creditors22,16121,385
Accrued liabilities and deferred income3,9705,963
Total52,45352,396
The bank loan is secured by a fixed and floating charge over the properties.
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts79,44881,297
Total79,44881,297
The bank loan is secured by a fixed and floating charge over the properties. This loan carries interest at the rate of 3.35%.
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)41,32515,258
Total41,32515,258
7.Fair value reserve
Included within the profit and loss account is a non-distributable revaluation reserve. This reserve records the cumulative fair value movements on investment property valued above original cost and amounts to £123,976 (2023: £65,044).
8.Related party transactions
Included within other creditors is an amount due to the directors of £19,808 (2023: £18,613). This is a joint loan account and is interest free with no set repayment date. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard FRS 102 Section 1A.