PURPLE ASSET MANAGEMENT LIMITED - Limited company accounts 25.1

REGISTERED NUMBER: 04324137 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PURPLE ASSET MANAGEMENT LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

T. J. Pullen

Mrs. J. C. Pullen

SECRETARY:

T. J. Pullen

REGISTERED OFFICE:

The Annexe, Minerva House,

Bordyke,

Tonbridge,

Kent

TN9 1NR

REGISTERED NUMBER:

04324137 (England and Wales)

ACCOUNTANTS:

Bennett & Co

The Annexe

Minerva House

Bordyke

Tonbridge

Kent

TN9 1NR

BANKERS:

National Westminster Bank PLC

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of Business Consultants and Property Development.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

T. J. Pullen

Mrs. J. C. Pullen

ON BEHALF OF THE BOARD:

T. J. Pullen - Secretary

14 April 2025

TURNOVER

-

Administrative expenses

29,387

28,023

(29,387

)

(28,023

)

Other operating income

23,475

21,300

OPERATING LOSS and

LOSS BEFORE TAXATION

(5,912

)

(6,723

)

Tax on loss

4

1,000

750

LOSS FOR THE FINANCIAL YEAR

(6,912

)

(7,473

)

FIXED ASSETS

Intangible assets

5

33,314

44,418

Tangible assets

6

39,500

40,000

72,814

84,418

CURRENT ASSETS

Debtors

7

26,000

26,488

Cash at bank and in hand

185

2,180

26,185

28,668

CREDITORS

Amounts falling due within one year

8

14,432

16,314

NET CURRENT ASSETS

11,753

12,354

TOTAL ASSETS LESS CURRENT
LIABILITIES

84,567

96,772

CREDITORS

Amounts falling due after more than one year

9

296,409

301,702

NET LIABILITIES

(211,842

)

(204,930

)

CAPITAL AND RESERVES

Called up share capital

10

1,000

Retained earnings

11

(212,842

)

(205,930

)

SHAREHOLDERS' FUNDS

(211,842

)

(204,930

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:

T. J. Pullen - Director

1.	STATUTORY INFORMATION

PURPLE ASSET MANAGEMENT LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 end 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.

3.	OPERATING LOSS

The operating loss is stated after charging:

31.3.24

31.3.23

£

Depreciation - owned assets

980

622

Goodwill amortisation

11,104

4.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

31.3.24

31.3.23

£

Current tax:

UK corporation tax

1,000

750

Tax on loss

1,000

750

UK corporation tax has been charged at 19% (2023 - 19%).

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2023

and 31 March 2024

277,602

AMORTISATION

At 1 April 2023

233,184

Amortisation for year

11,104

At 31 March 2024

244,288

NET BOOK VALUE

At 31 March 2024

33,314

At 31 March 2023

44,418

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2023

279,465

Additions

480

At 31 March 2024

279,945

DEPRECIATION

At 1 April 2023

239,465

Charge for year

980

At 31 March 2024

240,445

NET BOOK VALUE

At 31 March 2024

39,500

At 31 March 2023

40,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

Trade Debtors

23,000

Other Debtors

3,000

3,488

26,000

26,488

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

Trade Creditors

339

Corporation Tax

9,500

8,500

Value Added Tax

593

3,075

Accrued Expenses

4,000

4,400

14,432

16,314

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.24

31.3.23

£

Bank Loans - 2-5 years

6,750

9,750

Directors Loan Accounts

289,659

291,952

296,409

301,702

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.24

31.3.23

value:

£

1,000

Ordinary

£1

1,000

11.

RESERVES

Retained

earnings

£

At 1 April 2023

(205,930

)

Deficit for the year

(6,912

)

At 31 March 2024

(212,842

)