PURPLE_EMPEROR_LIMITED

PURPLE EMPEROR LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2014

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The directors present their report and financial statements for the year ended 30 April 2014.

Principal activities

The principal activity of the company continued to be commercial property let.

Directors

The following directors have held office since 1 May 2013:

Dr M Whittome

Mrs K Whittome

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

Dr M Whittome

Director

18 November 2014

PURPLE EMPEROR LIMITED

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PURPLE EMPEROR LIMITED FOR THE YEAR ENDED 30 APRIL 2014

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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Purple Emperor Limited for the year ended 30 April 2014 set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Purple Emperor Limited, as a body, in accordance with the terms of our engagement letter dated 18 November 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Purple Emperor Limited and state those matters that we have agreed to state to the Board of Directors of Purple Emperor Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Purple Emperor Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Purple Emperor Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Purple Emperor Limited. You consider that Purple Emperor Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Purple Emperor Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lentells Limited

18 November 2014

Chartered Certified Accountants

St. George's House

Uplyme Road

Lyme Regis

Dorset

DT7 3LS

PURPLE EMPEROR LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2014

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2014

2013

Notes

Turnover

191,281

195,826

Administrative expenses

(27,018)

(26,433)

Operating profit

164,263

169,393

Other interest receivable and similar income

Interest payable and similar charges

(7,167)

(8,165)

Profit on ordinary activities before taxation

157,108

161,236

Tax on profit on ordinary activities

(31,421)

(32,263)

Profit for the year

125,687

128,973

PURPLE EMPEROR LIMITED

BALANCE SHEET

AS AT

30 APRIL 2014

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2014

2013

Notes

Fixed assets

Tangible assets

1,002,141

1,808,040

Current assets

Debtors

619

739

Cash at bank and in hand

2,924

622

3,663

Creditors: amounts falling due within one year

(209,625)

(136,168)

Net current liabilities

(209,003)

(132,505)

Total assets less current liabilities

793,138

1,675,535

Creditors: amounts falling due after more than one year

(349,930)

(492,520)

Provisions for liabilities

(428)

(397)

442,780

1,182,618

Capital and reserves

Called up share capital

100

Revaluation reserve

(269,396)

536,659

Profit and loss account

712,076

645,859

Shareholders' funds

442,780

1,182,618

PURPLE EMPEROR LIMITED

BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2014

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For the financial year ended 30 April 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board for issue on 18 November 2014

Dr M Whittome

Director

Company Registration No. 03079224

PURPLE EMPEROR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2014

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Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for the rental of commercial premises.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold property held as an investment are stated at cost or valuation less depreciation. Investment properties are revalued annually in accordance with SSAP 19 and the aggregate surplus or deficit is transfered to the revaluation reserve. Depreciation is not provided in respect of freehold investment properties. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Investment property

NIL

Fixtures, fittings & equipment

25% on reducing balance

Operating profit

2014

2013

Operating profit is stated after charging:

Depreciation of tangible assets

714

662

Directors' remuneration

15,428

15,010

Investment income

2014

2013

Bank interest

Taxation

2014

2013

Domestic current year tax

U.K. corporation tax

31,390

32,395

Total current tax

31,390

32,395

Deferred tax

Deferred tax charge/credit current year

(132)

31,421

32,263

PURPLE EMPEROR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2014

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Dividends

2014

2013

Ordinary interim paid

59,470

51,200

Tangible fixed assets

Land and buildings

Plant and machinery etc

Total

Cost or valuation

At 1 May 2013

1,806,055

19,183

1,825,238

Additions

870

Revaluation

(806,055)

At 30 April 2014

1,000,000

20,053

1,020,053

Depreciation

At 1 May 2013

17,198

Charge for the year

714

At 30 April 2014

17,912

Net book value

At 30 April 2014

1,000,000

2,141

1,002,141

At 30 April 2013

1,806,055

1,985

1,808,040

Investment properties are revalued in accordance with SSAP 19 and the aggregate surplus or deficit is transfered to the revaluation reserve. Depreciation is not provided in respect of freehold investment properties.

No formal valuation has been obtained with regard to New Oxford House, Grimsby (the let property), however the director is of the opinion that at the year end the property would have stood at the value of £1,000,000.

Debtors

2014

2013

Trade debtors

619

739

PURPLE EMPEROR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2014

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Creditors: amounts falling due within one year

2014

2013

Bank loans and overdrafts

83,128

Trade creditors

24,164

24,279

Taxation and social security

31,390

64,268

Other creditors

70,943

47,621

209,625

136,168

Creditors: amounts falling due after more than one year

2014

2013

Bank loans

349,930

492,520

Analysis of loans

Wholly repayable within five years

424,702

492,520

Included in current liabilities

(74,772)

349,930

492,520

Provisions for liabilities

Deferred tax liability

Balance at 1 May 2013

397

Profit and loss account

Balance at 30 April 2014

428

The deferred tax liability is made up as follows:

2014

2013

Accelerated capital allowances

428

397

PURPLE EMPEROR LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2014

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Share capital

2014

2013

Allotted, called up and fully paid

100 ordinary of £1 each

100

Statement of movements on reserves

Revaluation reserve

Profit
and loss
account

Balance at 1 May 2013

536,659

645,859

Profit for the year

125,687

Dividends paid

(59,470)

Revaluation during the year

(806,055)

Balance at 30 April 2014

(269,396)

712,076

Related party transactions

At 30 April 2014 the directors were owed £70,943 (2013: £47,621).