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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2PURE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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2PURE LIMITED |
2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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2PURE LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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BALANCE SHEET |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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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. |
2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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BALANCE SHEET - continued |
31 December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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2Pure Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2016 |
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Additions |
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Disposals | ( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2016 |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.16 | 31.12.15 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.16 | 31.12.15 |
£ | £ |
Bank overdrafts |
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The bank overdraft partly relates to borrowing under an invoice discounting agreement. The balance |
due on the invoice discounting agreement at 31 December 2016 was £735,346 (2015 - £871,853). |
The bank facilities are secured by a bond and floating charge over all the assets of the company. |
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9. | PROVISIONS FOR LIABILITIES |
31.12.16 | 31.12.15 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred |
tax |
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Balance at 1 January 2016 |
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Credit to Income Statement during year | ( |
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Balance at 31 December 2016 |
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10. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £85,946 (2015 - £112,138) were paid to the directors . |
2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2016 |
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10. | RELATED PARTY DISCLOSURES - continued |
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Included within creditors is a total amount of £3,705 (2015 - £343) due to the directors on loan |
accounts. The loans are interest free and without formal terms for repayment. |
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Remuneration paid to the directors (including pension contributions) amounted to £27,000 (2015 - |
£30,656). |
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During the year, the company reinvoiced overhead expenses and charged a management fee to NP |
Cycle Limited, a company in which a director holds a controlling interest. The expenses recharged |
amounted to £3,350 (2015 - £6,083) and the management fee charged was £24,000 (2015 - £nil). At |
the year end, a balance of £11,450 (2015 - £7,299) was due on sales ledger to 2Pure Limited. |
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During the year, the company reinvoiced overhead expenses, recharged wage costs and charged a |
management fee to My Bike Ltd (previously Ride Joystick Limited), a company in which a director |
holds a controlling interest. The overhead expenses recharged amounted to £6,986 (2015 - £nil), wage |
costs amounted to £10,914 (2015 - £nil) and the management fee charged was £6,000 (2015 - £nil). At |
the year end, a balance of £26,504 (2015 - £nil) was due on sales ledger to 2Pure Limited and £13,300 |
(2015 - £nil) has been included in other debtors. |
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During the year, the company received £17,507 from Nine Point Nine Limited by way of loan |
repayment, the non recoverable balance of £4,028 having been written off in 2015. The loan was |
interest free. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is G F Bowie. |
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12. | FIRST YEAR ADOPTION |
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These financial statements for the year ended 31 December 2016 are the first financial statements that |
comply with FRS 102 section 1A for small entities. The date of transition is 1 January 2015. The |
transition to FRS 102 section 1A for small entities has resulted in a small number of changes in |
accounting policies to those previously used. However the nature of these changes has had no effect |
on the figures in these financial statements. |
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