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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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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 2018 |
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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 2018 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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BALANCE SHEET |
31 December 2018 |
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31.12.18 | 31.12.17 |
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: |
(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. |
2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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BALANCE SHEET - continued |
31 December 2018 |
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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 2018 |
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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 are as below: |
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Registered number: | SC298940 |
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Registered office: | 46c Bavelaw Road |
Balerno |
Edinburgh |
Midlothian |
EH14 7AE |
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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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The directors undertake an impairment review of tangible fixed assets where there is an indication of |
impairment. |
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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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Basic financial instruments |
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful |
debts. Loans and other financial assets are initially recognised at transaction price including any |
transaction costs and subsequently measured at amortised cost determined using the effective interest |
method, less any impairment losses for bad and doubtful debts. |
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Short term creditors are measured at transaction price. Loans and other financial liabilities are initially |
recognised at transaction price net of any transaction costs and subsequently measured at amortised |
cost determined using the effective interest method. |
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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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2PURE LIMITED (REGISTERED NUMBER: SC298940) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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 2018 |
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Additions |
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Disposals | ( |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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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 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
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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Included within other creditors are auto enrolment pension contributions of £3,397 (2017 - £915). |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.18 | 31.12.17 |
£ | £ |
Within one year |
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Between one and 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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31.12.18 | 31.12.17 |
£ | £ |
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 2018 was £688,509 (2017 - £748,496). 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 |
31.12.18 | 31.12.17 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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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 2018 |
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9. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 January 2018 |
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Credit to Income Statement during year | ( |
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Balance at 31 December 2018 |
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10. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £59,550 (2017 - £63,550) were paid to the directors . |
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Remuneration paid to the directors (including pension contributions) amounted to £24,140 (2017 - |
£20,610). The balance due to the directors on loan accounts at 31 December 2018 was £9,730 (2017 - |
£111). The loans are interest free and with no formal terms for repayment. |
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During the previous year, the company reinvoiced overhead expenses and charged a management fee |
to NP Cycle Limited (now in liquidation), a company in which a director held a controlling interest. The |
expenses recharged amounted to £10,700 and the management fee charged was £36,700. At 31 |
December 2017, £4,607 was due to 2Pure Limited. In the current year, the net balance of £3,839 was |
written off as a bad debt. |