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REGISTERED NUMBER: 05518077 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Procure Direct Limited

Procure Direct Limited (Registered number: 05518077)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Procure Direct Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Ms H Callaway
S Coffin





SECRETARY: S Coffin





REGISTERED OFFICE: 2 Crofton Drive
Lincoln
LN3 4NR





REGISTERED NUMBER: 05518077 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Procure Direct Limited (Registered number: 05518077)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 302,744 197,140

CURRENT ASSETS
Stocks 5 392,982 414,497
Debtors 6 8,377 4,262
Cash at bank 279,398 175,483
680,757 594,242
CREDITORS
Amounts falling due within one year 7 255,491 205,961
NET CURRENT ASSETS 425,266 388,281
TOTAL ASSETS LESS CURRENT
LIABILITIES

728,010

585,421

CREDITORS
Amounts falling due after more than one
year

8

(56,448

)

(77,089

)

PROVISIONS FOR LIABILITIES (26,054 ) (8,513 )
NET ASSETS 645,508 499,819

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 645,506 499,817
SHAREHOLDERS' FUNDS 645,508 499,819

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by:





Ms H Callaway - Director


Procure Direct Limited (Registered number: 05518077)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Procure Direct 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 4% on cost
Computer equipment - 25% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 50% on cost and 25% on reducing balance
Office equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations are charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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.

Procure Direct Limited (Registered number: 05518077)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Long to Computer
leasehold property equipment
£    £    £   
COST
At 1 August 2022 146,842 40,695 12,924
Additions - 42,476 -
Disposals - - -
At 31 July 2023 146,842 83,171 12,924
DEPRECIATION
At 1 August 2022 6,176 11,414 9,732
Charge for year 2,937 1,783 1,627
Eliminated on disposal - - -
At 31 July 2023 9,113 13,197 11,359
NET BOOK VALUE
At 31 July 2023 137,729 69,974 1,565
At 31 July 2022 140,666 29,281 3,192

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2022 6,448 56,985 10,951 274,845
Additions - 110,426 432 153,334
Disposals - (27,990 ) - (27,990 )
At 31 July 2023 6,448 139,421 11,383 400,189
DEPRECIATION
At 1 August 2022 3,959 39,246 7,178 77,705
Charge for year 374 28,885 528 36,134
Eliminated on disposal - (16,394 ) - (16,394 )
At 31 July 2023 4,333 51,737 7,706 97,445
NET BOOK VALUE
At 31 July 2023 2,115 87,684 3,677 302,744
At 31 July 2022 2,489 17,739 3,773 197,140

Procure Direct Limited (Registered number: 05518077)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2022 13,995
Additions 53,431
Transfer to ownership (13,995 )
At 31 July 2023 53,431
DEPRECIATION
At 1 August 2022 5,107
Charge for year 11,539
Transfer to ownership (5,107 )
At 31 July 2023 11,539
NET BOOK VALUE
At 31 July 2023 41,892
At 31 July 2022 8,888

5. STOCKS
2023 2022
£    £   
Stocks 286,585 319,480
Payments on account 106,397 95,017
392,982 414,497

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,987 -
Other debtors 6,390 4,262
8,377 4,262

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 113,997 102,617
Hire purchase contracts 9,675 -
Trade creditors 5,193 -
Taxation and social security 84,007 72,870
Other creditors 42,619 30,474
255,491 205,961

Included within bank loans and overdrafts is an import loan facility of £95,017, which is secured against the assets of the Company.

Procure Direct Limited (Registered number: 05518077)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 24,538 33,913
Hire purchase contracts 12,466 -
Other creditors 19,444 43,176
56,448 77,089

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2