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REGISTERED NUMBER: 06341946 (England and Wales)
















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PURE LEASING LIMITED

PURE LEASING LIMITED (REGISTERED NUMBER: 06341946)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


PURE LEASING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr Z Iqbal
Mr R C Chamberlain





REGISTERED OFFICE: 2010 The Crescent Solihull Parkway
Birmingham Business Park
Birmingham
West Midlands
B37 7YS





REGISTERED NUMBER: 06341946 (England and Wales)





ACCOUNTANTS: E R Grove & Co Limited
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PURE LEASING LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pure Leasing Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pure Leasing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pure Leasing Limited and state those matters that we have agreed to state to the Board of Directors of Pure Leasing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pure Leasing Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pure Leasing 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 loss of Pure Leasing Limited. You consider that Pure Leasing 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 Pure Leasing 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.






E R Grove & Co Limited
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF


23 June 2023

PURE LEASING LIMITED (REGISTERED NUMBER: 06341946)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 247,885 24,754

CURRENT ASSETS
Stocks 2,894,691 87,542
Debtors 5 541,168 233,030
Cash at bank 225,955 147,835
3,661,814 468,407
CREDITORS
Amounts falling due within one year 6 734,136 141,720
NET CURRENT ASSETS 2,927,678 326,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,175,563

351,441

CREDITORS
Amounts falling due after more than one
year

7

3,505,986

400,000
NET LIABILITIES (330,423 ) (48,559 )

CAPITAL AND RESERVES
Called up share capital 7,017 6,667
Retained earnings (337,440 ) (55,226 )
SHAREHOLDERS' FUNDS (330,423 ) (48,559 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 23 June 2023 and were signed on its behalf by:





Mr Z Iqbal - Director


PURE LEASING LIMITED (REGISTERED NUMBER: 06341946)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Pure Leasing 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.

Going concern
The financial statements have been prepared on a going concern basis. As at 31 March 2023, the company had negative shareholders funds of £337,440 (2022: £55,226).

In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the Company can continue in operational existence for a period no shorter than 12 months from the date of approval of the financial statements.

The company manages its day to day liquidity as well as longer term liquidity as part of a liquidity framework that ensures it can meet any obligation to make payments.

The company has also received confirmation from its investor that they have no intention to withdraw their funding nor will they limit access to additional funding should it be required by the company.

After completing this assessment, the directors have a reasonable expectation that the company has access to adequate financial and other resources to continue in operational existence for the foreseeable future and at least 12 months from the date of approval of the financial statements. The directors therefore continue to adopt the going concern basis in preparing its financial statements.

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

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value if the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue an be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on reducing balance and 20% on cost

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.


PURE LEASING LIMITED (REGISTERED NUMBER: 06341946)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

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.

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.

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 is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Income from leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 250 - 25,724 25,974
Additions - 242,149 15,227 257,376
At 31 March 2023 250 242,149 40,951 283,350
DEPRECIATION
At 1 April 2022 4 - 1,216 1,220
Charge for year - 24,353 9,892 34,245
At 31 March 2023 4 24,353 11,108 35,465
NET BOOK VALUE
At 31 March 2023 246 217,796 29,843 247,885
At 31 March 2022 246 - 24,508 24,754

PURE LEASING LIMITED (REGISTERED NUMBER: 06341946)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 242,149
At 31 March 2023 242,149
DEPRECIATION
Charge for year 24,304
At 31 March 2023 24,304
NET BOOK VALUE
At 31 March 2023 217,845

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 376,241 188,255
Other debtors 164,927 44,775
541,168 233,030

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 34,992 -
Trade creditors 548,063 78,283
Taxation and social security 16,730 3,241
Other creditors 134,351 60,196
734,136 141,720

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 190,084 -
Other creditors 3,315,902 400,000
3,505,986 400,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 500,000 400,000

PURE LEASING LIMITED (REGISTERED NUMBER: 06341946)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 48,919 -
Between one and five years 211,018 -
259,937 -

Finance charges repayable:
Within one year 13,927 -
Between one and five years 20,934 -
34,861 -

Net obligations repayable:
Within one year 34,992 -
Between one and five years 190,084 -
225,076 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 52,290 45,675
Between one and five years 57,960 95,760
110,250 141,435

9. RELATED PARTY DISCLOSURES

At the balance sheet date the company owes £500,000 (2022: £400,000) to Mr R C Chamberlain. The loan bears no interest on is not held under normal commercial terms.

10. REPURCHASE COMMITMENTS

2023 2022
£ £
Within 1 year -
Within 1 - 2 years 69,000
Within 2 - 5 years 2,815,902 350,209
2,815,902 419,209-

The directors consider that losses arising from disposal of the vehicles for less than the repurchase value will not occur and accordingly no provision for such losses is made in the financial statements (2022: £nil).