Registration number:
Pure Innovations Group Limited
for the
Year Ended 31 May 2024
Pure Innovations Group Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Pure Innovations Group Limited
Company Information
Directors |
Mr C B White Mrs S J Hall Mr D J White |
Company secretary |
Mrs J M White |
Registered office |
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Accountants |
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Pure Innovations Group Limited
Directors' Report
for the
Year Ended 31 May 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the manufacture and provision of total retail display solutions.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Pure Innovations Group Limited
Chartered
Accountants' Report to the
Board of Directors
on the Preparation of the Unaudited Statutory Accounts of
Pure Innovations Group Limited
for the
Year
Ended
31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pure Innovations Group Limited for the year ended 31 May 2024 as set out on pages 4 to 11 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Pure Innovations Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pure Innovations Group Limited and state those matters that we have agreed to state to the Board of Directors of Pure Innovations Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pure Innovations Group Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pure Innovations Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pure Innovations Group Limited. You consider that Pure Innovations Group 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 accounts of Pure Innovations Group 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 accounts.
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Chartered Accountants
Rosemount House
Huddersfield Road
Elland
West Yorkshire
HX5 0EE
Pure Innovations Group Limited
Profit and Loss Account
for the Year Ended 31 May 2024
Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Interest receivable and similar income |
( |
- |
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Interest payable and similar charges |
( |
( |
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Profit/(loss) before tax |
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( |
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Taxation |
( |
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Profit/(loss) for the financial year |
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( |
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Retained earnings brought forward |
212,268 |
649,038 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
439,044 |
212,268 |
Pure Innovations Group Limited
Balance Sheet
as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Shareholders' funds |
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Registration number: 01722391
Pure Innovations Group Limited
Balance Sheet
as at 31 May 2024 (continued)
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Pure Innovations Group Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 May 2024
General information |
The company is a private company limited by shares incorporated in England and Wales within the United Kingdom.
The company's registration number is 01722391.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Turnover from the rendering of services is recognised when the amount can be reliably measured and it is probable that the economic benefits associated with the transacion will flow to the entity.
Pure Innovations Group Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 May 2024
(continued)
2 |
Accounting policies (continued) |
Tax
Current tax represents the amount of tax payable or receiveable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantivley enacted by the balance sheet date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantivley enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Improvements to leasehold property |
Straight line over the life of the lease |
Plant and machinery |
16.67% and 20% per annum on a straight line basis |
Fixtures and fittings |
20% per annum on a straight line basis |
Office equipment |
33.33% per annum on a straight line basis |
Motor vehicles |
20% per annum on a straight line basis |
Pure Innovations Group Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 May 2024
(continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where approriate.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Rentals in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Rentals in which substantially all the risks and rewards of ownership are transferred to the lessee or the lease term is for the major part of the economic life of the asset are classified as finance leases.
Hire purchase agreements are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are capitalised and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Defined contribution pension obligation
The company operated a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Pure Innovations Group Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 May 2024
(continued)
Tangible assets |
Improvements to leasehold property |
Fixtures, fittings and office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost |
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At 1 June 2023 |
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Additions |
- |
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- |
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Disposals |
- |
- |
- |
( |
( |
At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 May 2024 |
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Net book value |
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At 31 May 2024 |
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At 31 May 2023 |
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Pure Innovations Group Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 May 2024
(continued)
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Creditors |
2024 |
2023 |
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Due within one year |
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Bank loans and overdraft |
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Trade creditors |
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Directors' loan accounts |
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Taxation and social security |
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HP and finance lease liabilities |
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Other creditors |
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Accruals and deferred income |
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Due after one year |
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HP and finance lease liabilities |
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Other creditors include invoice discounting of £335,725 (2023 - £421,051) which is secured by way of a debenture over the company.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £