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Registration number: 01722391

Pure Innovations Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Pure Innovations Group Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 11

 

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

River Street
Brighouse
West Yorkshire
HD6 1LU

Accountants

Lambert Roper & Horsfield Limited
Chartered Accountants
First Floor
Rosemount House
Huddersfield Road
Elland
West Yorkshire
HX5 0EE

 

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:

Mr C B White

Mrs S J Hall

Mr D J White

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 Board on 2 August 2024 and signed on its behalf by:

.........................................
Mr D J White
Director

   
     
 

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.

......................................

Lambert Roper & Horsfield Limited
Chartered Accountants
First Floor
Rosemount House
Huddersfield Road
Elland
West Yorkshire
HX5 0EE

2 August 2024

 

Pure Innovations Group Limited

Profit and Loss Account

for the Year Ended 31 May 2024

Note

2024
£

2023
£

Turnover

 

6,254,207

4,054,842

Cost of sales

 

(3,444,557)

(2,559,449)

Gross profit

 

2,809,650

1,495,393

Distribution costs

 

(280,578)

(201,510)

Administrative expenses

 

(1,854,882)

(1,599,050)

Other operating income

 

917

27,608

Interest receivable and similar income

 

(6)

-

Interest payable and similar charges

 

(173,324)

(73,006)

Profit/(loss) before tax

 

501,777

(350,565)

Taxation

 

(130,001)

86,728

Profit/(loss) for the financial year

 

371,776

(263,837)

Retained earnings brought forward

 

212,268

649,038

Dividends paid

 

(145,000)

(172,933)

Retained earnings carried forward

 

439,044

212,268

 

Pure Innovations Group Limited

Balance Sheet

as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

324,136

206,437

Current assets

 

Stocks

120,083

110,964

Debtors

5

1,300,144

1,201,393

Cash at bank and in hand

 

178,197

112,974

 

1,598,424

1,425,331

Creditors: Amounts falling due within one year

6

(1,248,036)

(1,382,655)

Net current assets

 

350,388

42,676

Total assets less current liabilities

 

674,524

249,113

Creditors: Amounts falling due after more than one year

6

(189,267)

(36,745)

Provisions for liabilities

(46,113)

-

Net assets

 

439,144

212,368

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

439,044

212,268

Shareholders' funds

 

439,144

212,368

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr D J White
Director

 

Pure Innovations Group Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 May 2024

1

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:
River Street
Brighouse
West Yorkshire
HD6 1LU

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 47 (2023 - 48).

 

Pure Innovations Group Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Improvements to leasehold property
£

Fixtures, fittings and office equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 June 2023

538,169

119,021

48,750

1,538,140

2,244,080

Additions

-

5,215

-

226,950

232,165

Disposals

-

-

-

(14,700)

(14,700)

At 31 May 2024

538,169

124,236

48,750

1,750,390

2,461,545

Depreciation

At 1 June 2023

417,081

107,773

5,688

1,507,101

2,037,643

Charge for the year

53,817

7,505

9,750

43,394

114,466

Eliminated on disposal

-

-

-

(14,700)

(14,700)

At 31 May 2024

470,898

115,278

15,438

1,535,795

2,137,409

Net book value

At 31 May 2024

67,271

8,958

33,312

214,595

324,136

At 31 May 2023

121,088

11,248

43,062

31,039

206,437

 

Pure Innovations Group Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 May 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

1,135,322

987,826

Prepayments and accrued income

156,952

129,679

Other debtors

7,870

83,888

 

1,300,144

1,201,393

6

Creditors

2024
£

2023
£

Due within one year

 

Bank loans and overdraft

39,086

105,986

Trade creditors

 

615,891

544,790

Directors' loan accounts

 

20,894

73,552

Taxation and social security

 

163,712

117,899

HP and finance lease liabilities

40,965

74,504

Other creditors

 

348,638

440,658

Accruals and deferred income

 

18,850

25,266

 

1,248,036

1,382,655

Due after one year

 

HP and finance lease liabilities

189,267

36,745


Other creditors include invoice discounting of £335,725 (2023 - £421,051) which is secured by way of a debenture over the company.

7

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 £424,495 (2023 - £492,301). These financial commitments relate to non-cancellable operating leases and are payable over the remaining life of those leases.