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REGISTERED NUMBER: 04982644 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PURE AUDIO VISUAL LIMITED

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


PURE AUDIO VISUAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R Lister
P J Sutton
E T Hamilton
A Mariani
N C Downing





SECRETARY: R Lister





REGISTERED OFFICE: 362 Leach Place
Walton Summit
Preston
Lancashire
PR5 8AS





REGISTERED NUMBER: 04982644 (England and Wales)





AUDITORS: Wallwork Nelson & Johnson
Chartered Accountants & Statutory Auditors
Chandler House
7 Ferry Road Office Park
Riversway
PRESTON
Lancashire
PR2 2YH

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activities of the company are that of Audio Visual and IT Communication integrators.

Trading performance and financial position results for the year ended 31 December 2023 are disclosed in the annexed financial statements.

The acquisition by Ricoh UK Limited on 1 June 2022 has significantly bolstered our financial stability and capacity for future growth. Our trading volumes have risen in accordance with our business plan, achieving a 17% revenue increase over FY2023. This growth, driven by robust client engagement, has been positively received by both our clients and suppliers.

The company prides itself on the service quality provided by its specialist team of designers, engineers, project managers and programmers. Working proactively alongside client in-house teams and third-party contractors, they deliver well-coordinated, seamless integration and bring maximum value to projects.

With a commitment to quality and control in its work, the company is ISO 9001, ISO 14001 and ISO 45001 compliant and holds ISO 27001 and Cyber Essentials certification.

Continuous investment in people and AVIXA certified training ensures Pure Audio Visual Limited continues to offer an industry-leading service.

PRINCIPAL RISKS AND UNCERTAINTIES
The political landscape in the upcoming year is causing perceived impacts on NHS and Government contracts, with uncertainty around budget allocations for institutions in the new fiscal year. This has resulted in delays in planning for new Audio Visual deployments from April onwards, but we will continue to closely monitor the situation with our clients.

Higher Education facilities are set to tender two significant frameworks in 2024. Despite being a long-standing member of these frameworks, we are subject to a comprehensive process that could limit our trading ability with institutions if our bid is unsuccessful. We remain confident in our abilities and tender submission capabilities, but we acknowledge the competitive nature of the UK Pro-AV market.

Talent acquisition and retention remain key to the stability of the business, and as such we recognise that employees have increased opportunities to either move employment or demand more for their services with employers in the past 12 months. We are committed to defining a clearer structure and reward program but recognise that salary expectations must be balanced against the overall financial performance of the business.


PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE DEVELOPMENTS
Pure Audio Visual Limited has continued to demonstrate its revenue growth profile post-acquisition and the Directors believe that the company is ideally positioned to capitalise on projected opportunities in the UK.

Increased focus from Ricoh Corporation Limited (RCL) in the expansion of the Workplace Experience sector has a direct correlation to the support and investment required in achieving RCL's aspiration to become the largest Communication Services Integrator globally. Pure AV are key to that development in the UK and Ireland markets and we expect significant growth backed by investment to come in the second half of the fiscal year.

During 2024, the board and senior leadership team will work with Ricoh at a UK and European level to leverage synergies and maximise customer and vendor relationships. Headcount within the business will continue to increase to support joint customer opportunities, and the senior management team will be pivotal in mapping the future structure.

A closer alignment with the Ricoh UK Board will help us define and streamline the end-to-end process of Audio Visual project delivery and support in the UK. Our focus in 2024 is on simpler engagement and unified work processes, and we are confident that any changes made will enhance the client engagement process and allow us to tap into RUK's substantial client base.

In 2023 the company experienced an increased level of enquiry and whilst assessing the market and customer expectations, the Board are confident that the turnover and profitability of the company will increase significantly during 2024.

ON BEHALF OF THE BOARD:





P J Sutton - Director


18 July 2024

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

R Lister
P J Sutton
E T Hamilton
A Mariani

Other changes in directors holding office are as follows:

D Mills - resigned 1 October 2023
N C Downing - appointed 1 October 2023

P J Keoghan ceased to be a director after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Wallwork Nelson & Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P J Sutton - Director


18 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PURE AUDIO VISUAL LIMITED

Opinion
We have audited the financial statements of Pure Audio Visual Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PURE AUDIO VISUAL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management to identify any instances of non-compliance with laws and regulation.

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Auditing the risk of management override of controls, particularly around accounting estimate assertions, including reviewing journals entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PURE AUDIO VISUAL LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




I M Johnson (Senior Statutory Auditor)
for and on behalf of Wallwork Nelson & Johnson
Chartered Accountants & Statutory Auditors
Chandler House
7 Ferry Road Office Park
Riversway
PRESTON
Lancashire
PR2 2YH

18 July 2024

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER 25,493,883 21,756,279

Cost of sales 22,494,587 19,019,101
GROSS PROFIT 2,999,296 2,737,178

Administrative expenses 1,934,027 1,574,301
1,065,269 1,162,877

Other operating income 13,755 -
OPERATING PROFIT 4 1,079,024 1,162,877

Interest receivable and similar income - 38
1,079,024 1,162,915

Interest payable and similar expenses 5 129,690 162,742
PROFIT BEFORE TAXATION 949,334 1,000,173

Tax on profit 6 228,645 209,534
PROFIT FOR THE FINANCIAL YEAR 720,689 790,639

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 720,689 790,639


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

720,689

790,639

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 3,425 3,677
Tangible assets 8 424,451 78,290
427,876 81,967

CURRENT ASSETS
Stocks 9 2,456,186 2,553,203
Debtors 10 5,684,967 5,999,396
Cash at bank 29,811 461,152
8,170,964 9,013,751
CREDITORS
Amounts falling due within one year 11 5,161,297 6,386,012
NET CURRENT ASSETS 3,009,667 2,627,739
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,437,543

2,709,706

CREDITORS
Amounts falling due after more than one
year

12

(13,669

)

(36,601

)

PROVISIONS FOR LIABILITIES 16 (80,654 ) (50,574 )
NET ASSETS 3,343,220 2,622,531

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 3,343,120 2,622,431
SHAREHOLDERS' FUNDS 3,343,220 2,622,531

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:




P J Sutton - Director



E T Hamilton - Director


PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 1,831,792 1,831,892

Changes in equity
Total comprehensive income - 790,639 790,639
Balance at 31 December 2022 100 2,622,431 2,622,531

Changes in equity
Total comprehensive income - 720,689 720,689
Balance at 31 December 2023 100 3,343,120 3,343,220

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

1. STATUTORY INFORMATION

Pure Audio Visual 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is a wholly owned subsidiary of Ricoh Europe Holdings PLC and its results are included in the consolidated financial statements.

The consolidated financial statements of Ricoh Europe Holdings PLC are prepared in accordance with International Financial Reporting Standards, are available to the public, and may be obtained from 20 Triton Street, London, NW1 3BF.

In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the below disclosures.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Revenue/Debtors
The company is required to assess the completion stage of service projects for revenue recognition purposes. The company involves estimation techniques based on the experience and expertise of key management personnel, including reference to internal reporting and known/expected project completion dates.

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, adjusted for the movement in value of services performed, which remain uninvoiced as at the Balance Sheet date and movement in stocks.

Revenue from the provision of services, excluding maintenance and service contracts, is recognised by reference to the stage of completion of the project, provided that both this and the value of the contract can be assessed with reasonable certainty and where it is probable that the economic benefits associated with the transaction will flow to the company.

Revenue from the provision of maintenance and service contracts is recognised evenly over the period of the contract.

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 can 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Short leasehold - 25% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

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

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
A basic financial instrument is a contract that gives rise to a financial asset in one entity and a financial liability or equity instrument of another entity

The following assets and liabilities are classified as financial instruments; trade and other debtors, trade creditors, bank loans, hire purchase contracts and other creditors.

Trade and other debtors are measured at the undiscounted amount of cash or other consideration expected to be received.

Financial assets are assessed at the end of the reporting period for objective evidence of impairment and if applicable is recognised as appropriate.

Trade and other creditors are measured at the undiscounted amount of cash or other consideration expected to be paid.

Hire purchase contracts and loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

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.

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.

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.

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

2. ACCOUNTING POLICIES - continued

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Profit and Loss and Other Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Going concern
The directors believe that the company has sufficient trade and financial resources to continue in operational existence for the foreseeable future. Thus the going concern basis of accounting in preparing the annual financial statements has been adopted.

Dilapidation provision
Provisions for dilapidations are recognised on a lease by lease basis and are based on the company's best estimate of the likely committed cash outflow.

3. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 4,247,827 3,485,988
Social security costs 498,656 414,232
Other pension costs 79,418 66,372
4,825,901 3,966,592

The average number of employees during the year was as follows:
31/12/23 31/12/22

Cost of sales 77 70
Administrative 8 8
85 78

31/12/23 31/12/22
£    £   
Directors' remuneration 238,850 378,990

Information regarding the highest paid director is as follows:
31/12/23 31/12/22
£    £   
Emoluments etc 120,050 119,077

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Depreciation - owned assets 51,005 31,772
Depreciation - assets on hire purchase contracts 18,609 24,756
Loss on disposal of fixed assets 2 125
Goodwill amortisation 252 252
Auditors' remuneration 9,000 9,000
Foreign exchange differences (13,755 ) -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Bank interest 127,488 12,879
Factoring interest - 33,010
Other interest - 114,444
Hire purchase 2,202 2,409
129,690 162,742

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 183,565 216,136
Prior year tax over/under
provision - 112
Total current tax 183,565 216,248

Deferred tax 45,080 (6,714 )
Tax on profit 228,645 209,534

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/23 31/12/22
£    £   
Profit before tax 949,334 1,000,173
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

223,283

190,033

Effects of:
Expenses not deductible for tax purposes (490 ) 19,729
Capital allowances in excess of depreciation (39,228 ) -
Depreciation in excess of capital allowances - 6,374
Adjustments to tax charge in respect of previous periods - 112
Timing differences 45,080 (6,714 )
Total tax charge 228,645 209,534

On 14 October 2022, the government announced an increase to the UK corporation tax rate, from 19% to 25%, effective 1 April 2023.

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 5,000
AMORTISATION
At 1 January 2023 1,323
Amortisation for year 252
At 31 December 2023 1,575
NET BOOK VALUE
At 31 December 2023 3,425
At 31 December 2022 3,677

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

8. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 24,411 8,784 200,808 174,879 408,882
Additions 181,816 17,800 161,170 54,991 415,777
Disposals - - (27,300 ) - (27,300 )
At 31 December 2023 206,227 26,584 334,678 229,870 797,359
DEPRECIATION
At 1 January 2023 21,668 8,778 167,633 132,513 330,592
Charge for year 2,998 297 38,458 27,861 69,614
Eliminated on disposal - - (27,298 ) - (27,298 )
At 31 December 2023 24,666 9,075 178,793 160,374 372,908
NET BOOK VALUE
At 31 December 2023 181,561 17,509 155,885 69,496 424,451
At 31 December 2022 2,743 6 33,175 42,366 78,290

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 - 108,440 108,440
Additions 17,800 - 17,800
Transfer to ownership - (77,440 ) (77,440 )
At 31 December 2023 17,800 31,000 48,800
DEPRECIATION
At 1 January 2023 - 75,271 75,271
Charge for year 297 18,312 18,609
Transfer to ownership - (77,437 ) (77,437 )
At 31 December 2023 297 16,146 16,443
NET BOOK VALUE
At 31 December 2023 17,503 14,854 32,357
At 31 December 2022 - 33,169 33,169

9. STOCKS
31/12/23 31/12/22
£    £   
Stock 2,456,186 2,553,203

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 3,063,964 3,713,424
Other debtors 15,881 8,262
Tax 126,721 -
Prepayments and accrued income 2,478,401 2,277,710
5,684,967 5,999,396

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts (see note 13) 2,237,823 3,967,858
Hire purchase contracts (see note 14) 13,013 14,768
Trade creditors 1,629,766 927,864
Tax 325,870 263,080
Social security and other taxes 140,464 113,488
VAT 207,427 402,066
Other creditors 30,467 22,821
Accruals and deferred income 576,467 674,067
5,161,297 6,386,012

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Hire purchase contracts (see note 14) 13,669 21,016
Tax - 15,585
13,669 36,601

13. LOANS

An analysis of the maturity of loans is given below:

31/12/23 31/12/22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,237,823 3,967,858

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 13,013 14,768
Between one and five years 13,669 21,016
26,682 35,784

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

14. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 335,180 156,673
Between one and five years 1,055,360 233,155
1,390,540 389,828

15. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Hire purchase contracts 26,682 35,784

Hire purchase finance is secured on the assets to which the finance relates.

16. PROVISIONS FOR LIABILITIES
31/12/23 31/12/22
£    £   
Deferred tax 53,654 8,574
Dilapidation provision 27,000 42,000
80,654 50,574

Dilapidati
Deferred on
tax provision
£    £   
Balance at 1 January 2023 8,574 42,000
Charge/(credit) to Income Statement during year 45,080 (15,000 )
Balance at 31 December 2023 53,654 27,000

A dilapidation provision, as at 31 December 2023, has been provided by the directors for potential costs to be incurred when returning the properties to the landlords, at the end of the lease term of the company's primary trading premises, 362A and 362B Leach Place, Walton Summit, Preston, Lancashire, PR5 8AS.

The above referred leases end 31 December 2026 and 24 April 2027 respectively, at which point, the company may incur dilapidation costs to repair/alter the property to a condition deemed satisfactory by the landlord which may, as stated in the leases, include returning the property to its original condition.

The directors have calculated the provision based on their best estimate of the likely committed future cash outflow.

PURE AUDIO VISUAL LIMITED (REGISTERED NUMBER: 04982644)

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

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
100 Ordinary £1 100 100

18. RESERVES
Retained
earnings
£   

At 1 January 2023 2,622,431
Profit for the year 720,689
At 31 December 2023 3,343,120

19. ULTIMATE PARENT

The company's immediate parent is Ricoh UK Limited, a company registered in England and Wales.

The company's ultimate parent and controlling party is Ricoh Company Ltd, a company registered in Japan.

The parent undertaking of the smallest company for which consolidated accounts are prepared, and in which the results of Pure Audio Visual Limited are included is Ricoh Europe Holdings PLC, a company registered in England and Wales . Copies of these consolidated accounts can be obtained from the parent company's Registered Office : 20 Triton Street, London, NW1 3BF.

The parent undertaking of the largest company for which consolidated accounts are prepared, and in which the results of Pure Audio Visual Limited are included is Ricoh Company Ltd . Copies of these consolidated accounts can be obtained from the parent company's Registered Office : 3-6, Nakamagome 1-chome, Ohta-ku, Tokyo 143-8555, Japan.