REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
PURE BUSINESS LAW LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
PURE BUSINESS LAW LIMITED |
PURE BUSINESS LAW LIMITED (REGISTERED NUMBER: 10405413) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PURE BUSINESS LAW LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Room 73 |
Wrest House |
Wrest Park |
Silsoe |
Bedfordshire |
MK45 4HR |
PURE BUSINESS LAW LIMITED (REGISTERED NUMBER: 10405413) |
BALANCE SHEET |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Work in progress |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
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 |
PURE BUSINESS LAW LIMITED (REGISTERED NUMBER: 10405413) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Pure Business Law Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company supports its day to day working capital requirements by way of a series of loans including a bank loan and a loan from a director. The directors are optimistic over the company's future prospects and have confirmed that the related party loan will not be called for until such time as the company has sufficient working capital funds. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Revenue recognition |
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. Revenue represents the fair value of the consideration received or receivable in respect of professional services provided during the year inclusive of direct expenses incurred on client assignments but excluding value added tax. Where the outcome of a transaction can be estimated reliably revenue associated with the transaction is recognised in the income statement by reference to the stage of completion at the year end date, provided that a right to consideration has been obtained through performance. Consideration accrues as contract activity progresses by reference to the value of work performed. Hence revenue in respect of service contracts represents the cost appropriate to the stage of completion of each contract plus attributable profits, less amounts recognised in previous years where relevant. Where the outcome of a transaction cannot be estimated reliably, revenue is recognised only to the extent that the costs of providing the service are recoverable. No revenue is recognised where there are significant uncertainties regarding recovery of the consideration due or where the right to receive payment is contingent on events outside the control of the company. Provision is made for any losses as soon as they are foreseen. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
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. |
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 BUSINESS LAW LIMITED (REGISTERED NUMBER: 10405413) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Business bounce back loan scheme |
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% per annum. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
6. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participating |
interests |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 | 300 |
Net book value |
At 31 October 2023 | 300 |
At 31 October 2022 | 300 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
Social security and other tax |
PURE BUSINESS LAW LIMITED (REGISTERED NUMBER: 10405413) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Tax |
Social security and other taxes |
VAT | 13,575 | 17,061 |
Pensions payable | 371 | 422 |
Directors' loan accounts | 12,043 | 92,908 |
Accruals and deferred income |
The bank loan is 100% guaranteed by the government in line with the Covid scheme rules, being charged at 0% interest in year one and 2.5% per annum thereafter. |
The 'Other loans' are personally guaranteed by the Director with interest being charged at 7.5% and 8% per annum respectively. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Other loans - 1-2 years |
Directors' loan accounts |
The bank loan is 100% guaranteed by the government in line with the Covid scheme rules, being charged at 0% interest in year one and 2.5% per annum thereafter. |
The 'Other loans' are personally guaranteed by the Director with interest being charged at 7.5% and 8% per annum respectively. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £5 | 20 | 20 |
11. | RELATED PARTY DISCLOSURES |
Included within creditors is an amount of £62,043 (2022: £92,908) due to E B Jarrett. No interest has been charged on this balance during the year (2022: £Nil) and there are no set repayment terms. |
Included within debtors is an amount of £2,500 (2022: £2,500) due to Pure Business Solutions Group (UK) Limited, a company under common control. No interest was charged on this balance during the year (2022: £Nil) and there are no set repayment terms. |
Included within debtors is an amount of £6,085 (2022: £1,500) due to Legal Excel Limited, a company under common control. No interest was charged on this balance during the year (2022: £Nil) and there are no set repayment terms. During the year, rent of £1,500 (2022: £1,500) was recharged to Legal Excel Limited for use of office premises. |