IRIS Accounts Production v24.2.0.383 12477148 Board of Directors 1.4.23 31.3.24 31.3.24 10.10.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh124771482023-03-31124771482024-03-31124771482023-04-012024-03-31124771482022-03-31124771482022-04-012023-03-31124771482023-03-3112477148ns15:EnglandWales2023-04-012024-03-3112477148ns14:PoundSterling2023-04-012024-03-3112477148ns10:Director12023-04-012024-03-3112477148ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3112477148ns10:SmallEntities2023-04-012024-03-3112477148ns10:Audited2023-04-012024-03-3112477148ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3112477148ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3112477148ns10:AbridgedAccounts2023-04-012024-03-3112477148ns10:Director22023-04-012024-03-3112477148ns10:Director32023-04-012024-03-3112477148ns10:Director62023-04-012024-03-3112477148ns10:RegisteredOffice2023-04-012024-03-3112477148ns5:CurrentFinancialInstruments2024-03-3112477148ns5:CurrentFinancialInstruments2023-03-3112477148ns5:Non-currentFinancialInstruments2024-03-3112477148ns5:Non-currentFinancialInstruments2023-03-3112477148ns5:ShareCapital2024-03-3112477148ns5:ShareCapital2023-03-3112477148ns5:SharePremium2024-03-3112477148ns5:SharePremium2023-03-3112477148ns5:RetainedEarningsAccumulatedLosses2024-03-3112477148ns5:RetainedEarningsAccumulatedLosses2023-03-3112477148ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3112477148ns5:PlantMachinery2023-04-012024-03-3112477148ns5:FurnitureFittings2023-04-012024-03-3112477148ns5:MotorVehicles2023-04-012024-03-3112477148ns5:ComputerEquipment2023-04-012024-03-3112477148ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-03-3112477148ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-03-3112477148ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3112477148ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3112477148ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3112477148ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3112477148ns5:HirePurchaseContracts2024-03-3112477148ns5:HirePurchaseContracts2023-03-3112477148ns5:WithinOneYear2024-03-3112477148ns5:WithinOneYear2023-03-3112477148ns5:BetweenOneFiveYears2024-03-3112477148ns5:BetweenOneFiveYears2023-03-3112477148ns5:AllPeriods2024-03-3112477148ns5:AllPeriods2023-03-31
REGISTERED NUMBER: 12477148 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PURDY & FIGG LTD

PURDY & FIGG LTD (REGISTERED NUMBER: 12477148)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


PURDY & FIGG LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: Mr J A Rubin
Mr C W J Rubin
Mr G M Gillo
Mr B Hodder





REGISTERED OFFICE: 9 Heron Business Park
Eastman Way
Hemel Hempstead Industrial Estate
Hemel Hempstead
HP2 7FW





REGISTERED NUMBER: 12477148 (England and Wales)





AUDITORS: Raffingers LLP, Statutory Auditor
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

PURDY & FIGG LTD (REGISTERED NUMBER: 12477148)

ABRIDGED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 330,636 103,182

CURRENT ASSETS
Stocks 843,073 299,735
Debtors 5 1,228,617 619,709
Cash at bank 1,788,130 789,967
3,859,820 1,709,411
CREDITORS
Amounts falling due within one year 3,512,503 1,232,335
NET CURRENT ASSETS 347,317 477,076
TOTAL ASSETS LESS CURRENT
LIABILITIES

677,953

580,258

CREDITORS
Amounts falling due after more than one
year

(31,372

)

(245,130

)

PROVISIONS FOR LIABILITIES (82,659 ) (25,795 )
NET ASSETS 563,922 309,333

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 2,047,277 2,047,267
Retained earnings (1,483,357 ) (1,737,936 )
563,922 309,333

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 10 October 2024 and were signed on its behalf by:





Mr J A Rubin - Director


PURDY & FIGG LTD (REGISTERED NUMBER: 12477148)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Purdy & Figg Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Comparatives
In the previous accounting period, the company was entitled to audit exemption under s477 of the Companies Act as at was a small company. Therefore, comparatives were not subject to an audit.

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

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 - 20% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 33% on cost
Computer equipment - 50% 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.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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.


PURDY & FIGG LTD (REGISTERED NUMBER: 12477148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 74 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 129,075
Additions 343,915
Disposals (25,284 )
At 31 March 2024 447,706
DEPRECIATION
At 1 April 2023 25,893
Charge for year 91,177
At 31 March 2024 117,070
NET BOOK VALUE
At 31 March 2024 330,636
At 31 March 2023 103,182

PURDY & FIGG LTD (REGISTERED NUMBER: 12477148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2023 10,500
Additions 21,000
At 31 March 2024 31,500
DEPRECIATION
At 1 April 2023 7,875
Charge for year 9,555
At 31 March 2024 17,430
NET BOOK VALUE
At 31 March 2024 14,070
At 31 March 2023 2,625

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other debtors 506,162 571,532

The deferred tax asset has been calculated based on the trading losses carried forward at 31 March 2024, based on the current Corporation Tax rate of 25%. Such losses are expected to be relieved in the financial years to March 2025 and 2026.

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 7,520 2,552
Between one and five years 11,500 2,602
19,020 5,154

Non-cancellable operating leases
2024 2023
£    £   
Within one year 391,806 -
Between one and five years 189,430 -
581,236 -

PURDY & FIGG LTD (REGISTERED NUMBER: 12477148)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 19,020 5,154

Hire purchase contracts are secured over the asset to which they relate.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion on financial statements
We were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of the last accounting period. We were therefore unable to satisfy ourselves by alternative means concerning the opening inventory quantities held at 1 April 2023, which were included in last year's balance sheet at £299,735. Consequently we were unable to determine whether any adjustment to this amount was necessary.

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 Auditor's responsibilities for the audit of thefinancial 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 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 qualified opinion.

Mr Paul Dell FCA (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor

9. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10. AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 October 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 13th September 2024.

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.