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REGISTERED NUMBER: 05518077 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Procure Direct Limited

Procure Direct Limited (Registered number: 05518077)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Procure Direct Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Ms H Callaway
S Coffin





SECRETARY: S Coffin





REGISTERED OFFICE: 2 Crofton Drive
Lincoln
LN3 4NR





REGISTERED NUMBER: 05518077 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Procure Direct Limited (Registered number: 05518077)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 322,730 302,744

CURRENT ASSETS
Stocks 5 351,867 392,982
Debtors 6 12,606 8,377
Cash at bank 235,151 279,398
599,624 680,757
CREDITORS
Amounts falling due within one year 7 179,069 255,491
NET CURRENT ASSETS 420,555 425,266
TOTAL ASSETS LESS CURRENT
LIABILITIES

743,285

728,010

CREDITORS
Amounts falling due after more than one
year

8

(21,116

)

(56,448

)

PROVISIONS FOR LIABILITIES (22,194 ) (26,054 )
NET ASSETS 699,975 645,508

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 699,973 645,506
SHAREHOLDERS' FUNDS 699,975 645,508

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 26 November 2024 and were signed on its behalf by:





Ms H Callaway - Director


Procure Direct Limited (Registered number: 05518077)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Procure Direct 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.

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.

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.
Long leasehold - 2% on cost
Improvements to property - 4% on cost
Computer equipment - 25% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 50% on cost and 25% on reducing balance
Office equipment - 15% on reducing balance

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
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

Procure Direct Limited (Registered number: 05518077)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

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 are charged to the profit and loss account 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Long to Computer
leasehold property equipment
£    £    £   
COST
At 1 August 2023 146,842 83,171 12,924
Additions - - -
At 31 July 2024 146,842 83,171 12,924
DEPRECIATION
At 1 August 2023 9,113 13,197 11,359
Charge for year 2,937 3,324 1,193
At 31 July 2024 12,050 16,521 12,552
NET BOOK VALUE
At 31 July 2024 134,792 66,650 372
At 31 July 2023 137,729 69,974 1,565

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 6,448 139,421 11,383 400,189
Additions - 110,787 1,796 112,583
At 31 July 2024 6,448 250,208 13,179 512,772
DEPRECIATION
At 1 August 2023 4,333 51,737 7,706 97,445
Charge for year 316 83,829 998 92,597
At 31 July 2024 4,649 135,566 8,704 190,042
NET BOOK VALUE
At 31 July 2024 1,799 114,642 4,475 322,730
At 31 July 2023 2,115 87,684 3,677 302,744

Procure Direct Limited (Registered number: 05518077)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 1 August 2023 53,431
Additions 50,837
At 31 July 2024 104,268
DEPRECIATION
At 1 August 2023 11,539
Charge for year 39,425
At 31 July 2024 50,964
NET BOOK VALUE
At 31 July 2024 53,304
At 31 July 2023 41,892

5. STOCKS
2024 2023
£    £   
Stocks 271,010 286,585
Payments on account 80,857 106,397
351,867 392,982

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,024 1,987
Other debtors 10,582 6,390
12,606 8,377

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 88,457 113,997
Hire purchase contracts 14,813 9,675
Trade creditors - 5,193
Taxation and social security 49,801 84,007
Other creditors 25,998 42,619
179,069 255,491

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 4,363 24,538
Hire purchase contracts 16,753 12,466
Other creditors - 19,444
21,116 56,448

Procure Direct Limited (Registered number: 05518077)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 22,094 43,820
Hire purchase contracts 31,566 22,141
Bounce back loan 11,963 32,138
Import loan facility 80,857 106,397
146,480 204,496

The Bounce Back Loan scheme is secured against a guarantee by the bank in which the bank guarantees the repayment of the loan if the client was to default on this loan.

The Hire Purchase contracts are secured against the assets to which they relate to.

The import loan facility is secured against the assets of the Company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2