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Company registration number: 05885648
PURETECH ENVIRONMENTAL LIMITED
Unaudited filleted financial statements
31 March 2024
PURETECH ENVIRONMENTAL LIMITED
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
PURETECH ENVIRONMENTAL LIMITED
Directors and other information
Directors J-M A Monserand
Mrs K Monserand
Secretary Mrs K Monserand
Company number 05885648
Registered office Astra House
The Common
Cranleigh
Surrey
GU6 8RZ
Business address Astra House
The Common
Cranleigh
Surrey
GU6 8RZ
PURETECH ENVIRONMENTAL LIMITED
Statement of financial position
31st March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 205,942 213,323
Investments 6 24,062 24,062
_______ _______
230,004 237,385
Current assets
Stocks 219,674 151,780
Debtors 7 765,222 796,014
Cash at bank and in hand 1,414 449,825
_______ _______
986,310 1,397,619
Creditors: amounts falling due
within one year 8 ( 827,799) ( 1,240,774)
_______ _______
Net current assets 158,511 156,845
_______ _______
Total assets less current liabilities 388,515 394,230
Creditors: amounts falling due
after more than one year 9 ( 80,832) ( 110,977)
Provisions for liabilities ( 41,773) ( 52,820)
_______ _______
Net assets 265,910 230,433
_______ _______
Capital and reserves
Called up share capital 27 27
Capital redemption reserve 3 3
Profit and loss account 265,880 230,403
_______ _______
Shareholders funds 265,910 230,433
_______ _______
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 December 2024 , and are signed on behalf of the board by:
J-M A Monserand
Director
Company registration number: 05885648
PURETECH ENVIRONMENTAL LIMITED
Notes to the financial statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Astra House, The Common, Cranleigh, Surrey, GU6 8RZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 33% % straight line
Plant and machinery - 20% % reducing balance
Fittings fixtures and equipment - 15% % reducing balance
Motor vehicles - 20% % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investments in subsidiaries
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock consists of goods and materials purchased for use on contracts which has not yet been installed and where ownership is retained by the company. These are valued at the lower of cost and estimated selling price less costs to complete and sell. Work in progress relates to work done on contracted projects during the period which has not been invoiced at the end of the financial period.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement as an expense in the period to which they relate.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 11 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st April 2023 12,755 216,433 49,382 221,708 500,278
Additions - 2,439 976 44,030 47,445
Disposals - - - ( 15,757) ( 15,757)
_______ _______ _______ _______ _______
At 31st March 2024 12,755 218,872 50,358 249,981 531,966
_______ _______ _______ _______ _______
Depreciation
At 1st April 2023 10,500 103,255 25,028 148,172 286,955
Charge for the year 744 23,123 6,913 23,513 54,293
Disposals - - - ( 15,224) ( 15,224)
_______ _______ _______ _______ _______
At 31st March 2024 11,244 126,378 31,941 156,461 326,024
_______ _______ _______ _______ _______
Carrying amount
At 31st March 2024 1,511 92,494 18,417 93,520 205,942
_______ _______ _______ _______ _______
At 31st March 2023 2,255 113,178 24,354 73,536 213,323
_______ _______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1st April 2023 and 31st March 2024 24,062 24,062
_______ _______
Impairment
At 1st April 2023 and 31st March 2024 - -
_______ _______
Carrying amount
At 31st March 2024 24,062 24,062
_______ _______
At 31st March 2023 24,062 24,062
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 623,176 604,165
Other debtors 142,046 191,849
_______ _______
765,222 796,014
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 60,721 10,648
Trade creditors 590,897 1,011,596
Corporation tax 94,682 116,856
Social security and other taxes 5,325 17,375
Other creditors 76,174 84,299
_______ _______
827,799 1,240,774
_______ _______
The bank loans and overdrafts are secured by a debenture in favour of HSBC Bank Plc over all the assets of the company and a personal guarantee from the directors.
Included in other creditors due within one year is amounts due under hire purchase agreements of £52,972 (2023: £53,121).
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,623 22,557
Other creditors 68,209 88,420
_______ _______
80,832 110,977
_______ _______
The bank loans and overdrafts are secured by a debenture in favour of HSBC Bank Plc over all the assets of the company and a personal guarantee from the directors.
Included in other creditors due after more than one year is amounts due under hire purchase agreements of £68,196 (2023: £88,420).
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J-M A Monserand 80,832 202,702 ( 182,826) 100,708
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J-M A Monserand 118,487 268,440 ( 306,095) 80,832
_______ _______ _______ _______