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Company No: 05510411 (England and Wales)

PURETECH LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

PURETECH LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

PURETECH LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
PURETECH LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 73,240 40,695
73,240 40,695
Current assets
Debtors 4 109,982 139,963
Cash at bank and in hand 142,527 105,728
252,509 245,691
Creditors: amounts falling due within one year 5 ( 283,993) ( 195,317)
Net current (liabilities)/assets (31,484) 50,374
Total assets less current liabilities 41,756 91,069
Creditors: amounts falling due after more than one year 6 ( 12,283) ( 17,365)
Net assets 29,473 73,704
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 29,373 73,604
Total shareholders' funds 29,473 73,704

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Puretech Limited (registered number: 05510411) were approved and authorised for issue by the Board of Directors on 07 January 2025. They were signed on its behalf by:

N Webb
Director
S Queen
Director
PURETECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
PURETECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Puretech Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 October 2023 40,464 7,831 22,745 71,040
Additions 49,083 0 314 49,397
Disposals 0 ( 1,656) ( 11,949) ( 13,605)
At 30 September 2024 89,547 6,175 11,110 106,832
Accumulated depreciation
At 01 October 2023 16,566 4,272 9,507 30,345
Charge for the financial year 8,908 883 2,320 12,111
Disposals 0 ( 1,585) ( 7,279) ( 8,864)
At 30 September 2024 25,474 3,570 4,548 33,592
Net book value
At 30 September 2024 64,073 2,605 6,562 73,240
At 30 September 2023 23,898 3,559 13,238 40,695

4. Debtors

2024 2023
£ £
Trade debtors 102,245 109,777
Amounts owed by directors 0 30,186
Other debtors 7,737 0
109,982 139,963

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,332 10,077
Trade creditors 96,375 17,188
Accruals and deferred income 102,822 110,032
Taxation and social security 68,921 54,808
Obligations under finance leases and hire purchase contracts (secured) 2,250 0
Other creditors 3,293 3,212
283,993 195,317

Hire purchase liabilities and finance lease obligations are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 7,033 17,365
Obligations under finance leases and hire purchase contracts (secured) 5,250 0
12,283 17,365

Hire purchase liabilities and finance lease obligations are secured over the assets to which they relate.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by the directors, at the balance sheet date 0 30,186
Dividends paid to the directors, during the financial year 140,340 85,040

The rate of interest charged on the loan is 2.25%.