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Registration number: 13526074

Pure Renewables Commercial Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Pure Renewables Commercial Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Pure Renewables Commercial Ltd

Company Information

Directors

Mr D P Kennedy

Mr C M J Whitelock

Registered office

14D
Ipark Industrial Estate
Innovation Drive
Hull
HU5 1SG

 

Pure Renewables Commercial Ltd

(Registration number: 13526074)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

41,602

5,703

Current assets

 

Stocks

5

552,760

30,000

Debtors

6

5,702,399

115,913

Cash at bank and in hand

 

2,002,952

94,093

 

8,258,111

240,006

Creditors: Amounts falling due within one year

7

(7,896,928)

(178,326)

Net current assets

 

361,183

61,680

Total assets less current liabilities

 

402,785

67,383

Provisions for liabilities

(4,591)

(21,862)

Net assets

 

398,194

45,521

Capital and reserves

 

Called up share capital

100

100

Retained earnings

398,094

45,421

Shareholders' funds

 

398,194

45,521

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr D P Kennedy
Director

.........................................
Mr C M J Whitelock
Director

 
     
 

Pure Renewables Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private limited company, incorporated in England and Wales, and the company registration number is 13526074.

The address of its registered office is:
14D
Ipark Industrial Estate
Innovation Drive
Hull
HU5 1SG

These financial statements were authorised for issue by the Board on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Group accounts not prepared

The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with group companies. .

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of air source heat pumps and provision of design, maintenance and repair services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Pure Renewables Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Computer equipment

33% straight line

Motor vehicles

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for renewable energy products sold and management services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Pure Renewables Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 14 (2023 - 6).

 

Pure Renewables Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

7,971

-

7,971

Additions

16,120

28,335

44,455

At 31 May 2024

24,091

28,335

52,426

Depreciation

At 1 June 2023

2,268

-

2,268

Charge for the year

2,889

5,667

8,556

At 31 May 2024

5,157

5,667

10,824

Carrying amount

At 31 May 2024

18,934

22,668

41,602

At 31 May 2023

5,703

-

5,703

5

Stocks

2024
£

2023
£

Work in progress

552,760

30,000

6

Debtors

2024
£

2023
£

Trade debtors

3,260,747

87,578

Amounts owed by related parties

7,800

-

Other debtors

1,132,472

28,335

Prepayments

1,301,380

-

5,702,399

115,913

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

557,011

18,451

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

8

56,000

75,949

Taxation and social security

 

850,820

49,484

Accruals and deferred income

 

6,429,929

33,673

Other creditors

 

3,168

769

 

7,896,928

178,326

 

Pure Renewables Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Related party transactions

Transactions with Directors

2024

At 1 June 2023
£

Advances to Director
£

At 31 May 2024
£

Mr D P Kennedy

Unsecured, interest-free, repayable on demand

-

117

117

Other transactions with Directors

At the year end, a Director owed the Company £117 (2023: £Nil). The amount is unsecured, interest-free and repayable on demand.

Summary of transactions with other related parties

Pure Renewables Holdings Limited (parent)

The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with group members.

 

9

Parent and ultimate parent undertaking

The Company's immediate parent is Pure Renewables Holdings Limited, incorporated in England.

  These financial statements are available upon request from Unit 14d Ipark Industrial Estate, Innovation Drive, Hull, England, HU5 1SG