Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-31false2023-01-01falseThe principal activity of the company in the year under review was that of the provision of telephone services over the internet.5045falsetrue 05024088 2023-01-01 2023-12-31 05024088 2022-01-01 2022-12-31 05024088 2023-12-31 05024088 2022-12-31 05024088 2022-01-01 05024088 1 2023-01-01 2023-12-31 05024088 1 2022-01-01 2022-12-31 05024088 5 2023-01-01 2023-12-31 05024088 5 2022-01-01 2022-12-31 05024088 d:Director1 2023-01-01 2023-12-31 05024088 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 05024088 e:Buildings e:LongLeaseholdAssets 2023-12-31 05024088 e:Buildings e:LongLeaseholdAssets 2022-12-31 05024088 e:FurnitureFittings 2023-01-01 2023-12-31 05024088 e:FurnitureFittings 2023-12-31 05024088 e:FurnitureFittings 2022-12-31 05024088 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05024088 e:OfficeEquipment 2023-01-01 2023-12-31 05024088 e:OfficeEquipment 2023-12-31 05024088 e:OfficeEquipment 2022-12-31 05024088 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05024088 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05024088 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05024088 e:CurrentFinancialInstruments 2023-12-31 05024088 e:CurrentFinancialInstruments 2022-12-31 05024088 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05024088 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05024088 e:ShareCapital 2023-12-31 05024088 e:ShareCapital 2022-12-31 05024088 e:RetainedEarningsAccumulatedLosses 2023-12-31 05024088 e:RetainedEarningsAccumulatedLosses 2022-12-31 05024088 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05024088 d:OrdinaryShareClass1 2023-12-31 05024088 d:OrdinaryShareClass1 2022-12-31 05024088 d:FRS102 2023-01-01 2023-12-31 05024088 d:Audited 2023-01-01 2023-12-31 05024088 d:FullAccounts 2023-01-01 2023-12-31 05024088 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05024088 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05024088 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 05024088


PURE IP LIMITED
DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023


















img59d4.png
Chartered Accountants
2nd Floor, Heathmans House
19 Heathmans Road
London
SW6 4TJ

 
PURE IP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE IP LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Pure IP Limited (the 'Company') for the year ended 31 December 2023, which comprise  the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditors' responsibilities for the audit of the financial 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other 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 opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 1

 
PURE IP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE IP LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


As this is the first year that the company has been audited, the comparative figures have not been audited.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Page 2

 
PURE IP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE IP LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 3

 
PURE IP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE IP LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit, in respect to fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant is the Companies Act 2006. In addition, the Company must comply with laws and regulations relating to its operations and health and safety.
We understood how Pure IP Limited is complying with those frameworks by making inquiries of management responsible for company legislation and certification procedures.
We corroborated our enquiries through discussion with the Directors to identify any non-compliance with laws and regulations.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where its considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud.
To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify and unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Material misstatement that arises due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements. Taking into accounts our understanding of the Company, our procedures involved enquires of management and focussed testing as appropriate with consideration to risk assessment.


A further description of our responsibilities for the audit of the financial statements is located on the Financial
Page 4

 
PURE IP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE IP LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Melissa Bowers FCCA (Senior Statutory Auditor)
for and on behalf of
Harts Limited
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

14 March 2025
Page 5

 
PURE IP LIMITED
REGISTERED NUMBER: 05024088

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Un-Audited 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
238,480
278,476

  
238,480
278,476

Current assets
  

Stocks
  
-
446

Debtors
 5 
5,634,877
3,597,393

Cash at bank and in hand
 6 
1,728,979
795,592

  
7,363,856
4,393,431

Creditors: amounts falling due within one year
 7 
(7,073,876)
(3,724,792)

Net current assets
  
 
 
289,980
 
 
668,639

Total assets less current liabilities
  
528,460
947,115

Provisions for liabilities
  

Deferred tax
  
(46,621)
(55,659)

  
 
 
(46,621)
 
 
(55,659)

Net assets
  
481,839
891,456


Capital and reserves
  

Called up share capital 
 8 
82,375
82,375

Profit and loss account
  
399,464
809,081

  
481,839
891,456


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 March 2025.




Page 6

 
PURE IP LIMITED
REGISTERED NUMBER: 05024088
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

___________________________
Geoffrey Michael Bloss
Director

The notes on pages 9 to 15 form part of these financial statements.

Page 7

 
PURE IP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
Un-Audited 2022
£
£

Cash flows from operating activities

Profit for the financial year
75,153
1,697,368

Adjustments for:

Depreciation of tangible assets
182,309
167,583

Taxation charge
(9,037)
429,991

Decrease in stocks
446
-

(Increase) in debtors
(708,958)
(357,111)

(Increase)/decrease in amounts owed by groups
(1,328,526)
-

(Decrease) in creditors
(130,625)
(269,636)

Increase in amounts owed to groups
3,816,157
1,276,400

Corporation tax (paid)
(336,450)
(322,298)

Net cash generated from operating activities

1,560,469
2,622,297


Cash flows from investing activities

Purchase of tangible fixed assets
(142,312)
(285,243)

Net cash from investing activities

(142,312)
(285,243)

Cash flows from financing activities

Dividends paid
(484,770)
(2,913,574)

Net cash used in financing activities
(484,770)
(2,913,574)

Net increase/(decrease) in cash and cash equivalents
933,387
(576,520)

Cash and cash equivalents at beginning of year
795,592
1,372,112

Cash and cash equivalents at the end of year
1,728,979
795,592


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,728,979
795,592

1,728,979
795,592


The notes on pages 9 to 15 form part of these financial statements.

Page 8

 
PURE IP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Pure IP Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05024088 and its registered address is 89 5th Floor, Albert Embankment, London SE1 7TP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 9

 
PURE IP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 10

 
PURE IP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
Office equipment
-
33%
Improvement to property
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 11

 
PURE IP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 50 (2022 - 45).

Page 12

 
PURE IP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
72,366
45,528
1,305,761
1,423,655


Additions
15,519
22,409
104,384
142,312



At 31 December 2023

87,885
67,937
1,410,145
1,565,967



Depreciation


At 1 January 2023
67,569
33,890
1,043,719
1,145,178


Charge for the year on owned assets
5,400
11,620
165,289
182,309



At 31 December 2023

72,969
45,510
1,209,008
1,327,487



Net book value



At 31 December 2023
14,916
22,427
201,137
238,480



At 31 December 2022
4,796
11,638
262,042
278,476


5.


Debtors

2023
Un-Audited 2022
£
£



Trade debtors
4,104,490
3,358,011

Amounts owed by group undertakings
1,328,526
-

Other debtors
19,260
100,706

Prepayments and accrued income
182,601
138,676

5,634,877
3,597,393


Page 13

 
PURE IP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
Un-Audited 2022
£
£

Cash at bank and in hand
1,728,979
795,592

1,728,979
795,592



7.


Creditors: Amounts falling due within one year

2023
Un-Audited 2022
£
£

Trade creditors
133,621
367,514

Amounts owed to group undertakings
5,888,064
2,071,905

Corporation tax
37,882
374,332

Other taxation and social security
391,356
388,047

Other creditors
19,292
49,998

Accruals and deferred income
603,661
472,996

7,073,876
3,724,792



8.


Share capital

2023
Un-Audited 2022
£
£
Allotted, called up and fully paid



82,375 (2022 - 82,375) Ordinary shares of £1.0 each
82,375
82,375


Page 14

 
PURE IP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

In Amounts owed by associated undertakings under Debtors falling due within one year is a balance from BCM One International Limited an associate of the company. During the year £1,328,526 was paid. The balance due at the year-end was £1,328,526 (2022: £Nil), which is not subject to interest and is repayable on demand.
In Amounts owed to associated undertakings under Creditors falling due within one year are loans from Pure IP TP an associate of the company. During the year £1,763,672 was received. The balance due at the year-end was £3,835,663 (2022: £2,071,905), which is not subject to interest and is repayable on demand.
In Amounts owed to associated undertakings under Creditors falling due within one year is a loan from BCM One UK International Limited. During the year £2,052,401 was received. The balance due at the year-end was £2,052,401 (2022: £Nil), which is not subject to interest and is repayable on demand.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 14 March 2025 by Melissa Bowers FCCA (Senior Statutory Auditor) on behalf of Harts Limited.

 
Page 15