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Registration number: 06298585

Pure Optics Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

image-name
 

Pure Optics Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Pure Optics Ltd

Company Information

Director

Mr R White

Registered office

Unit 12, Peverel Drive
Granby Trade Park
Bletchley
Buckinghamshire
MK1 1NL

Accountants

Michael J Emery & Co Limited
Chartered Accountants22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pure Optics Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pure Optics Ltd for the year ended 30 September 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Pure Optics Ltd, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Pure Optics Ltd and state those matters that we have agreed to state to the Board of Directors of Pure Optics Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pure Optics Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pure Optics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pure Optics Ltd. You consider that Pure Optics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Pure Optics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

2 April 2025

 

Pure Optics Ltd

(Registration number: 06298585)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

38,676

40,921

Tangible assets

5

134,400

124,600

 

173,076

165,521

Current assets

 

Stocks

6

450,010

402,608

Debtors

7

79,231

79,152

Cash at bank and in hand

 

61

96

 

529,302

481,856

Creditors: Amounts falling due within one year

8

(100,857)

(132,555)

Net current assets

 

428,445

349,301

Total assets less current liabilities

 

601,521

514,822

Creditors: Amounts falling due after more than one year

8

(156,050)

(89,050)

Provisions for liabilities

(24,295)

(20,605)

Net assets

 

421,176

405,167

Capital and reserves

 

Called up share capital

100

100

Retained earnings

421,076

405,067

Shareholders' funds

 

421,176

405,167

 

Pure Optics Ltd

(Registration number: 06298585)
Balance Sheet as at 30 September 2024

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.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 April 2025
 

.........................................
Mr R White
Director

 

Pure Optics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 12, Peverel Drive
Granby Trade Park
Bletchley
Buckinghamshire
MK1 1NL

These financial statements were authorised for issue by the director on 2 April 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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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.

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.

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.

 

Pure Optics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Furniture, fittings and equipment

at varying rates on cost

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

The trademark purchased in 2015 is being amortised at the following rate:

Asset class

Amortisation method and rate

Trademark

4% per annum

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.

 

Pure Optics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Pure Optics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 6 (2023 - 6).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2023

56,160

56,160

At 30 September 2024

56,160

56,160

Amortisation

At 1 October 2023

15,239

15,239

Amortisation charge

2,245

2,245

At 30 September 2024

17,484

17,484

Carrying amount

At 30 September 2024

38,676

38,676

At 30 September 2023

40,921

40,921

 

Pure Optics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

291,930

291,930

Additions

25,725

25,725

Disposals

(6,079)

(6,079)

At 30 September 2024

311,576

311,576

Depreciation

At 1 October 2023

167,330

167,330

Charge for the year

14,675

14,675

Eliminated on disposal

(4,829)

(4,829)

At 30 September 2024

177,176

177,176

Carrying amount

At 30 September 2024

134,400

134,400

At 30 September 2023

124,600

124,600

6

Stocks

2024
£

2023
£

Inventory

450,010

402,608

7

Debtors

Current

2024
£

2023
£

Trade debtors

59,182

63,613

Prepayments

11,910

10,088

Corporation tax control

276

5,451

Other debtors

7,863

-

 

79,231

79,152

 

Pure Optics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

50,634

66,407

Trade creditors

 

47,048

49,760

Accruals

 

1,591

1,609

Other creditors

 

-

779

PAYE and NIC creditor

 

1,105

4,002

VAT Control account

 

479

9,998

 

100,857

132,555

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,166

22,167

Other borrowings

147,884

66,883

156,050

89,050

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,000

14,000

Bank overdrafts

36,634

52,407

50,634

66,407