Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3132024-01-01falseThe principal activity of the Company is the development of specialist equipment and provision of consultancy services focussing on measuring and reducing carbon emissions.5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12323154 2024-01-01 2024-12-31 12323154 2023-01-01 2023-12-31 12323154 2024-12-31 12323154 2023-12-31 12323154 c:Director2 2024-01-01 2024-12-31 12323154 d:OfficeEquipment 2024-01-01 2024-12-31 12323154 d:OfficeEquipment 2024-12-31 12323154 d:OfficeEquipment 2023-12-31 12323154 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12323154 d:ComputerEquipment 2024-01-01 2024-12-31 12323154 d:ComputerEquipment 2024-12-31 12323154 d:ComputerEquipment 2023-12-31 12323154 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12323154 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 12323154 d:OtherPropertyPlantEquipment 2024-12-31 12323154 d:OtherPropertyPlantEquipment 2023-12-31 12323154 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12323154 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12323154 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 12323154 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 12323154 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 12323154 d:CurrentFinancialInstruments 2024-12-31 12323154 d:CurrentFinancialInstruments 2023-12-31 12323154 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 12323154 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12323154 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 12323154 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12323154 d:ShareCapital 2024-12-31 12323154 d:ShareCapital 2023-12-31 12323154 d:SharePremium 2024-12-31 12323154 d:SharePremium 2023-12-31 12323154 d:OtherMiscellaneousReserve 2024-12-31 12323154 d:OtherMiscellaneousReserve 2023-12-31 12323154 d:RetainedEarningsAccumulatedLosses 2024-12-31 12323154 d:RetainedEarningsAccumulatedLosses 2023-12-31 12323154 c:OrdinaryShareClass1 2024-01-01 2024-12-31 12323154 c:OrdinaryShareClass1 2024-12-31 12323154 c:OrdinaryShareClass1 2023-12-31 12323154 c:OrdinaryShareClass2 2024-01-01 2024-12-31 12323154 c:OrdinaryShareClass2 2024-12-31 12323154 c:FRS102 2024-01-01 2024-12-31 12323154 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 12323154 c:FullAccounts 2024-01-01 2024-12-31 12323154 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12323154 d:WithinOneYear 2024-12-31 12323154 d:WithinOneYear 2023-12-31 12323154 d:BetweenOneFiveYears 2024-12-31 12323154 d:BetweenOneFiveYears 2023-12-31 12323154 2 2024-01-01 2024-12-31 12323154 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2024-01-01 2024-12-31 12323154 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12323154









PURIFIRE LABS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


 
PURIFIRE LABS LIMITED
REGISTERED NUMBER: 12323154

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
43,627
48,474

Tangible assets
 5 
25,469
2,690

  
69,096
51,164

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
329,659
76,996

Cash at bank and in hand
  
1,739,926
12,280

  
2,069,585
89,276

Creditors: amounts falling due within one year
 7 
(137,955)
(364,037)

NET CURRENT ASSETS/(LIABILITIES)
  
 
 
1,931,630
 
 
(274,761)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,000,726
(223,597)

Creditors: amounts falling due after more than one year
  
(130,000)
-

  

NET ASSETS/(LIABILITIES)
  
1,870,726
(223,597)


CAPITAL AND RESERVES
  

Called up share capital 
 8 
16,769
11,149

Share premium account
  
3,016,474
366,517

Other reserves
  
-
5,000

Profit and loss account
  
(1,162,517)
(606,263)

  
1,870,726
(223,597)



The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
PURIFIRE LABS LIMITED
REGISTERED NUMBER: 12323154
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 profit and loss account 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 by: 




N Shah
Director

Date: 10 April 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PURIFIRE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Purifire Labs Limited is a private Company limited by shares and incorporated in England and Wales.  Its registered office address is Salisbury House, Station Road, Cambridge, England, CB1 2LA.
The Company's functional and presentational currency is GBP.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

After making appropriate enquiries, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the forseeable future. The ability of the company to continue or grow its operations from the current level is dependant on the ability of the company to continue growing its sales and to obtain funding to meet the working capital requirements. The directors are confident that the company will be able to raise necessary funding to meet future working capital requirements. In the event that financing is not available the company will maintain its activities and/or put projects on hold until such time that there is future funding available. For this reason they adopt the going concern basis when preparing the financial statements. 

  
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of services supplied during the period, exclusive of Value Added Tax. Turnover is recognised as the fair value of the consideration received or receivable and is recognised in the period in which the services are supplied.

Page 3

 
PURIFIRE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
PURIFIRE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

TAXATION

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 balance sheet date in the countries where the Company operates and generates income.


 
2.9

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
10
years

 
2.10

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:

Office equipment
-
3 years straight line
Computer equipment
-
3 years straight line
Other fixed assets
-
3 years straight line

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.

 
2.11

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.

Page 5

 
PURIFIRE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

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.

  
2.13

CREDITORS

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

  
2.14

RESEARCH AND DEVELOPMENT

Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred.


3.


EMPLOYEES



The average monthly number of employees, including directors, during the year was 5 (2023 - 3).

Page 6

 
PURIFIRE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


INTANGIBLE ASSETS




Patents

£



COST


At 1 January 2024
48,474



At 31 December 2024

48,474



AMORTISATION


Charge for the year on owned assets
4,847



At 31 December 2024

4,847



NET BOOK VALUE



At 31 December 2024
43,627



At 31 December 2023
48,474



Page 7

 
PURIFIRE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


TANGIBLE FIXED ASSETS





Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£



COST


At 1 January 2024
499
5,580
504
6,583


Additions
3,254
22,360
2,142
27,756



At 31 December 2024

3,753
27,940
2,646
34,339



DEPRECIATION


At 1 January 2024
499
3,120
274
3,893


Charge for the year on owned assets
476
4,073
428
4,977



At 31 December 2024

975
7,193
702
8,870



NET BOOK VALUE



At 31 December 2024
2,778
20,747
1,944
25,469



At 31 December 2023
-
2,460
230
2,690


6.


DEBTORS

2024
2023
£
£


Other debtors
42,988
22,448

Prepayments and accrued income
151,420
3,882

Tax recoverable
135,251
50,666

329,659
76,996


Included within other debtors is a loan of £2,951 (2023 - £8,966) to the Company from the directors. The loan is interest free and repayable on demand. Repayments of £6,015 were made in the year.

Page 8

 
PURIFIRE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Other loans
-
284,019

Trade creditors
97,336
27,873

Corporation tax
15,589
-

Other taxation and social security
17,446
43,577

Other creditors
234
650

Accruals and deferred income
7,350
7,918

137,955
364,037


Other loans represents agreements for future equity. This will convert to equity on qualifying events as outlined by the agreements £Nil (2023 - £284,019).


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,133,335 (2023 - 1,114,907) Ordinary shares of £0.01 each
11,333
11,149
543,572 (2023 - Nil) Seed shares of £0.01 each
5,436
-

16,769

11,149


On 9 July 2024 the Company issued 30,928 Ordinary £0.01 shares at £0.01 per share.
On 15 August 2024 the Company redesignated 12,500 ordinary £0.01 shares as 12,500 Seed £0.01 shares.
On 15 August 2024 the Company issued 83,009 Seed £0.01 shares at £4.12 per share.
On 15 August 2024 the Company issued 97,167 Seed £0.01 shares at £5.15 per share.
On 16 August 2024 the Company issued 278,992 Seed £0.01 shares at £5.15 per share.
On 17 August 2024 the Company issued 23,320 Seed £0.01 shares at £5.15 per share.
On 20 August 2024 the Company issued 48,584 Seed £0.01 shares at £5.15 per share.

Page 9

 
PURIFIRE LABS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
18,540
4,635

Later than 1 year and not later than 5 years
4,635
-

23,175
4,635

 
Page 10