Company registration number 05822614 (England and Wales)
PURO VENTURES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PURO VENTURES LIMITED
COMPANY INFORMATION
Directors
M R Smith
J P Munnelly
Company number
05822614
Registered office
Unit 2
The Pavillions
Cranford Drive
Knutsford
Cheshire
United Kingdom
WA16 8ZR
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
Bankers
The Royal Bank of Scotland
27 Water Lane
Wilmslow
Cheshire
United Kingdom
SK9 5AB
PURO VENTURES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
PURO VENTURES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
The year ended 30 November 2024 has been another year of significant investment in development of new technology and new services for Puro Ventures.
The ongoing significant investment being made is putting us in a strong position for future growth and will allow us to scale rapidly on our parcels and fulfilment offering, as well as underpinning the ongoing growth in our core freight business. This investment has allowed our franchise network to grow 10% in the year and the managed office estate to grow at 21% in the year against a tough market environment.
In addition, we have broadened the sales offering, and both parcels which is growing quickly and will be ready to franchise in early 2025. Fulfilment services are growing out as the proposition develops. The technology development road map for 2025 is fully formed and will ensure a secure infrastructure is in place for the continued growth of Puro.
This year also saw us invest further in the people development of Puro, we have not only brought on board a new CFO and a new HR Director but also building out a people first plan. We commenced a graduate training programme and welcomed 4 new graduate trainees to Puro in the year as part of a 2-year training programme.
We will continue to build on these foundations and continue to invest in our people and systems to provide an unrivalled quality of service to our customers and franchisees, as well as delivering a mutually beneficial and ethical relationship with our suppliers.
Business model and strategy
We aim to be the first choice for same day or express delivery across the UK, and to be recognised as the leading provider in this sector.
As a franchise business we continually invest in the training and development of our franchised businesses. We provide a range of courses to support our colleagues and franchisees, ranging from finance to the Qualified Franchise Professional, a formal qualification recognising knowledge and experience run by the BFA. We also provide support on a range of technical aspects from customs requirements to transportation of hazardous goods.
We are focused on providing the best logistics solution to our customers, we do this through best utilisation of our resources, capabilities, and technology, as well as those of complementary service providers to deliver a comprehensive supply chain solution.
As consumers demand a move even closer towards a short lead time and same day logistics service, we believe our industry knowledge and technical expertise will be a deciding factor in the growth of our business.
We seek to improve our operating performance with the emphasis on quality, cooperation, performance, and operating costs. For 2024 our strategy for growth is through a continued focus on training and development across the franchise network, coupled with development of enhanced technology solutions and a national communications plan, reinforced with bespoke local tactics.
Our model allows us to provide a scalable solution to meet our customer needs and avoids the requirement for our customers having expensive equipment sat idle.
PURO VENTURES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Principal risks and uncertainties
There are a number of potential risks and uncertainties which could have an impact upon the company’s performance and could cause the company’s actual results to differ from expected and historical results.
Competitor risk
The company faces competitor risk in the core markets in which it operates. There is a danger that its profitability and/or market share may be impaired.
To manage this risk the company and the individual franchise businesses maintain strong relationships and a focus on customer service, Trustpilot and NPS scores are a key metric on which this is based. The company seeks to build long term relationships with customers and other significant participants in the markets in which it is active.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise income and minimise interest expense, whilst ensuring that the company has sufficient liquid resource to meet the operating needs of the business in a high growth environment.
Credit risk
Puro traded with a large volume of customers and is exposed to risk of non-payment of debts. To mitigate the company insures all of its customers and each must be credit approved before any credit facilities are offered.
Financial key comparative indicators
The financial key performance indicators for the current and comparative year are as follows:
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Number of franchise offices | | | | |
Adjusted EBIT includes the add back of bank factoring charges amounting to £192,202.
M R Smith
Director
17 April 2025
PURO VENTURES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M R Smith
J P Munnelly
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
This is the third year that the company has consumed more than 40,000kWh of energy in the reporting year. Looking to do our part for the environment, Puro Ventures Limited engaged with Carbon Neutral Britain® in February 2023, with the ambition to measure and offset the total organisation emissions - to become Carbon Neutral.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
153,538
138,589
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
12.35
1.80
- Fuel consumed for owned transport
428.99
410.70
441.34
412.50
Scope 2 - indirect emissions
- Electricity purchased
31.79
28.70
Total gross emissions
473.13
441.20
Intensity ratio
Tonnes CO2e per £m turnover
7.9
7.8
Quantification and reporting methodology
We have followed the Government GHG Conversion Factors for Company Reporting 2024.
Intensity measurement
For consistency purposes, we have continued to report an intensity ratio: metric tonnes CO²e per £1m turnover as for 2023. Due to the complexity of franchise businesses employment status, we selected the turnover calculi.
PURO VENTURES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
Measures taken to improve energy efficiency
Speedy Freight participated in an independent ESG performance assessment carried out by BGF with third party verification from Apex. Our overall rating was ‘Excellent’ and our Environmental rating was ‘Leader’ which is in the top 10% of all businesses.
Since 2020 we have monitored the carbon emissions associated with various aspects of our business operations and recognize the importance of environmental protection. We continue to look for opportunities to reduce our carbon footprint and impact on climate change with the reduction of carbon emissions associated with our services. Our partnership with Carbon Neutral Britain® is clear evidence of our environmental commitments and this partnership has agreed a path to Net Zero by 2050. This would require an annual 7.14% reduction in CO² emissions.
In August 2023, Puro Ventures Limited offset their carbon footprint to become certified as a Carbon Neutral Business. As certification awarded by an external organisation, it provides assurance that the carbon neutral claim is robust and credible, following calculation using the ISO 14064 and GHG Protocol Emissions Standard principles of relevance, completeness, consistency, transparency and accuracy.
Carbon Neutral Status has been awarded to the organisation for a period of 12 months. Through the Carbon Neutral Britain Climate Fund™, Puro Ventures Limited has offset its total carbon emissions through internationally certified carbon offsetting projects.
Certified via the Verra - Verified Carbon Standard (VCS), the Gold Standard – Voluntary Emission Reductions (VER) or the United Nations - Certified Emission Reductions (CER) programmes, the projects have also been selected based on their direct and indirect impact around the world - not just in offsetting, but also in supporting education, employment and clean water, as well as having net positive impact on the local wildlife and ecology.
Puro Ventures Limited has significantly increased the size of it's vehicle fleet and the increase CO² emissions is directly proportional to this increase.
Our key environmental objectives for 2025 are:
Promote environmental awareness, objectives and reporting in all Speedy Freight owned & franchise sites
Preserve our carbon-neutral status in partnership with Carbon Neutral Britain®
Empower local environmental champions to implement practical initiatives that reduce our environmental impact
Launch a new reporting module in our Traffic Management System to increase the accuracy in reporting customer CO² emissions
Strive to reduce the waste sent to landfill by recycling obsolete IT hardware, furniture & uniforms and separating waste
Increase the number of electric vehicle charging spaces on our estate
Add 2 more sites to the scope of our ISO14001:2015 accreditation
Reduce total emissions by at least 7.14% consistent with our net zero target
PURO VENTURES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M R Smith
Director
17 April 2025
PURO VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PURO VENTURES LIMITED
- 6 -
Opinion
We have audited the financial statements of Puro Ventures Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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 30 November 2024 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.
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 Auditor's 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 UK, including the FRC’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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PURO VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PURO VENTURES LIMITED
- 7 -
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 Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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
the directors were not entitled to take advantage of the small companies' exemption in preparing the Directors' Report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's 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 auditor's 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
PURO VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF PURO VENTURES LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.
Graham Rigby
Senior Statutory Auditor
For and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
PURO VENTURES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
2
60,040,445
56,556,825
Cost of sales
(52,024,823)
(48,652,141)
Gross profit
8,015,622
7,904,684
Administrative expenses
(7,857,660)
(7,031,614)
Operating profit
3
157,962
873,070
Interest receivable and similar income
10,152
7,155
Interest payable and similar expenses
(104,686)
(76,691)
Profit before taxation
63,428
803,534
Tax on profit
6
280,003
63,606
Profit for the financial year
343,431
867,140
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PURO VENTURES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
8
1,767,661
2,008,300
Tangible assets
9
1,748,072
1,493,837
Investments
10
1
1
3,515,734
3,502,138
Current assets
Debtors
12
16,411,183
13,642,469
Cash at bank and in hand
610,013
755,766
17,021,196
14,398,235
Creditors: amounts falling due within one year
13
(13,155,539)
(10,497,092)
Net current assets
3,865,657
3,901,143
Total assets less current liabilities
7,381,391
7,403,281
Creditors: amounts falling due after more than one year
14
(532,862)
(748,140)
Provisions for liabilities
Deferred tax liability
15
438,381
588,424
(438,381)
(588,424)
Net assets
6,410,148
6,066,717
Capital and reserves
Called up share capital
17
709
709
Share premium account
19,119
19,119
Capital redemption reserve
372
372
Profit and loss reserves
6,389,948
6,046,517
Total equity
6,410,148
6,066,717
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
M R Smith
Director
Company Registration No. 05822614
PURO VENTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2022
709
19,119
372
6,994,073
7,014,273
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
-
867,140
867,140
Dividends
7
-
-
-
(1,814,696)
(1,814,696)
Balance at 30 November 2023
709
19,119
372
6,046,517
6,066,717
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
-
-
343,431
343,431
Balance at 30 November 2024
709
19,119
372
6,389,948
6,410,148
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
1
Accounting policies
Company information
Puro Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, The Pavillions, Cranford Drive, Knutsford, Cheshire, United Kingdom, WA16 8ZR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Speedy Freight Holdings Limited. These consolidated financial statements are available from Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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 in respect of collection and delivery services is recognised in the profit and loss account, with amounts attributable to franchisees recognised within cost of sales as 'transport costs'. Turnover is recognised at the point the service is fulfilled.
Turnover in respect of franchise sales is recognised at the point of entering into an unconditional contract with the franchisee, as a result of which a non-refundable franchise payment is due to the company.
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business, representing the purchase of customer lists, order books and associated franchise data, are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Software
3 years straight line
Other intangible assets
10% reducing balance
1.5
Tangible fixed assets
Tangible fixed assets are measured at cost , net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Motor vehicles
25% reducing balance
Fixtures, fittings and equipment
15% reducing balance
Motor vehicles
3 years straight line
Computer equipment systems
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and represent cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.
Current tax
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases and hire purchase contracts are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.14
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
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Collection and delivery services
58,223,598
54,604,169
Warehouse income
1,693,208
1,491,786
Franchise sales
123,639
460,870
60,040,445
56,556,825
2024
2023
£
£
Turnover analysed by geographical market
UK
59,413,106
56,130,670
Europe
627,339
426,155
60,040,445
56,556,825
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
48,637
46,064
Depreciation of tangible fixed assets held under finance leases
560,978
376,493
(Profit)/loss on disposal of tangible fixed assets
(590)
2,948
Amortisation of intangible assets
921,745
903,530
Auditor's remuneration
38,500
30,000
Operating lease charges
267,212
261,715
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management
3
3
Operational
79
75
Administrative
77
61
Total
159
139
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,474,655
5,014,888
Social security costs
526,002
542,929
Pension costs
95,553
84,625
6,096,210
5,642,442
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
294,800
351,817
Company pension contributions to defined contribution schemes
562
1,022
295,362
352,839
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
5
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
161,164
193,644
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(129,960)
Deferred tax
Origination and reversal of timing differences
(141,931)
(65,847)
Adjustment in respect of prior periods
(8,112)
2,241
Total deferred tax
(150,043)
(63,606)
Total tax credit
(280,003)
(63,606)
The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
63,428
803,534
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
15,857
184,893
Tax effect of expenses that are not deductible in determining taxable profit
2,655
3,708
Effect of change in corporation tax rate
(1,739)
Group relief
(267,780)
(273,564)
Research and development tax credit
(129,960)
Deferred tax adjustments in respect of prior years
(8,112)
2,241
Fixed asset differences
48,045
64,859
Movement in deferred tax not recognised
59,292
(44,004)
Taxation credit for the year
(280,003)
(63,606)
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
7
Dividends
2024
2023
£
£
Final paid
1,814,696
8
Intangible fixed assets
Software
Other intangible assets
Total
£
£
£
Cost
At 1 December 2023
2,862,694
895,782
3,758,476
Additions
523,444
196,000
719,444
Disposals
(50,000)
(50,000)
At 30 November 2024
3,386,138
1,041,782
4,427,920
Amortisation and impairment
At 1 December 2023
1,581,219
168,957
1,750,176
Amortisation charged for the year
787,005
134,740
921,745
Disposals
(11,662)
(11,662)
At 30 November 2024
2,368,224
292,035
2,660,259
Carrying amount
At 30 November 2024
1,017,914
749,747
1,767,661
At 30 November 2023
1,281,475
726,825
2,008,300
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
9
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 December 2023
424,247
1,729,005
2,153,252
Additions
56,958
1,075,406
1,132,364
Disposals
(291,174)
(291,174)
At 30 November 2024
481,205
2,513,237
2,994,442
Depreciation and impairment
At 1 December 2023
211,355
448,060
659,415
Depreciation charged in the year
47,589
562,026
609,615
Eliminated in respect of disposals
(22,660)
(22,660)
At 30 November 2024
258,944
987,426
1,246,370
Carrying amount
At 30 November 2024
222,261
1,525,811
1,748,072
At 30 November 2023
212,892
1,280,945
1,493,837
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
1,522,905
1,273,404
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
1
1
11
Subsidiaries
Details of the company's subsidiaries at 30 November 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Speedy Freight Limited
Unit 2, The Pavillions, Cranford Drive, Knutsford, Cheshire, United Kingdom, WA16 8ZR
Ordinary
100.00
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,727,778
10,284,413
Corporation tax recoverable
15,486
211,034
Amounts owed by group undertakings
4,161,543
1,399,164
Other debtors
118,445
359,059
Prepayments and accrued income
1,365,511
1,348,975
16,388,763
13,602,645
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
22,420
39,824
Total debtors
16,411,183
13,642,469
13
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
804,762
409,874
Invoice discounting advances
4,845,498
2,318,390
Trade creditors
3,449,169
2,651,251
Taxation and social security
768,610
669,605
Other creditors
91,063
480,180
Accruals and deferred income
3,196,437
3,967,792
13,155,539
10,497,092
Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.
Invoice discounting advances are secured upon the assets of the company.
14
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
532,862
748,140
Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
504,864
590,638
Other short term timing differences
(66,483)
(2,214)
438,381
588,424
2024
Movements in the year:
£
Liability at 1 December 2023
588,424
Credit to profit or loss
(150,043)
Liability at 30 November 2024
438,381
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,553
84,625
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
70,945
70,945
709
709
PURO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
773,956
795,263
Between two and five years
2,598,194
2,684,845
In over five years
1,572,736
2,178,284
4,944,886
5,658,392
Lessor
The operating leases represent leases to third parties. The leases are negotiated over terms of 5 years and rentals are fixed for 5 years.
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
Within one year
606,288
606,288
Between two and five years
967,922
1,574,211
1,574,210
2,180,499
19
Related party transactions
The company has taken advantage of the exemption in Financial Reporting Standard 102, section 33, and has not disclosed transactions with fellow group undertakings.
At the balance sheet date, £2,096,610 was due from (2023: £1,103,955) Speedy Freight Holdings Limited, the parent entity. The amount is unsecured and repayable on demand.
At the balance sheet date, £1,765,999 (2023: £295,209) was due from Speedy Freight LLC, a fellow group undertaking. The amount is unsecured and repayable on demand.
At the balance sheet date, £298,933 (2023: £nil) was due from Connected Logistics Solutions Limited, a fellow group undertaking. The amount is unsecured and repayable on demand.
20
Ultimate controlling party
The immediate parent and ultimate holding company of Puro Ventures Limited is Speedy Freight Holdings Limited and its registered office is Puro House, Unit 2 The Pavilions Cranford Drive, Knutsford Business Park, Knutsford, Cheshire, United Kingdom, WA16 8ZR.
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