25
01/07/2023
31/12/2024
2024-12-31
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
false
false
No description of principal activities is disclosed
2023-07-01
Sage Accounts Production 24.0 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
09616956
2023-07-01
2024-12-31
09616956
2024-12-31
09616956
2023-06-30
09616956
2022-07-01
2023-06-30
09616956
2023-06-30
09616956
2022-06-30
09616956
core:LandBuildings
core:LongLeaseholdAssets
2023-07-01
2024-12-31
09616956
core:FurnitureFittingsToolsEquipment
2023-07-01
2024-12-31
09616956
bus:RegisteredOffice
2023-07-01
2024-12-31
09616956
bus:OrdinaryShareClass1
2023-07-01
2024-12-31
09616956
bus:OrdinaryShareClass2
2023-07-01
2024-12-31
09616956
bus:OrdinaryShareClass3
2023-07-01
2024-12-31
09616956
bus:OrdinaryShareClass4
2023-07-01
2024-12-31
09616956
bus:OrdinaryShareClass5
2023-07-01
2024-12-31
09616956
bus:LeadAgentIfApplicable
2023-07-01
2024-12-31
09616956
bus:Director1
2023-07-01
2024-12-31
09616956
bus:Director5
2023-07-01
2024-12-31
09616956
bus:Director6
2023-07-01
2024-12-31
09616956
bus:Director7
2023-07-01
2024-12-31
09616956
bus:Director8
2023-07-01
2024-12-31
09616956
bus:Director9
2023-07-01
2024-12-31
09616956
bus:CompanySecretary1
2023-07-01
2024-12-31
09616956
core:LandBuildings
core:LongLeaseholdAssets
2023-06-30
09616956
core:FurnitureFittingsToolsEquipment
2023-06-30
09616956
core:LandBuildings
core:LongLeaseholdAssets
2024-12-31
09616956
core:FurnitureFittingsToolsEquipment
2024-12-31
09616956
core:WithinOneYear
2024-12-31
09616956
core:WithinOneYear
2023-06-30
09616956
core:AfterOneYear
2024-12-31
09616956
core:AfterOneYear
2023-06-30
09616956
core:ShareCapital
2022-07-01
2023-06-30
09616956
core:SharePremium
2022-07-01
2023-06-30
09616956
core:RetainedEarningsAccumulatedLosses
2022-07-01
2023-06-30
09616956
core:ShareCapital
2023-07-01
2024-12-31
09616956
core:SharePremium
2023-07-01
2024-12-31
09616956
core:RetainedEarningsAccumulatedLosses
2023-07-01
2024-12-31
09616956
core:UKTax
2023-07-01
2024-12-31
09616956
core:UKTax
2022-07-01
2023-06-30
09616956
core:ShareCapital
2024-12-31
09616956
core:ShareCapital
2023-06-30
09616956
core:SharePremium
2024-12-31
09616956
core:SharePremium
2023-06-30
09616956
core:RetainedEarningsAccumulatedLosses
2024-12-31
09616956
core:RetainedEarningsAccumulatedLosses
2023-06-30
09616956
core:ShareCapital
2022-06-30
09616956
core:SharePremium
2022-06-30
09616956
core:RetainedEarningsAccumulatedLosses
2022-06-30
09616956
core:PreviouslyStatedAmount
core:ShareCapital
2023-06-30
09616956
core:PreviouslyStatedAmount
core:SharePremium
2023-06-30
09616956
core:PreviouslyStatedAmount
core:RetainedEarningsAccumulatedLosses
2023-06-30
09616956
core:PreviouslyStatedAmount
2023-06-30
09616956
core:PreviouslyStatedAmount
core:ShareCapital
2024-12-31
09616956
bus:OrdinaryShareClass1
core:ShareCapital
2024-12-31
09616956
bus:OrdinaryShareClass1
core:ShareCapital
2023-06-30
09616956
bus:OrdinaryShareClass2
core:ShareCapital
2024-12-31
09616956
bus:OrdinaryShareClass2
core:ShareCapital
2023-06-30
09616956
bus:OrdinaryShareClass3
core:ShareCapital
2024-12-31
09616956
bus:OrdinaryShareClass3
core:ShareCapital
2023-06-30
09616956
bus:OrdinaryShareClass4
core:ShareCapital
2024-12-31
09616956
bus:OrdinaryShareClass4
core:ShareCapital
2023-06-30
09616956
bus:OrdinaryShareClass5
core:ShareCapital
2023-06-30
09616956
core:CostValuation
core:Non-currentFinancialInstruments
2023-06-30
09616956
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-12-31
09616956
core:CostValuation
core:Non-currentFinancialInstruments
2024-12-31
09616956
core:Non-currentFinancialInstruments
2024-12-31
09616956
core:Non-currentFinancialInstruments
2023-06-30
09616956
core:LandBuildings
core:LongLeaseholdAssets
2023-06-30
09616956
core:FurnitureFittingsToolsEquipment
2023-06-30
09616956
bus:Director1
2024-12-31
09616956
bus:SmallEntities
2023-07-01
2024-12-31
09616956
bus:AuditExempt-NoAccountantsReport
2023-07-01
2024-12-31
09616956
bus:SmallCompaniesRegimeForAccounts
2023-07-01
2024-12-31
09616956
bus:PrivateLimitedCompanyLtd
2023-07-01
2024-12-31
09616956
bus:AbridgedAccounts
2023-07-01
2024-12-31
09616956
core:Associate1
2023-07-01
2024-12-31
09616956
core:Associate1
core:AdministrativeServices
2023-07-01
2024-12-31
09616956
core:Associate1
core:AdministrativeServices
2022-07-01
2023-06-30
09616956
core:Associate2
core:ContinuingOperations
2023-07-01
2024-12-31
09616956
core:Associate2
core:AdministrativeServices
2023-07-01
2024-12-31
Company registration number:
09616956
PURAFFINITY LTD
Unaudited filleted abridged financial statements
31 December 2024
PURAFFINITY LTD
Financial Statements for the Period 1 July 2023 to 31 December 2024
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PURAFFINITY LTD
Financial Statements for the Period 1 July 2023 to 31 December 2024
Directors and other information
|
|
|
|
|
Directors |
Mr Henrik Hagemann |
|
|
|
Mr John Glushik |
|
|
|
Dr Owen Metters |
|
|
|
Mr Vincent Pierre Caillaud |
(Appointed 3 September 2024) |
|
|
Mr Dennis Atkinson |
(Appointed 12 July 2024)(Resigned 7 April 2024) |
|
|
Mr Luke Rajah |
(Appointed 7 April 2025) |
|
|
|
|
|
|
|
|
|
Secretary |
Ms Lynne Marie Patmore |
|
|
|
|
|
|
|
|
|
|
Company number |
09616956 |
|
|
|
|
|
|
|
|
|
|
Registered office |
58 Wood Lane |
|
|
|
Scale Space |
|
|
|
London |
|
|
|
W12 7RZ |
|
|
|
|
|
|
|
|
|
|
Business address |
58 Wood Lane |
|
|
|
Scale Space |
|
|
|
London |
|
|
|
W12 7RZ |
|
|
|
|
|
|
|
|
|
|
Accountants |
Oswald Murdock |
|
|
|
Office 212 |
|
|
|
77 Farringdon Rd |
|
|
|
London |
|
|
|
EC1M 3JU |
|
|
|
|
|
PURAFFINITY LTD
Financial Statements for the Period 1 July 2023 to 31 December 2024
Statement of financial position
|
|
|
31/12/24 |
|
|
|
30/06/23 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
7 |
452,747 |
|
|
|
197,956 |
|
|
|
Investments |
|
8 |
7,220 |
|
|
|
4,675 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
459,967 |
|
|
|
202,631 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Stocks |
|
|
42,852 |
|
|
|
- |
|
|
|
Debtors |
|
9 |
1,264,304 |
|
|
|
306,210 |
|
|
|
Cash at bank and in hand |
|
|
9,582,271 |
|
|
|
9,328,065 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
10,889,427 |
|
|
|
9,634,275 |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
10 |
(
1,057,041) |
|
|
|
(
343,784) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
Net current assets |
|
|
|
|
9,832,386 |
|
|
|
9,290,491 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Total assets less current liabilities |
|
|
|
|
10,292,353 |
|
|
|
9,493,122 |
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
after more than one year |
|
11 |
|
|
(
1,718,790) |
|
|
|
(
1,751,665) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Net assets |
|
|
|
|
8,573,563 |
|
|
|
7,741,457 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
Called up share capital |
|
15 |
|
|
1,498 |
|
|
|
1,299 |
|
Share premium account |
|
|
|
|
21,442,940 |
|
|
|
14,013,464 |
|
Profit and loss account |
|
|
|
|
(
12,870,875) |
|
|
|
(
6,273,306) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Shareholders funds |
|
|
|
|
8,573,563 |
|
|
|
7,741,457 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income for the current period ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
16 June 2025
, and are signed on behalf of the board by:
Mr Henrik Hagemann
Director
Company registration number:
09616956
PURAFFINITY LTD
Financial Statements for the Period 1 July 2023 to 31 December 2024
Statement of changes in equity
|
|
Called up share capital |
Share premium account |
|
Profit and loss account |
Total |
|
|
|
|
|
|
£ |
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 July 2022 |
|
858 |
3,650,598 |
|
(
4,089,766) |
(
438,310) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
|
|
|
(
2,183,540) |
(
2,183,540) |
|
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the period |
|
- |
- |
|
(
2,183,540) |
(
2,183,540) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares |
|
441 |
10,362,866 |
|
|
10,363,307 |
|
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
441 |
10,362,866 |
|
- |
10,363,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2023 (as previously reported) |
|
1,299 |
14,013,463 |
|
(
6,273,754) |
7,741,008 |
|
|
|
|
|
Prior period adjustments |
|
(-) |
(-) |
|
(6,006) |
(6,006) |
|
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 30 June 2023 (restated) and 1 July 2023 |
|
1,299 |
14,013,463
|
|
(6,279,760) |
7,735,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
|
|
|
(
6,591,115) |
(
6,591,115) |
|
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the period |
|
- |
- |
|
(
6,591,115) |
(
6,591,115) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares |
|
199 |
7,429,477 |
|
|
7,429,676 |
|
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
199 |
7,429,477 |
|
- |
7,429,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2024 |
|
1,498 |
21,442,940 |
|
(
12,870,875) |
8,573,563 |
|
|
|
|
|
|
_______ |
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PURAFFINITY LTD
Financial Statements for the Period 1 July 2023 to 31 December 2024
Notes to the financial statements
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Puraffinty Ltd, 58 Wood Lane, Scale Space, London, W12 7RZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Long leasehold property |
- |
20 % |
straight line |
|
Fittings fixtures and equipment |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
25
(2023:
18
).
5.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
Year |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/06/23 |
|
|
|
£ |
£ |
|
Remuneration |
|
317,439 |
76,061 |
|
Company contributions to pension schemes in respect of qualifying services |
|
20,584 |
9,601 |
|
|
|
_______ |
_______ |
|
|
|
338,023 |
85,662 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate remuneration paid to or receivable by directors in respect of qualifying services amounted to £317,439 (2023: £76,061). Company contributions to defined contribution pension schemes totalled £20,584 (2023: £9,601).
6.
Tax on loss
Major components of tax income
|
|
|
Year |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/06/23 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax income |
|
(
707,396) |
(
145,662) |
|
|
|
_______ |
_______ |
|
Tax on loss |
|
(
707,396) |
(
145,662) |
|
|
|
_______ |
_______ |
|
|
|
|
|
Tax recognised as other comprehensive income or equity
The tax credit of £707,397 recognised in the period ended 31 December 2024 comprises amounts receivable under the Research and Development Expenditure Credit (RDEC) scheme and the Enhanced Reseach and Development Incentive Scheme (ERIS).The breakdown is as follows:RDEC payable claim: £175,250 — based on qualifying Research and Development expenditure of £1,168,325 at the RDEC rate of 20%, less the associated tax charge.ERIS payable claim: £532,147 — based on enhanced relief for qualifying SME Research and Development expenditure of £1,973,108, uplifted at 86% and surrendered at the 14.5% rate.These credits are available under UK tax legislation and reflect the company’s continued investment in qualifying Research and Development activities. The net credit of £707,397 is recognised in the profit and loss account as tax income in accordance with FRS 102 Section 29.
7.
Tangible assets
|
|
Long leasehold property |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 July 2023 |
219,889 |
265,228 |
485,117 |
|
|
|
|
|
Additions |
25,411 |
381,669 |
407,080 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2024 |
245,300 |
646,897 |
892,197 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 July 2023 |
102,597 |
184,565 |
287,162 |
|
|
|
|
|
Charge for the year |
33,698 |
118,590 |
152,288 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2024 |
136,295 |
303,155 |
439,450 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2024 |
109,005 |
343,742 |
452,747 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 30 June 2023 |
117,292 |
80,663 |
197,955
|
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 July 2023 |
4,675 |
4,675 |
|
|
|
|
|
Additions |
2,545 |
2,545 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2024 |
7,220 |
7,220 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 July 2023 and 31 December 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2024 |
7,220 |
7,220 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 June 2023 |
4,675 |
4,675 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
The company holds the following unlisted equity investments: Puraffinity Europe ApS – incorporated in Denmark. This balance of £4,675 was brought forward from the prior year. This Company served as the vehicle through which the Group applied for its EU REACH license which allows the import/export of Hazardous products into/out of the European Union area. Puraffinity Inc – incorporated in the United States. A new investment of £2,544 was made during the year to facilitate expansion into the North American market. These investments are held at cost. The directors consider the carrying value of these investments to be appropriate and supported by the activities of the respective entities.
9.
Debtors
|
|
|
31/12/24 |
30/06/23 |
|
|
|
£ |
£ |
|
Trade debtors |
|
4,208 |
- |
|
Other debtors |
|
1,260,096 |
306,210 |
|
|
|
_______ |
_______ |
|
|
|
1,264,304 |
306,210 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due within one year
|
|
|
31/12/24 |
30/06/23 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
56,017 |
149,366 |
|
Trade creditors |
|
506,087 |
64,561 |
|
Social security and other taxes |
|
63,215 |
29,933 |
|
Other creditors |
|
431,722 |
99,924 |
|
|
|
_______ |
_______ |
|
|
|
1,057,041 |
343,784 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Creditors: amounts falling due after more than one year
|
|
|
31/12/24 |
30/06/23 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
1,718,790 |
1,751,665 |
|
|
|
_______ |
_______ |
|
|
|
|
|
At the reporting date, the Company had a loan of £1,718,790 outstanding from Innovate UK (“IUK”). The loan is unsecured and repayable in instalments commencing after more than one year from the balance sheet date.In the prior year the Company also held two additional unsecured borrowings: a Scale Space loan (2023: £173,538) and a Barclays facility loan of (2023 £88,103). During the current period the Barclays loan was settled in full, and the remaining balance of £56,017 on the Scale Space loan has been reclassified to current liabilities as its final instalment is due within the next twelve months.
12.
Provisions
At the balance sheet date, the company recognised a provision of £213,568 in respect of performance-related bonuses for four employees. The provision reflects management’s best estimate of the amount expected to be paid based on performance criteria.The final amounts payable remain subject to confirmation of performance outcomes, and the provision will be adjusted in the next financial year if necessary.
13.
Government grants
|
|
|
31/12/24 |
30/06/23 |
|
|
|
£ |
£ |
|
Grants received or receivable |
|
709,644 |
439,768 |
|
Released to the profit or loss |
|
(709,644) |
(439,768) |
|
|
|
_______ |
_______ |
|
At end of year |
|
- |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
The amounts recognised in the for government grants are as follows:
|
|
|
31/12/24 |
30/06/23 |
|
|
|
£ |
£ |
|
Recognised in other operating income: |
|
|
|
|
Government grants recognised directly in income |
|
709,644 |
439,768 |
|
|
|
_______ |
_______ |
|
|
|
|
|
During the year, the company received government grant funding totalling £709,644 from Innovate UK (IUK).The amount has been recognised as Other Operating Income, in line with the accruals concept and the performance conditions attached to the grant.At the reporting date, all performance-related conditions had been met in respect of the income recognised.
14.
Prior period errors
During the year, the company underwent a VAT inspection by HM Revenue & Customs. As a result of this review, an error relating to prior periods was identified, resulting in an underpayment of VAT. A total of £6,066 has been recognised as a prior year adjustment in these financial statements to reflect the correction of this error. The amount has been settled with HMRC and relates solely to VAT on historical transactions. This adjustment has no ongoing impact on the company’s operations or current period trading performance.
15.
Called up share capital
Issued, called up and fully paid
|
|
|
31/12/24 |
|
|
|
30/06/23 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
0.01 each |
|
43,785 |
|
438 |
|
42,966 |
|
430 |
|
Series A shares of £
0.01 each |
|
72,980 |
|
730 |
|
42,831 |
|
428 |
|
Seed shares of £
0.01 each |
|
22,869 |
|
229 |
|
22,869 |
|
229 |
|
Seed 2 shares of £
0.01 each |
|
10,197 |
|
102 |
|
10,197 |
|
102 |
|
Deferred shares of £
0.01 each |
|
- |
|
- |
|
11,025 |
|
110 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
149,831 |
|
1,498 |
|
129,888 |
|
1,299 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
As at the reporting date, the company had 149,831 ordinary shares of £0.01 each in issue, all fully paid, resulting in a total issued share capital of £1,498.31.The share capital is comprised of multiple classes, including Ordinary shares, Series A shares, Seed shares, and Seed 2 shares. The rights attached to each class — including voting, dividend, conversion, and liquidation rights — are defined in the company’s Articles of Association and relevant shareholder agreementsDeferred SharesPreviously, 11,025 Ordinary Shares with a nominal value of £0.01 each were re-designated as Deferred Shares, with their total value reduced to £0.01. These shares have been excluded from the total number of issued shares. During the reporting period, 30,968 shares were issued at a nominal value of £0.01 per share, primarily as part of the Series A funding round. As part of the share capital movements, the re-designation of 11,025 deferred shares resulted in a reduction of nominal share capital totalling £110. This amount was transferred to the share premium account.As a result, the net nominal movement in share capital shown in the Statement of Changes in Equity for the period is £199 (i.e., £309 – £110), which reflects the true increase in issued capital after accounting for the reclassification.Unissued Equity InstrumentsIn addition to issued share capital, the company had the following unexercised equity instruments outstanding:WarrantsA total of 2,559 warrants were outstanding, issued to HG Ventures LLC at an exercise price of £110.43 per share. These are set to expire on 31 December 2030.Share OptionsUnder the company’s approved share option plans (including the 2017 EMI Scheme, 2019 EMI Plan, 2022 EMI Plan, and Unapproved Option Plan), the following position was recorded:Total option pool across all plans: 25,716 optionsOptions granted and outstanding (i.e. exercisable or vesting): 11,460 options, of which 4,133 have been exercised and converted into Ordinary Shares, and 7,327 remain outstanding (granted but not yet exercised or vested)Cancelled options not yet returned to the pool: 621Options available for future grants (net): 13,635Of those, 10,069 options have been earmarked for employees who have recently joined the Company — 8,668 of which have been formally approved for Vincent Caillaud, the incoming CEO — with the remaining balance yet to be formally granted. When these allocations are taken into account, 3,566 options remain available for future grant.All share options and warrants are equity-settled and subject to the terms of the relevant plan and individual agreements. Share-based payments are accounted for in accordance with FRS 102 Section 26, with related charges recognised over applicable vesting periods.
16.
Disposals
During the year, the company wrote off tangible fixed assets with a remaining undepreciated value of £18,320. These assets were no longer in use and were disposed of with no proceeds received.The carrying amount of the assets was charged to depreciation in the Statement of Comprehensive Income in the current year.This write-off reflects management’s ongoing review of asset utility and value in use.
17.
Directors advances, credits and guarantees
|
During the period the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31/12/24 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Henrik Hagemann |
- |
1,885 |
1,885 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 30/06/23 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Henrik Hagemann |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
At the balance sheet date, an amount of £1,885 was outstanding from a director in respect of a loan provided under the company’s Cycle to Work scheme. The loan is interest-free and is being repaid via salary deductions in accordance with the terms of the scheme.
18.
Related party transactions
During the period the company entered into the following transactions with related parties:
|
|
Transaction value |
|
|
|
|
|
Year |
Year |
|
|
|
|
ended |
ended |
|
|
|
|
31/12/24 |
30/06/23 |
|
|
|
|
£ |
£ |
|
|
|
Puraffinity Europe Aps |
5,050 |
5,489 |
|
|
|
Puraffinity Inc |
10,216 |
- |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
At the balance sheet date, the following balances were outstanding in respect of amounts due from group or related undertakings:Puraffinity Europe ApS: £5,050 (2023: £5,489)Puraffinity Inc.: £10,216 (2023: £nil) . These amounts represent intercompany balances arising from normal trading and operational support. The balances are unsecured, interest-free, and repayable on demand.