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Registered number: 13870068 THE PURE HOLDING GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE PURE HOLDING GROUP LIMITED COMPANY INFORMATION
Director | Joshua Saul
Registered number | 13870068
Registered office | 1 Royal Exchange
| Royal Exchange
| London
| EC3V 3DG
Independent auditors | BKL Audit LLP
| Chartered Accountants & Statutory Auditor
| 35 Ballards Lane
| London
| N3 1XW
THE PURE HOLDING GROUP LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Director's report | 3 - 4
Independent auditors' report | 5 - 8
Consolidated statement of comprehensive income | 9
Consolidated statement of financial position | 10 - 11
Company statement of financial position | 12
Consolidated statement of changes in equity | 13 - 14
Company statement of changes in equity | 15 - 16
Consolidated statement of cash flows | 17 - 18
Notes to the financial statements | 19 - 44
THE PURE HOLDING GROUP LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024
Introduction
The Pure Holding Group Limited, through its subsidiary The Pure Gold Company, operates in the UK precious metals market, specialising in the provision of physical gold and silver investment products to individuals and institutions. With over 15 years of experience, the Group aims to offer secure, tangible wealth protection to its clients. The Group’s business model revolves around helping clients invest in physical gold and silver as a means of diversifying risk and protecting long-term wealth. Revenue is generated through the sale and storage of physical metals, with services supported by knowledgeable client teams. The business does not provide financial advice, but focuses on product integrity, secure storage, and responsive customer support.
Business review
In the year ending 31 March 2024, the Group continued to position itself as the "Trusted Gold Experts," with a clear focus on long-term strategic growth, operational stability, and enhanced customer engagement. While macroeconomic conditions presented both headwinds and opportunities, the Group invested in its operational capacity and leadership structure to support future scalability. Revenue for the year was £35.5 million, falling short of the £45 million target. The shortfall was primarily attributed to price volatility, operational restructuring, and strategic investment. Despite this, the business demonstrated resilience, maintaining profitability and controlling cost growth through effective management.
Principal risks and uncertainties
The Group has identified the following key risks: Market and Regulatory Risk Changing economic conditions, interest rate fluctuations, and trade regulations can affect consumer sentiment and pricing. The Group mitigates this through continuous monitoring, training, and the development of product taxonomy and customer profiling. Operational and Supply Chain Risk Infrastructure changes (e.g. storage provider diversification, telephony upgrades) support customer experience and asset security. Sales and Customer Risk Investment in training, knowledge management, and employee progression frameworks strengthen service standards. Financial and Business Continuity Risk Recruitment, retention, and improved governance reduce key person dependency and improve financial oversight. Cybersecurity and Data Protection Internal audits, data governance reforms, and secure recruitment help maintain data security. Page 1
THE PURE HOLDING GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Financial key performance indicators
- Revenue: £35.5 million (2023 extended period: £37.6 million) - New Clients Acquired: 862 - Transactions Completed: 1,491 - Team Members: 18 These KPIs demonstrate the Group’s continued ability to attract new clients, maintain strong transaction volume, and manage significant client assets under storage.
Other key performance indicators
The Group's medium-term goal is to achieve annual revenue of £80 million by March 2027, targeting a compound annual growth rate of 25%. To support this ambition, the Group's core strategic priorities include: - Increasing lead conversion to 20% - Retaining 75% of customers through improved relationship management - Enhancing customer insight to refine engagement - Strengthening leadership and operational efficiency - Embedding core values across the business Strategic enhancements implemented during the year included: - Appointment of a Chief Operating Officer and Finance Controller - Establishment of clear leadership behaviours and cultural expectations - Refinement of values to support decision-making: Passionate Curiosity, Positive Energy - Thoughtful Respect, Pursuit of Brilliance, and Virtuous Choices This report was approved by the board on 10 September 2025 and signed on its behalf.
Joshua Saul Director
Page 2
THE PURE HOLDING GROUP LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The director presents his report and the financial statements for the year ended 31 March 2024.
Director's responsibilities statement
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments 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 Group will continue in business. The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the entity is that of an investment holding company and parent company.
Results and dividends
The profit for the year, after taxation, amounted to £993,332 (2023 extended period - loss £1,009,716). Dividend declared, £2,002,000, and paid to shareholders is shown in the attached Statement of Financial Position.
Director
The director who served during the year was:
Joshua Saul
Future developments
The Group expects continued macroeconomic volatility to shape the precious metals market. However, it remains cautiously optimistic regarding long-term growth, underpinned by ongoing investment in operational capabilities and leadership capacity. The management continues to focus on customer retention, operational resilience, and cultural alignment to realise its strategic revenue objectives. Page 3
THE PURE HOLDING GROUP LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Matters covered in the Group Strategic Report
As permitted by s414C(11) of the Companies Act 2006, the director has elected to disclose information required to be in the directors' report by schedule 7 of the ‘large and medium-sized companies and groups (accounts and reports) regulations 2008’ in the Strategic Report.
Disclosure of information to auditors
The director at the time when this Director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been appointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
Joshua Saul Director
Date: 10 September 2025
Page 4
THE PURE HOLDING GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PURE HOLDING GROUP LIMITED
Opinion
We have audited the financial statements of The Pure Holding Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other matters The corresponding figures relating to the extended accounting period are unaudited.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report. Page 5
THE PURE HOLDING GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PURE HOLDING GROUP LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or has no realistic alternative but to do so. Page 6
THE PURE HOLDING GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PURE HOLDING GROUP LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiring of management around actual and potential litigation and claims; ∙Reviewing minutes of meetings of those charged with governance; ∙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 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 bias; ∙Reviewing the general ledger in detail for all transactions with related parties; ∙Performing walkthrough testing to ensure systems and controls are operating as recorded where appropriate. 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙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. 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. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. ∙Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based Page 7
THE PURE HOLDING GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PURE HOLDING GROUP LIMITED (CONTINUED) on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Ian Saunderson (Senior statutory auditor) for and on behalf of BKL Audit LLP Chartered Accountants Statutory Auditor 35 Ballards Lane London N3 1XW 11 September 2025 Page 8
THE PURE HOLDING GROUP LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2024
| 2024 | 14 Months 2023
Note | £ | £
Turnover | 4 | 35,498,785 | 37,594,421
Cost of sales |  | (31,677,691) | (35,194,863)
Gross profit |  | 3,821,094 | 2,399,558
Administrative expenses |  | (2,738,762) | (2,440,748)
Other operating income | 5 | 1,311 | 22,313
Fair value movements - stock financing loan |  | (70,797) | -
Operating profit/(loss) |  | 1,012,846 | (18,877)
Income from fixed assets investments |  | - | (3,825)
Interest receivable and similar income | 11 | 322,249 | 146,397
Interest payable and similar expenses | 12 | (25,370) | (11,293)
Other finance income - hedging instrument |  | 89,100 | (71)
Profit before taxation |  | 1,398,825 | 112,331
Tax on profit | 13 | (405,493) | (1,122,047)
Profit/(loss) for the financial year |  | 993,332 | (1,009,716)
Total comprehensive income for the year |  | 993,332 | (1,009,716)
Profit/(loss) for the year attributable to: |  |  |
Owners of the parent Company |  | 993,332 | (1,009,716)
|  | 993,332 | (1,009,716)
Total comprehensive income for the year attributable to: |  |  |
Owners of the parent Company |  | 993,332 | (1,009,716)
|  | 993,332 | (1,009,716)
The notes on pages 19 to 44 form part of these financial statements.
Page 9
THE PURE HOLDING GROUP LIMITED REGISTERED NUMBER: 13870068 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024
|  | 2024 |  | 14 Months 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 15 |  | 102,894 |  | 81,477
Tangible assets | 16 |  | 111,333 |  | 416,215
Investments | 17 |  | 3,884,361 |  | 3,685,000
|  |  | 4,098,588 |  | 4,182,692
Current assets |  |  |  |  |
Stocks | 18 | 2,327,809 |  | 4,833,714 |
Debtors: amounts falling due within one year | 19 | 2,614,932 |  | 3,150,836 |
Cash at bank and in hand | 20 | 2,389,109 |  | 4,736,345 |
|  | 7,331,850 |  | 12,720,895 |
Creditors: amounts falling due within one year | 21 | (5,665,348) |  | (10,069,718) |
Net current assets |  |  | 1,666,502 |  | 2,651,177
Total assets less current liabilities |  |  | 5,765,090 |  | 6,833,869
Creditors: amounts falling due after more than one year | 22 |  | - |  | (51,308)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 25 | (31,813) |  | (40,616) |
|  |  | (31,813) |  | (40,616)
Net assets |  |  | 5,733,277 |  | 6,741,945
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 200 |  | 200
Merger reserve | 27 |  | 7,821,704 |  | 7,821,704
Profit and loss account | 27 |  | (2,088,627) |  | (1,079,959)
Equity attributable to owners of the parent Company |  |  | 5,733,277 |  | 6,741,945
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 September 2025.
Joshua Saul
Director
The notes on pages 19 to 44 form part of these financial statements. Page 10
THE PURE HOLDING GROUP LIMITED REGISTERED NUMBER: 13870068 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2024 Page 11
THE PURE HOLDING GROUP LIMITED REGISTERED NUMBER: 13870068 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024
|  |  |  | As restated
|  | 2024 |  | 14 Months 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 17 |  | 3,934,403 |  | 3,735,042
|  |  | 3,934,403 |  | 3,735,042
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 19 | 1,177,869 |  | 9,699 |
Cash at bank and in hand | 20 | 156,676 |  | 24,030 |
|  | 1,334,545 |  | 33,729 |
Creditors: amounts falling due within one year | 21 | (3,940,138) |  | (854,890) |
Net current liabilities |  |  | (2,605,593) |  | (821,161)
Total assets less current liabilities |  |  | 1,328,810 |  | 2,913,881
Net assets |  |  | 1,328,810 |  | 2,913,881
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 200 |  | 200
Profit and loss account brought forward |  | 2,913,681 |  | - |
Profit for the year |  | 416,929 |  | 2,913,681 |
Dividend paid |  | (2,002,000) |  | - |
Profit and loss account carried forward |  |  | 1,328,610 |  | 2,913,681
Total Equity |  |  | 1,328,810 |  | 2,913,881
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 September 2025.
Joshua Saul
Director
The notes on pages 19 to 44 form part of these financial statements. Page 12
THE PURE HOLDING GROUP LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Merger reserve | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 April 2023 (as previously stated) | 200 | 7,821,704 | (2,726,342) | 5,095,562 | 5,095,562
Prior year adjustment - correction of error | - | - | 1,646,383 | 1,646,383 | 1,646,383
At 1 April 2023 (as restated) | 200 | 7,821,704 | (1,079,959) | 6,741,945 | 6,741,945
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 993,332 | 993,332 | 993,332
Total comprehensive income for the year | - | - | 993,332 | 993,332 | 993,332
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | (2,002,000) | (2,002,000) | (2,002,000)
At 31 March 2024 | 200 | 7,821,704 | (2,088,627) | 5,733,277 | 5,733,277
| The notes on pages 19 to 44 form part of these financial statements.
Page 13
THE PURE HOLDING GROUP LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2023
| Called up share capital | Merger reserve | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 February 2022 (as previously stated) | 195 | - | (1,375,378) | (1,375,183) | (1,375,183)
Prior year adjustment - correction of error | - | - | 1,305,135 | 1,305,135 | 1,305,135
At 1 February 2022 (as restated) | 195 | - | (70,243) | (70,048) | (70,048)
Comprehensive income for the period |  |  |  |  |
Loss for the period | - | - | (1,009,716) | (1,009,716) | (1,009,716)
Total comprehensive income for the period | - | - | (1,009,716) | (1,009,716) | (1,009,716)
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the period | 5 | - | - | 5 | 5
Merger reserve arising on consolidation | - | 7,821,704 | - | 7,821,704 | 7,821,704
Total transactions with owners | 5 | 7,821,704 | - | 7,821,709 | 7,821,709
At 31 March 14 Months 2023 | 200 | 7,821,704 | (1,079,959) | 6,741,945 | 6,741,945
| The notes on pages 19 to 44 form part of these financial statements.
Page 14
THE PURE HOLDING GROUP LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 (as previously stated) | 200 | 1,267,298 | 1,267,498
Prior year adjustment - correction of error | - | 1,646,383 | 1,646,383
At 1 April 2023 (as restated) | 200 | 2,913,681 | 2,913,881
Comprehensive income for the period |  |  |
Profit for the year | - | 416,929 | 416,929
Total comprehensive income for the year | - | 416,929 | 416,929
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (2,002,000) | (2,002,000)
Total transactions with owners | - | (2,002,000) | (2,002,000)
At 31 March 2024 | 200 | 1,328,610 | 1,328,810
| The notes on pages 19 to 44 form part of these financial statements.
Page 15
THE PURE HOLDING GROUP LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2023
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 February 2022 | 200 | - | 200
Comprehensive income for the period |  |  |
Profit for the period | - | 2,913,681 | 2,913,681
Total comprehensive income for the period | - | 2,913,681 | 2,913,681
At 31 March 2023 | 200 | 2,913,681 | 2,913,881
| The notes on pages 19 to 44 form part of these financial statements.
Page 16
THE PURE HOLDING GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
|  |  |  | 2024 | 14 Months 2023
|  |  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 993,332 | (1,009,716)
Adjustments for: |  |
Amortisation of intangible assets | 20,939 | 4,363
Depreciation of tangible assets | 322,753 | 652,723
Interest paid | 25,370 | 11,293
Interest received | (322,249) | (146,397)
Taxation charge | 405,493 | 1,122,047
Decrease/(increase) in stocks | 2,505,905 | (4,034,714)
Decrease/(increase) in debtors | 536,222 | (858,504)
(Increase)/decrease in amounts owed by groups | (318) | -
(Decrease)/increase in creditors | (4,899,641) | 8,325,317
Corporation tax (paid) | (275,320) | (221,920)
Foreign exchange loss/(gain) | - | (82,900)
Net cash generated from operating activities | (687,514) | 3,761,592
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (42,356) | (26,500)
Purchase of tangible fixed assets | (17,871) | (64,610)
Purchase of unlisted and other investments | (3,037,000) | (3,725,100)
Sale of unlisted and other investments | 2,837,639 | -
Interest received | 322,249 | 146,397
Acquisition of subsidiaries, net cash inflow | - | 4,589,303
Net cash from investing activities | 62,661 | 919,490
Cash flows from financing activities |  |
Other new loans | 333,368 | -
Repayment of/new finance leases | (12,408) | -
Dividends paid | (2,002,000) | -
Interest paid | (25,370) | (11,293)
Net cash used in financing activities | (1,706,410) | (11,293)
Net (decrease)/increase in cash and cash equivalents | (2,331,263) | 4,669,789
Cash and cash equivalents at beginning of year | 4,669,789 | -
Cash and cash equivalents at the end of year | 2,338,526 | 4,669,789
Page 17
THE PURE HOLDING GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
|  | 2024 | 2023
|  | £ | £
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,389,109 | 4,736,345
Bank overdrafts | (50,583) | (66,556)
| 2,338,526 | 4,669,789
| The notes on pages 19 to 44 form part of these financial statements.
Page 18
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. | General information
The principal activity of the entity is that of an investment holding company and a parent company. The Pure Holding Group Limited is a private company, limited by shares, registered in England and Wales, registration number 13870068. The registered office is 1 Royal Exchange, London, EC3V 3DG, England. The financial statements are presented in sterling (£). Monetary amounts in the financial statements are rounded to the nearest £. The comparative accounting period represents the results of the group for the extended period from incorporation on 25 January 2022 to 31 March 2023. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied: Page 19
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The Company became the holding company of Pure Gold Group Ltd via a share-for-share exchange. This transaction has been accounted for as a group reconstruction under common control and, accordingly, has been accounted for using the principles of merger accounting, as permitted by FRS 102 and the Companies Act 2006. Under merger accounting: ∙The assets and liabilities of the combining entities are included at their pre-combination carrying amounts without fair value remeasurement. ∙The results of the combining entities are brought into the consolidated financial statements as if the group had always been in existence. ∙The comparative information for the previous financial year has been restated on a pro forma basis to present the results of the group as if the current group structure had been in place throughout both periods presented. The consolidated financial statements therefore present: ∙Comparative information for the year ended 31 March 2023 as if the group had been in existence throughout the comparative period. ∙No goodwill has arisen on consolidation as a result of this transaction. The Group recognises a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time. In respect of the acquisition of Wealth Concierge Limited, the consolidated financial statements incorporate the results of the business combination using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The Director has considered medium term financial forecasts and specifically for 12 months from the date of signing. At the time of approving the financial statements, the director has a reasonable expectation that the Company and the group has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis of accounting in preparing the financial statements. Page 20
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's and the group'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 Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'. Page 21
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and value added tax. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of precious metals can result in either the delivery of the goods to the customer or for the goods to be stored with one of the entity's third party storage providers. The sale is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 22
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.11 | Holiday pay accrual
A liability for unused holiday leave is accrued for at the statement of financial position date. This is measured at the salary cost of the future holiday entitlement.
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 23
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.13 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquired entity at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Other 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. At each reporting date the company and group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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:
|  |  |  | Software | - | 3 | years
|  |  |  | Goodwill | - | 10 | years
| 2.14 | 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 24
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets (continued)
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:
|  |  |  | Long-term leasehold property | - | 33% | Straight line
|  |  |  | Motor vehicles | - | 25% | Straight line
|  |  |  | Fixtures and fittings | - | 33% | Straight line
|  |  |  | Office equipment | - | 33% | Straight line
|  |  |  | Computer equipment | - | 33% | 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.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted investments, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.16 | Stocks
Stocks are valued at market value of the precious metal contained in the inventory items, excluding any premium the item might attract due to factors unrelated to its precious metal content. The Director considers market value to be the most appropriate recognition policy on the basis that this information is readily available for the precious metals in which the company trades and provides a more appropriate representation of the company's financial position.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. Page 25
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Financial instruments
The Company and group enters into basic and non-basic financial instruments and transactions that result in the recognition of financial assets and liabilities such as trade debtors, derivatives and other debtors, creditors and loans to and from related parties. (i) Financial assets Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income. Non-basic financial instruments such as 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 within the line item the derivative relates to. Currently the company has forward exchange contracts to cover the fluctuation in the exchange rates and price of commodities such as gold and silver related to purchases of inventories. The company does not currently apply hedge accounting. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (ii) Financial liabilities Basic financial liabilities, including trade, other creditors, amounts due to group undertakings and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 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 classified as current liabilities if payment is Page 26
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. (iii) Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.20 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. In preparing these financial statements, the directors have had to make the following judgments: Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 16 for the carrying amount of the tangible assets, and accounting policy note 2.14 for the useful economic lives of each class of asset. Page 27
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Sale of precious metals | 35,241,819 | 37,140,661
| Storage | 239,007 | 428,982
| Other | 17,959 | 24,778
|  | 35,498,785 | 37,594,421
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| United Kingdom | 35,498,785 | 37,594,421
|  | 35,498,785 | 37,594,421
5. | Other operating income
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Delivery charges | 1,311 | 22,313
|  | 1,311 | 22,313
6. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Exchange differences | 4,493 | (82,900)
| Other operating lease rentals | 13,791 | 14,599
Page 28
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 12,300 | -
| Fees payable to the Company's auditors in respect of: |  |
| The auditing of accounts of a subsidiary of the Company | 7,700 | -
8. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group
|  | 2024 | 14 Months 2023
|  | £ | £
| Wages and salaries | 1,561,970 | 1,587,195
| Social security costs | 206,162 | 219,391
| Cost of defined contribution pension scheme | 123,254 | 161,907
|  | 1,891,386 | 1,968,493
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Director | 1 | 1 | 1 | 1
|  | Sales and administrative | 17 | 15 | - | -
|  |  | 18 | 16 | 1 | 1
Page 29
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. | Director's remuneration
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Director's emoluments | 29,371 | 8,844
| Group contributions to defined contribution pension schemes | 10,000 | -
|  | 39,371 | 8,844
| During the year retirement benefits were accruing to one director (2023 - NIL) in respect of defined contribution pension schemes.
10. | Income from investments
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Income from fixed asset investments | - | 3,825
|  | - | 3,825
11. | Interest receivable
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Other interest receivable | 322,249 | 146,397
|  | 322,249 | 146,397
12. | Interest payable and similar expenses
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Bank interest payable | 25,370 | 11,293
|  | 25,370 | 11,293
Page 30
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. | Taxation
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 414,296 | 1,103,957
|  | 414,296 | 1,103,957
| Deferred tax |  |
| Origination and reversal of timing differences | (8,803) | 18,090
| Total deferred tax | (8,803) | 18,090
| Tax on profit | 405,493 | 1,122,047
| Factors affecting tax charge for the year/period
| The tax assessed for the year/period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,398,825 | 112,331
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%) | 349,706 | 21,343
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 55,787 | 1,100,704
| Total tax charge for the year/period | 405,493 | 1,122,047
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 31
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
14. | Dividends
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Dividends interim paid | 2,002,000 | -
|  | 2,002,000 | -
15. | Intangible assets
| Group and Company
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2023 | 26,500 | 63,132 | 89,632
| Additions | 42,356 | - | 42,356
| At 31 March 2024 | 68,856 | 63,132 | 131,988
| Amortisation |  |  |
| At 1 April 2023 | 3,792 | 4,363 | 8,155
| Charge for the year on owned assets | 9,474 | 11,465 | 20,939
| At 31 March 2024 | 13,266 | 15,828 | 29,094
| Net book value |  |  |
| At 31 March 2024 | 55,590 | 47,304 | 102,894
| At 31 March 14 Months 2023 | 22,708 | 58,769 | 81,477
Page 32

|  | THE PURE HOLDING GROUP LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 16. | Tangible fixed assets
|  | Group
|  | Long-term leasehold property | Motor vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 April 2023 | 809,938 | 104,144 | 166,095 | - | 43,334 | 1,123,511
| Additions | - | - | 2,819 | 5,407 | 9,645 | 17,871
| At 31 March 2024 | 809,938 | 104,144 | 168,914 | 5,407 | 52,979 | 1,141,382
| Depreciation |  |  |  |  |  |
| At 1 April 2023 | 540,957 | 65,090 | 76,690 | - | 24,559 | 707,296
| Charge for the year on owned assets | 234,824 | 26,036 | 51,643 | 431 | 9,819 | 322,753
| At 31 March 2024 | 775,781 | 91,126 | 128,333 | 431 | 34,378 | 1,030,049
| Net book value |  |  |  |  |  |
| At 31 March 2024 | 34,157 | 13,018 | 40,581 | 4,976 | 18,601 | 111,333
| At 31 March 14 Months 2023 | 268,981 | 39,054 | 89,405 | - | 18,775 | 416,215
Page 33

THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
| Long leasehold | 34,157 | 268,981
|  | 34,157 | 268,981
17. | Fixed asset investments
| Group
|  | Other fixed asset investments | Total
|  | £ | £
| Cost |  |
| At 1 April 2023 | 3,685,000 | 3,685,000
| Additions | 3,037,000 | 3,037,000
| Disposals | (2,837,639) | (2,837,639)
| At 31 March 2024 | 3,884,361 | 3,884,361
| Company
|  | Investments in subsidiary companies | Other fixed asset investments | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2023 | 50,042 | 3,685,000 | 3,735,042
| Additions | - | 3,037,000 | 3,037,000
| Disposals | - | (2,837,639) | (2,837,639)
| At 31 March 2024 | 50,042 | 3,884,361 | 3,934,403
Page 34
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| The Pure Gold Group Limited | 1 Royal Exchange, London, England, EC3V 3DG | Ordinary Share | 100%
| Wealth Concierge Limited | 16 Kirby Street, London, England, EC1N 8TS | Ordinary Share | 100%
18. | Stocks
|  | Group | Group
|  | 2024 | 14 Months 2023
|  | £ | £
| Precious metals held | 2,327,809 | 4,833,714
|  | 2,327,809 | 4,833,714
Page 35
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
19. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 14 Months 2023 | 2024 | 14 Months 2023
|  | £ | £ | £ | £
| Trade debtors | 41,598 | 326,730 | - | -
| Amounts owed by connected companies | 3,041 | 2,723 | - | -
| Other debtors | 2,513,262 | 2,772,966 | 1,177,869 | 9,699
| Prepayments and accrued income | 57,031 | 48,417 | - | -
|  | 2,614,932 | 3,150,836 | 1,177,869 | 9,699
| The debtors for the company's comparative period have been restated.
20. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 14 Months 2023 | 2024 | 14 Months 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,389,109 | 4,736,345 | 156,676 | 24,030
| Less: bank overdrafts | (50,583) | (66,556) | - | -
|  | 2,338,526 | 4,669,789 | 156,676 | 24,030
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THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
21. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 14 Months 2023 | 2024 | 14 Months 2023
|  | £ | £ | £ | £
| Bank overdrafts | 50,583 | 66,556 | - | -
| Other loans | 333,368 | - | - | -
| Trade creditors | 811,724 | 1,522,082 | - | -
| Amounts owed to group undertakings | - | - | 3,823,374 | 807,376
| Corporation tax | 821,058 | 762,332 | - | -
| Other taxation and social security | 56,992 | 39,992 | - | -
| Obligations under finance lease and hire purchase contracts | 52,436 | 13,536 | - | -
| Other creditors | 560,850 | 1,004,439 | 116,764 | 47,514
| Accruals and deferred income | 2,978,337 | 6,660,781 | - | -
|  | 5,665,348 | 10,069,718 | 3,940,138 | 854,890
| The creditors for the company's comparative period have been restated.
22. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2024 | 14 Months 2023
|  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 51,308
|  | - | 51,308
Page 37
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
23. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2024 | 14 Months 2023
|  | £ | £
| Amounts falling due within one year |  |
| Other loans | 333,368 | -
|  | 333,368 | -
24. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2024 | 14 Months 2023
|  | £ | £
| Within one year | 52,436 | 13,536
| Between 1-5 years | - | 51,308
|  | 52,436 | 64,844
Page 38
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
25. | Deferred taxation
| Group
|  | 2024
|  | £
| At beginning of year | (40,616)
| Charged to profit or loss | 8,803
| At end of year | (31,813)
| Company
|  | 2024
| At end of year | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2024 | 14 Months 2023
|  | £ | £
| Accelerated capital allowances | (40,616) | (40,616)
| Tax losses carried forward | 8,803 | -
|  | (31,813) | (40,616)
26. | Share capital
|  |  |  |  | 2024 | 14 Months 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 200) Ordinary shares of £1.00 each | 100 | 200
|  | 100 (2023 - ) Ordinary B shares of £1.00 each | 100 | -
|  |  | 200 | 200
| On 31 December 2023, 100 of the existing 200 shares were redesignated from ordinary shares to ordinary B shares.
Page 39
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
27. | Reserves
Merger Reserve The merger reserve is the difference between the cost of investment in the subsidiary and the nominal value of the share capital acquired. Profit and loss account Includes all current and prior period retained profits and losses.
28. | Business combinations
On 20 October 2022, the group acquired 100 percent of the issued capital of Wealth Concierge Limited for a consideration of £50,000. The acquisition has been accounted for using the purchase method of accounting. At 20 October 2022 (the acquisition date), the assets and liabilities of the acquired consolidated at their fair values to the group, as set out below:
| Acquisition of Wealth Concierge Limited
| Recognised amounts of identifiable assets acquired and liabilities assumed
|  |  |  |  | Book value | Fair value adjustments | Fair value
|  |  |  |  | £ | £ | £
| Current Assets |  |  |
| Cash at bank and in hand | 2,442 | - | 2,442
| Total Assets | 2,442 | - | 2,442
| Creditors |  |  |
| Due within one year | (15,574) | - | (15,574)
| Total Identifiable net liabilities | (13,132) | - | (13,132)
| Goodwill | 63,132
| Total purchase consideration | 50,000
| Consideration
|  |  |  |  | £
| Cash | 30,000
| Deferred consideration | 10,000
| Contingent consideration | 10,000
| Total purchase consideration | 50,000
Page 40
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 28.Business combinations (continued)
| Cash outflow on acquisition
|  |  |  |  | £
| Purchase consideration settled in cash, as above | 30,000
|  | 30,000
| Cash and cash equivalents acquired | (2,442)
| Net cash outflow on acquisition | 27,558
| The goodwill arising on acquisition is attributable to future return potential
| The results of Wealth Concierge Limited since acquisition are as follows:
|  |  |  | Current period since acquisition
|  |  |  | £
| Turnover | 5,799
| (Loss) for the period since acquisition | (17,576)
| On 23 February 2022, the group acquired 100 percent of the issued capital of The Pure Gold Group Limited. The acquisition has been accounted for using the merger method of accounting. At 23 February 2022 (the acquisition date), the assets and liabilities of the acquired consolidated at their fair values to the group, as set out below:
Page 41
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 28.Business combinations (continued)
| Acquisition of The Pure Gold Group Limited
| Recognised amounts of identifiable assets acquired and liabilities assumed
|  |  |  |  | Book value | Fair value adjustments | Fair value
|  |  |  |  | £ | £ | £
| Fixed Assets |  |  |
| Tangible | 1,049,329 | - | 1,049,329
|  | 1,049,329 | - | 1,049,329
| Current Assets |  |  |
| Stocks | 799,000 | - | 799,000
| Debtors | 2,229,332 | - | 2,229,332
| Cash at bank and in hand | 4,616,861 | - | 4,616,861
| Total Assets | 8,694,522 | - | 8,694,522
| Creditors |  |  |
| Due within one year | (2,155,332) | - | (2,155,332)
| Deferred taxation | (22,526) | - | (22,526)
| Total Identifiable net assets | 6,516,664 | - | 6,516,664
| Consideration
| Total purchase consideration is the nominal value of the shares issued under share for share exchange at the acquisition.
|  |  |  |  | £
| Equity instruments | 6,516,664
| Cash outflow on acquisition
|  |  |  |  | £
| Cash and cash equivalents acquired | (4,616,861)
| Net cash outflow on acquisition | (4,616,861)
Page 42
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 28.Business combinations (continued)
| The results of The Pure Gold Group Limited since acquisition are as follows:
|  |  |  | Current period since acquisition
|  |  |  | £
| Turnover | 71,097,782
| Profit for the period since acquisition | 2,882,906
29. | Prior year adjustment
Prior Year Adjustment – Incorrectly recorded dividend and unrecorded related party transaction The dividend distribution as recorded in the prior year was incorrect. The dividend reported to have been received was understated by £1,660,042. Furthermore, the entity had not recorded last year an intercompany transaction for professional fees amounting to £13,659. The corresponding amendments are shown with the intercompany creditor account with The Pure Gold Group company.
30. | Contingent liabilities
The company has guaranteed all the outstanding liabilities of one of its subsidiary companies, Wealth Concierge Ltd, as at 31 March 2024 until those liabilities are paid in full in order that Wealth Concierge Ltd can take the exemption from audit as set out in Section 479A of the Companies Act 2006
31. | Pension commitments
The Company and group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company and group in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £123,254 (2023: £87,021). Contributions totaling £14,835 (2023: £1,782) were payable to the fund at the balance sheet date and are included in creditors.
32. | Commitments under operating leases
| At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 14 Months 2023
|  | £ | £
| Not later than 1 year | 65,523 | 8,034
| Later than 1 year and not later than 5 years | 27,575 | 10,523
|  | 93,098 | 18,557
Page 43
THE PURE HOLDING GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
33. | Related party transactions
| Included in debtors for the year is a director loan balance of £1,177,869 (2023: £2,360,333).
Page 44