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REGISTERED NUMBER: 01097578 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st May 2023

for

Pulsar Instruments Plc

Pulsar Instruments Plc (Registered number: 01097578)






Contents of the Financial Statements
for the year ended 31st May 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Pulsar Instruments Plc

Company Information
for the year ended 31st May 2023







DIRECTORS: Mrs L M Wallis
D S Wallis



SECRETARY: M Teasdale



REGISTERED OFFICE: Unit 2
Hunmanby Industrial Estate
Hunmanby
North Yorkshire
YO14 0PH



REGISTERED NUMBER: 01097578 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: National Westminster Bank Plc
3 Westborough
Scarborough
North Yorkshire
YO11 1UH

Pulsar Instruments Plc (Registered number: 01097578)

Strategic Report
for the year ended 31st May 2023

The directors present their strategic report for the year ended 31st May 2023.

REVIEW OF BUSINESS
The key performance indicators of turnover, turnover growth, gross profit and gross profit margin communicate the financial performance of the company as a whole.


2023 2022 2021 2020
£ £ £ £
Turnover 721,795 598,822 614,814 479,978
Turnover growth (%) 20.5% (2.60%) 28.1% (21.6%)

Gross profit 428,595 342,335 300,626 234,104
Gross Profit Margin (%) 59.38% 57.17% 48.9% 48.8%


Results for this financial period were better than predicted with an overall sales growth of over 20%, which matched our predictions for the previous period. Sales to both the UK and EU remained relatively static with the growth coming via international sales. Typically, margins are lower when international sales increase due to the nature of our route to market being via distribution partners, but the product mix and price increases meant our gross margin remained relatively stable.

Sales were tracking well below profitable levels going into Q2 of the year and so a further review of costs took place, altering the fundamental day to day business structure. The company moved offices and sub-contracted all but the basic functions of management, marketing, and sales. This change allowed the sales and marketing teams to spend more time on generating business and led directly to the improvement in sales and margins.

On reflection a positive set of results for the period and 2023/2024 has started strongly.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is aware of the various financial risks faced in day to day business. The company has formulated an effective risk management policy to mitigate the adverse impact on its financial performance on account of various risks such as credit, foreign exchange, technology, fraud etc.

The small size of the operations and lean structure of the company does not necessitate the requirement to have a separate sub-committee of the Board of Directors for management of the risk policy. The Board of Directors however has laid down various policy initiatives for the operating personnel to manage risks.

Credit Risk
The company's exposure to credit risk is moderate and is managed through a mix of initiatives such as obtaining post dated cheques, entering into legally sound and enforceable agreements, monitoring of credit exposure within the limits fixed for various customers. The doubtful debts arising out of factors like dealer closure are immediately recognised and provided for in the accounts.

Fraud Risk
The company has low exposure to fraud risk with strong internal control systems.


Pulsar Instruments Plc (Registered number: 01097578)

Strategic Report
for the year ended 31st May 2023

SECTION 172(1) STATEMENT
The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the Company are appropriately informed by s172 factors.

At Pulsar Instruments plc, our Board of Directors, management and employees are committed to upholding high standards of corporate governance and business ethics. We firmly believe that timely disclosures, transparent accounting policies, rigorous internal control systems and a strong and independent Board go a long way in preserving shareholder trust while maximising long-term shareholder value.

This s172 statement explains how the Pulsar Directors:
- Have engaged with employees, suppliers, customers and others; and
- Have had regards to employee interests, the need to foster the company's business relationships with suppliers, customers and others, and the effect of that regards, including on the principal decisions taken by the company during the financial year.

The s172 statement focuses on matters of strategic importance to Pulsar, and the level of information disclosed is consistent with the size and the complexity of the business.

General confirmation of Directors' duties
Pulsar have a number of management teams appointed by the Board at group level to focus on specific areas and take informed decisions within the framework of delegated authority, and make specific recommendations to the Board. All decisions and recommendations of the committees are placed before the Board for information or for approval.
When making decisions, each Director ensures that they act in the way they consider, in good faith, would most likely promote the Company' success for the benefit of its members as a whole, and in doing so have regard (among matters) to:

The likely consequences of any decision in the long term
The Directors understand the business and the demand to innovate the latest products in order to find the most effective treatments in the company's core markets. Pulsar's vision and goal of customer satisfaction is what the business drives and strives for. The strategy set by the Board as a leader in the noise measurement industry is to ensure good health can be delivered to those who need it, and to promote wellness among them.

Whilst investing for the future, the Board also recognises that we must focus on meeting the current supply and demand of its products.

The Directors are guided by our core principles which provide both guidance for our current behaviour and inspiration for our future actions.

The interests of the company's employees
At Pulsar its employees are at the heart of our business. The Management team invites a fair and open two way relationship with all employees. We believe in respecting every individual, regardless of position. At Pulsar all employees are heard and have the opportunity to express their opinion. Organisation believes in equality and discourage any discrimination based on any caste, creed, race, religion age and gender etc. We are committed to employee's safety and well-being. Our HR policies are well documented and available to each employee. Management assumes responsibility that such policies are adhered to.

The talented and capable people have played a major role in powering and defining the growth of Pulsar. We believe that when people with diverse skills are bound together by a common purpose and value system, they can allow the company to achieve its aims.






Pulsar Instruments Plc (Registered number: 01097578)

Strategic Report
for the year ended 31st May 2023

The need to foster the company's business relationships with suppliers, customers and others
Customers and suppliers are the key stakeholders in our business. In a competitive price driven environment, stock is the vital component at the keenest price. We engage in regular communication with our suppliers as well as customers. We recognise the fact that the stronger the relationships with suppliers the more we are able to serve our customers better. We remain committed to all our stakeholder for ethical business practices. The Company has put in practice a code of business conduct and ethics (CoBE) and every employee at Pulsar is required to comply with its principles.

The impact of the company's operations on the community and environment
At Pulsar, we are committed to lowering our impact on the environment. We have a strong commitment to providing sustainable supplies and, wherever possible, will procure locally both to benefit the environment and local businesses.

The desirability of the company maintaining a reputation for high standards of business conduct
Pulsars Board periodically reviews their Corporate Governance requirements as the commitment to upholding the highest standards are set at board level but is filtered down throughout the whole group organisation.

The need to act fairly as between members of the company
The Directors consider and focus its attention to ensure that the company's performance is in line with their strategic vision for both the short and long term objectives. The impact of this on all of the stakeholders is reviewed. The Directors believe they act fairly.

The Board has created a culture of honesty, integrity and respect of the Pulsars core values and principles. The company that has set a number guidelines on Code of Business Conduct and Ethics (COBE) through to various Environment and Employment policies.

Principal decisions
We define principal decisions taken by the Board as those decisions in 2022/23 that are of a strategic nature and that are significant to any of our key stakeholder groups.

FUTURE DEVELOPMENTS
Pulsar's routes to market will continue to be via a mix of direct, e-commerce and distribution led sales, with further emphasis on e-commerce. Growing our e-commerce requires investment in gaining web traffic and search engine ranking as well as having a larger range of products. Through 2023 and 2024 we predict an increase in marketing spend and a larger stock holding as we add complimentary products to our portfolio. One such product, which is predicted to be on the market by Q1 2024, is expected to considerably increase our sales globally.

ON BEHALF OF THE BOARD:





D S Wallis - Director


3rd November 2023

Pulsar Instruments Plc (Registered number: 01097578)

Report of the Directors
for the year ended 31st May 2023

The directors present their report with the financial statements of the company for the year ended 31st May 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the development, marketing and sale of acoustic measuring equipment for professional use. The company also provides a repair and calibration service.

DIVIDENDS
No dividends will be distributed for the year ended 31st May 2023.

FUTURE DEVELOPMENTS
Details of the company's future developments have been provided in the strategic report.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st June 2022 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

Ms M S Worrall - resigned 2/8/22
D S Wallis - appointed 18/7/22

The directors shown below were in office at 31st May 2023 but did not hold any interest in the Ordinary shares of £1 each at 1st June 2022 (or date of appointment if later) or 31st May 2023.

Mrs L M Wallis
D S Wallis

CREDITORS
The Company's policy is to make payment to suppliers in accordance with the terms of payment agreed at the time the contract of supply is made.

The company's creditors days at the year-end based upon the average daily amount invoiced by suppliers were 166 days.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
See Strategic report.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
See Strategic report.

STREAMLINED ENERGY AND CARBON REPORTING
The company rents its premises from the local council to which the energy cannot accurately be accounted for per unit and therefore the data for this report would be unreliable.The group is however committed to energy savings and reductions in consumption.


Pulsar Instruments Plc (Registered number: 01097578)

Report of the Directors
for the year ended 31st May 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D S Wallis - Director


3rd November 2023

Report of the Independent Auditors to the Members of
Pulsar Instruments Plc

Opinion
We have audited the financial statements of Pulsar Instruments Plc (the 'company') for the year ended 31st May 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 company's affairs as at 31st May 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Pulsar Instruments Plc


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Pulsar Instruments Plc


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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of manufacturing of instrumental equipment for professional use.
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental, health and safety legislation along with industry specific regulations and requirements.
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
-We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Pulsar Instruments Plc


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 a Report of the Auditors 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.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

3rd November 2023

Pulsar Instruments Plc (Registered number: 01097578)

Statement of Comprehensive
Income
for the year ended 31st May 2023

2023 2022
Notes £    £   

TURNOVER 3 721,795 598,822

Cost of sales 293,200 256,487
GROSS PROFIT 428,595 342,335

Administrative expenses 336,854 327,593
91,741 14,742

Other operating income 641 (450 )
OPERATING PROFIT and
PROFIT BEFORE TAXATION 92,382 14,292

Tax on profit 6 - -
PROFIT FOR THE FINANCIAL YEAR 92,382 14,292

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

92,382

14,292

Pulsar Instruments Plc (Registered number: 01097578)

Balance Sheet
31st May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 - 7,519

CURRENT ASSETS
Stocks 8 64,346 60,192
Debtors 9 71,676 51,507
Cash at bank and in hand 192,440 41,796
328,462 153,495
CREDITORS
Amounts falling due within one year 10 178,385 103,319
NET CURRENT ASSETS 150,077 50,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

150,077

57,695

CREDITORS
Amounts falling due after more than one year 11 51,629 51,629
NET ASSETS 98,448 6,066

CAPITAL AND RESERVES
Called up share capital 13 250,000 250,000
Retained earnings (151,552 ) (243,934 )
SHAREHOLDERS' FUNDS 98,448 6,066

The financial statements were approved by the Board of Directors and authorised for issue on 3rd November 2023 and were signed on its behalf by:





D S Wallis - Director


Pulsar Instruments Plc (Registered number: 01097578)

Statement of Changes in Equity
for the year ended 31st May 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st June 2021 250,000 (258,226 ) (8,226 )

Changes in equity
Total comprehensive income - 14,292 14,292
Balance at 31st May 2022 250,000 (243,934 ) 6,066

Changes in equity
Total comprehensive income - 92,382 92,382
Balance at 31st May 2023 250,000 (151,552 ) 98,448

Pulsar Instruments Plc (Registered number: 01097578)

Cash Flow Statement
for the year ended 31st May 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 150,644 15,686
Net cash from operating activities 150,644 15,686

Cash flows from financing activities
Loan repayments in year - (158 )
Net cash from financing activities - (158 )

Increase in cash and cash equivalents 150,644 15,528
Cash and cash equivalents at beginning of
year

2

41,796

26,268

Cash and cash equivalents at end of year 2 192,440 41,796

Pulsar Instruments Plc (Registered number: 01097578)

Notes to the Cash Flow Statement
for the year ended 31st May 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 92,382 14,292
Depreciation charges 1,127 2,019
Loss on disposal of fixed assets 6,392 -
99,901 16,311
Increase in stocks (4,154 ) (4,205 )
(Increase)/decrease in trade and other debtors (20,169 ) 37,940
Increase/(decrease) in trade and other creditors 75,066 (34,360 )
Cash generated from operations 150,644 15,686

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 192,440 41,796
Year ended 31st May 2022
31/5/22 1/6/21
£    £   
Cash and cash equivalents 41,796 26,268


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/6/22 Cash flow At 31/5/23
£    £    £   
Net cash
Cash at bank and in hand 41,796 150,644 192,440
41,796 150,644 192,440
Debt
Debts falling due after 1 year (51,629 ) - (51,629 )
(51,629 ) - (51,629 )
Total (9,833 ) 150,644 140,811

Pulsar Instruments Plc (Registered number: 01097578)

Notes to the Financial Statements
for the year ended 31st May 2023

1. STATUTORY INFORMATION

Pulsar Instruments Plc is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Invoices are raised once the items have been despatched.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pulsar Instruments Plc (Registered number: 01097578)

Notes to the Financial Statements - continued
for the year ended 31st May 2023

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Rentals are paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Going concern
The directors are fully committed to ensuring that the company is adequately funded to enable it to achieve its objectives and be well placed to manage its business risks successfully despite the current heightened uncertain economic outlook.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further information regarding the company's business activities, together with the factors likely to affect its future development, performance and position is set out in the Strategic Report.

Government grants
Government grants are recognised using the accruals model. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable.

Pulsar Instruments Plc (Registered number: 01097578)

Notes to the Financial Statements - continued
for the year ended 31st May 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below :


2022 2022
£ £

Sales - United Kingdom268,972274,578
Sales - European Union106,067110,024
Sales -Rest of the World346,756214,220
721,795598,822

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 88,868 142,339
Social security costs 9,668 13,746
Other pension costs 2,911 3,946
101,447 160,031

The average number of employees during the year was as follows:
2023 2022

Directors - 1
Marketing 1 1
Admin - 1
Sales 1 2
2 5

2023 2022
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 1,127 2,019
Loss on disposal of fixed assets 6,392 -
Auditors' remuneration 3,500 3,000
Other non- audit services 2,250 2,000

Pulsar Instruments Plc (Registered number: 01097578)

Notes to the Financial Statements - continued
for the year ended 31st May 2023

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31st May 2023 nor for the year ended 31st May 2022.

7. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st June 2022 46,140 997 25,693 72,830
Disposals (46,140 ) (997 ) (25,693 ) (72,830 )
At 31st May 2023 - - - -
DEPRECIATION
At 1st June 2022 40,689 528 24,094 65,311
Charge for year 817 70 240 1,127
Eliminated on disposal (41,506 ) (598 ) (24,334 ) (66,438 )
At 31st May 2023 - - - -
NET BOOK VALUE
At 31st May 2023 - - - -
At 31st May 2022 5,451 469 1,599 7,519

8. STOCKS
2023 2022
£    £   
Stock 64,346 60,192

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 67,341 40,657
Other debtors - 1,801
Prepayments 4,335 9,049
71,676 51,507

Pulsar Instruments Plc (Registered number: 01097578)

Notes to the Financial Statements - continued
for the year ended 31st May 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 61,215 80,612
Social security and other taxes 12,350 4,371
Amounts due to parent company 9,876 13,326
Accrued expenses 94,944 5,010
178,385 103,319

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 12) 51,629 51,629

12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due between one and two years:
Other loans - 1-2 years 51,629 51,629

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250,000 Ordinary £1 250,000 250,000

14. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Pulsar Instruments PTE (Singapore), a company incorporated in
Singapore.

Pulsar Instruments PTE prepares consolidated accounts incorporating the results of the company. Copies of the consolidated accounts can be obtained from www.acra.gov.sg.

Pulsar Instruments Plc (Registered number: 01097578)

Notes to the Financial Statements - continued
for the year ended 31st May 2023

15. RELATED PARTY DISCLOSURES

During the year the company incurred management charges of £33,905 (2022 : £28,083) due to the ultimate parent company Pulsar Instruments PTE (Singapore). The company also has a loan of £9,876 (2022: £13,326) owing to Pulsar Instruments PTE (Singapore).

At the end of the year the company owed £42,668 (2022: £13,326) to Pulsar Instruments PTE (Singapore).

During the year the company traded on normal commercial terms with Cirrus Research plc, a company under common control. The company made sales of £1,497 (2022: £1,401) to Cirrus Research plc and received invoices totalling £165,778 (2022: £72,352) from Cirrus Research plc. The company also incurred admin charges of £72,000 (2022: £NIL) from Cirrus Research plc.

At the end of the year the company was owed £618 (2022: £656) by Cirrus Research plc and owed £107,542 (2022: £48,431) to Cirrus Research plc.

During the year the company traded on normal commercial terms with Contract Production Limited, a company under common control. The company made sales of £NIL (2022: £NIL) to Contract Production Limited and received invoices totalling £87,521 (2022: £142,306) from Contract Production Limited.

At the end of the year the company owed £8,798 (2022: £24,808) to Contract Production Limited.