Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-282023-12-28true2023-01-01falseRecycling facility1919trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07881267 2023-01-01 2023-12-28 07881267 2022-01-01 2022-12-31 07881267 2023-12-28 07881267 2022-12-31 07881267 2022-01-01 07881267 c:Director1 2023-01-01 2023-12-28 07881267 d:Buildings 2023-01-01 2023-12-28 07881267 d:Buildings 2023-12-28 07881267 d:Buildings 2022-12-31 07881267 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-28 07881267 d:Buildings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-28 07881267 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-28 07881267 d:Buildings d:ShortLeaseholdAssets 2023-12-28 07881267 d:Buildings d:ShortLeaseholdAssets 2022-12-31 07881267 d:PlantMachinery 2023-01-01 2023-12-28 07881267 d:MotorVehicles 2023-01-01 2023-12-28 07881267 d:FurnitureFittings 2023-01-01 2023-12-28 07881267 d:OfficeEquipment 2023-01-01 2023-12-28 07881267 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-28 07881267 d:OtherPropertyPlantEquipment 2023-12-28 07881267 d:OtherPropertyPlantEquipment 2022-12-31 07881267 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-28 07881267 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-28 07881267 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-28 07881267 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-28 07881267 d:Goodwill 2023-12-28 07881267 d:Goodwill 2022-12-31 07881267 d:CurrentFinancialInstruments 2023-12-28 07881267 d:CurrentFinancialInstruments 2022-12-31 07881267 d:Non-currentFinancialInstruments 2023-12-28 07881267 d:Non-currentFinancialInstruments 2022-12-31 07881267 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-28 07881267 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07881267 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-28 07881267 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07881267 d:ShareCapital 2023-12-28 07881267 d:ShareCapital 2022-12-31 07881267 d:RetainedEarningsAccumulatedLosses 2023-12-28 07881267 d:RetainedEarningsAccumulatedLosses 2022-12-31 07881267 c:OrdinaryShareClass1 2023-01-01 2023-12-28 07881267 c:OrdinaryShareClass1 2023-12-28 07881267 c:OrdinaryShareClass1 2022-12-31 07881267 c:FRS102 2023-01-01 2023-12-28 07881267 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-28 07881267 c:FullAccounts 2023-01-01 2023-12-28 07881267 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-28 07881267 d:WithinOneYear 2023-12-28 07881267 d:WithinOneYear 2022-12-31 07881267 d:BetweenOneFiveYears 2023-12-28 07881267 d:BetweenOneFiveYears 2022-12-31 07881267 d:MoreThanFiveYears 2023-12-28 07881267 d:MoreThanFiveYears 2022-12-31 07881267 d:HirePurchaseContracts d:WithinOneYear 2023-12-28 07881267 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 07881267 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-28 07881267 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 07881267 2 2023-01-01 2023-12-28 07881267 d:AcceleratedTaxDepreciationDeferredTax 2023-12-28 07881267 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07881267 d:TaxLossesCarry-forwardsDeferredTax 2023-12-28 07881267 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 07881267 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-28 07881267 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 07881267 e:PoundSterling 2023-01-01 2023-12-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07881267









PULSE ENVIRONMENTAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2023

 
PULSE ENVIRONMENTAL LIMITED
REGISTERED NUMBER: 07881267

BALANCE SHEET
AS AT 28 DECEMBER 2023

28 December
31 December
2023
2022
                                                                    Note
£
£

Fixed assets
  

Tangible assets
 5 
889,451
1,148,113

Current assets
  

Stocks
 6 
10,694
61,555

Debtors: amounts falling due within one year
 7 
723,536
562,809

Cash at bank and in hand
 8 
2,167,696
2,205,764

  
2,901,926
2,830,128

Creditors: amounts falling due within one year
 9 
(2,051,656)
(1,797,876)

Net current assets
  
 
 
850,270
 
 
1,032,252

Total assets less current liabilities
  
1,739,721
2,180,365

Creditors: amounts falling due after more than one year
 10 
(461,503)
(857,685)

Provisions for liabilities
  

Deferred tax
  
(186,659)
(73,568)

Net assets
  
1,091,559
1,249,112


Capital and reserves
  

Called up share capital 
 13 
684,100
684,100

Profit and loss account
  
407,459
565,012

  
1,091,559
1,249,112


Page 1

 
PULSE ENVIRONMENTAL LIMITED
REGISTERED NUMBER: 07881267
    
BALANCE SHEET (CONTINUED)
AS AT 28 DECEMBER 2023

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

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




K Colbert
Director

Date: 16 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

1.


General information

Pulse Environmental Limited ("the Company") operates as a recycling facility. The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 11a South Crescent, Cody Road, Canning Town, London E16 4TL.

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 Section 1A of 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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis.

 
2.3

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company 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
In respect of operating leases for the hire of equipment, revenue is recognised in the Statement of income and retained earnings on a straight line basis over the period of the lease.
Revenue from waste management services is recognised on a straight line basis over the term of the contract.

Page 3

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 its identifiable assets and liabilities 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 statement of income and retained earnings over its useful economic life.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following annual basis:

Land and buildings leasehold
-
over 15 years
Plant and machinery
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Fixtures, fittings and equipment
-
15% reducing balance
Office equipment
-
15% reducing balance

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 the Statement of income and retained earnings.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of income and retained earnings.

 
2.7

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.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 4

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Finance costs

Finance costs are charged to the statement of income and retained earnings 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.

 
2.11

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.12

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of income and retained earnings on a straight line basis over the term of the relevant lease.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to Statement of income and retained earnings on a straight-line basis over the lease term.

 
2.14

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to Statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 5

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

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 the Statement of income and retained earnings.

 
2.17

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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

 
2.18

Interest income

Interest income is recognised in Statement of income and retained earnings using the effective interest method.

Page 6

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

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.


Employees

The average monthly number of employees, including directors, during the period was 19 (2022 - 19).


4.


Intangible assets






Goodwill

£



Cost


At 1 January 2023
53,731



At 28 December 2023

53,731



Amortisation


At 1 January 2023
53,731



At 28 December 2023

53,731



Net book value



At 28 December 2023
-



At 31 December 2022
-



Page 7

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

5.


Tangible fixed assets







Land and buildings
Other fixed assets
Total

£
£
£



Cost


At 1 January 2023
24,050
3,047,761
3,071,811


Additions
-
22,446
22,446


Disposals
-
(13,334)
(13,334)



At 28 December 2023

24,050
3,056,873
3,080,923



Depreciation


At 1 January 2023
16,029
1,907,669
1,923,698


Charge for the period on owned assets
1,603
154,360
155,963


Charge for the period on financed assets
-
119,961
119,961


Disposals
-
(8,150)
(8,150)



At 28 December 2023

17,632
2,173,840
2,191,472



Net book value



At 28 December 2023
6,418
883,033
889,451



At 31 December 2022
8,021
1,140,092
1,148,113

Page 8

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

           5.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


28 December
31 December
2023
2022
£
£

Short leasehold
6,418
8,021


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


28 December
31 December
2023
2022
£
£



Motor vehicles
357,858
481,819


6.


Stocks

28 December
31 December
2023
2022
£
£

Finished goods and goods for resale
10,694
61,555



7.


Debtors

28 December
31 December
2023
2022
£
£


Trade debtors
516,126
478,254

Other debtors
115,362
17,512

Prepayments and accrued income
92,048
67,043

723,536
562,809


Page 9

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

8.


Cash and cash equivalents

28 December
31 December
2023
2022
£
£

Cash at bank and in hand
2,167,696
2,205,764



9.


Creditors: Amounts falling due within one year

28 December
31 December
2023
2022
£
£

Trade creditors
600,990
345,268

Corporation tax
32,587
-

Other taxation and social security
21,374
49,850

Obligations under finance lease and hire purchase contracts
121,855
137,296

Other creditors
6,650
6,562

Accruals and deferred income
1,268,200
1,258,900

2,051,656
1,797,876



10.


Creditors: Amounts falling due after more than one year

28 December
31 December
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
136,503
257,685

Accruals and deferred income
325,000
600,000

461,503
857,685


Secured loans
Obligations under hire purchase contracts of £258,358 (2022 - £394,981) are secured on the assets to which they relate.

Page 10

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

28 December
31 December
2023
2022
£
£


Within one year
121,855
137,296

Between 1-5 years
136,503
257,685

258,358
394,981


12.


Deferred taxation






2023
2022


£

£






At beginning of year
73,568
99,802


Charged to profit or loss
113,091
(26,234)



At end of year
186,659
73,568

The provision for deferred taxation is made up as follows:

28 December
31 December
2023
2022
£
£


Accelerated capital allowances
186,659
112,458

Tax losses carried forward
-
(38,890)

186,659
73,568


13.


Share capital

28 December
31 December
2023
2022
£
£
Authorised, allotted, called up and fully paid



684,100 (2022 - 684,100) Ordinary shares of £1.00 each
684,100
684,100


Page 11

 
PULSE ENVIRONMENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2023

14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,948 (2022 - £7,695). Contributions totalling £2,737 (2022 - £2,478) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

At 28 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 December
31 December
2023
2022
£
£


Not later than 1 year
368,750
9,833

Later than 1 year and not later than 5 years
1,700,000
-

Later than 5 years
106,250
-

2,175,000
9,833

 
Page 12