REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31st May 2024 |
for |
Pulsar Instruments Plc |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31st May 2024 |
for |
Pulsar Instruments Plc |
Pulsar Instruments Plc (Registered number: 01097578) |
Contents of the Financial Statements |
for the year ended 31st May 2024 |
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 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
BANKERS: |
3 Westborough |
Scarborough |
North Yorkshire |
YO11 1UH |
Pulsar Instruments Plc (Registered number: 01097578) |
Strategic Report |
for the year ended 31st May 2024 |
The directors present their strategic report for the year ended 31st May 2024. |
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. |
2024 | 2023 | 2022 | 2021 |
£ | £ | £ | £ |
Turnover | 734,838 | 721,795 | 598,822 | 614,814 |
Turnover growth (%) | 1.81% | 20.5% | (2.60%) | 28.1% |
Gross profit | 410,000 | 428,595 | 342,335 | 300,626 |
Gross Profit Margin (%) | 55.79% | 59.38% | 57.17% | 48.9% |
Results for this financial period have been positive, with a slight increase in overall sales. Unlike previous years, this growth is primarily attributed to a stronger presence in the UK market rather than international sales. This strategic shift has proven advantageous, as higher margins have been maintained due to a more direct route to market. |
Our continued focus on costs throughout the business has been successful which can be seen in the improvement in the bottom line. |
Reflecting on this period, the emphasis on the UK market and cost-efficient operations has led to a stronger financial performance. The company starts 2024/2025 on a solid footing, with a refined strategy and a more profitable sales mix. |
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 2024 |
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. |
The need to foster the company's business relationships with suppliers, customers and others |
Pulsar Instruments Plc (Registered number: 01097578) |
Strategic Report |
for the year ended 31st May 2024 |
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 2023/24 that are of a strategic nature and that are significant to any of our key stakeholder groups. |
FUTURE DEVELOPMENTS |
Pulsar Instruments plc will maintain a diverse approach to market access, utilizing a combination of direct, e-commerce, and distribution-led sales, with a stronger focus on e-commerce. Expanding our e-commerce presence will involve investing in strategies to boost web traffic and improve search engine rankings, along with expanding our product range. Throughout 2024 and 2025, we anticipate increasing our marketing budget and holding more inventory as we introduce complementary products to our portfolio. |
ON BEHALF OF THE BOARD: |
Pulsar Instruments Plc (Registered number: 01097578) |
Report of the Directors |
for the year ended 31st May 2024 |
The directors present their report with the financial statements of the company for the year ended 31st May 2024. |
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 |
An interim dividend of 13.81p per share was paid on 31st May 2024. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31st May 2024 will be £ |
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 2023 to the date of this report. |
The directors shown below were in office at 31st May 2024 but did not hold any interest in the Ordinary shares of £1 each at 1st June 2023 or 31st May 2024. |
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 Cirrus Research PLC to which the energy cannot accurately be accounted for per unit and therefore the data for this report would be unreliable.The company 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 2024 |
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: |
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 2024 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 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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. |
for and on behalf of |
Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
Pulsar Instruments Plc (Registered number: 01097578) |
Statement of Comprehensive |
Income |
for the year ended 31st May 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
71,160 | 91,741 |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Pulsar Instruments Plc (Registered number: 01097578) |
Balance Sheet |
31st May 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pulsar Instruments Plc (Registered number: 01097578) |
Statement of Changes in Equity |
for the year ended 31st May 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st June 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31st May 2023 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st May 2024 | ( |
) |
Pulsar Instruments Plc (Registered number: 01097578) |
Cash Flow Statement |
for the year ended 31st May 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Net cash from operating activities |
Cash flows from financing activities |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
41,796 |
Cash and cash equivalents at end of year | 2 | 349,185 | 192,440 |
Pulsar Instruments Plc (Registered number: 01097578) |
Notes to the Cash Flow Statement |
for the year ended 31st May 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
76,596 | 99,901 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 2024 |
31/5/24 | 1/6/23 |
£ | £ |
Cash and cash equivalents | 349,185 | 192,440 |
Year ended 31st May 2023 |
31/5/23 | 1/6/22 |
£ | £ |
Cash and cash equivalents | 192,440 | 41,796 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/6/23 | Cash flow | At 31/5/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 192,440 | 156,745 | 349,185 |
192,440 | 349,185 |
Debt |
Debts falling due after 1 year | (51,629 | ) | - | (51,629 | ) |
(51,629 | ) | - | (51,629 | ) |
Total | 140,811 | 156,745 | 297,556 |
Pulsar Instruments Plc (Registered number: 01097578) |
Notes to the Financial Statements |
for the year ended 31st May 2024 |
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 |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. Invoices are raised once the items have been despatched. |
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. |
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. |
Pulsar Instruments Plc (Registered number: 01097578) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 : |
2024 | 2023 |
£ | £ |
Sales - United Kingdom | 434,244 | 268,972 |
Sales - European Union | 84,125 | 106,067 |
Sales -Rest of the World | 216,469 | 346,756 |
734,838 | 721,795 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Pulsar Instruments Plc (Registered number: 01097578) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Marketing | 1 | 1 |
Sales | 1 | 1 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Other non- audit services |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim |
8. | STOCKS |
2024 | 2023 |
£ | £ |
Stock |
Pulsar Instruments Plc (Registered number: 01097578) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2024 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation |
Social security and other taxes |
Amounts due to parent company |
Other creditors | 2,824 | - |
Accrued expenses |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans (see note 12) |
12. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 51,629 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 250,000 | 250,000 |
14. | ULTIMATE PARENT COMPANY |
On 20th November 2023, the entire share capital of the company was acquired by Scientific Measurements Ltd (Reg No 14861997) a company registered in England and Wales. |
Pulsar Instruments Plc (Registered number: 01097578) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2024 |
15. | RELATED PARTY DISCLOSURES |
During the year the company traded on normal commercial terms with Cirrus Research plc, a company under common control. The company made sales of £1,002 (2023: £1,497) to Cirrus Research plc and received invoices totalling £174,220 (2023: £165,778) from Cirrus Research plc. The company also incurred admin charges of £Nil (2023: £72,000) from Cirrus Research plc. |
At the end of the year the company was owed £77 (2023: £618) by Cirrus Research plc and owed £16,970 (2023: £107,542) 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 (2023: £NIL) to Contract Production Limited and received invoices totalling £117,500 (2023: £87,521) from Contract Production Limited. |
At the end of the year the company owed £3,259 (2023: £8,798) to Contract Production Limited. |