Company registration number 04225530 (England and Wales)
PULSE ROLL LABEL PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PULSE ROLL LABEL PRODUCTS LIMITED
COMPANY INFORMATION
Directors
Mr G Seward
Mr G Sheppard
Secretary
Mr G Seward
Company number
04225530
Registered office
Unit U
Lawrence Drive
YATE
Bristol
BS37 5PG
Auditor
Old Mill Audit Limited
Leeward House
Fitzroy Road
Exeter Business Park
EXETER
Devon
EX1 3LJ
PULSE ROLL LABEL PRODUCTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
PULSE ROLL LABEL PRODUCTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

Pulse Roll Label Products Ltd generated a profit before tax of £574,648 in the year to 31 March 2024 compared to a profit before tax of £611,896 in the prior year. Turnover has decreased to £10,470,545 (2023: £10,868,929) and gross margin has increased from 33.51% in 2023 to 37.30% in 2024. At the year end, shareholders' funds have decreased from £4,237,364 to £4,207,226.

Principal risks and uncertainties

The major business risks faced by the company are market competition, fluctuating raw materials prices and exchange rate variances. The company manages these risks by continuous improvement in staff training and investment in modern machinery. Fluctuating material prices are managed by continual monitoring of prices and supplier relationships. Exchange rates are managed through balancing foreign currency flows with overseas customers and suppliers.

Development and performance

R&D will continue at an increasing pace in line with our focus on making print easy for our customers. We will look to reduce batch sizes to become more efficient and work in a lean way.

Key performance indicators

The directors monitor the performance of the company by preparing annual budgets in advance and using a number of financial and other key performance indicators, including:

- Lost time

- Accidents

- Gross margin

- Cash at bank

- Customer complaints

On behalf of the board

Mr G Seward
Director
19 September 2024
PULSE ROLL LABEL PRODUCTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The company's principal activity continues to be the manufacturing of printing ink.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £524,569. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G Seward
Mr G Sheppard
Financial instruments

The company is exposed to currency risk on its foreign transactions on the dates of exchange. The company uses foreign bank accounts to manage this risk.

The company manages its liquidity risk by ensuring that there are sufficient funds to meet the monthly repayment commitment on loans, some of which include interest.

Trade debtors are managed in respect of credit and cash flow by regularly monitoring the credit offered to customers and the amounts outstanding in excess of repayment terms and time limits.

Trade creditors are managed by ensuring sufficient funds are available to meet the amounts due. The business looks at maintaining the positive trading relationships and customer goodwill.

Research and development

LED cured inks and varnish will become a focus for the industry as we are all focused on sustainability and reducing the carbon footprint for our customers. This is a large growth area for us.

Auditor

The auditor, Old Mill Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

PULSE ROLL LABEL PRODUCTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
On behalf of the board
Mr G Seward
Mr G Sheppard
Director
Director
19 September 2024
PULSE ROLL LABEL PRODUCTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors are responsible for preparing the annual report 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:

 

 

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.

PULSE ROLL LABEL PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PULSE ROLL LABEL PRODUCTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Pulse Roll Label Products Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PULSE ROLL LABEL PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PULSE ROLL LABEL PRODUCTS LIMITED (CONTINUED)
- 6 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PULSE ROLL LABEL PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PULSE ROLL LABEL PRODUCTS LIMITED (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Mills MSc BA ACA
Senior Statutory Auditor
For and on behalf of Old Mill Audit Limited
9 October 2024
Statutory Auditor
Leeward House
Fitzroy Road
Exeter Business Park
EXETER
Devon
EX1 3LJ
PULSE ROLL LABEL PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,470,545
10,868,929
Cost of sales
(6,565,104)
(7,226,790)
Gross profit
3,905,441
3,642,139
Distribution costs
(153,238)
(164,477)
Administrative expenses
(3,178,335)
(2,861,749)
Other operating income
774
-
0
Operating profit
4
574,642
615,913
Interest receivable and similar income
7
6
-
0
Interest payable and similar expenses
8
-
0
(4,017)
Profit before taxation
574,648
611,896
Tax on profit
9
(80,217)
(26,022)
Profit for the financial year
494,431
585,874

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PULSE ROLL LABEL PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
634,183
504,796
Investments
12
986
-
0
635,169
504,796
Current assets
Stocks
14
1,427,303
1,895,703
Debtors
15
3,142,796
2,895,016
Cash at bank and in hand
907,621
525,431
5,477,720
5,316,150
Creditors: amounts falling due within one year
17
(1,775,790)
(1,482,787)
Net current assets
3,701,930
3,833,363
Total assets less current liabilities
4,337,099
4,338,159
Provisions for liabilities
Deferred tax liability
18
129,873
100,795
(129,873)
(100,795)
Net assets
4,207,226
4,237,364
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss reserves
4,206,226
4,236,364
Total equity
4,207,226
4,237,364

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr G Seward
Mr G Sheppard
Director
Director
Company registration number 04225530 (England and Wales)
PULSE ROLL LABEL PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1,000
3,980,201
3,981,201
Year ended 31 March 2023:
Profit and total comprehensive income
-
585,874
585,874
Dividends
10
-
(329,711)
(329,711)
Balance at 31 March 2023
1,000
4,236,364
4,237,364
Year ended 31 March 2024:
Profit and total comprehensive income
-
494,431
494,431
Dividends
10
-
(524,569)
(524,569)
Balance at 31 March 2024
1,000
4,206,226
4,207,226
PULSE ROLL LABEL PRODUCTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,266,767
817,162
Interest paid
-
0
(4,017)
Income taxes paid
(18,490)
(161,092)
Net cash inflow from operating activities
1,248,277
652,053
Investing activities
Purchase of tangible fixed assets
(340,538)
(238,436)
Proceeds from disposal of subsidiaries
(986)
-
0
Interest received
6
-
0
Net cash used in investing activities
(341,518)
(238,436)
Financing activities
Payment of finance leases obligations
-
0
(17,153)
Dividends paid
(524,569)
(329,711)
Net cash used in financing activities
(524,569)
(346,864)
Net increase in cash and cash equivalents
382,190
66,753
Cash and cash equivalents at beginning of year
525,431
458,678
Cash and cash equivalents at end of year
907,621
525,431
PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Pulse Roll Label Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit U, Lawrence Drive, YATE, Bristol, BS37 5PG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the term of the lease
Plant and machinery
20 - 33% straight line
Fixtures, fittings & equipment
20 - 50% straight line
Motor vehicles
25% straight line
R&D Equipment
Life of the project
PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of property, plant and equipment in order to arrive at applicable depreciation and amortisation rates. In accordance with Section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.

It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancements and changes in market prices may result in future changes to the appropriate rate of depreciation and amortisation. The carrying value of property, plant and equipment at the balance sheet date is set out in the notes to these financial statements.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sales of goods
10,470,545
10,868,929
2024
2023
£
£
Turnover analysed by geographical market
UK
5,774,034
6,166,929
Overseas
4,696,511
4,702,000
10,470,545
10,868,929
2024
2023
£
£
Other revenue
Interest income
6
-
PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
33,255
28,756
Research and development costs
39,198
20,176
Fees payable to the company's auditor for the audit of the company's financial statements
21,930
16,500
Depreciation of owned tangible fixed assets
211,151
201,767
Operating lease charges
107,881
114,199
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Clerical and Sales
22
22
Production and Dispatch
24
23
QC R&D and Tech Service
8
8
Total
54
53

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,785,709
1,764,309
Social security costs
179,674
178,880
Pension costs
51,173
45,874
2,016,556
1,989,063
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
24,689
23,739
Company pension contributions to defined contribution schemes
1,845
831
26,534
24,570

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
185
Other finance costs:
Interest on finance leases and hire purchase contracts
-
3,832
-
0
4,017
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
51,139
18,519
Deferred tax
Origination and reversal of timing differences
29,078
7,503
Total tax charge
80,217
26,022
PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
574,648
611,896
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
143,662
116,260
Tax effect of expenses that are not deductible in determining taxable profit
11,322
3,377
Effect of change in corporation tax rate
-
0
1,801
Depreciation on assets not qualifying for tax allowances
-
0
183
Research and development tax credit
(74,554)
(89,345)
Super deduction
-
0
(6,254)
Accounting adjustments and transfers
(213)
-
0
Taxation charge for the year
80,217
26,022
10
Dividends
2024
2023
£
£
Interim paid
524,569
329,711
PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
11
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
R&D Equipment
Total
£
£
£
£
£
£
Cost
At 1 April 2023
395,226
1,868,581
161,538
175,529
228,535
2,829,409
Additions
-
0
292,757
4,852
42,929
-
0
340,538
At 31 March 2024
395,226
2,161,338
166,390
218,458
228,535
3,169,947
Depreciation and impairment
At 1 April 2023
391,910
1,515,459
156,265
32,444
228,535
2,324,613
Depreciation charged in the year
2,118
153,595
3,856
51,582
-
0
211,151
At 31 March 2024
394,028
1,669,054
160,121
84,026
228,535
2,535,764
Carrying amount
At 31 March 2024
1,198
492,284
6,269
134,432
-
0
634,183
At 31 March 2023
3,316
353,122
5,273
143,085
-
0
504,796
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
986
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
-
Additions
986
At 31 March 2024
986
Carrying amount
At 31 March 2024
986
At 31 March 2023
-
PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
13
Subsidiaries

These financial statements are separate company financial statements for Pulse Roll Label Products Limited.

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Pulse Polska
62-006 Bogucin, Poland
Ordinary
100.00
14
Stocks
2024
2023
£
£
Raw materials and consumables
801,230
1,135,316
Finished goods and goods for resale
626,073
760,387
1,427,303
1,895,703
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,663,620
2,678,496
Finance leases receivable
-
0
2,167
Other debtors
272,279
50,576
Prepayments and accrued income
206,897
163,777
3,142,796
2,895,016
16
Finance lease receivables
2024
2023
£
£
Gross amounts receivable under finance leases:
Within one year
-
0
2,167
Unearned finance income
-
0
-
0
Present value of minimum lease payments receivable
-
0
2,167
The present value is receivable as follows:
Within one year
-
0
2,167
PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Finance lease receivables
(Continued)
- 23 -
Analysis of finance leases

Finance lease receivables are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current assets
-
0
2,167

Previously, the company entered into financial leasing arrangements for plant and machinery with some of its customers. The average term of the finance leases entered into was four years. There are no finance lease agreements in place with customers in the current year.

17
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,395,904
1,124,915
Corporation tax
51,168
18,519
Other taxation and social security
46,441
120,735
Other creditors
23,389
12,288
Accruals and deferred income
258,888
206,330
1,775,790
1,482,787

Included within trade creditors is a balance owed to National Westminster Bank Plc of £5,572 (2023: £nil). This balance is repayable on demand and is secured over the charge in which it relates to.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
129,873
101,814
Unpaid pension and remuneration
-
(1,019)
129,873
100,795
PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18
Deferred taxation
(Continued)
- 24 -
2024
Movements in the year:
£
Liability at 1 April 2023
100,795
Charge to profit or loss
29,078
Liability at 31 March 2024
129,873

The deferred tax liability set out above relating to accelerated capital allowances is expected to reverse over the lifetime of the assets to which it relates.

 

The deferred tax asset set out above relating to unpaid pension and remuneration will be reversed over the course of the year ending 31 March 2024.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,173
45,874

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

As at the reporting date the balance sheet contained liabilities of £7,013 (2023: £9,426) in respect of unpaid pension contributions.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
A Ordinary shares of £1 each
500
500
500
500
1,000
1,000
1,000
1,000

The company has 500 Ordinary shares and 500 A Ordinary shares which carry full voting, equity and dividend rights.

21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
130,500
106,281
PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
8,300
7,000
-
0
-
0
Entities over which the entity has control, joint control or significant influence
370,808
-
0
-
-
Other related parties
92,711
9,863
20,930
15,934
Dividends paid
2024
2023
£
£
Entities with control, joint control or significant influence over the company
-
100,000
Other related parties
524,569
229,711

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
-
10,694

The amounts owing are unsecured and no guarantees have been given or received.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
257,289
-
Other related parties
191,240
16,595

The amounts owing are unsecured and no guarantees have been given or received.

23
Directors' transactions

Dividends totalling £524,569 (2023 - £114,856) were paid in the year in respect of shares held by the company's directors and shareholders.

PULSE ROLL LABEL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
494,431
585,874
Adjustments for:
Taxation charged
80,217
26,022
Finance costs
-
0
4,017
Investment income
(6)
-
0
Depreciation and impairment of tangible fixed assets
211,151
201,767
Decrease in provisions
-
0
(59,000)
Movements in working capital:
Decrease in stocks
468,400
437,007
Increase in debtors
(247,780)
(84,974)
Increase/(decrease) in creditors
260,354
(293,551)
Cash generated from operations
1,266,767
817,162
25
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
525,431
382,190
907,621
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