PULPEAK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PULPEAK LTD
COMPANY INFORMATION
Director
R Trullols Ruau
Company number
13032588 (England and Wales)
Registered office
Unit 1 Bardner Bank
Harrogate West Business Park
Killinghall
Harrogate
North Yorkshire
HG3 2SP
Auditor
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Bankers
Banco Sabadell
C/ Capita Arenas 26
08034 Barcelona
PULPEAK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PULPEAK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,355,574
8,517,730
Current assets
Debtors
4
37,049
2,184,305
Cash at bank and in hand
2,304,315
11,074
2,341,364
2,195,379
Creditors: amounts falling due within one year
5
(10,360,470)
(10,681,082)
Net current liabilities
(8,019,106)
(8,485,703)
Total assets less current liabilities
336,468
32,027
Deferred tax liability
(395,154)
(386,138)
Net liabilities
(58,686)
(354,111)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(58,786)
(354,211)
Total equity
(58,686)
(354,111)
The notes on pages 2 - 6 form an integral part of these financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 April 2025
R Trullols Ruau
Director
Company Registration No. 13032588
PULPEAK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Pulpeak Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Bardner Bank, Harrogate West Business Park, Killinghall, Harrogate, North Yorkshire, HG3 2SP. The company's principal activities are disclosed in the Director's Report.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
The director intends for the company to transfer its business, assets and liabilities into Coropuna SL (a related party at 31 December 2024) as part of a corporate reorganisation in the foreseeable future, following which the company will cease its operations as a property holding company.true
Accordingly, the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. Consequently, the financial statements have been prepared on an alternative break-up basis, but this has not necessitated any adjustments to the amounts shown in the balance sheet.
1.3
Turnover
Turnover represents income derived from the letting of property.
1.4
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:
Freehold land and buildings
2% straight line
Non-depreciable land and assets in the course of construction are not depreciated.
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.
1.5
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.
PULPEAK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
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.
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 reserves, in which case the deferred tax is also dealt with in reserves.
1.8
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.
PULPEAK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 January 2024 and 31 December 2024
8,733,924
Depreciation and impairment
At 1 January 2024
216,194
Depreciation charged in the year
162,156
At 31 December 2024
378,350
Carrying amount
At 31 December 2024
8,355,574
At 31 December 2023
8,517,730
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
537,354
Amounts owed by group undertakings
770,000
Other debtors
37,049
876,951
37,049
2,184,305
PULPEAK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
6
10,152,636
10,546,385
Trade creditors
13,799
Amounts owed to group undertakings
98,788
106,648
Corporation tax
100,546
Accruals and deferred income
8,500
14,250
10,360,470
10,681,082
6
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings and related parties
10,152,636
10,546,385
Payable within one year
10,152,636
10,546,385
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 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.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to Note 1.2 to the financial statements which explains that the director intends for the company to cease operations following a corporate reorganisation and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2.
Our opinion is not modified in respect of this matter.
PULPEAK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
James Lye BA(Hons) FCA
Statutory Auditor:
Ashworth Moulds
Date of audit report:
10 April 2025
9
Parent company
As at 31 December 2024 the company's immediate parent company was Adminycon S.L. and its ultimate parent company was SEIS PM S.L, both registered in Spain.
The company was controlled throughout the period by SEIS PM S.L.
SEIS PM S.L. is the parent of the smallest group for which consolidated financial statements are drawn up of which the company was a member at 31 December 2024. SEIS PM S.L's registered office is C/ Alcotanes 45, 28320 Pinto (Madrid), Spain.
On 20 March 2025 the company was wholly acquired by Coropuna SL, a previously related party registered in Spain and from that date the company was controlled by Coropuna SL.