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Registration number: 13368035

Pulsar Helium (UK) Ltd
(formerly Skyfire Ltd)

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Pulsar Helium (UK) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Pulsar Helium (UK) Ltd

Company Information

Directors

Mr T H Abraham-James

Mr N L Herbert

Mr J Ferrier

Registered office

12 Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

 

Pulsar Helium (UK) Ltd

(Registration number: 13368035)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,577

8,649

Tangible assets

5

76,179

-

 

86,756

8,649

Current assets

 

Debtors

6

7,048

6,752

Cash at bank and in hand

 

25,130

22,087

 

32,178

28,839

Creditors: Amounts falling due within one year

7

(212,471)

(24,565)

Net current (liabilities)/assets

 

(180,293)

4,274

Net (liabilities)/assets

 

(93,537)

12,923

Capital and reserves

 

Called up share capital

8

44,000

44,000

Share premium reserve

173,500

173,500

Retained earnings

(311,037)

(204,577)

Shareholders' (deficit)/funds

 

(93,537)

12,923

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 May 2025 and signed on its behalf by:
 

.........................................
Mr T H Abraham-James
Director

 

Pulsar Helium (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

Pulsar Helium (UK) Ltd is a private company, limited by shares, in England & Wales. The address of the registered office is given in the company information on page 1 of these financial statements.

The company was formerly known as Skyfire Ltd.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that access to the required funding for the company to meet its obligations as they fall due is available from group companies.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Exploration equipment

20% straight line basis

 

Pulsar Helium (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Intangible assets

All costs directly attributable to and associated with mineral exploration are capitalised within intangible assets pending determination of the project’s feasibility. If an exploration project is deemed to be economically viable based on feasibility studies, the related expenditures are transferred to property, plant and equipment and amortised over the life of the mine on a unit production basis. Where a project is abandoned or is considered to be no longer economically viable, the related costs are written off. The cost of ancillary services supporting the exploration activities are expensed when incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Pulsar Helium (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Exploration and evaluation costs
 £

Cost or valuation

At 1 October 2023

8,649

Additions acquired separately

1,928

At 30 September 2024

10,577

Carrying amount

At 30 September 2024

10,577

At 30 September 2023

8,649

The company’s intangible assets are comprised of evaluation and exploration expenditures related to mineral exploration in Greenland.

5

Tangible assets

Exploration equipment
£

Cost or valuation

Additions

86,240

At 30 September 2024

86,240

Depreciation

Charge for the year

10,061

At 30 September 2024

10,061

Carrying amount

At 30 September 2024

76,179

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

9

6,752

6,752

Prepayments

 

296

-

 

7,048

6,752

 

Pulsar Helium (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

20,742

348

Amounts owed to group undertakings

9

191,729

24,217

 

212,471

24,565

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.001 each

44,000,000

44,000.00

44,000,000

44,000.00

         

9

Related party transactions

As the company is a wholly owned subsidiary of Pulsar Helium Inc., it has taken advantage of the exemption contained within FRS 102 'Related Party Disclosures' and therefore, not disclosed transactions or balances with entities which are wholly owned members of the group.

10

Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of Pulsar Helium Inc., a company incorporated in Canada, with its registered office situated at Unit 1 - 15782 Marine Drive, White Rock, BC, V4B 1E6, Canada.

Copies of the consolidated group financial statements are available from www.pulsarhelium.com.