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Registered number: 09747761







I-PULSE SERVICES UK LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2024






















TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
I-PULSE SERVICES UK LIMITED
REGISTERED NUMBER: 09747761

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Intangible assets
 4 
1,160
2,935

Tangible assets
 5 
13,541
20,927

  
14,701
23,862

Current assets
  

Debtors: amounts falling due within one year
 6 
7,694,833
5,477,247

Cash at bank and in hand
 7 
63,299
131,069

  
7,758,132
5,608,316

Creditors: amounts falling due within one year
 8 
(9,046,131)
(6,601,997)

Net current liabilities
  
 
 
(1,287,999)
 
 
(993,681)

Total assets less current liabilities
  
(1,273,298)
(969,819)

  

Net liabilities
  
(1,273,298)
(969,819)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
 10 
(1,273,299)
(969,820)

  
(1,273,298)
(969,819)


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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 July 2025.




................................................
Bradley Barry Doig
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
I-PULSE SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

I-Pulse Services UK Limited (the "Company") is a private company limited by shares incorporated in England and Wales. The registered office of the Company is 33 Cavendish Square, Level 5, London. England, W1G 0PW.. 
The primary activity of the company is that of administrative and technical services to other group companies.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company is wholly dependent on loans provided to it by its parent company, I-Pulse Inc. (“I-Pulse”). I-Pulse has confirmed its intention to provide support for the foreseeable future to the Company. I-Pulse has sufficient liquidity to support the Company in its operations for a minimum of twelve months from the date of signing of these financial statements.
On this basis the Directors beleive the company is a Going Concern.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
I-PULSE SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Revenue from the rendering of services is recognised when the outcome of a transaction can be estimated reliably and services have been fulfilled, according to the company contractual obligations. Where the outcome cannot be measured reliably, turnover is only recognised to the extent of expenses recognised that are recoverable.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office and computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
I-PULSE SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets are recognised from the development phase of a project if and only if certain specific criterias are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
Amortisation is charged once the development has been completed. Therefore, no amortisation is charged on assets in the course of construction.
The capitalised development costs re subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 5 years.

  
2.9

Financial assets

Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and which are not classified as available for sale. Loans and receivables are initially recognised at fair value including direct and incremental transaction costs and are subsequently measured at amortised cost. Amortised cost is the present value of the receivables future cash flows discounted at the effective interest rate. Loans and receivables are included in debtors in the balance sheet.
At each reporting date, the Company assesses whether there is any indication that loans and receivables may be impaired. Where an indicator of impairment exists, the Company makes an estimate of the recoverable amount based on the present value of the estimated future cashflows discounted at the original effective interest rate. Where the carrying amount exceeds its recoverable amount, loans and receivables are considered impaired and written down to recoverable amounts.

 
2.10

Debtors

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

 
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.  

 
2.12

Creditors

Short term creditors are measured at the transaction price. 


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).

Page 4

 
I-PULSE SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Software

£



Cost


At 1 June 2023
82,677



At 31 May 2024

82,677



Amortisation


At 1 June 2023
79,742


Charge for the year on owned assets
1,775



At 31 May 2024

81,517



Net book value



At 31 May 2024
1,160



At 31 May 2023
2,935



Page 5

 
I-PULSE SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Office and computer equipment

£



Cost


At 1 June 2023
30,166



At 31 May 2024

30,166



Depreciation


At 1 June 2023
9,239


Charge for the year on owned assets
7,386



At 31 May 2024

16,625



Net book value



At 31 May 2024
13,541



At 31 May 2023
20,927


6.


Debtors

2024
2023
£
£


Accrued Income
-
4,690,577

Amounts owed by group undertakings
7,496,842
674,236

Amounts owed by joint ventures and associated undertakings
32,043
5,002

Other debtors
150,909
89,969

Prepayments
15,039
17,463

7,694,833
5,477,247


Amounts owed by group undertaking are unsecured, interest free and repayable on demand.

Page 6

 
I-PULSE SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
63,299
131,069

63,299
131,069



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
22,826
4,129

Amounts owed to group undertakings
8,437,210
6,393,455

Other taxation and social security
183,394
88,965

Accruals and deferred income
402,701
115,448

9,046,131
6,601,997


Amounts owed to group undertaking are unsecured, interest free and repayable on demand. The amount consists of balances owed to the parent company I-Pulse Inc. (“I-Pulse”) and to I-Cube Research SAS. The parent company does not have the intention to withdraw the balances immediately so as to not jeopardise the Company’s financial position, but will rather be withdrawn when the Company is in a better financial position.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £0.01 each
1
1



10.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions paid by the Company to the fund and amounted to £48,634 (2023 - £31,211).

Page 7

 
I-PULSE SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Controlling party

The immediate and ultimate parent undertaking and controlling entity of the Company is I-Pulse Inc., a company incorporated in United States of America and registered in the state of Delaware.
I-Pulse Inc. is the parent of the smallest and largest group in which the Company is consolidated. Copies of the accounts of I-Pulse Inc. are available at the parent company's registered office address 251 Little Falls Drive, Wilmington, Delaware.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 16 July 2025 by Paul Hawksley FCA CTA MAAT (Senior Statutory Auditor) on behalf of TWP Accounting LLP.

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.


Page 8