Registration number:
for the
Period from 1 January 2024 to 30 December 2024
Pulse Printing Products Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Director's Report |
|
|
Statement of Director's Responsibilities |
|
|
Independent Auditor's Report |
|
|
Profit and Loss Account |
|
|
Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Notes to the Financial Statements |
Pulse Printing Products Limited
Company Information
|
Director |
G P Sheppard |
|
Company secretary |
G P Sheppard |
|
Registered office |
|
|
Auditors |
|
Pulse Printing Products Limited
Strategic Report for the Period from 1 January 2024 to 30 December 2024
The director presents his strategic report for the period from 1 January 2024 to 30 December 2024.
Principal activity
The principal activity of the company is the manufacture of printing inks and coatings and the distribution of graphic materials.
Fair review of the business
The Director is pleased to present that as part of his strategic report for the period ended 31 December 2024, the business continues to trade at strong performance levels, with sales continuing to grow in line with expectations.
The Company is increasingly taking a Global view as it builds a multi continental solution within a micro-multinational approach. We aim both to look to expand our export distributor network, and to explore opportunities to grow our manufacturing capabilities into new regions around the World. The success of our manufacturing, sales and distribution facility in Thailand continues at pace, and will become the template going forward.
However recent Geopolitical developments have also placed additional pressures into supply chain control. Fortunately, Pulse continues to work hard consolidating relationships with key suppliers. Not only have we been able to leverage our significant purchase power to maintain the competitive supply of key raw materials and improve margins, but these relationships together with our increasing global presence have been critical to help safeguard against these supply and cost fluctuations.
The results for the year which are set out in the profit and loss account show turnover of £16,424,978 (2023 - £15,659,274) and an operating profit of £504,713 (2023 - £242,415). At 31 December 2024 the company had net assets of £1,123,032 (2023 - £988,617). The Director has been delighted with the performance of the business in the last year, and we continue to see strong results during these unique times which only gives us even more optimism for the future.
Future developments
The company continues to invest in the quality of our products and the infrastructure behind their manufacture. This extra capacity gives us the opportunities to control overhead costs, as we are continually able to handle ever increasing volumes of business in a tight and structured way. We believe investment in our Research and Development program is fundamental to the continuing growth of the business.
Principal risks and uncertainties
In common with most UK businesses, inflationary pressure in the economy and its impact on the broader economic outlook will present potential risks and challenges to the business. The director believes that the company is well placed to respond to these risks.
Approved by the
Director
Pulse Printing Products Limited
Director's Report for the Period from 1 January 2024 to 30 December 2024
The director presents his report and the financial statements for the period from 1 January 2024 to 30 December 2024.
Directors of the company
The directors who held office during the period were as follows:
Financial instruments
Objectives and policies
The company's financial instruments comprise cash and liquid resources, and various other items such as trade debtors and trade creditors etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the company. The main risks arising from the company's financial instruments are set out below.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk:
Price risk is the risk that the fair value of a financial asset will fluctuate because of changes in market prices (other than those due to interest rates and currency). The company has limited exposure as it does not hold any financial instruments at fair value.
Credit risk:
Credit risk refers to a risk that a counterparty will default on its contractual obligations resulting in a financial loss to the company. The company's principal financial asset is trade debtors, which is therefore where its principal credit risk arises. The company's policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate appropriate payment history and satisfy credit worthiness procedures. The amounts presented in the balance sheet are, where appropriate, net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The company also makes use of an invoice discounting facility.
Liquidity risk:
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation from its operations, applying cash collection targets and constantly monitors the company's trading results to ensure that the company can meet its future obligations as they fall due.
Cash flow risk:
Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on variable rate loans or changes in exchange rates.
The company is exposed to transaction foreign exchange risks. The company seeks to hedge its exposures using a bank facility denominated in Euros, with the objective of minimising the effects of fluctuations in exchange rates on future transactions and cash flows. The impact of potential future increases in the cost of finance is mitigated by outstanding finance leases and hire purchase contracts and bank loans being arranged at fixed interest rates for the term of the agreement.
Pulse Printing Products Limited
Director's Report for the Period from 1 January 2024 to 30 December 2024
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.
Information included in the Strategic Report
Disclosure regarding future developments is covered in the strategic report.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
Director
Pulse Printing Products Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
|
• |
select suitable accounting policies and apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 Printing Products Limited
Independent Auditor's Report to the Members of Pulse Printing Products Limited
Opinion
We have audited the financial statements of Pulse Printing Products Limited (the 'company') for the period from 1 January 2024 to 30 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 30 December 2024 and of its profit for the period 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Pulse Printing Products Limited
Independent Auditor's Report to the Members of Pulse Printing Products Limited
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 the director
As explained more fully in the Statement of Director's Responsibilities set out on page 5, the director is 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 director determines 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 director is 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 director either intends 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.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
Pulse Printing Products Limited
Independent Auditor's Report to the Members of Pulse Printing Products Limited
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
|
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
|
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
|
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
|
• |
reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this 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.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Pulse Printing Products Limited
Profit and Loss Account for the Period from 1 January 2024 to 30 December 2024
|
Note |
1 January 2024 to 30 December 2024 |
Year ended 31 December 2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial period |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Pulse Printing Products Limited
(Registration number: 03876365)
Balance Sheet as at 30 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
- |
- |
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Debtors: Amounts falling due after more than one year |
- |
196,459 |
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Pulse Printing Products Limited
Statement of Changes in Equity for the Period from 1 January 2024 to 30 December 2024
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
Profit for the period |
- |
- |
|
|
|
At 31 December 2023 |
84,209 |
22,104 |
882,304 |
988,617 |
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the period |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 30 December 2024 |
|
|
|
|
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
Pulse Printing Products Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its financial statements. Exemptions have been taken in relation to the preparation of a statement of cash flows and financial instruments.
Name of parent of group
These financial statements are consolidated in the financial statements of Pulse PP Holdings Limited.
The financial statements of Pulse PP Holdings Limited may be obtained from the company's registered office.
Group accounts not prepared
Disclosure of long or short period
Going concern
After making enquiries and considering their expectations for the business's trading performance and funding needs over the next twelve months, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
Judgements
Trade debtors
Trade debtors consist of a large number of customers spread across diverse geographical areas. Ongoing credit evaluation is performed on the financial condition of these accounts and, where appropriate, credit guarantee insurance is provided.
Debtors included in the accounts at £Nil (2023 - £313,850) are considered to constitute financing transactions as per the accounting policy and are therefore discounted according to the imputed market rate of interest and estimated timing of receipts, which are in turn based on directors' knowledge, existing trading agreements and anticipated trading levels.
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current and future taxable profits.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
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 |
|
Leasehold improvements |
5 - 10 years straight line |
|
Motor vehicles |
4 years straight line |
|
Furniture, fittings and equipment |
2 - 10 years straight line |
Trade debtors
Trade debtors are amounts due from customers for goods sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. Trade debtors repayable within one year are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Long term debtors comprise trade receivables which are discounted using a risk adjusted market based rate.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
Classification
Recognition and measurement
Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
|
Turnover |
The analysis of the company's Turnover for the period from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
|
Commissions received |
|
|
|
|
|
The analysis of the company's Turnover for the period by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the period is as follows:
|
2024 |
2023 |
|
|
Miscellaneous other operating income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - other |
|
|
|
Profit on disposal of property, plant and equipment |
- |
( |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Other finance income |
|
|
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
76,412 |
69,584 |
|
Interest on obligations under finance leases and hire purchase contracts |
23,588 |
18,412 |
|
100,000 |
87,996 |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the period, analysed by category was as follows:
|
2024 |
2023 |
|
|
Factory |
|
|
|
Sales and administrative |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the period was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
158,499 |
211,057 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
124,809 |
40,170 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Total tax charge |
|
|
Deferred tax
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
Short term timing differences |
( |
|
|
|
2023 |
Liability |
|
Accelerated capital allowances |
|
|
|
A change in the UK corporation tax rate was announced in the March 2021 Budget, increasing the current rate of 19% to 25% with effect from April 2023. The increase was substantively enacted in May 2021 and the substantively enacted rates at the balance sheet have been appropriately reflected in the calculation of the deferred tax.
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
|
Tangible assets |
|
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 30 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the period |
|
|
|
|
|
At 30 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
Included within the net book value of tangible assets above is £273,177 (2023 - £126,219) in respect of assets held under finance lease. Depreciation for the year on these assets was £27,650 (2023 - £19,148).
|
Investments |
The company owns 100% of the ordinary share capital of Pulse BV NL, a company incorporated in the Netherlands, which started trading during the period (31 December 2023 - dormant).
Pulse BV NL owns 50% of the ordinary share capital of Graphic Coatings International BV a joint venture with Atece Graphic Products BV. Graphic Coatings International BV is a company incorporated in the Netherlands. The results and aggregate share capital and reserves of this joint venture for the period ended 30 December 2024 are insignificant to the company. The principal activity of Graphic Coatings International BV is the manufacture and sale of surface coatings.
The company owns 50% of the ordinary share capital of Pulse Matbaa Murekkepleri San. Ve Dis Tic Ltd Sti., a company incorporated in Turkey. The results of this joint venture for the period showed a profit of £26,126 (31 December 2023 - profit of £18,204) and aggregate share capital and reserves surplus of £67,841 (31 December 2023 - surplus of £32,643). The principal activity of Pulse Matbaa Murekkepleri San. Ve Dis Tic Ltd Sti. is the manufacture and sale of surface coatings.
On 31 December 2024, Pulse Printing Products Limited acquired 88.85% of the share capital of Epple Pulse Inks & Coatings Ltd, which owns 100% of the share capital of EPPIC Asia Co., Ltd.
On 3 January 2025, Pulse printing Products Limited acquired 50% of the share capital of Meki Pulse Pvt Limited.
|
Stocks |
|
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
Consignment stocks
The company holds stock on consignment from certain suppliers. At 30 December 2024, the company held consignment stocks of £568,013 (2023 - £585,500) on behalf of these suppliers. This stock is not included in the raw materials and consumables recognised in the financial statements at 30 December 2024.
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
205,992 |
- |
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
4,565,652 |
4,519,972 |
|
|
Less non-current portion |
- |
( |
|
Total current trade and other debtors |
|
|
Details of non-current trade and other debtors
£Nil (2023 - £196,459) of trade debtors is classified as non-current. This discounted carrying amount has been calculated based on when the debtor is expected to be recovered from a customer which is overdue and remains unpaid.
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax liability |
126,943 |
40,170 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
Other borrowings |
|
|
|
|
|
|
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
Bank borrowings
Bank borrowings comprise a bank loan for a principal amount of £50,000 which is denominated in GBP and bears interest at a rate of 2.5% per annum. The loan is repayable in 60 monthly instalments of £887 with the final instalment falling due in June 2026.
Finance lease liabilities
Finance lease liabilities are secured on the assets to which they relate.
Other borrowings
Included within other borrowings is an invoice discounting creditor of £1,226,156 (2023 - £1,239,847) which is secured by a fixed and floating charge over the trade debtors of the company.
|
Pension and other schemes |
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
- |
- |
|
66,844 |
|
|
- |
- |
|
11,052 |
|
|
- |
- |
|
6,313 |
|
|
|
84,209 |
- |
- |
|
|
|
|
|
|
The A shares, B shares, C shares and Ordinary shares confer upon holders thereof the same rights and rank pari passu in all respects, save that the board may in their absolute discretion, declare dividends on the A shares, B shares, C shares or Ordinary shares to the exclusion of either or both of the other classes of shares.
During the year all Ordinary A, Ordinary B and Ordinary C shares were redesignated to Ordinary shares.
|
Reserves |
Called up share capital
This represents the nominal value of the issued share capital of the company.
Capital redemption reserve
This reserve represents the nominal value of shares cancelled.
Profit and loss account
This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
|
Related party transactions |
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
Summary of transactions with key management
Summary of transactions with other related parties
Summary of transactions with group companies
During the year, the company made sales of £315,638 (2023 - £Nil) to and purchases of £Nil (2023 - £Nil) from group companies. At the year end £205,992 (2023 - £Nil) was due from group companies.
Pulse Printing Products Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 December 2024
|
Parent and ultimate parent undertaking |
During the year a group restructure took place. From 9 February 2024 the company's immediate and ultimate parent is Pulse PP Holdings Limited. The most senior parent entity producing publicly available financial statements is Pulse PP Holdings Limited. These financial statements are available from Companies House.
The ultimate controlling party is