Earnest (London) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 06968614

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		39,783		84,841
Investments	5		76		76

			39,859		84,917
CURRENT ASSETS
Debtors	6	1,564,032		4,217,606
Cash at bank and in hand		1,106,812		902,273

		2,670,844		5,119,879
Creditors: Amounts Falling Due Within One Year	7	(2,450,226 )		(3,897,230 )

NET CURRENT ASSETS (LIABILITIES)			220,618		1,222,649

TOTAL ASSETS LESS CURRENT LIABILITIES			260,477		1,307,566

NET ASSETS			260,477		1,307,566

CAPITAL AND RESERVES
Called up share capital	8		75		75
Capital redemption reserve			25		25
Other reserves			(128,366 )		(134,670 )
Profit and Loss Account			388,743		1,442,136

SHAREHOLDERS' FUNDS			260,477		1,307,566

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Earnest (London) Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved and authorised for issue by the board of directors on 25 September 2025 and were signed on its behalf by:

Mr Christopher Wilson

Director

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Earnest (London) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06968614 . The registered office is 163 Herne Hill, London, SE24 9LR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have agreed the going concern basis remains appropriate.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% straight line
Fixtures & Fittings	25% straight line
Computer Equipment	25% straight line

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

3. Average Number of Employees

Average number of employees, including directors, during the year were 30 (2023: 42)

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Earnest (London) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Land & Property
	Leasehold	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	196,861	61,792	288,890	547,543
Additions	-	-	1,083	1,083
Disposals	-	(5,900 )	(190,137 )	(196,037 )

As at 31 December 2024	196,861	55,892	99,836	352,589

Depreciation
As at 1 January 2024	137,311	61,792	263,599	462,702
Provided during the period	31,008	-	13,754	44,762
Disposals	-	(5,900 )	(188,758 )	(194,658 )

As at 31 December 2024	168,319	55,892	88,595	312,806

Net Book Value
As at 31 December 2024	28,542	-	11,241	39,783

As at 1 January 2024	59,550	-	25,291	84,841

5. Investments

	Unlisted
	£
Cost
As at 1 January 2024	76

As at 31 December 2024	76

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	76

As at 1 January 2024	76

Included in unlisted investments is an amount of £76 in respect of 1,000 ordinary shares, being 100% shareholding paid for in Earnezt Holdings Inc., a company incorporated in Delaware, USA.

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	628,779	3,402,241
Amounts owed by group undertakings	705,975	578,217
Other debtors	229,278	237,148

	1,564,032	4,217,606

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Earnest (London) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1,225,079	367,490
Other creditors	1,117,154	3,378,737
Taxation and social security	107,993	151,003

	2,450,226	3,897,230

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	75	75

9. Other Commitments

Following a completed deed of variation in respect of the office premises, the total of future minimum lease payments under non-cancellable operating leases are stated below:

	2024	2023
	£	£
Not later than one year	215,376	170,506
Later than one year and not later than five years	85,687	301,063

	301,063	471,569

10. Post Balance Sheet Events

Earnest (London) Limited was acquired by Pulse Comms Limited on the 3rd January 2025.

11. Related Party Transactions

The company owns 100% of the share capital of Earnezt Holdings Inc, a company incorporated in Delaware, USA. Earnezt Holdings Inc owns 100% of the share capital of Earnest LLC, a company incorporated in Delaware, USA.

During the period to 31 December 2024, the company made sales to Earnezt LLC of £309,676 (2023 : £267,766) of which £241,933 remains unpaid at the year end and sales to Earnezt Holdings Inc of £nil (2023 : £nil). In addition, during the period to 31 December 2024, the company incurred costs from Earnezt LLC of £105,575 (2023: £123,393) of which £nil remains unpaid at the year end and costs from Earnezt Holdings Inc of £nil (2023 : £nil).

At the balance sheet date, the company was owed £705,809 by Earnezt LLC (2023 : £578,051) and £166 by Earnezt Holdings Inc. (2023 : £166) in respect of loans made.

Of the total intercompany receivables of £947,908 due from Earnezt LLC and Earnezt Holdings Inc, a provision of £805,975 has been made against this balance as it is considered partially or fully irrecoverable based on the current financial position of the counterparties. The company will continue to monitor the position in future periods.

12. Share-based payment transactions

The company operates a share option scheme for the benefit of its employees. Certain employees of the company have been granted options over the ordinary shares in the company. The options are granted with a fixed exercise price and in accordance with the rules of the company share option plans.

As the company is unable to directly measure the fair value of employee services received and consider the use of a model such as the Black Scholes Model as being in-appropriate due to many inputs (such as current share price, volatility and the like) not being ascertainable with any degree of accuracy, it determined the fair value of the share options at grant date using the valuation aspects of a simple tax based option scheme and as being equivalent to a small interest in the shares of the company.

During the period, the company recognised total share based payment reversal of £25,157 (2023 : £Nil) in respect of the lapse of certain options, together with share based payment expenses of £31,461 (2023 : £8,672) which related to accelerated equity-settled share based payment transactions identifed as probable and significant to vest and be exercised in early 2025.

...CONTINUED

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Earnest (London) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Outstanding number of share options at 1 January 2024 - 1,323

Number of share options granted in the period to 31 December 2024 - NIL

Number of share options lapsed in the period to 31 December 2024 - 840

Number of share options exercised in the period to 31 December 2024 - NIL

Outstanding number of share options at 31 December 2024 - 483

Of which were exercisable at 31 December 2024 - NIL

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