REGISTERED NUMBER: 01097578 (England and Wales)

for

Page

Company Information  

1

Strategic Report  

2

Report of the Directors  

7

Report of the Independent Auditors  

9

Statement of Comprehensive Income

13

Balance Sheet  

14

Statement of Changes in Equity  

15

Cash Flow Statement  

16

Notes to the Cash Flow Statement  

17

Notes to the Financial Statements

18

DIRECTORS:

Mrs L M Wallis

D S Wallis

SECRETARY:

Mrs M Worrall

REGISTERED OFFICE:

Unit 2

Hunmanby Industrial Estate

Hunmanby

North Yorkshire

YO14 0PH

REGISTERED NUMBER:

01097578 (England and Wales)

AUDITORS:

Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

BANKERS:

National Westminster Bank Plc

3 Westborough

Scarborough

North Yorkshire

YO11 1UH

The directors present their strategic report for the year ended 31st May 2025.

REVIEW OF BUSINESS

The key performance indicators of turnover, turnover growth, gross profit and gross profit margin communicate the financial performance of the company as a whole.

2025

2024

2023

2022

£

£

£

£

Turnover

906,851

734,838

721,795

598,822

Turnover growth (%)

23.41%

1.81%

20.5%

(2.60%)

Gross profit

457,591

410,000

428,595

342,335

Gross Profit Margin (%)

50.46%

55.79%

59.38%

57.17

Our overall sales have continued to grow throughout the year by 23%. This was helped by a modest price increase which was used to absorb the rising costs in our supply chain. The overall performance of the year resulted has resulted in a surplus of £229k.

Our continued focus on costs throughout the business has been successful which can be seen in the improvement in the bottom line.

The company starts 2025/2026 on a solid footing, with a focused strategy for further growth and continued profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

As an exporter, we remain acutely aware that ongoing global economic volatility including inflationary pressures, shifting interest rate regimes, and persistent geopolitical uncertainties can adversely affect international trade and, by extension, our business operations. In response, our strategy continues to focus on reducing business risk, ensuring we are not overly reliant on any single sector or geography.

We recognise that regulatory frameworks are evolving rapidly across jurisdictions, often in response to new trade agreements, environmental mandates, and data security concerns. We proactively ensure that our products and processes remain fully compliant with applicable regulations in every country in which we operate.

The company remains vigilant in identifying and mitigating key financial risks such as credit exposure, foreign exchange fluctuations, cybersecurity threats, and emerging forms of fraud. To address these, we have in place a robust and responsive risk management framework aligned with current best practices.

The small size of the operations and lean structure of the company does not necessitate the requirement to have a separate sub-committee of the Board of Directors for management of the risk policy.  The Board of Directors however has laid down various policy initiatives for the operating personnel to manage risks.

Credit Risk

The company's exposure to credit risk continues is a low level and is managed through a mix of initiatives such as entering into legally sound and enforceable agreements and monitoring of credit exposure within the limits fixed for various customers. The doubtful debts arising out of factors like dealer closure are immediately recognised and provided for in the accounts.

Fraud Risk

The company adopts a proactive approach to mitigating fraud risk through a combination of internal controls, staff training, and technology-driven monitoring systems.  We have established clear policies and procedures to ensure transparency, accountability, and segregation of duties across all financial and operational functions.  Regular audits both internal and external help identify potential vulnerabilities and reinforce compliance. Employees are trained to recognise and report suspicious activities.  Additionally, we leverage secure digital platforms and transaction monitoring tools to detect anomalies in real time, reducing the likelihood of financial misconduct or data breaches This comprehensive approach ensures that fraud risk is continuously assessed and effectively managed across the organisation.

SECTION 172(1) STATEMENT

The Board of Directors, in accordance with their duties under Section 172 of the Companies Act 2006, act in good faith and in a manner they consider most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, they take into account a range of factors when making decisions with a long-term perspective. Key strategic decisions and matters of importance to the Company are informed by these Section 172 considerations.

At Pulsar Instruments plc, our Board of Directors, management, and employees are committed to upholding high standards of corporate governance and business ethics. We believe that timely disclosures, transparent accounting policies, rigorous internal controls, and a strong, independent Board are fundamental to maintaining shareholder trust while maximising long-term shareholder value.

This s172 statement explains how the Pulsar Instruments Directors:

- Have engaged with employees, suppliers, customers and others; and

- Have given due regards to employee interests, the importance of fostering business relationships with suppliers, customers and others, and the impact of this regard on the principal decisions taken by the Company during the financial year.

The s172 statement focuses on matters of strategic importance to Pulsar Instruments, and the level of information disclosed is consistent with the size and the complexity of the business.

General confirmation of Directors' duties

Pulsar Instruments have a management team appointed by the Board at group level to focus on specific areas and take informed decisions within the framework of delegated authority and make specific recommendations to the Board. All decisions and recommendations of the committees are placed before the Board for information or for approval.

When making decisions, each Director ensures that they act in the way they consider, in good faith, would most likely promote the Company' success for the benefit of its members as a whole, and in doing so have regard (among matters) to:

The likely consequences of any decision in the long term

The Directors understand the business and the demand to innovate the latest products in order to find the most effective treatments in the company's core markets. Pulsar Instruments' vision and goal of customer satisfaction is what the business drives and strives for. The strategy set by the Board as a leader in the noise measurement industry is to ensure good health can be delivered to those who need it, and to promote wellness among them.

Whilst investing for the future, the Board also recognises that we must focus on meeting the current supply and demand of its products.

The Directors are guided by our core principles which provide both guidance for our current behaviour and inspiration for our future actions.

The interests of the company's employees

At Pulsar Instruments its employees are at the heart of our business. The Management team invites a fair and open two-way relationship with all employees. We believe in respecting every individual, regardless of position. At Pulsar Instruments all employees are heard and have the opportunity to express their opinion. The organisation believes in equality and discourages any discrimination based on any caste, creed, race, religion age and gender etc. We are committed to employee's safety and well-being. Our HR policies are well documented and available to each employee. Management assumes responsibility that such policies are adhered to.

The talented and capable people have played a major role in powering and defining the growth of Pulsar Instruments. We believe that when people with diverse skills are bound together by a common purpose and value system, they can allow the company to achieve its aims.

The need to foster the company's business relationships with suppliers, customers and others

Customers and suppliers are the key stakeholders in our business. In a competitive price driven environment, stock is the vital component at the keenest price. We engage in regular communication with our suppliers as well as customers. We recognise the fact that the stronger the relationships with suppliers the more we are able to serve our customers better.  We remain committed to all our stakeholder for ethical business practices. The Company has put in practice a code of business conduct and ethics (CoBE) and every employee at Pulsar Instruments is required to comply with its principles.

The impact of the company's operations on the community and environment

At Pulsar Instruments, we are committed to lowering our impact on the environment. We have a strong commitment to providing sustainable supplies and, wherever possible, will procure locally both to benefit the environment and local businesses.

The desirability of the company maintaining a reputation for high standards of business conduct

Pulsar Instruments' Board periodically reviews their Corporate Governance requirements as the commitment to upholding the highest standards are set at board level but is filtered down throughout the whole group organisation.

The need to act fairly as between members of the company

The Directors consider and focus its attention to ensure that the company's performance is in line with their strategic vision for both the short- and long-term objectives. The impact of this on all of the stakeholders is reviewed. The Directors believe they act fairly.

The Board has created a culture of honesty, integrity and respect of the Pulsar Instruments core values and principles. The company has set a number of guidelines on Code of Business Conduct and Ethics (COBE) through to various Environment and Employment policies.

Principal decision

We define principal decisions taken by the Board as those decisions in 2024/25 that are of a strategic nature and that are significant to any of our key stakeholder groups.

FUTURE DEVELOPMENTS

The company will advance its e-commerce growth strategy, with a primary focus on the European Union market. Concurrently, efforts will be made to expand our network of international sales partners. The anticipated increase in costs associated with both initiatives, particularly those related to e-commerce, has been forecasted and incorporated into the budget for the next two years.

A comprehensive review of the product portfolio has been conducted to ensure alignment with the company's strategic emphasis on health and safety instrumentation throughout 2025. The introduction of new products is planned within the next 18 to 24 months to support this focus.

Additionally, the implementation of a new, group-wide ERP system is scheduled over the coming 12 months. This upgrade is expected to deliver significant operational efficiencies across the business.

ON BEHALF OF THE BOARD:

D S Wallis - Director

3rd November 2025

The directors present their report with the financial statements of the company for the year ended 31st May 2025.

PRINCIPAL ACTIVITY

DIVIDENDS

An interim dividend of 90p per share was paid on 31st May 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st May 2025 will be £ 225,000 .

FUTURE DEVELOPMENTS

Details of the company's future developments have been provided in the strategic report.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st June 2024 to the date of this report.

The directors shown below were in office at 31st May 2025 but did not hold any interest in the Ordinary shares of £1 each at 1st June 2024 or 31st May 2025.

Mrs L M Wallis

D S Wallis

CREDITORS

The Company's policy is to make payment to suppliers in accordance with the terms of payment agreed at the time the contract of supply is made.

The company's creditors days at the year-end based upon the average daily amount invoiced by suppliers were 166 days.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

See Strategic report.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

See Strategic report.

STREAMLINED ENERGY AND CARBON REPORTING

The company rents its premises from Cirrus Research PLC to which the energy cannot accurately be accounted for per unit and therefore the data for this report would be unreliable.The company is however committed to energy savings and reductions in consumption.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year.  Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

state whether applicable accounting standards have been followed, subject to any material departures disclosed and

explained in the financial statements;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

AUDITORS

The auditors,  Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D S Wallis - Director

3rd November 2025

Opinion

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 Auditors' 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 directors' 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 financial statements are 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the 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 or the Report of the Directors.

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 directors

As explained more fully in the Statement of Directors' Responsibilities, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of manufacturing of instrumental equipment for professional use.

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental, health and safety legislation along with industry specific regulations and requirements.

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

-We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

Alan Brocklehurst (Senior Statutory Auditor)

for and on behalf of Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

3rd November 2025

TURNOVER

3

906,851

734,838

Cost of sales

449,260

324,838

GROSS PROFIT

457,591

410,000

Administrative expenses

157,540

338,840

300,051

71,160

Other operating income

1,334

5,436

OPERATING PROFIT

5

301,385

76,596

Interest receivable and similar income

4,100

-

305,485

76,596

Interest payable and similar expenses

6

171

-

PROFIT BEFORE TAXATION

305,314

76,596

Tax on profit

7

76,371

3,873

PROFIT FOR THE FINANCIAL YEAR

228,943

72,723

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

228,943

72,723

CURRENT ASSETS

Stocks

9

38,416

79,204

Debtors

10

40,106

47,317

Cash at bank

229,442

349,185

307,964

475,706

CREDITORS

Amounts falling due within one year

11

167,387

287,443

NET CURRENT ASSETS

140,577

188,263

TOTAL ASSETS LESS CURRENT

LIABILITIES

140,577

188,263

CREDITORS

Amounts falling due after more than one year

12

-

51,629

NET ASSETS

140,577

136,634

CAPITAL AND RESERVES

Called up share capital

14

250,000

250,000

Retained earnings

(109,423

)

(113,366

)

SHAREHOLDERS' FUNDS

140,577

136,634

The financial statements were approved by the Board of Directors and authorised for issue on 3rd November 2025 and were signed on its behalf by:

D S Wallis - Director

Called up

share

Retained

Total

capital

earnings

equity

£   

£   

£   

Balance at 1st June 2023

250,000

(151,552

)

98,448

Changes in equity

Dividends

-

(34,537

)

(34,537

)

Total comprehensive income

-

72,723

72,723

Balance at 31st May 2024

250,000

(113,366

)

136,634

Changes in equity

Dividends

-

(225,000

)

(225,000

)

Total comprehensive income

-

228,943

228,943

Balance at 31st May 2025

250,000

(109,423

)

140,577

Cash flows from operating activities

Cash generated from operations

1

201,243

191,282

Interest paid

(171

)

-

Tax paid

(3,873

)

-

Net cash from operating activities

197,199

191,282

Cash flows from investing activities

Interest received

4,100

-

Net cash from investing activities

4,100

-

Cash flows from financing activities

Loan repayments in year

(51,629

)

-

Amounts repaid to parent company

(44,413

)

-

Equity dividends paid

(225,000

)

(34,537

)

Net cash from financing activities

(321,042

)

(34,537

)

(Decrease)/increase in cash and cash equivalents

(119,743

)

156,745

Cash and cash equivalents at beginning of

year

2

349,185

192,440

Cash and cash equivalents at end of year

2

229,442

349,185

1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£   

£   

Profit before taxation

305,314

76,596

Finance costs

171

-

Finance income

(4,100

)

-

301,385

76,596

Decrease/(increase) in stocks

40,788

(14,858

)

Decrease in trade and other debtors

7,211

24,359

(Decrease)/increase in trade and other creditors

(148,141

)

105,185

Cash generated from operations

201,243

191,282

2.

CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st May 2025

31/5/25

1/6/24

£   

£   

Cash and cash equivalents

229,442

349,185

Year ended 31st May 2024

31/5/24