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Registration number: 03876365 (England & Wales)

Pulse Printing Products Limited
Annual Report and Consolidated Financial Statements
for the Period from 31 December 2024 to 31 December 2025

Pulse Printing Products Limited

Contents

Company Information | 1
Strategic Report | 2
Director's Report | 3 to 4
Statement of Director's Responsibilities | 5
Independent Auditor's Report | 6 to 8
Consolidated Profit and Loss Account | 9
Consolidated Statement of Comprehensive Income | 10
Consolidated Balance Sheet | 11
Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Notes to the Financial Statements | 16 to 35

Pulse Printing Products Limited

Company Information

Director | G P Sheppard

Company secretary | G P Sheppard

Registered office | Church Road Wick Bristol BS30 5PE

Auditors | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Pulse Printing Products Limited

Strategic Report for the period from 31 December 2024 to 31 December 2025

The director presents his strategic report for the period from 31 December 2024 to 31 December 2025.

Principal activity

The principal activity of the Group 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 2025, the business continues to trade at strong performance levels, with sales continuing to grow in line with expectations.
The Group has expanded its Global presence within this period by enjoying the first full year following its majority purchase of EPPIC Headquartered in Hong Kong giving it manufacturing, sales and distribution penetration with SE Asia, together with the creation of Meki Pulse PVT Ltd, a company based in Mumbai India again giving it local manufacturing capabilities for the Indian and Middles East markets. The Group is actively considering additional opportunities to repeat this model as it builds a multi continental solution within a micro-multinational approach.
The ongoing varied Geopolitical realities have also placed additional pressures into the supply chain control. Fortunately, the Group 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 £18,768,791 (2024 - £16,371,011) and an operating profit of £812,520 (2024 - £486,722). At 31 December 2025 the Group had net assets of £1,614,898 (2024 - £1,105,041). 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 Group 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 on 16 July 2026 and signed on its behalf by:

G P Sheppard
Director

Pulse Printing Products Limited

Director's Report for the Period from 31 December 2024 to 31 December 2025

The director presents his report and the for the period from 31 December 2024 to 31 December 2025.

Director of the company

The director who held office during the period was as follows:

G P Sheppard

Financial instruments

Objectives and policies

The Group'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 Group. The main risks arising from the Group'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 Group 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 Group. The Group's principal financial asset is trade debtors, which is therefore where its principal credit risk arises. The Group'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 Group 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 Group aims to mitigate liquidity risk by managing cash generation from its operations, applying cash collection targets and constantly monitors the Group's trading results to ensure that the Group 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 Group is exposed to transaction foreign exchange risks. The Group 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.

Going concern

The directors have a reasonable expectation that the Group and the Company have 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

Pulse Printing Products Limited

Director's Report for the Period from 31 December 2024 to 31 December 2025

Disclosure of information to the auditor

The director has taken the 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 auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is 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 on 16 July 2026 and signed on its behalf by:

G P Sheppard
Director

Pulse Printing Products Limited

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, Directors' 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 Group and company and of the profit or loss of the Group 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 UK 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 Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and 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 'parent company') and its subsidiaries (the 'Group') for the period from 31 December 2024 to 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 Group's and the parent company's affairs as at 31 December 2025 and of the Group's 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 Group 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 Group'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 director with respect to going concern are described in the relevant sections of this report.

Other matter
The Consolidated financial statements for the year ended 31 December 2024 were unaudited.

Other information

The director is 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent company financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of director's 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 Group’s and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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

We considered the nature of the Group’s industry and its control environment and reviewed the Group’s documentation of its 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 Group 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 Group’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.
In common with all audits under 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 judgments 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

Pulse Printing Products Limited

Independent Auditor's Report to the Members of Pulse Printing Products Limited

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 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 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.

James Morter (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

16 July 2026

Pulse Printing Products Limited

Consolidated Profit and Loss Account for the Period from 31 December 2024 to 31 December 2025

| Note | 2025 £ | Unaudited 2024 £
Turnover | 3 | 18,768,791 | 16,371,011
Cost of sales |  | (13,525,753) | (12,034,526)
Gross profit |  | 5,243,038 | 4,336,485
Administrative expenses |  | (4,513,671) | (3,907,587)
Other operating income | 4 | 83,153 | 57,824
Operating profit | 5 | 812,520 | 486,722
Other interest receivable and similar income | 6 | 348 | 274
Interest payable and similar expenses | 7 | (164,051) | (100,000)
|  | (163,703) | (99,726)
Share of loss of equity accounted investees |  | (13,910) | -
Profit before tax |  | 634,907 | 386,996
Tax on profit | 11 | (121,957) | (116,287)
Profit for the financial period |  | 512,950 | 270,709
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 480,369 | 270,709
Non-controlling interests |  | 32,581 | -
|  | 512,950 | 270,709

The above results were derived from continuing operations.

Pulse Printing Products Limited

Consolidated Statement of Comprehensive Income for the Period from 31 December 2024 to 31 December 2025

| 2025 £ | Unaudited 2024 £
Profit for the period | 512,950 | 270,709
Foreign currency translation gains | 4,349 | -
Total comprehensive income for the period | 517,299 | 270,709
Total comprehensive income attributable to: |  |
Owners of the company | 484,718 | 270,709
Non-controlling interests | 32,581 | -
| 517,299 | 270,709

Pulse Printing Products Limited

(Registration number: 03876365)
Consolidated Balance Sheet as at 31 December 2025

| Note | 2025 £ | Unaudited 2024 £
Fixed assets |  |  |
Intangible assets | 12 | 91,740 | -
Tangible assets | 13 | 610,628 | 612,183
Investments | 14 | 36,090 | -
|  | 738,458 | 612,183
Current assets |  |  |
Stocks | 15 | 2,206,908 | 1,449,871
Debtors | 16 | 4,191,147 | 4,421,486
Cash at bank and in hand |  | 374,526 | 82,878
|  | 6,772,581 | 5,954,235
Creditors: Amounts falling due within one year | 18 | (5,725,420) | (5,240,724)
Net current assets |  | 1,047,161 | 713,511
Total assets less current liabilities |  | 1,785,619 | 1,325,694
Creditors: Amounts falling due after more than one year | 18 | (111,703) | (173,200)
Provisions for liabilities | 11 | (59,018) | (47,453)
Net assets |  | 1,614,898 | 1,105,041
Capital and reserves |  |  |
Called up share capital | 21 | 84,209 | 84,209
Capital redemption reserve | 22 | 22,104 | 22,104
Profit and loss account | 22 | 1,483,446 | 998,728
Equity attributable to owners of the company |  | 1,589,759 | 1,105,041
Non-controlling interests |  | 25,139 | -
Shareholders' funds |  | 1,614,898 | 1,105,041

Approved and authorised by the director on 16 July 2026

G P Sheppard
Director

Pulse Printing Products Limited

(Registration number: 03876365)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 13 | 544,265 | 612,183
Investments | 14 | 91,398 | -
|  | 635,663 | 612,183
Current assets |  |  |
Stocks | 15 | 1,641,247 | 1,385,408
Debtors | 16 | 4,345,822 | 4,565,652
Cash at bank and in hand |  | 220,441 | 82,878
|  | 6,207,510 | 6,033,938
Creditors: Amounts falling due within one year | 18 | (5,354,583) | (5,302,436)
Net current assets |  | 852,927 | 731,502
Total assets less current liabilities |  | 1,488,590 | 1,343,685
Creditors: Amounts falling due after more than one year | 18 | (111,703) | (173,200)
Provisions for liabilities | 11 | (59,018) | (47,453)
Net assets |  | 1,317,869 | 1,123,032
Capital and reserves |  |  |
Called up share capital | 21 | 84,209 | 84,209
Capital redemption reserve |  | 22,104 | 22,104
Profit and loss account |  | 1,211,556 | 1,016,719
Shareholders' funds |  | 1,317,869 | 1,123,032

The company made a profit after tax for the financial period of £194,837 (2024 - profit of £288,700).

Approved and authorised by the director on 16 July 2026

G P Sheppard
Director

Pulse Printing Products Limited

Consolidated Statement of Changes in Equity for the Period from 31 December 2024 to 31 December 2025
Equity attributable to the parent company

| Share capital £ | Capital redemption reserve £ | Profit and loss account £ | Total £ | Non-controlling interests - Equity £ | Total equity £
At 31 December 2024 | 84,209 | 22,104 | 998,728 | 1,105,041 | - | 1,105,041
Profit for the period | - | - | 480,369 | 480,369 | 32,581 | 512,950
Other comprehensive income | - | - | 4,349 | 4,349 | - | 4,349
Total comprehensive income | - | - | 484,718 | 484,718 | 32,581 | 517,299
Acquisition of non-controlling interest, decrease in equity | - | - | - | - | (7,442) | (7,442)
At 31 December 2025 | 84,209 | 22,104 | 1,483,446 | 1,589,759 | 25,139 | 1,614,898

| Share capital £ | Capital redemption reserve £ | Profit and loss account £ | Total £ | Non-controlling interests - Equity £ | Total equity £
At 1 January 2024 | 84,209 | 22,104 | 882,304 | 988,617 | - | 988,617
Profit for the period | - | - | 270,709 | 270,709 | - | 270,709
Dividends | - | - | (154,285) | (154,285) | - | (154,285)
At 30 December 2024 | 84,209 | 22,104 | 998,728 | 1,105,041 | - | 1,105,041

Pulse Printing Products Limited

Statement of Changes in Equity for the Period from 31 December 2024 to 31 December 2025

| Share capital £ | Capital redemption reserve £ | Profit and loss account £ | Total £
At 31 December 2024 | 84,209 | 22,104 | 1,016,719 | 1,123,032
Profit for the period | - | - | 194,837 | 194,837
At 31 December 2025 | 84,209 | 22,104 | 1,211,556 | 1,317,869

| Share capital £ | Capital redemption reserve £ | Profit and loss account £ | Total £
At 1 January 2024 | 84,209 | 22,104 | 882,304 | 988,617
Profit for the period | - | - | 288,700 | 288,700
Dividends | - | - | (154,285) | (154,285)
At 30 December 2024 | 84,209 | 22,104 | 1,016,719 | 1,123,032

Pulse Printing Products Limited

Consolidated Statement of Cash Flows for the Period from 31 December 2024 to 31 December 2025

| Note | 2025 £ | Unaudited 2024 £
Cash flows from operating activities
Profit for the period |  | 512,950 | 270,709
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 173,640 | 117,024
Finance income |  | (348) | (274)
Finance costs |  | 164,051 | 100,000
Share of profit/loss of equity accounted investees |  | 13,910 | -
Income tax expense | 11 | 121,957 | 116,287
|  | 986,160 | 603,746
Working capital adjustments |  |  |
(Increase)/decrease in stocks | 15 | (314,636) | 157,340
Decrease in trade debtors | 16 | 659,239 | 98,486
Decrease in trade creditors | 18 | (622,294) | (394,623)
Cash generated from operations |  | 708,469 | 464,949
Income taxes paid | 11 | (27,419) | (38,036)
Net cash flow from operating activities |  | 681,050 | 426,913
Cash flows from investing activities |  |  |
Interest received |  | 348 | 274
Cash acquired on acquisition | 26 | 344,067 | -
Acquisitions of tangible assets |  | (90,289) | (136,006)
Advances of loans, classified as investing activities |  | (364,304) | -
Acquisitions of investments in joint venture | 14 | (50,000) | -
Net cash flows from investing activities |  | (160,178) | (135,732)
Cash flows from financing activities |  |  |
Interest paid |  | (164,051) | (100,000)
Repayment of bank borrowing |  | (10,383) | -
Repayment of other borrowing |  | (54,790) | (10,960)
Dividends paid |  | - | (154,285)
Net cash flows from financing activities |  | (229,224) | (265,245)
Net increase in cash and cash equivalents |  | 291,648 | 25,936
Cash and cash equivalents at 31 December 2025 |  | 82,878 | 56,942
Cash and cash equivalents at 31 December 2024 |  | 374,526 | 82,878

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Church Road
Wick
Bristol
BS30 5PE

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements 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 Group 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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
No profit and loss account is presented for the company as permitted by Section 408 of Companies Act 2006.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Where a business combination agreement provides for adjustments to the cost of the combination that are contingent on future events, the Group includes, at the acquisition date, the estimated amount of such contingent consideration where the adjustment is probable and can be measured reliably. Such amounts are recognised as part of the cost of the business combination and subsequently adjusted in accordance with applicable accounting standards.

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 Group and the Company have adequate resources to continue in operational existence for the foreseeable future. The Group and the Company therefore continues to adopt the going concern basis in preparing the financial statements.

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

Changes in accounting policy

The following have been applied for the first time from 31 December 2024 and have had an effect on the financial statements:

Change in Basis of Consolidation

During the year ended 31 December 2025, the Group has revised the scope of its consolidation to include its joint venture, Pulse Matbaa Murekkepleri San. Ve Dis Tic Ltd Sti., which was not previously incorporated within the consolidated financial statements.
Pulse Europe BV was consolidated in the prior year within the ultimate holding company, Pulse PP Holdings Limited, and now forms part of the prior year comparative figures of these financial statements.
In prior periods, the joint venture was excluded on the basis that its financial position and results were considered immaterial to the Group. Following growth in operations and an increase in the scale of activities during the current financial year, management has concluded that the inclusion of this entity is now material to the Group financial statements. Accordingly:
Pulse Europe BV continues to be fully consolidated in accordance with Section 9 of FRS 102 (Consolidated and Separate Financial Statements) and Pulse Matbaa Murekkepleri San. Ve Dis Tic Ltd Sti. has been recognised using the equity method in accordance with Section 15 of FRS 102 (Investments in Joint Ventures).
As Pulse Matbaa Murekkepleri San. Ve Dis Tic Ltd Sti. was not previously recognised, comparative figures for the prior year have not been restated in respect of this entity. As a result, the current year financial statements are not directly comparable with the prior year in relation to the joint venture.
The inclusion of Pulse Europe BV and the recognition of Pulse Matbaa Murekkepleri San. Ve Dis Tic Ltd Sti. have contributed to increases in the Group’s revenue, assets and liabilities, as well as the Group’s share of profit or loss from joint ventures, in the current year. The effect of this change is reflected in the consolidated financial statements for the year ended 31 December 2025.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group 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.

Judgements

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 Group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Group 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 Group's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

Foreign currency transactions and balances

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

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

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10 years straight-line
Internally generated software | 5 years straight-line

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

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

Trade 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 Group will not be able to collect all amounts due according to the original terms of the debtors.

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 (FIFO) 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 Group 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 Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

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.

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 Group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group 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.

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
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. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
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.
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.

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 3 | Turnover

The analysis of the Group's turnover for the period from continuing operations is as follows:

| 2025 £ | Unaudited 2024 £
Rendering of services | 18,768,791 | 16,165,740
Commissions received | - | 205,271
| 18,768,791 | 16,371,011

The analysis of the Group's turnover for the period by market is as follows:

| 2025 £ | Unaudited 2024 £
UK | 9,007,006 | 9,489,168
Europe | 2,272,127 | 3,848,126
Rest of world | 7,489,658 | 3,033,717
| 18,768,791 | 16,371,011

| 4 | Other operating income

The analysis of the Group's other operating income for the period is as follows:

| 2025 £ | Unaudited 2024 £
Government grants | 12,244 | -
Miscellaneous other operating income | 70,909 | 57,824
| 83,153 | 57,824

| 5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | Unaudited 2024 £
Depreciation expense | 163,066 | 117,024
Amortisation expense | 10,574 | -
Foreign exchange gains | (3,047) | (64,807)
Operating lease expense - property | 392,517 | 214,330
Operating lease expense - plant and machinery | 10,291 | -
Operating lease expense - other | 38,023 | 24,330

| 6 | Other interest receivable and similar income

| 2025 £ | Unaudited 2024 £
Interest income on bank deposits | 348 | 274

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 7 | Interest payable and similar expenses

| 2025 £ | Unaudited 2024 £
Interest on bank overdrafts and borrowings | 126,580 | 76,412
Interest on obligations under finance leases and hire purchase contracts | 37,471 | 23,588
| 164,051 | 100,000

| 8 | Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

| 2025 £ | Unaudited 2024 £
Wages and salaries | 1,947,949 | 1,557,935
Social security costs | 187,171 | 154,331
Pension costs, defined contribution scheme | 38,985 | 25,577
Other employee expense | 79 | -
| 2,174,184 | 1,737,843

The average number of persons employed by the Group (including the director) during the period, analysed by category was as follows:

| 2025 No. | Unaudited 2024 No.
Production | 31 | 13
Sales, marketing and distribution | 27 | 23
| 58 | 36

Company
The aggregate payroll costs (including director's remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 1,646,443 | 1,557,935
Social security costs | 187,171 | 154,331
Pension costs, defined contribution scheme | 28,680 | 25,577
| 1,862,294 | 1,737,843

The average number of persons employed by the company (including the director) during the period, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 17 | 13
Sales, marketing and distribution | 20 | 23
| 37 | 36

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 9 | Director's remuneration

The director's remuneration for the period was as follows:

| 2025 £ | Unaudited 2024 £
Remuneration | 126,941 | 157,442
Contributions paid to money purchase schemes | 1,057 | 1,057
| 127,998 | 158,499

| 10 | Auditors' remuneration

| 2025 £ | Unaudited 2024 £
Audit of these financial statements | 26,050 | 18,500
Other fees to auditors |  |
All other non-audit services | 6,150 | 10,350

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 11 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 84,366 | 126,943
UK corporation tax adjustment to prior periods | (21,303) | (2,134)
| 63,063 | 124,809
Foreign tax | 47,329 | -
Total current income tax | 110,392 | 124,809
Deferred taxation |  |
Arising from origination and reversal of timing differences | (8,761) | (8,522)
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods | 20,326 | -
Total deferred taxation | 11,565 | (8,522)
Tax expense in the income statement | 121,957 | 116,287

The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 634,907 | 386,996
Corporation tax at standard rate | 158,727 | 96,749
Decrease in UK and foreign current tax from adjustment for prior periods | (21,303) | (2,134)
Tax increase from effect of capital allowances and depreciation | 2,662 | 817
Effect of revenues exempt from taxation | - | (252)
Effect of expense not deductible in determining taxable profit (tax loss) | 5,396 | 20,638
Increase from effect of joint-ventures and associates results reported net of tax | 3,478 | -
Effect of foreign tax rates | (47,329) | 469
Increase in UK and foreign current tax from unrecognised temporary difference from a prior period | 20,326 | -
Total tax charge | 121,957 | 116,287

Deferred tax

Group

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

Deferred tax assets and liabilities

2025 | Liability £
Tax losses carried forwards | 47,453
Short term timing differences | 11,565
| 59,018

2024 | Liability £
Tax losses carried forwards | 60,473
Short term timing differences | (13,020)
| 47,453

Company

Deferred tax assets and liabilities

2025 | Liability £
Accelerated capital allowances | 47,453
Short term timing differences | 11,565
| 59,018

2024 | Liability £
Accelerated capital allowances | 60,473
Short term timing differences | (13,020)
| 47,453

| 12 | Intangible assets

Group

| Goodwill £ | Internally generated software development costs £ | Total £
Cost or valuation
Additions acquired separately | 101,612 | - | 101,612
Acquired through business combinations | - | 1,367 | 1,367
Foreign exchange movements | - | 12 | 12
At 31 December 2025 | 101,612 | 1,379 | 102,991
Amortisation
Amortisation charge | 10,161 | 413 | 10,574
Foreign exchange movements | - | (126) | (126)
Acquired through business combinations | - | 803 | 803
At 31 December 2025 | 10,161 | 1,090 | 11,251
Carrying amount
At 31 December 2025 | 91,451 | 289 | 91,740

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 13 | Tangible assets

Group

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 31 December 2024 | 242,807 | 1,688,145 | 134,820 | 2,065,772
Additions | 20,467 | 69,822 | - | 90,289
Acquired through business combinations | 3,269 | 83,322 | - | 86,591
Disposals | - | (505) | - | (505)
Foreign exchange movements | (759) | (14,130) | - | (14,889)
At 31 December 2025 | 265,784 | 1,826,654 | 134,820 | 2,227,258
Depreciation
At 31 December 2024 | 101,018 | 1,307,701 | 44,870 | 1,453,589
Charge for the period | 22,144 | 122,932 | 17,990 | 163,066
Eliminated on disposal | - | (505) | - | (505)
Foreign exchange movements | 104 | 376 | - | 480
At 31 December 2025 | 123,266 | 1,430,504 | 62,860 | 1,616,630
Carrying amount
At 31 December 2025 | 142,518 | 396,150 | 71,960 | 610,628
At 30 December 2024 | 141,789 | 380,444 | 89,950 | 612,183

Included within the net book value of land and buildings above is £142,518 (2024 - £141,789) in respect of long leasehold land and buildings.

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

Company

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 31 December 2024 | 242,807 | 1,688,145 | 134,820 | 2,065,772
Additions | 14,843 | 44,105 | - | 58,948
Disposals | - | (505) | - | (505)
At 31 December 2025 | 257,650 | 1,731,745 | 134,820 | 2,124,215
Depreciation
At 31 December 2024 | 101,018 | 1,307,701 | 44,870 | 1,453,589
Charge for the period | 20,198 | 88,678 | 17,990 | 126,866
Eliminated on disposal | - | (505) | - | (505)
At 31 December 2025 | 121,216 | 1,395,874 | 62,860 | 1,579,950
Carrying amount
At 31 December 2025 | 136,434 | 335,871 | 71,960 | 544,265
At 30 December 2024 | 141,789 | 380,444 | 89,950 | 612,183

Included within the net book value of land and buildings above is £136,434 (2024 - £141,789) in respect of long leasehold land and buildings.

| 14 | Investments

Group

Interest in joint venture: |  | 2025
|  | £
At 01 January 2025 |  | -
Additions |  | 50,000
Net Group share of loss |  | (13,910)
At 31 December 2025 |  | 36,090

Company

| 2025 £
Investments in subsidiaries | 41,398
Investments in joint ventures | 50,000
| 91,398

Subsidiaries | £
Cost
At 31 December 2024 | -
Additions | 41,398
At 31 December 2025 | 41,398
Carrying amount
At 31 December 2025 | 41,398

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

Joint ventures | £
Cost
Additions | 50,000
Carrying amount
At 31 December 2025 | 50,000

Pulse Printing Products Limited owns 100% of the ordinary share capital of Pulse BV NL, a company incorporated in the Netherlands.
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 principal activity of Graphic Coatings International BV is the manufacture and sale of surface coatings.
Pulse Printing Products Limited owns 50% of the ordinary share capital of Pulse Matbaa Murekkepleri San. Ve Dis Tic Ltd Sti., a company incorporated in Turkey. The results attributable to the group for the period showed a profit of £21,201.
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. The results attributable to the group the period showed a loss of £35,111.

| 15 | Stocks

| Group | Company
| 2025 £ | Unaudited 2024 £ | 2025 £ | 2024 £
Raw materials and consumables | 2,206,908 | 1,449,871 | 1,641,247 | 1,385,408

Consignment stocks
The group holds stock on consignment from certain suppliers. At 30 December 2025, the group held consignment stocks of £431,174 (2024 - £568,013) on behalf of these suppliers. This stock is not included in the raw materials and consumables recognised in the financial statements at 30 December 2025.

| 16 | Debtors

|  | Group | Company
| Note | 2025 £ | Unaudited 2024 £ | 2025 £ | 2024 £
Trade debtors |  | 3,491,474 | 4,235,988 | 3,037,141 | 4,175,023
Amounts owed by related parties | 25 | 91,106 | - | 1,087,502 | 205,992
Other debtors |  | 401,693 | 23,356 | 18,083 | 23,356
Prepayments |  | 206,874 | 162,142 | 203,096 | 161,281
|  | 4,191,147 | 4,421,486 | 4,345,822 | 4,565,652

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 17 | Cash and cash equivalents

| Group | Company
| 2025 £ | Unaudited 2024 £ | 2025 £ | 2024 £
Cash on hand | 230 | 216 | 171 | 216
Cash at bank | 374,296 | 82,662 | 220,270 | 82,662
| 374,526 | 82,878 | 220,441 | 82,878

| 18 | Creditors

|  | Group | Company
| Note | 2025 £ | Unaudited 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Loans and borrowings | 19 | 1,590,109 | 1,291,993 | 1,590,109 | 1,291,993
Trade creditors |  | 3,890,936 | 3,530,486 | 3,546,222 | 3,525,524
Social security and other taxes |  | 43,241 | 58,859 | 125,707 | 119,881
Other payables |  | 43,982 | 9,221 | 7,429 | 9,221
Accruals |  | 116,136 | 223,222 | 103,060 | 228,874
Corporation tax liability | 11 | 20,396 | 126,943 | (17,944) | 126,943
Gross amount due to customers for contract work |  | 20,620 | - | - | -
|  | 5,725,420 | 5,240,724 | 5,354,583 | 5,302,436
Due after one year |  |  |  |  |
Loans and borrowings | 19 | 111,703 | 173,200 | 111,703 | 173,200

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 19 | Loans and borrowings

Current loans and borrowings

| Group | Company
| 2025 £ | Unaudited 2024 £ | 2025 £ | 2024 £
Bank borrowings | 5,287 | 10,375 | 5,287 | 10,375
HP and finance lease liabilities | 56,874 | 55,462 | 56,874 | 55,462
Other borrowings | 1,527,948 | 1,226,156 | 1,527,948 | 1,226,156
| 1,590,109 | 1,291,993 | 1,590,109 | 1,291,993

Non-current loans and borrowings

| Group | Company
| 2025 £ | Unaudited 2024 £ | 2025 £ | 2024 £
Bank borrowings | - | 5,295 | - | 5,295
HP and finance lease liabilities | 111,703 | 167,905 | 111,703 | 167,905
| 111,703 | 173,200 | 111,703 | 173,200

Bank borrowings
Bank borrowings comprise a bank loan 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 £1,527,948 (2024 - £1,226,156) which is secured by a fixed and floating charge over the trade debtors of the group.

| 20 | Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to £38,985 (2024 - £25,577).

| 21 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 84,209 | 84,209 | 84,209 | 84,209

The ordinary shares of the Company carry equal rights and rank pari passu in all respects.

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 22 | Reserves

Group

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 values of shares cancelled.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders

Non-controlling interests

Non-controlling interests represent the portion of equity in subsidiary undertakings that is not attributable, directly or indirectly, to the parent company.

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

| Retained earnings £ | Total £
Foreign currency translation gains/losses | 4,349 | 4,349

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 23 | Obligations under leases and hire purchase contracts

Group and Company

Finance leases

The total of future minimum lease payments is as follows:

| 2025 £ | Unaudited 2024 £
Not later than one year | 57,559 | 55,462
Later than one year and not later than five years | 134,679 | 167,905
| 192,238 | 223,367

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | Unaudited 2024 £
Later than one year and not later than five years | 307,155 | 255,718
Later than five years | 843,596 | 861,276
| 1,150,751 | 1,116,994

The amount of non-cancellable operating lease payments recognised as an expense during the period was £344,541 (2024 - £240,964).

| 24 | Dividends

| 2025 £ | Unaudited 2024 £
Dividends paid | - | 154,285

| 25 | Related party transactions

Company

Key management compensation

| 2025 £ | Unaudited 2024 £
Salaries and other short term employee benefits | 459,462 | 431,375
Post-employment benefits | 3,170 | 3,170
| 462,632 | 434,545

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and significant staff members, key management personnel compensation is disclosed above.

Summary of transactions with joint ventures

During the year, the company made sales of £357,463 (2024 - £368,817 ) to and purchases of £2,971 (2024 - £ 84,831) from joint ventures within the group. At the year end £115,119 (2024 - £125,184) was due from and £337 (2024 - £96) was owed to joint ventures within the group.

Pulse Printing Products Limited

Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025

| 26 | Business combinations

On 31 December 2024, the Group acquired 88.85% of the issued share capital of Epple Pulse Inks & Coatings Limited (Hong Kong) , obtaining control.
Epple Pulse Inks & Coatings Limited (Hong Kong) contributed £3,645,107 revenue and £296,191 to the Group's profit for the period between the date of acquisition and the Balance Sheet date.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

| Book value 2025 £ | Fair value 2025 £
Assets and liabilities acquired |  |
Financial assets | 835,729 | 835,729
Stocks | 442,401 | 442,401
Tangible assets | 86,591 | 86,591
Identifiable intangible assets | 564 | 564
Financial liabilities | (1,432,941) | (1,432,941)
Non controlling interest | 7,442 | 7,442
Total identifiable assets | (60,214) | (60,214)
Goodwill | 101,612 | 101,612
Total consideration | 41,398 | 41,398
Satisfied by: |  |
Debt instruments | 41,398 | 41,398
Cash flow analysis: |  |
Less: cash and cash equivalent balances acquired | 344,067 | 344,067

The acquisition resulted in the recognition of goodwill of £101,612, representing the excess of the consideration transferred over the Group’s share of the fair value of the identifiable net assets acquired. Goodwill is attributable to expected synergies, the workforce of the acquired business and other intangible benefits that do not qualify for separate recognition. The goodwill arising on acquisition is being amortised over its estimated useful economic life of 10 years.
At the acquisition date, the non-controlling interest (11.25%) in Epple Pulse Inks & Coatings Limited was measured at its proportionate share of the fair value of the identifiable net assets. This resulted in a negative non-controlling interest balance of £7,442, reflecting the deficit in net assets at the acquisition date. In accordance with FRS 102, this deficit has been attributed to the non-controlling interest and is presented within equity.

27 | Parent and ultimate parent undertaking

The company's immediate and ultimate parent was Pulse PP Holdings Limited, incorporated in the United Kingdom. These financial statements are available from Companies House.
The ultimate controlling party is G Sheppard.