Registration number:
for the
Period from 31 December 2024 to 31 December 2025
Pulse PP Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Pulse PP Holdings Limited
Company Information
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Director |
G P Sheppard |
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Registered office |
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Auditors |
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Pulse PP Holdings Limited
Strategic Report for the period from 31 December 2024 to 31 December 2025
The director presents the 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 their strategic report for the period ended 31 December 2025.
The Group is increasingly taking a Global view as it builds a multi continental solution within a micro-multinational approach. We aim both to look to expand our export distributor network, and to explore opportunities to grow our manufacturing capabilities into new regions around the World. The success of our manufacturing, sales and distribution facility in Thailand continues at pace, and will become the template going forward.
However recent Geopolitical developments have also placed additional pressures into supply chain control. Fortunately, Pulse continues to work hard consolidating relationships with key suppliers. Not only have we been able to leverage our significant purchase power to maintain the competitive supply of key raw materials and improve margins, but these relationships together with our increasing global presence have been critical to help safeguard against these supply and cost fluctuations.
The results for the year which are set out in the profit and loss account show turnover of £18,768,791 (2024 - £15,002,263) and an operating profit of £737,579 (2024 - £375,969). At 31 December 2025 the Group had net assets of £2,220,672 (2024 - £1,785,756). 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 group is well placed to respond to these risks.
Approved by the
Director
Pulse PP Holdings Limited
Directors Report for the Period from 31 December 2024 to 31 December 2025
The 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:
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 company. 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 has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.
Information included in the Strategic Report
Disclosure regarding future developments is covered in the strategic report.
Disclosure of information to the auditor
The director has taken the steps that ought to have taken as a director in order to make aware of any relevant audit information and to establish that the Group's auditor is aware of that information. The director confirms that there is no relevant information that of and of which the auditor is unaware.
Pulse PP Holdings Limited
Directors Report for the Period from 31 December 2024 to 31 December 2025
Reappointment of auditors
The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
Director
Pulse PP Holdings 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 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 to ensure that the financial statements comply with the Companies Act 2006. 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 PP Holdings Limited
Independent Auditor's Report to the Members of Pulse PP Holdings Limited
Opinion
We have audited the financial statements of Pulse PP Holdings 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 information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors Report have been prepared in accordance with applicable legal requirements. |
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 Directors Report.
Pulse PP Holdings Limited
Independent Auditor's Report to the Members of Pulse PP Holdings Limited
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’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the 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:
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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; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
Pulse PP Holdings Limited
Independent Auditor's Report to the Members of Pulse PP Holdings 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.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Pulse PP Holdings Limited
Consolidated Profit and Loss Account for the Period from 31 December 2024 to 31 December 2025
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Note |
2025 |
15 December 2023 to 30 December |
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Turnover |
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|
|
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
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Administrative expenses |
( |
( |
|
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Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
|
|
(163,703) |
(91,416) |
||
|
Share of loss of equity accounted investees |
( |
- |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial period |
|
|
|
|
Profit/(loss) attributable to: |
|||
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Owners of the company |
|
|
|
|
Minority interests |
|
- |
|
|
|
|
The above results were derived from continuing operations.
Pulse PP Holdings Limited
Consolidated Statement of Comprehensive Income for the Period from 31 December 2024 to 31 December 2025
|
2025 |
15 December 2023 to 30 December |
|
|
Profit for the period |
|
|
|
Foreign currency translation gains |
|
- |
|
Total comprehensive income for the period |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
|
Minority interests |
|
- |
|
|
|
Pulse PP Holdings Limited
(Registration number: 15353679)
Consolidated Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Intangible assets |
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|
|
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Tangible assets |
|
|
|
|
Investments |
|
- |
|
|
|
|
||
|
Current assets |
|||
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Stocks |
|
|
|
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Debtors |
|
|
|
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Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1,642,084 |
1,642,084 |
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|
Profit and loss account |
553,449 |
143,672 |
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|
Equity attributable to owners of the company |
2,195,533 |
1,785,756 |
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|
Non-controlling interests |
25,139 |
- |
|
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Total equity |
2,220,672 |
1,785,756 |
Approved and authorised by the
Director
Pulse PP Holdings Limited
(Registration number: 15353679)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
|||
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Investments |
|
|
|
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Current assets |
|||
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Debtors |
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|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
1,642,084 |
1,642,084 |
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Total equity |
1,642,084 |
1,642,084 |
The company made a loss after tax for the financial period of £nil (2024 - £34,285).
Approved and authorised by the
Director
Pulse PP Holdings 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 |
Profit and loss account |
Total |
Non-controlling interests - Equity |
Total equity |
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At 31 December 2024 |
|
|
|
- |
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Profit for the period |
- |
|
|
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Other comprehensive income |
- |
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|
- |
|
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Total comprehensive income |
- |
|
|
|
|
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Acquisition of non-controlling interest, decrease in equity |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
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Share capital |
Profit and loss account |
Total |
Non-controlling interests - Equity |
Total equity |
|
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Profit for the period |
- |
|
|
- |
|
|
Dividends |
- |
( |
( |
- |
( |
|
New share capital subscribed |
|
- |
|
- |
|
|
At 30 December 2024 |
1,642,084 |
143,672 |
1,785,756 |
- |
1,785,756 |
Pulse PP Holdings Limited
Statement of Changes in Equity for the Period from 31 December 2024 to 31 December 2025
|
Share capital |
Profit and loss account |
Total |
|
|
At 31 December 2024 |
|
- |
|
|
At 31 December 2025 |
|
- |
|
|
Share capital |
Profit and loss account |
Total |
|
|
Profit for the period |
- |
|
|
|
Dividends |
- |
( |
( |
|
New share capital subscribed |
|
- |
|
|
At 30 December 2024 |
1,642,084 |
- |
1,642,084 |
Pulse PP Holdings Limited
Consolidated Statement of Cash Flows for the Period from 31 December 2024 to 31 December 2025
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Note |
2025 |
15 December 2023 to 30 December |
|
|
Cash flows from operating activities |
|||
|
Profit for the period |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Share of profit/loss of equity accounted investees |
|
- |
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
Decrease in trade and other debtors |
|
|
|
|
Decrease in trade and other creditors |
( |
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Advances of loans, classified as investing activities |
( |
- |
|
|
Acquisition of investments in joint ventures and associates |
( |
- |
|
|
Acquisition of a subsidiary, net of cash acquired |
344,067 |
56,942 |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
- |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 31 December |
|
- |
|
|
Cash and cash equivalents at 31 December |
374,526 |
82,878 |
|
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 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.
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. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
Investments in associates and jointly controlled entities are accounted for using the equity method. Investments in associates and jointly controlled entities are initially recognised at the transaction price and are subsequently adjusted to reflect the group's share of associates and jointly owned profits and losses and other comprehensive income.
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 30 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.
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 recognition of Pulse Matbaa Murekkepleri San. Ve Dis Tic Ltd Sti. has 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 30 December 2025.
Going concern
After reviewing the Group's forecasts and projections, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continue to adopt the going concern basis in preparing their financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
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.
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using 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 or future taxable profit.
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 five 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.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
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 |
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 company 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 PP Holdings 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 PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
Financial instruments
Classification
Recognition and measurement
Impairment
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 PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Turnover |
The analysis of the group's Turnover for the period from continuing operations is as follows:
|
2025 |
15 December 2023 to 30 December |
|
|
Rendering of services |
|
|
|
Commissions received |
- |
|
|
|
|
The analysis of the group's Turnover for the period by market is as follows:
|
2025 |
15 December 2023 to 30 December |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the period is as follows:
|
2025 |
15 December 2023 to 30 December |
|
|
Government grants |
|
- |
|
Miscellaneous other operating income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
15 December 2023 to 30 December |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange gains |
( |
( |
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
- |
|
Operating lease expense - other |
|
|
|
Profit on disposal of property, plant and equipment |
( |
- |
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Other interest receivable and similar income |
|
2025 |
15 December 2023 to 30 December |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
15 December 2023 to 30 December |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2025 |
15 December 2023 to 30 December |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including the director) during the period, analysed by category was as follows:
|
2025 |
15 December 2023 to 30 December |
|
|
Production |
|
|
|
Sales and administrative |
|
|
|
|
|
Company
The company incurred no staff costs and had no employees other than the directors.
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Director's remuneration |
The director's remuneration for the period was as follows:
|
2025 |
15 December 2023 to 30 December |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
127,998 |
145,291 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
15 December 2023 to 30 December |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
15 December 2023 to 30 December |
|
|
Audit of these financial statements |
26,050 |
18,500 |
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
15 December 2023 to 30 December |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
63,063 |
114,408 |
|
|
Foreign tax |
|
- |
|
Total current income tax |
110,392 |
114,408 |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
20,326 |
- |
|
Total deferred taxation |
|
( |
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
|
2025 |
15 December 2023 to 30 December |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK current tax from adjustment for prior periods |
( |
- |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of revenues exempt from taxation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase from effect of joint-ventures and associates results reported net of tax |
|
- |
|
Foreign tax |
( |
|
|
Increase in UK deferred tax from adjustment for prior periods |
|
- |
|
Tax increase from effect of consolidation adjustments |
|
- |
|
Total tax charge |
|
|
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
Deferred tax
Group
Deferred tax assets and liabilities (movement detailed above)
Deferred tax assets and liabilities
|
2025 |
Asset |
|
Fixed asset timing differences |
|
|
Short term timing differences |
|
|
|
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
|
Intangible assets |
Group
|
Goodwill |
Internally generated software |
Total |
|
|
Cost or valuation |
|||
|
At 31 December 2024 |
|
- |
|
|
Additions acquired separately |
|
- |
|
|
Acquired through business combinations |
- |
|
|
|
Foreign exchange movements |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
Amortisation |
|||
|
At 31 December 2024 |
|
- |
|
|
Amortisation charge |
|
|
|
|
Foreign exchange movements |
- |
( |
( |
|
Acquired through business combinations |
- |
803 |
803 |
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 30 December 2024 |
|
- |
|
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Tangible assets |
Group and Company
|
Land and Buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 31 December 2024 |
|
|
|
|
|
Additions |
|
|
- |
|
|
Acquired through business combinations |
|
|
- |
|
|
Disposals |
- |
( |
- |
( |
|
Foreign exchange movements |
( |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 31 December 2024 |
|
|
|
|
|
Charge for the period |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
Foreign exchange movements |
|
|
- |
|
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
|
|
|
At 30 December 2024 |
|
|
|
|
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 PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Investments |
Group
|
Interest in joint venture: |
2025 |
|
|
£ |
||
|
At 31 December 2024 |
- |
|
|
Additions |
50,000 |
|
|
Net Group share of loss |
(13,910) |
|
|
At 30 December 2025 |
36,090 |
Company
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 30 December 2024 |
|
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 of this joint venture 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 this period showed a loss of £35,111.
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
- |
- |
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.
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
|
- |
- |
- |
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
- |
- |
|
|
|
- |
- |
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other payables |
|
|
- |
- |
|
|
Accruals |
|
|
- |
- |
|
|
Corporation tax liability |
20,396 |
126,943 |
- |
- |
|
|
Gross amount due to customers for contract work |
|
- |
- |
- |
|
|
|
|
- |
- |
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
HP and finance lease liabilities |
|
|
- |
- |
|
Other borrowings |
|
|
- |
- |
|
|
|
- |
- |
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
- |
|
- |
- |
|
HP and finance lease liabilities |
|
|
- |
- |
|
|
|
- |
- |
|
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 £1,226,156 which is secured by a fixed and floating charge over the trade debtors of the group.
|
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 £
Contributions totalling £
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
870,292 |
|
870,292 |
|
|
|
53,855 |
|
53,855 |
|
|
|
717,937 |
|
717,937 |
|
|
|
|
|
|
The A shares, C shares and E shares confer on their holders full voting rights and capital distribution rights. The A shares, C shares and E shares constitute a separate class of of shares such that dividends may be paid to one class of shares to the exclusion of another class of share. The shares are not redeemable.
On 6th February 2025 1 Ordinary £1 share was redesignated to 1 A Ordinary £1 share.
|
Reserves |
Group
Profit and loss account
This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.
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.
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 |
|
|
|
|
||
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Obligations under leases and hire purchase contracts |
Group and Company
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
|
Dividends |
|
31 December 2025 |
30 December 2024 |
|
|
Dividends paid |
- |
34,285 |
|
Analysis of changes in net debt |
Group
|
At 31 December 2024 |
Financing cash flows |
At 31 December 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
82,878 |
216,707 |
299,585 |
|
Borrowings |
|||
|
Bank borrowings |
(15,670) |
10,383 |
(5,287) |
|
Other borrowings |
(1,226,156) |
(301,792) |
(1,527,948) |
|
HP and finance lease liabilities |
(223,367) |
54,790 |
(168,577) |
|
(1,465,193) |
(236,619) |
(1,701,812) |
|
|
|
|||
|
( |
( |
( |
|
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
|
Related party transactions |
Group
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
Summary of transactions with key management
Key management personnel are considered to be the directors of the Group 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.
|
Business combinations |
On
Epple Pulse Inks & Coatings Limited (Hong Kong) contributed £
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
|
Book value |
Fair value |
|
|
Assets and liabilities acquired |
||
|
Financial assets |
835,729 |
|
|
Stocks |
442,401 |
|
|
Tangible assets |
86,591 |
|
|
Identifiable intangible assets |
564 |
|
|
Financial liabilities |
(1,432,941) |
( |
|
Non-controlling interest |
7,442 |
|
|
Total identifiable assets |
(60,214) |
( |
|
Goodwill |
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 |
|
|
|
||
Pulse PP Holdings Limited
Notes to the Financial Statements for the Period from 31 December 2024 to 31 December 2025
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.
|
Parent and ultimate parent undertaking |
The ultimate controlling party is