Company Registration No. 03612551 (England and Wales)
PULSE CASHFLOW FINANCE (MK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
PULSE CASHFLOW FINANCE (MK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
PULSE CASHFLOW FINANCE (MK) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
39,145
48,807
Investments
5
3,105
3,105
42,250
51,912
Current assets
Debtors
6
29,708,180
32,339,327
Cash at bank and in hand
4,121,884
261,715
33,830,064
32,601,042
Creditors: amounts falling due within one year
7
(30,213,052)
(28,213,994)
Net current assets
3,617,012
4,387,048
Total assets less current liabilities
3,659,262
4,438,960
Provisions for liabilities
(9,006)
Net assets
3,659,262
4,429,954
Capital and reserves
Called up share capital
9
307,501
307,501
Share premium account
145,794
145,794
Profit and loss reserves
3,205,967
3,976,659
Total equity
3,659,262
4,429,954
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 April 2022 and are signed on its behalf by:
N C Ferguson
Director
Company Registration No. 03612551
PULSE CASHFLOW FINANCE (MK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 2 -
1
Accounting policies
Company information
Pulse Cashflow Finance (MK) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Network House, C/O Pulse Cashflow Finance, Basingview, Basingstoke, RG21 4HG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare
these accounts on a consolidated basis as the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
The directors have considered the impact that the coronavirus has had on the business. Management have taken swift and appropriate action to ensure that the business remains a going concern. Specifically, action has been taken to reduce overhead costs to a level that can be managed against the new levels of income. It is expected that the business will continue to trade through the current pandemic and will look to regrow when the overall climate returns to normal.
true
1.3
Turnover
Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is measured excluding discounts, rebates and VAT.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% on cost
Office equipment
25% on cost and 20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
PULSE CASHFLOW FINANCE (MK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 3 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
and
other short-term liquid investments with original maturities of three months or less
.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
PULSE CASHFLOW FINANCE (MK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PULSE CASHFLOW FINANCE (MK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
The company holds an overpayment balance on the balance sheet that relates to monies received that cannot be identified or returned. Steps are taken to repatriate these funds, and if unsuccessful they are held on account for a period of two years before being released to the profit and loss account. Funds are only released when there is a remote probability that they will be reclaimed by third parties, and a two year period is considered appropriate for this.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
36
38
PULSE CASHFLOW FINANCE (MK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 6 -
3
Directors' remuneration
2021
2020
£
£
Remuneration paid to directors
319,071
448,340
Sums paid to third parties for directors' services
19,747
39,939
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
208,082
230,727
Company pension contributions to defined contribution schemes
11,486
5,004
4
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 May 2020
49,797
55,834
105,631
Additions
2,722
1,722
4,444
Disposals
(10,732)
(10,732)
At 30 April 2021
52,519
46,824
99,343
Depreciation and impairment
At 1 May 2020
37,768
19,056
56,824
Depreciation charged in the year
1,840
12,266
14,106
Eliminated in respect of disposals
(10,732)
(10,732)
At 30 April 2021
39,608
20,590
60,198
Carrying amount
At 30 April 2021
12,911
26,234
39,145
At 30 April 2020
12,029
36,778
48,807
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
3,105
3,105
PULSE CASHFLOW FINANCE (MK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
5
Fixed asset investments
(Continued)
- 7 -
At the balance sheet date, the company held the following investments in subsidiary undertakings:
100% of the ordinary share capital of Calverton Limited, a dormant company registered in England and Wales. The capital and reserves of the company at the balance sheet date were £100 (20
20
£100).
100% of the ordinary share capital of
Pulse Outsource Limited formally
Calverton Business Support Limited, a company registered in England and Wales. The principal activity of the company is business administration services. The capital and reserves of the company at the balance sheet date were £
242,380
(20
20
£3
71,260
) and the
loss
for the year was £
128,880
(2
020 £56,605 profit
).
100% of the ordinary share capital of Payfactory Limited, a dormant company registered in England and Wales. The capital and reserves of the company at the balance sheet date were £1 (20
20
£1).
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
29,288,459
31,880,359
Amounts owed by group undertakings
205,175
25,699
Other debtors
48,533
38,250
Prepayments and accrued income
155,047
395,019
29,697,214
32,339,327
Deferred tax asset
10,966
29,708,180
32,339,327
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
4,340,865
Trade creditors
153,581
415,480
Amounts owed to group undertakings
6,684,360
Corporation tax
37,897
92,640
Other taxation and social security
209,003
261,753
Other creditors
22,845,652
22,910,161
Accruals and deferred income
282,559
193,095
30,213,052
28,213,994
Bank loans and overdrafts were settled in full during the year and all outstanding debentures were satisfied.
PULSE CASHFLOW FINANCE (MK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 8 -
8
Retirement contribution schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,719
76,790
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge in the profit and loss account represents contributions payable by the company to the fund.
There were outstanding contributions of
£
3,894
(20
20
£nil
)
at the year end.
Contributions totalling
£nil (2020
£415
)
were prepaid to the fund at the year end and are included in other debtors.
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
307,501
307,501
307,501
307,501
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Nicholas John Bairstow and the auditor was Moore.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
74,855
74,081
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
PULSE CASHFLOW FINANCE (MK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
12
Related party transactions
(Continued)
- 9 -
The profit includes a charge of £
19,747
(20
20
£39,
939
) in relation to directors fees to Calverton Group Limited, a company controlled by P G Cordrey, one of the directors. Calverton Group Limited received dividends of £
1,231,707
(20
20
£
591,220
) during the year.
The profit also includes a charge of £nil (2020 £1
8,
667) in relation to interest payable on a subordinated loan provided to the company.
The profit includes a charge of £
nil
(20
20
£500) in relation to directors fees to C Cordrey, a director and the wife of P G Cordrey.
The profit includes a charge of £
nil
(20
20
£
1,500
) in relation to consultancy fees and £
nil
(20
20
£
110
) in relation to travel expenses to J Seth-Smith, the daughter of P G Cordrey.
During the year £
234
(20
20
£
nil
) of expenses were recharged to Capital & Finance Limited
, a company controlled by P G Cordrey.
13
Directors' transactions
During the year, the company paid dividends to directors. £
1
8,
293
was paid to G D Hussey (20
20
£
8,780
)
.
14
Parent company
The directors consider the ultimate controlling party to be
Petra Group Holdings Limited which is incorporated in the Cayman Islands.
15
Name change
During the year the company changed its name from Calverton Finance Limited to Pulse Cashflow Finance (MK) Limited.
2021-04-30
2020-05-01
false
27 April 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
P G Cordrey
G D Hussey
S Simpson
D Hogg
J A Tilroe
R S Schreiber
N C Ferguson
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