Pulse Fitness Holdings Limited - Accounts to registrar (filleted) - small 23.1.2

Pulse Fitness Holdings Limited - Accounts to registrar (filleted) - small 23.1.2

PULSE FITNESS HOLDINGS LIMITED - Company Information

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REGISTERED NUMBER: 02141942 (England and Wales)














Financial Statements

for the Year Ended 31 December 2022

for

Pulse Fitness Holdings Limited
Pulse Fitness Holdings Limited (Registered number: 02141942)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Balance Sheet 1

Notes to the Financial Statements 2


Pulse Fitness Holdings Limited (Registered number: 02141942)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Investments 5 490,500 490,500
490,500 490,500

CURRENT ASSETS
Debtors 6 767,824 -

CREDITORS
Amounts falling due within one year 7 870,003 102,179
NET CURRENT LIABILITIES (102,179 ) (102,179 )
TOTAL ASSETS LESS CURRENT LIABILITIES 388,321 388,321

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 388,317 388,317
SHAREHOLDERS' FUNDS 388,321 388,321

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2023 and were signed on its behalf by:





Mr C P Johnson - Director


The notes form part of these financial statements

Page 1
Pulse Fitness Holdings Limited (Registered number: 02141942)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Pulse Fitness Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02141942

Registered office: Radnor Park
Greenfield Road
Congleton
Cheshire
CW12 4TW

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have been consistently applied within these accounts.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the financial statements have been prepared on a going concern basis.

Preparation of consolidated financial statements
The company has taken advantage of the exemption under Section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Pulse Fitness Holdings Limited is a wholly owned subsidiary of Pulse Global Limited which, in turn, is controlled by M Investments Group Limited. The results of Pulse Fitness Holdings Limited are included in the consolidated financial statements of Pulse Global Limited, which are available from Radnor Park, Greenfield Road, Congleton, Cheshire, CW12 4TW and also in the consolidated financial statements of M Investment Group Limited which are available from Queens Gardens Business Centre, 31 Ironmarket, Newcastle, Staffordshire, ST5 1RP.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 2 continued...
Pulse Fitness Holdings Limited (Registered number: 02141942)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2022
and 31 December 2022 17,136
AMORTISATION
At 1 January 2022
and 31 December 2022 17,136
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

Page 3 continued...
Pulse Fitness Holdings Limited (Registered number: 02141942)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2022
and 31 December 2022 490,500
NET BOOK VALUE
At 31 December 2022 490,500
At 31 December 2021 490,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings 767,824 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed to group undertakings 870,003 102,179

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeremy Bostock BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited

9. OTHER FINANCIAL COMMITMENTS

The group has entered into a multilateral guarantee with the HSBC Bank Plc as follows:

- A group guarantee and debentures consisting of fixed and floating charged over all the assets and undertaking of the reporting entity, Pulse Global Limited, Pulse Fitness Limited, Pulse Equipment Group Limited, Pulse Soccer Limited, Pulse Fitness Holdings Limited and Pulse Design & Build Limited.

- A charge over contract monies from the reporting entity

- A general pledge over documents and goods from the reporting entity

- A joint and several guarantee limited to £350,000 provided by directors CP Johnson and DM
Johnson.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Page 4 continued...
Pulse Fitness Holdings Limited (Registered number: 02141942)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. ULTIMATE CONTROLLING PARTY

The parent company is Pulse Global Limited, a company registered in England and Wales. Copies of the consolidated financial statements of the group, in which the company is included, are available from its registered office: Radnor Park, Greenfield Road, Congleton, Cheshire, CW12 4TW.

The ultimate controlling party is M Investment Group Limited.

Page 5