Pulsepoint Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06410433 (England and Wales)

PULSEPOINT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

Sloan Daniel Gaon

Secretary:

Mitchell Eisenberg

Registered office:

2nd Floor

32-35 Kirby Street

London

EC1N 8TE

Registered number:

06410433 (England and Wales)

Fixed assets

Tangible assets

4

4,476

10,802

Investments

5

813

813

5,289

11,615

Current assets

Debtors

6

56,580

124,358

Cash at bank

146,574

289,261

203,154

413,619

Creditors

Amounts falling due within one year

7

227,053

241,938

Net current (liabilities)/assets

(23,899

)

171,681

Total assets less current liabilities

(18,610

)

183,296

Creditors

Amounts falling due after more than one year

8

1,959,635

1,891,072

Net liabilities

(1,978,245

)

(1,707,776

)

Capital and reserves

Called up share capital

9

100

100

Retained earnings

10

(1,978,345

)

(1,707,876

)

Shareholders' funds

(1,978,245

)

(1,707,776

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 10 October 2018 and were signed by:

Sloan Daniel Gaon - Director

1.	Statutory information

Pulsepoint Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

in accordance with the lease length

Computer equipment

-

Straight line over 3 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at

that date the transaction took place. Where this is not possible to determine, income and expense items are

translated using an average exchange rate for the period.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are reported at the rates

of exchange prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign

currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary

items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange

gains and losses resulting from the settlement of such transactions and from the translation at the reporting date

of monetary assets and liabilities are reported in profit or loss.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Going concern

The financial statements have been prepared on a going concern basis and this assumes the company will

continue in operational existence for the foreseeable future.

The company meets daily working capital requirements through the financial support of Pulsepoint Inc., which is

the parent company, The director has received assurances from Pulsepoint Inc. that in the foreseeable future

period it will provide financial support to enable the company to meet liabilities when they are due for payment.

The director considers it appropriate to prepare the financial statements on the going concern basis and these

financial statements do not include any adjustment that would result from a withdrawal of the financial support of

the parent company.

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical judgements in applying the Company's accounting policies

The Company makes a number of assessments which require judgement in preparing the accounts and can

have a significant effect upon the financial statements. However due to the straight forward nature of the

Company's business, management does not believe that there are any judgements that have a significant risk of

causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

(b) Key accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will,

by definition, seldom equal the related actual results. However due to the straight forward nature of the

Company's business, management does not believe that there are any estimates and assumptions that have a

significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next

financial year.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments in

commercial paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the asset's original effective interest

rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised,

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been had the impairment not previously been recognised. The impairment reversal

is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publically traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another

party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has

been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third

party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, and loans from other 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 receipts discounted at a market rate of

interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that

it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the

draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be

drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the

facility to which it relates.

Trade payables 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 payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

3.	Employees and directors

The average number of employees during the year was 13 (2016 - 18 ) .

4.	Tangible fixed assets

Improvements

to

Computer

property

equipment

Totals

£

£

£

Cost

At 1 January 2017

and 31 December 2017

5,656

15,960

21,616

Depreciation

At 1 January 2017

3,433

7,381

10,814

Charge for year

1,885

4,441

6,326

At 31 December 2017

5,318

11,822

17,140

Net book value

At 31 December 2017

338

4,138

4,476

At 31 December 2016

2,223

8,579

10,802

5.	Fixed asset investments

Shares in

group

undertaking

£

Cost

At 1 January 2017

and 31 December 2017

813

Net book value

At 31 December 2017

813

At 31 December 2016

813

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Pulsepoint B.V.

Registered office: Netherlands

Nature of business: Advertising agency

%

Class of shares:

holding

Ordinary

100.00

6.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

95,310

162,510

Provision for bad debts

(97,986

)

(151,010

)

Other debtors

21,838

21,337

VAT

14,259

60,755

Prepayments and accrued income

23,159

30,766

56,580

124,358

7.

Creditors: amounts falling due within one year

2017

2016

£

£

Trade creditors

87,371

57,316

Accruals and deferred income

802

802

Accrued expenses

138,880

183,820

227,053

241,938

8.

Creditors: amounts falling due after more than one year

2017

2016

£

£

Amounts owed to group undertakings

1,959,635

1,891,072

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary shares

£1

100

100

10.

Reserves

Retained

earnings

£

At 1 January 2017

(1,707,876

)

Deficit for the year

(270,469

)

At 31 December 2017

(1,978,345

)

11.	Related party disclosures

Included in creditors due in more than one year at the balance sheet date is a balance of £1,305,109

(2016: £1,342,231) due to Pulsepoint Inc., this company's ultimate parent company. Also included in creditors

due in more than one year at the balance sheet date is a balance of £654,526 (2016: £548,841) due to

Pulsepoint B.V., a subsidiary company registered in Netherlands.

During the year the company was charged service fee income of £1,430,692 (2016: £1,095,487) from Pulsepoint

Inc. During the year Pulsepoint Inc. charged the company a licence fee of NIL (2016: £28,884).

During the year service fee costs of £338,597 (2016: £380,240) were charged by Pulsepoint B.V.