REGISTERED NUMBER: |
Pulse Global Services Limited |
Financial Statements |
for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
Pulse Global Services Limited |
Financial Statements |
for the Year Ended 31 December 2022 |
Pulse Global Services Limited (Registered number: 08823370) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Pulse Global Services Limited |
Company Information |
for the year ended 31 December 2022 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Pulse Global Services Limited (Registered number: 08823370) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | 8 | ( |
) | ( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
( |
) | ( |
) |
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 and authorised for issue on |
Pulse Global Services Limited (Registered number: 08823370) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | Statutory information |
Pulse Global Services Limited is a private company, limited by shares, registered in England and Wales. The Company's 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 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 in accordance with applicable accounting standards on a historical cost and going concern basis. |
Set out below is a summary of the principal accounting policies, all of which have been consistently applied throughout the year and the preceding year (except as otherwise stated). |
The presentational currency of the financial statements is in Pound Sterling (£). |
Amounts in these financial statements are rounded to the nearest £. |
Related party exemption |
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. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates, will by definition seldom equal the related actual results. The 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 are addressed below. |
(i). Recoverability of amounts owed by group undertakings |
At the end of each reporting period, management assess the ability of the Group entities to repay any receivable and consider the support from the Parent Company. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the contractual obligations to the customer have been fulfilled. |
A portion of our customers pay for orders but fail to provide necessary information to complete the transaction. We attempt to contact the customer to complete the abandoned order. We recognise the revenue on the abandoned orders after a period of 120 days following the receipt of funds from the customer. This is based on historical experience and contract terms. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Computer equipment | - 3 years |
Leasehold Improvements | - 5 years |
Pulse Global Services Limited (Registered number: 08823370) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
Financial assets / liabilities - classified as basic financial instruments |
(i) Cash and cash equivalents |
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment 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 receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement. |
(iii) Trade and other payables |
Trade and other payables are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Pulse Global Services Limited (Registered number: 08823370) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | Accounting policies - continued |
Going concern |
The director intends for the Company to go into voluntary liquidation once the Company's activities have ceased, all liabilities have been settled and profits distributed. The director anticipates that this process will start within the next 12 months. Accordingly the director has prepared the financial statements on a basis other than that of a going concern. The director has reviewed the Company's assets and considers the value of all of the assets disclosed in the financial statements to be at the lower of cost and net realisable value. The financial statements do not include any provision for costs as a result of preparing the financial statements on a basis other than that of going concern. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Improvements |
to property |
£ |
Cost |
At 1 January 2022 |
and 31 December 2022 |
Depreciation |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
VAT |
Amounts owed by group undertakings are unsecured, interest free loans which are receivable on demand. |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Accruals and deferred income |
Amounts owed to group undertakings are interest free intra-group loans which are repayable on demand. |
Pulse Global Services Limited (Registered number: 08823370) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
7. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
The above relates to loans payable to LegalZoom.com, Inc and are due for repayment on dates ranging from 9 September 2026 to 21 July 2027. As at 31 December 2021, interest has been charged on these loans at a rate of 3.5% per annum. |
8. | Provisions for liabilities |
Dilapidation |
Balance at start of the year | (84,000 | ) |
Balance at the end of the year | (84,000 | ) |
9. | Called up share capital |
Allotted, issued and fully paid: |
Nominal | 2022 | 2021 |
Number: | Class: | Value: | £ | £ |
11,797 (2021 - 11,797) | A Ordinary | 0.0001 | 1.1797 | 1.1797 |
763 (2021 - 763) | Ordinary | 0.0001 | 0.0763 | 0.0763 |
10. | Reserves |
Retained |
earnings |
£ |
At 1 January 2022 | ( |
) |
Profit for the year |
At 31 December 2022 | ( |
) |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
12. | Ultimate controlling party |
The immediate parent company is LegalZoom International Holdings Ltd, a company registered in England and Wales, with its registered address at 6th Floor, 9 Appold Street, London, EC2A 2AP, which is the smallest group to consolidate these financial statements. |
The Company's ultimate parent company is LegalZoom.com, Inc. which is a registered company incorporated in the state of Delaware in the United States of America. |