PULSE CLEAN ENERGY TOPCO LIMITED
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Cash
£20m
-3.9% lowest in 3 filed years
Net assets
£128m
-6.1% vs 2024
Employees
34
+9.7% highest in 3 filed years
Profit before tax
-£40m
-34.3% lowest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Confirmation statement overdue
Due 2026-08-10.
Net assets
3-year trend · vs Consumer Discretionary median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £14,702,000 | £18,813,000 | £13,466,000 | -28.4% | |
| Operating profit | -£969,000 | -£23,276,000 | -£29,210,000 | -25.5% | |
| Profit before tax | -£12,504,000 | -£29,974,000 | -£40,262,000 | -34.3% | |
| Net profit | -£11,489,000 | -£28,405,000 | -£37,413,000 | -31.7% | |
| Cash | £20,223,000 | £20,336,000 | £19,544,000 | -3.9% | |
| Total assets less current liabilities | £225,806,000 | £295,431,000 | £307,629,000 | +4.1% | |
| Net assets | £83,089,000 | £135,819,000 | £127,510,000 | -6.1% | |
| Equity | £83,089,000 | £135,819,000 | £127,510,000 | -6.1% | |
| Average employees | 22 | 31 | 34 | +9.7% | |
| Wages | £3,748,000 | £4,685,000 | £4,985,000 | +6.4% | |
| Directors' remuneration | £901,000 | £851,000 | £616,000 | -27.6% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | -6.6% | -123.7% | — | |
| Net margin | -78.1% | -151.0% | — | |
| Return on capital employed | -0.4% | -7.9% | -9.5% | |
| Gearing (liabilities / total assets) | — | 55.2% | 62.0% | |
| Current ratio | 3.53x | 4.25x | 1.64x | |
| Interest cover | -0.08x | -3.33x | -2.64x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- PULSE CLEAN ENERGY TOPCO LIMITED 2021-12-06 → present
- VALENCE UK TOPCO LTD 2021-07-28 → 2021-12-06
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- BDO LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“Having considered the above, the Directors have determined that there are no material uncertainties relating to events or conditions that may cast significant doubt upon the Group's ability to continue as a going concern, and consider it appropriate to prepare the financial statements on the going concern basis of accounting.”
Group structure
- PULSE CLEAN ENERGY TOPCO LIMITED · parent
- Pulse Clean Energy UK Limited 100%
- Pulse Clean Energy Limited 100%
- Pulse Clean Energy Holdings Limited 100%
- Pulse Clean Energy Finance Limited 100%
- Pulse Clean Energy SPV Bell Limited 100%
- Pulse Clean Energy SPV Cavendish Limited 100%
- Pulse Clean Energy SPV Watt Limited 100%
- Pulse Clean Energy SPV Rubin Limited 100%
- Pulse Clean Energy SPV Anning Limited 100%
- Pulse Clean Energy SPV Franklin Limited 100%
- Pulse Clean Energy SPV Anderson Limited 100%
- Pulse Clean Energy SPV Freehold Anderson Limited 100%
- Pulse Clean Energy SPV Johnson 1 Limited 100%
- Pulse Clean Energy SPV Johnson 2 Limited 100%
- Pulse Clean Energy SPV Johnson 3 Limited 100%
- Pulse Clean Energy Development Limited 100%
- Pulse Clean Energy Services Limited 100%
- Pulse Clean Energy Solutions Limited 100%
Significant events
- “On 21 April 2026, the Pulse Clean Energy Franklin Limited, a consolidated subsidiary of the Group, entered into a £52.5m bilateral Construction Bridge Facilities Agreement with a termination date of 31 May 2029.”
- “Subsequent to the reporting date, the Pulse Clean Energy SPV Watt Ltd entered into a settlement agreement in relation to claims arising from the liquidation of a contractor during the year and the associated breach of contract. Under the terms of the agreement, the Company has received cash proceeds of £4.7 million after the reporting date.”
- “Subsequent to the reporting date, a Group entity, Pulse Clean Energy Limited, issued 3,500,000 ordinary shares to fellow Group entity Pulse Clean Energy Holdings Limited. The shares were issued on 4th February 2026, resulting in an increase in the Company's issued share capital.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 4 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| CATTO, Ivor Douglas | Director | 2024-06-04 | Aug 1966 | British |
| KAY, Alison Barbara | Director | 2022-12-21 | May 1964 | British |
| MENDES, Matthew | Director | 2024-06-04 | Aug 1981 | Canadian |
| SIMS, Polina | Director | 2021-07-28 | Mar 1978 | Canadian |
| WILLS, Trevor Alexander | Director | 2023-10-26 | Oct 1983 | British,Canadian |
Show 4 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| FORMUZIEWICH, Timothy Gerald | Director | 2021-07-28 | 2022-07-19 |
| MASSARA, Paul Joseph | Director | 2022-07-19 | 2023-09-07 |
| MENDES, Matthew | Director | 2021-07-28 | 2022-12-21 |
| WILLS, Trevor | Director | 2021-07-28 | 2022-07-19 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Imco Valence Aggregator Ltd | Corporate entity | Appoints directors | 2021-07-28 | Ceased 2021-07-28 |
| Imco Valence Lp | Corporate entity | Shares 75–100%, Voting 75–100% | 2021-07-28 | Ceased 2021-07-28 |
Filing timeline
Last 20 of 49 total filings
Material constitutional events — rename, articles re-file, resolution
- 2023-09-07 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-13 | AA | accounts | Accounts with accounts type group | |
| 2026-01-05 | SH01 | capital | Capital allotment shares | |
| 2025-10-09 | AA | accounts | Accounts with accounts type group | |
| 2025-07-30 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-06-24 | CH01 | officers | Change person director company with change date | |
| 2025-06-24 | SH01 | capital | Capital allotment shares | |
| 2025-01-14 | RP04SH01 | capital | Second filing capital allotment shares | |
| 2025-01-10 | RP04SH01 | capital | Second filing capital allotment shares | |
| 2024-12-17 | SH01 | capital | Capital allotment shares | |
| 2024-12-17 | SH01 | capital | Capital allotment shares | |
| 2024-08-08 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-06-07 | AP01 | officers | Appoint person director company with name date | |
| 2024-06-07 | AP01 | officers | Appoint person director company with name date | |
| 2024-05-17 | AA | accounts | Accounts with accounts type group | |
| 2024-05-15 | AD01 | address | Change registered office address company with date old address new address | |
| 2023-11-02 | AP01 | officers | Appoint person director company with name date | |
| 2023-09-11 | SH01 | capital | Capital allotment shares | |
| 2023-09-11 | TM01 | officers | Termination director company with name termination date | |
| 2023-09-07 | RESOLUTIONS | resolution | Resolution | |
| 2023-08-17 | RP04SH01 | capital | Second filing capital allotment shares |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 3
- Capital events
- 6
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.