Pulley for UK Ltd pre-seed

01 — Segment-specific migration plan

Keep the records that explain the ownership.

Every page in this controlled cluster uses the same migration discipline. The records and checks below are specific to UK Ltd companies at the Pre-seed stage.

Segment module 1

Pulley export to UK Ltd migration checklist

Pulley’s current notice says operations and services cease on 8 December 2026 and says eligible existing customers may qualify for assisted migration to Carta.

Pulley Help documents three export routes and supports both an all-time export and a dated cap-table snapshot.

Make the acceptance checklist reconcile stakeholders, issued shares, options and vesting, convertibles, transaction history, and supporting agreements before the new record is treated as authoritative.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown, Pulley Help Center — Download an excel of the cap table, Cake Equity — Pulley shutdown explainer

Segment module 2

UK Ltd record layer: shares, classes, PSCs, and filing deadlines

A UK company limited by shares needs at least one shareholder; shares can have different classes and rights; a person holding more than 25% of shares or voting rights is a PSC under GOV.UK guidance.

GOV.UK says an issue of new shares must be reported within one month, while other share-structure changes generally must be reported within 21 days.

The page should distinguish the software’s cap-table record from Companies House filings and the company’s statutory records.

Sources: GOV.UK — Choose your shareholders for companies limited by shares, GOV.UK — Make changes to your private limited company: Shares, GOV.UK — File changes to a company with Companies House

Segment module 3

Pre-seed instrument-aware migration and dilution modeling

Y Combinator defines a SAFE as a contract funding a startup now for a right to shares later, with conversion at a priced round.

YC’s current document page lists forms for US, Canada, Cayman, and Singapore companies, not a UK form, and advises companies to consult a lawyer licensed where they were formed.

Model priced ordinary shares, unissued options, and convertible instruments as separate record types; do not silently map a UK Ltd instrument to a US SAFE template.

Sources: Y Combinator — The SAFE: The standard way startups raise money, Y Combinator — The SAFE financing documents, Pulley — The founder’s guide to seed rounds

Segment module 4

EMI-ready option-pool handoff

GOV.UK currently states that most companies can offer EMI if they meet the published asset and full-time-employee limits, and that EMI options are capped at £250,000 in a three-year period.

The same guidance includes working-time conditions and excluded activities, so an option pool in the cap table is not proof of EMI tax eligibility.

Capture option-grant terms, vesting, exercise status, and the advice/reporting trail separately from the ownership percentages.

Sources: HM Revenue & Customs / GOV.UK — Enterprise Management Incentives (EMI)

02 — Illustrative cap table

UK Ltd · Pre-seed ownership scenario

Illustrative only—not market data, a recommended deal, or legal/tax advice: a UK private company limited by shares migrates a simple pre-seed priced-round cap table from Pulley.

Illustration, not a benchmark.The figures below are assumptions for explaining the arithmetic. They are not market averages, legal advice, tax advice, or a forecast of your financing.

Swipe horizontally to review every scenario column.

UK Ltd · Pre-seed ownership scenario
Input	Value	Why it is here
Existing issued ordinary shares	founder 800,000 and co-founder 200,000, for 1,000,000 issued shares.	Illustrative input used only for this scenario.
Unissued option pool	125,000 shares, counted in the pre-money fully diluted denominator.	Illustrative input used only for this scenario.
Illustrative investment	£200,000 at an illustrative £1,000,000 post-money valuation, hence £800,000 pre-money; investor target is 20% post-money fully diluted.	Illustrative input used only for this scenario.
Input 4	Assume no existing SAFEs, notes, warrants, other share classes, or exercised options; assume the company has obtained whatever corporate approvals and advice are required.	Illustrative input used only for this scenario.

Pre-money fully diluted shares = 1,000,000 + 125,000 = 1,125,000. Illustrative price per share = £800,000 / 1,125,000 = £0.711111... . New investor shares = £200,000 / £0.711111... = 281,250. Post-money fully diluted shares = 1,125,000 + 281,250 = 1,406,250. Percentages: founder 800,000 / 1,406,250 = 56.8889%; co-founder 200,000 / 1,406,250 = 14.2222%; option pool 125,000 / 1,406,250 = 8.8889%; investor 281,250 / 1,406,250 = 20.0000%.

The migrated record would show 1,281,250 issued shares after the issue (1,000,000 existing + 281,250 new) and 1,406,250 fully diluted shares including the unissued pool. Reconcile those figures to the executed subscription documents, resolutions, option paperwork, and required Companies House filings; the example does not determine tax, valuation, share rights, or legal validity.

Show scenario assumptions

The entity is limited by shares, not limited by guarantee.
The option pool is unissued and treated as pre-money for this illustration; actual term sheets may use different denominators.
The valuation, investment, share counts, and percentages are invented arithmetic inputs solely to demonstrate a migration QA check.
A UK solicitor/accountant should confirm share rights, approvals, filings, employment-tax treatment, and any convertible-instrument treatment.

03 — Reconciliation checklist

Check the segment assumptions before you save.

A clean import can still be incomplete. Compare the extracted table with the documents and approvals that created these entries.

Review “Pulley export to UK Ltd migration checklist” against the source export and governing documents.
Review “UK Ltd record layer: shares, classes, PSCs, and filing deadlines” against the source export and governing documents.
Review “Pre-seed instrument-aware migration and dilution modeling” against the source export and governing documents.
Review “EMI-ready option-pool handoff” against the source export and governing documents.

04 — Related migration paths

Compare the nearest cases.

These pages share one dimension with this company, but the documents and checks change with jurisdiction or funding stage.

05 — UK Ltd · Pre-seed FAQ

Questions that change for this company.

When does Pulley shut down, and what is the migration path?

Pulley’s current notice says it will cease all operations and services on 8 December 2026 and that eligible existing customers may qualify for an assisted migration to Carta. Treat the date as time-sensitive, export records while access exists, and verify any account-specific offer. If considering another provider, confirm its import, reconciliation, and document-handling process rather than assuming an automatic transfer.

Sources: Pulley — FAQ: What is happening with Pulley’s shutdown, Cake Equity — Pulley shutdown explainer

What should a UK Ltd export from Pulley before switching?

Use Pulley’s Dashboard, Cap Table, or Company Reports route to download an all-time file and a dated snapshot. Also assemble the executed share and grant agreements, board or shareholder approvals, option and vesting records, SAFEs or notes, warrants, and prior valuation/compliance reports; a cap-table spreadsheet should not be treated as the complete legal record.

Sources: Pulley Help Center — Download an excel of the cap table, Cake Equity — Pulley shutdown explainer, Eqvista — Pulley shutdown: key dates and data checklist

Does moving cap-table software change my UK Ltd’s ownership?

A software migration is a records exercise and should not be treated as a new share issue. The underlying ownership still needs to be reconstructed from executed instruments and company records. If the company actually issues shares or changes its share structure, GOV.UK filing rules apply: new shares generally must be reported within one month and other share-structure changes within 21 days. Have a UK adviser confirm the facts before relying on this as legal advice.

Sources: GOV.UK — Make changes to your private limited company: Shares, GOV.UK — File changes to a company with Companies House

Can I use a Y Combinator SAFE unchanged for a UK Ltd?

Do not assume so. YC’s current document page explains the SAFE and lists forms for US, Canada, Cayman, and Singapore companies, but not a UK form; it expressly recommends consulting a lawyer licensed in the company’s country of formation. A UK Ltd should obtain UK-specific advice before using or mapping a SAFE or convertible instrument.

Sources: Y Combinator — The SAFE: The standard way startups raise money, Y Combinator — The SAFE financing documents

Can a pre-seed UK Ltd model EMI options in the same cap table?

The cap table can track an option pool and individual grants, but that does not establish EMI eligibility or tax treatment. GOV.UK currently describes published company-size, working-time, £250,000-in-three-years, and excluded-activity conditions. Check the company’s facts, grant terms, valuation, and reporting with a UK tax adviser.

Sources: HM Revenue & Customs / GOV.UK — Enterprise Management Incentives (EMI)

Sources and scope

Facts you can check.

Reviewed 2026-09-22. Provider, company-law, securities, and tax rules can change. Confirm the documents and obligations that apply to your company with qualified counsel and tax advisers before acting.

Move with the documents intact

Secure the export. Reconcile the table. Keep the proof.

Use Lovie to structure the migration, then review every result against the records that govern the company.

No automatic-transfer promise. No zero-loss guarantee. You review before anything saves.