Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseNo description of principal activity54falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07823191 2022-01-01 2022-12-31 07823191 2021-01-01 2021-12-31 07823191 2022-12-31 07823191 2021-12-31 07823191 c:Director1 2022-01-01 2022-12-31 07823191 c:Director2 2022-01-01 2022-12-31 07823191 c:Director3 2022-01-01 2022-12-31 07823191 c:RegisteredOffice 2022-01-01 2022-12-31 07823191 d:FurnitureFittings 2022-01-01 2022-12-31 07823191 d:FurnitureFittings 2022-12-31 07823191 d:FurnitureFittings 2021-12-31 07823191 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07823191 d:ComputerEquipment 2022-01-01 2022-12-31 07823191 d:ComputerEquipment 2022-12-31 07823191 d:ComputerEquipment 2021-12-31 07823191 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07823191 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07823191 d:CurrentFinancialInstruments 2022-12-31 07823191 d:CurrentFinancialInstruments 2021-12-31 07823191 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07823191 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07823191 d:ShareCapital 2022-12-31 07823191 d:ShareCapital 2021-12-31 07823191 d:RetainedEarningsAccumulatedLosses 2022-12-31 07823191 d:RetainedEarningsAccumulatedLosses 2021-12-31 07823191 c:OrdinaryShareClass1 2022-01-01 2022-12-31 07823191 c:OrdinaryShareClass1 2022-12-31 07823191 c:OrdinaryShareClass1 2021-12-31 07823191 c:OrdinaryShareClass2 2022-01-01 2022-12-31 07823191 c:OrdinaryShareClass2 2022-12-31 07823191 c:OrdinaryShareClass2 2021-12-31 07823191 c:OrdinaryShareClass3 2022-01-01 2022-12-31 07823191 c:OrdinaryShareClass3 2022-12-31 07823191 c:OrdinaryShareClass3 2021-12-31 07823191 c:OrdinaryShareClass4 2022-01-01 2022-12-31 07823191 c:OrdinaryShareClass4 2022-12-31 07823191 c:OrdinaryShareClass4 2021-12-31 07823191 c:FRS102 2022-01-01 2022-12-31 07823191 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 07823191 c:FullAccounts 2022-01-01 2022-12-31 07823191 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07823191 2 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 07823191












PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022



PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 9




PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)
 
COMPANY INFORMATION


Directors
Daryl Stanley 
David Stanley 
William Stanley 




Registered number
07823191



Registered office
Enterprise House
Tinsley Lane North

Manor Royal Industrial Estate

Crawley

West Sussex

RH10 9TP




Accountants
Blick Rothenberg Limited
Chartered accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH





- 1 -



REGISTERED NUMBER:07823191
PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,347
4,808

Current assets
  

Debtors: amounts falling due within one year
 5 
1,247,930
127,575

Cash at bank and in hand
  
28,639
405,956

  
1,276,569
533,531

Creditors: amounts falling due within one year
 6 
(146,111)
(38,933)

Net current assets
  
 
 
1,130,458
 
 
494,598

Total assets less current liabilities
  
1,132,805
499,406

  

Net assets
  
1,132,805
499,406


- 2 -



REGISTERED NUMBER:07823191
PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Capital and reserves
  

Called up share capital 
 7 
40
40

Profit and loss account
  
1,132,765
499,366

Total equity
  
1,132,805
499,406


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of .

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006 and in accordance with Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The  were approved and authorised for issue by the board and were signed on its behalf by: 



Daryl Stanley
Director

Date: 28 September 2023

The notes on pages 4 to 9 form part of these financial statements.


- 3 -




PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Synaka Limited is a private company limited by shares incorporated in England. Its registered office is Enterprise House, Tinsley Lane North, Manor Royal Industrial Estate, Crawley, West Sussex, RH10 9TP.
The financial statements are presented in Sterling (£). 
On 27 April 2023 the company changed its name from Synaka Limited to Pinnacle Furniture Limited.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.


- 4 -




PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
20%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

 

- 5 -




PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

Financial liabilities
Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
I
mpairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a 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 the profit and loss account.
Derecognition of financial assets and financial liabilities
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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


- 6 -




PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.9

Share capital

Ordinary shares are classified as equity.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2021 - 4).


- 7 -




PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Fixtures & fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2022
1,268
9,711
10,979


Disposals
-
(1,325)
(1,325)



At 31 December 2022

1,268
8,386
9,654



Depreciation


At 1 January 2022
127
6,044
6,171


Charge for the year on owned assets
253
1,810
2,063


Disposals
-
(927)
(927)



At 31 December 2022

380
6,927
7,307



Net book value



At 31 December 2022
888
1,459
2,347



At 31 December 2021
1,141
3,667
4,808


- 8 -




PINNACLE FURNITURE LIMITED (FORMERLY SYNAKA LIMITED)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
-
532

Other debtors
246,003
5,043

Prepayments and accrued income
1,001,927
122,000

1,247,930
127,575



6.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
59,152
33,140

Corporation tax
79,411
-

Other taxation and social security
3,694
-

Other creditors
3,854
5,793

146,111
38,933



7.


Share capital

2022
2021
£
£
Shares classified as equity
 
Allotted, called up and fully paid



10 (2021 - 10) A Ordinary shares of £1.00 each
10
10
10 (2021 - 10) B Ordinary shares of £1.00 each
10
10
10 (2021 - 10) C Ordinary shares of £1.00 each
10
10
10 (2021 - 10) D Ordinary shares of £1.00 each
10
10

40

40

 

- 9 -