Company registration number 06398750 (England and Wales)
PINPOINT CONSULTING SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
PINPOINT CONSULTING SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr G A Hendry
Mr D Grunberg
(Appointed 12 May 2022)
Company number
06398750
Registered office
60 St Martins Lane
London
WC2N 4JS
Accountants
Grunberg & Co Ltd
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
PINPOINT CONSULTING SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
PINPOINT CONSULTING SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
30 June 2023
31 December 2021
Notes
£
£
£
£
Current assets
Debtors
4
79
443,464
Cash at bank and in hand
360,505
608,458
360,584
1,051,922
Creditors: amounts falling due within one year
5
(269,136)
(498,741)
Net current assets
91,448
553,181
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
91,348
553,081
Total equity
91,448
553,181
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
Mr G A Hendry
Director
Company registration number 06398750 (England and Wales)
PINPOINT CONSULTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Pinpoint Consulting Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 60 St Martins Lane, London, WC2N 4JS.
1.1
Reporting period
The financial statements are presented for a period of 18 months to 30 June 2023.The comparative amounts presented in the financial statements (including the related notes) are for the prior 12 month period and therefore are not entirely comparable.
1.2
Accounting convention
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 under the historical cost convention.
The financial statements are prepared in sterling, which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Income is recognised at the point of delivery of the service.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
PINPOINT CONSULTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PINPOINT CONSULTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2021
Number
Number
Total
4
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
74,002
Amounts owed by group undertakings
1,356
Other debtors
79
15,236
Prepayments and accrued income
352,870
79
443,464
5
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans and overdrafts
293
Trade creditors
1,676
195,407
Amounts owed to group undertakings
289,602
Corporation tax
260,629
8,194
Other creditors
6,538
5,538
269,136
498,741
PINPOINT CONSULTING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 5 -
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2021
£
£
318
7
Parent company
New Century Consulting Limited (a trading company incorporated in St. Kitts and Nevis), registration number C31485, is regarded as being the ultimate parent company.