Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-3142022-02-01falseNo description of principal activity5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08373928 2022-02-01 2023-01-31 08373928 2021-02-01 2022-01-31 08373928 2023-01-31 08373928 2022-01-31 08373928 c:Director1 2022-02-01 2023-01-31 08373928 d:PlantMachinery 2022-02-01 2023-01-31 08373928 d:PlantMachinery 2023-01-31 08373928 d:PlantMachinery 2022-01-31 08373928 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 08373928 d:FurnitureFittings 2022-02-01 2023-01-31 08373928 d:FurnitureFittings 2023-01-31 08373928 d:FurnitureFittings 2022-01-31 08373928 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 08373928 d:ComputerEquipment 2022-02-01 2023-01-31 08373928 d:ComputerEquipment 2023-01-31 08373928 d:ComputerEquipment 2022-01-31 08373928 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 08373928 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 08373928 d:CurrentFinancialInstruments 2023-01-31 08373928 d:CurrentFinancialInstruments 2022-01-31 08373928 d:Non-currentFinancialInstruments 2023-01-31 08373928 d:Non-currentFinancialInstruments 2022-01-31 08373928 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 08373928 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 08373928 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 08373928 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 08373928 d:ShareCapital 2023-01-31 08373928 d:ShareCapital 2022-01-31 08373928 d:RetainedEarningsAccumulatedLosses 2023-01-31 08373928 d:RetainedEarningsAccumulatedLosses 2022-01-31 08373928 c:OrdinaryShareClass1 2022-02-01 2023-01-31 08373928 c:OrdinaryShareClass1 2023-01-31 08373928 c:OrdinaryShareClass1 2022-01-31 08373928 c:OrdinaryShareClass2 2022-02-01 2023-01-31 08373928 c:OrdinaryShareClass2 2023-01-31 08373928 c:OrdinaryShareClass2 2022-01-31 08373928 c:FRS102 2022-02-01 2023-01-31 08373928 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 08373928 c:FullAccounts 2022-02-01 2023-01-31 08373928 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 08373928 2 2022-02-01 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 08373928












PINCHPOINT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


 
REGISTERED NUMBER:08373928
PINCHPOINT LIMITED

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,541
8,739

  
7,541
8,739

Current assets
  

Stocks
  
34,008
43,906

Debtors: amounts falling due within one year
 5 
67,703
66,867

Cash at bank and in hand
  
7,292
8,534

  
109,003
119,307

Creditors: amounts falling due within one year
 6 
(73,973)
(84,676)

Net current assets
  
 
 
35,030
 
 
34,631

Total assets less current liabilities
  
42,571
43,370

Creditors: amounts falling due after more than one year
 7 
(41,190)
(43,138)

  

Net assets
  
1,381
232


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
1,379
230

Total equity
  
1,381
232


Page 1


 
REGISTERED NUMBER:08373928
PINCHPOINT LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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


J P Gershinson
Director

Date: 14 November 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 

PINCHPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Pinchpoint Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

During the company's financial year, the country was in the midst of a global Covid-19 health crisis.
The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The company has continued to trade and the directors have formed the view that it is appropriate to prepare the accounts on a going concern basis.

  
2.3

Revenue

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered .

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

Page 3

 

PINCHPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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.

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Fixtures and fittings
-
3 years straight line
Computer equipment
-
3 years straight line

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.

Page 4

 

PINCHPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

  
2.11

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 
2.12

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.14

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, cash and bank balances, intercompany working capital balances, and intercompany financing 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.

Page 5

 

PINCHPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)





Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other 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 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment 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 profit or loss.

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.

Page 6

 

PINCHPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

  
2.15

Share capital

Ordinary shares are classified as equity.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 4).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2022
10,739
6,450
5,598
22,787


Additions
1,832
1,132
1,196
4,160



At 31 January 2023

12,571
7,582
6,794
26,947



Depreciation


At 1 February 2022
5,756
4,151
4,141
14,048


Charge for the year on owned assets
1,704
2,527
1,127
5,358



At 31 January 2023

7,460
6,678
5,268
19,406



Net book value



At 31 January 2023
5,111
904
1,526
7,541



At 31 January 2022
4,983
2,299
1,457
8,739


5.


Debtors

2023
2022
£
£


Trade debtors
25,394
8,225

Other debtors
32,613
48,946

Tax recoverable
9,696
9,696

67,703
66,867


Page 7

 

PINCHPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
4,944
5,882

Trade creditors
31,800
51,612

Corporation tax
4,056
3,911

Other taxation and social security
12,881
2,892

Other creditors
16,792
16,879

Accruals and deferred income
3,500
3,500

73,973
84,676


At the year end, loans included in the other creditors due within one year includes an amount of £4,994 (2022: £5,882) in relation to a loan made under the Bounce Back Loan Scheme, repayable over a 10 year period with no early repayment charges. This loan bears interest of 2.50% rate per annum charged on the outstanding balance. Under this loan scheme, the first 18 months of interest (10 of which fall within the current period) are covered by business interruption payments (BIP) made by the government on behalf of the company.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
41,190
43,138

41,190
43,138


Included in bank loans is an outstanding amount of £41,190 (2022 - £43,138) due for repayment by instalments after 5 years. The loan has been made under the Bounce Back Loan Scheme.
The loan is repayable in full within a 10 year period with no early repayment charges. No repayments are required for the first 18 months (10 of which fall within the current period) of the loan.
This loan bears interest of 2.50% rate per annum charged on the outstanding balance. Under this loan scheme, the first 18 months of interest (10 of which fall within the current period) are covered by business interruption payments (BIP) made by the government on behalf of the company.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary A Share share of £1.00
1
1
1 (2022 - 1) Ordinary B Share share of £1.00
1
1

2

2


Page 8

 

PINCHPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Related party transactions

At the year end, an amount of £25,861 (2022 - £30,582) was owed from the director. The loan is bearing interest of 2.50% pa and is unsecured. Interest amounting to £631 (2022: £746) was charged to the profit and loss account for the year. There are no formal terms and conditions regarding repayment of the loan.

 
Page 9