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REGISTERED NUMBER: 11482485 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023

FOR

PINNACLE SOUND LIMITED

PINNACLE SOUND LIMITED (REGISTERED NUMBER: 11482485)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PINNACLE SOUND LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2023







DIRECTORS: Mrs J A Griffiths
R J Griffiths





REGISTERED OFFICE: Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR





REGISTERED NUMBER: 11482485 (England and Wales)





ACCOUNTANTS: Compass Accountants Limited
Chartered Accountants
Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR

PINNACLE SOUND LIMITED (REGISTERED NUMBER: 11482485)

BALANCE SHEET
31ST JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,435 12,676

CURRENT ASSETS
Stocks 500 10,103
Debtors 5 16,744 8,666
Cash at bank - 27,542
17,244 46,311
CREDITORS
Amounts falling due within one year 6 78,146 54,630
NET CURRENT LIABILITIES (60,902 ) (8,319 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(34,467

)

4,357

CREDITORS
Amounts falling due after more than one
year

7

79,533

82,108
NET LIABILITIES (114,000 ) (77,751 )

CAPITAL AND RESERVES
Called up share capital 8 200 200
Retained earnings (114,200 ) (77,951 )
SHAREHOLDERS' FUNDS (114,000 ) (77,751 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2023 and were signed on its behalf by:





Mrs J A Griffiths - Director


PINNACLE SOUND LIMITED (REGISTERED NUMBER: 11482485)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023


1. STATUTORY INFORMATION

Pinnacle Sound Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Revenue for the provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Basic 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 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, where 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.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

PINNACLE SOUND LIMITED (REGISTERED NUMBER: 11482485)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023


2. ACCOUNTING POLICIES - continued

Going concern
The financial statements for the year ended 31st July 2023 have been prepared on a going concern basis. In making this going concern assessment, the directors have not considered a period of greater than 12 months from the date of approval of these financial statements.

Despite net liabilities exceeding net assets for the period ending 31st July 2023, the directors feel that the company has provided several tenders post year end and are hopeful these will be accepted and this will have a positive impact on the balance sheet and therefore, the going concern basis of preparation remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st August 2022 562 902 34,190 2,274 37,928
Additions - - 33,245 - 33,245
Disposals - - (34,190 ) - (34,190 )
At 31st July 2023 562 902 33,245 2,274 36,983
DEPRECIATION
At 1st August 2022 194 275 23,950 833 25,252
Charge for year 92 126 8,311 717 9,246
Eliminated on disposal - - (23,950 ) - (23,950 )
At 31st July 2023 286 401 8,311 1,550 10,548
NET BOOK VALUE
At 31st July 2023 276 501 24,934 724 26,435
At 31st July 2022 368 627 10,240 1,441 12,676

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 15,644 6,826
Other debtors 1,100 1,840
16,744 8,666

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 35,161 16,308
Hire purchase contracts 4,009 4,015
Trade creditors - 5,405
Taxation and social security 18,142 20,970
Other creditors 20,834 7,932
78,146 54,630

PINNACLE SOUND LIMITED (REGISTERED NUMBER: 11482485)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 53,514 70,063
Hire purchase contracts 26,019 12,045
79,533 82,108

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
200 200

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st July 2023 and 31st July 2022:

2023 2022
£    £   
Mrs J A Griffiths
Balance outstanding at start of year (4,406 ) (365 )
Amounts advanced 10,662 30,657
Amounts repaid (13,296 ) (34,698 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (7,040 ) (4,406 )

R J Griffiths
Balance outstanding at start of year (1,043 ) (11,481 )
Amounts advanced 2,250 24,150
Amounts repaid (8,807 ) (13,712 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (7,600 ) (1,043 )

This loan was provided interest free and repayable on demand.