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REGISTERED NUMBER: 09304080 (England and Wales)














Financial Statements

for the Year Ended 31 March 2023

for

Pinpoint Works Limited

Pinpoint Works Limited (Registered number: 09304080)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Pinpoint Works Limited (Registered number: 09304080)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 243,728
Tangible assets 5 9,418 7,812
9,418 251,540

CURRENT ASSETS
Debtors 6 136,930 57,284
Cash at bank 181,894 193,275
318,824 250,559
CREDITORS
Amounts falling due within one year 7 514,053 494,784
NET CURRENT LIABILITIES (195,229 ) (244,225 )
TOTAL ASSETS LESS CURRENT LIABILITIES (185,811 ) 7,315

CREDITORS
Amounts falling due after more than one
year

8

(184,036

)

-

PROVISIONS FOR LIABILITIES (1,789 ) -
NET (LIABILITIES)/ASSETS (371,636 ) 7,315

CAPITAL AND RESERVES
Called up share capital 6 4
Retained earnings (371,642 ) 7,311
(371,636 ) 7,315

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





I R Flanagan - Director


Pinpoint Works Limited (Registered number: 09304080)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Pinpoint Works Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09304080

Registered office: Spring Court
Spring Road
Hale
Altrincham
Cheshire
WA14 2UQ

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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Pinpoint Works Limited (Registered number: 09304080)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 April 2022 576,018
Additions 176,395
Disposals (752,413 )
At 31 March 2023 -
AMORTISATION
At 1 April 2022 332,290
Eliminated on disposal (332,290 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 243,728

Pinpoint Works Limited (Registered number: 09304080)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2022 10,867
Additions 4,723
At 31 March 2023 15,590
DEPRECIATION
At 1 April 2022 3,055
Charge for year 3,117
At 31 March 2023 6,172
NET BOOK VALUE
At 31 March 2023 9,418
At 31 March 2022 7,812

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 102,947 49,543
Other debtors 33,983 7,741
136,930 57,284

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 22,228 2,835
Taxation and social security - 5,665
Other creditors 491,825 486,284
514,053 494,784

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 184,036 -

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited

Pinpoint Works Limited (Registered number: 09304080)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
J T Stockdale
Balance outstanding at start of year (88,711 ) (88,711 )
Amounts advanced 10,637 -
Amounts repaid (10,437 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (88,511 ) (88,711 )

L Gillotte
Balance outstanding at start of year (95,725 ) (95,725 )
Amounts advanced 17,965 -
Amounts repaid (17,765 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (95,525 ) (95,725 )

11. PRIOR YEAR UNAUDITED

In the previous accounting period, the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

12. GOING CONCERN

The financial statements have been prepared on a going concern basis notwithstanding the deficit in net assets. The company incurred a net loss of £378,953 during the year ended 31 March 2023 and. The directors have prepared forecasts for the next two years and these forecasts demonstrate that the company will be a going concern for that period given the continued support of the shareholders, the expectation to make profits in the year to 31 March 2025, the positive cash generation and cash balances held by the company during that period. The directors are confident that they have access to additional funding from the ultimate shareholders. The directors are satisfied that the shareholders are prepared to continue to support the development of the company for the next twelve month period from when these financial statements are approved

13. ULTIMATE CONTROLLING PARTY

During the year, the company became 85% owned subsidiary of Voly Group Limited, a company incorporated in England and registered at Spring Court, Spring Road, Hale, Cheshire WA14 2UQ.

The ultimate controlling party is Voly Holdco Limited, registered no: 68747, a company formed in Guernsey by virtue of its majority shareholding 50.04%.