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REGISTERED NUMBER: 04436365 (England and Wales)







Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Pinnacle Executive Cars Limited

Pinnacle Executive Cars Limited (Registered number: 04436365)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pinnacle Executive Cars Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mrs R A Broadhead
T D Langley
Mrs C A Langley





REGISTERED OFFICE: 31 Nottingham Road
Stapleford
Nottingham
NG9 8AB





REGISTERED NUMBER: 04436365 (England and Wales)





ACCOUNTANTS: D. K. Rumsby & Co Limited
3 Colwick Quays
Colwick
Nottingham
Nottinghamshire
NG4 2JY

Pinnacle Executive Cars Limited (Registered number: 04436365)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 122,953 50,825
Investment property 5 131,708 131,708
254,661 182,533

CURRENT ASSETS
Debtors 6 158,249 131,836
Cash at bank and in hand 10,491 8,210
168,740 140,046
CREDITORS
Amounts falling due within one year 7 (264,905 ) (163,072 )
NET CURRENT LIABILITIES (96,165 ) (23,026 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

158,496

159,507

CREDITORS
Amounts falling due after more than one
year

8

(121,467

)

(144,267

)
NET ASSETS 37,029 15,240

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 36,929 15,140
SHAREHOLDERS' FUNDS 37,029 15,240

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Pinnacle Executive Cars Limited (Registered number: 04436365)

Balance Sheet - continued
30 June 2023


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 14 November 2023 and were signed on its behalf by:





T D Langley - Director


Pinnacle Executive Cars Limited (Registered number: 04436365)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Pinnacle Executive Cars 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on cost

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised through total comprehensive income.

The fair value is ascertained by consideration of market evidence for similar properties in the same location and condition.

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.

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.

Pinnacle Executive Cars Limited (Registered number: 04436365)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 2,164 276,107 278,271
Additions - 124,472 124,472
Disposals - (20,025 ) (20,025 )
At 30 June 2023 2,164 380,554 382,718
DEPRECIATION
At 1 July 2022 2,164 225,282 227,446
Charge for year - 40,329 40,329
Eliminated on disposal - (8,010 ) (8,010 )
At 30 June 2023 2,164 257,601 259,765
NET BOOK VALUE
At 30 June 2023 - 122,953 122,953
At 30 June 2022 - 50,825 50,825

Pinnacle Executive Cars Limited (Registered number: 04436365)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2022 37,071
Additions 30,833
Transfer to ownership (37,071 )
At 30 June 2023 30,833
DEPRECIATION
At 1 July 2022 29,657
Charge for year 6,167
Transfer to ownership (29,657 )
At 30 June 2023 6,167
NET BOOK VALUE
At 30 June 2023 24,666
At 30 June 2022 7,414

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 131,708
NET BOOK VALUE
At 30 June 2023 131,708
At 30 June 2022 131,708

The investment properties were valued on a fair value basis on 30 June 2023 by the directors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 74,251 64,950
Other debtors 83,998 66,886
158,249 131,836

Pinnacle Executive Cars Limited (Registered number: 04436365)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts 19,200 708
Trade creditors 53,616 52,207
Amounts owed to associates 44,500 9,592
Taxation and social security 71,055 39,352
Other creditors 76,534 61,213
264,905 163,072

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts 18,000 -
Other creditors 103,467 144,267
121,467 144,267

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Hire purchase contracts 37,200 708
Other loan 53,334 69,334
90,534 70,042

Obligations under hire purchase contracts are secured on the assets concerned.

The other loan is secured by a first legal charge over the company's investment property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100

Pinnacle Executive Cars Limited (Registered number: 04436365)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23 30.6.22
£    £   
T D Langley and Mrs C A Langley
Balance outstanding at start of year - 45,174
Amounts repaid - (45,174 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest charged by the company during the year, at 2.00% per annum, amounted to £Nil (2022 - £781).