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REGISTERED NUMBER: 12025563 (England and Wales)















Financial Statements for the Year Ended 30 June 2023

for

Pinnacle Plumbing & Heating Supplies
Limited

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Pinnacle Plumbing & Heating Supplies
Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: A S Knight





REGISTERED OFFICE: Unit 4 Turbine Road
Turbine Business Park
Birkenhead
Merseyside
CH41 9BA





REGISTERED NUMBER: 12025563 (England and Wales)





AUDITORS: Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 10,727 15,478

CURRENT ASSETS
Stocks 545,761 422,563
Debtors 6 753,451 468,496
Cash at bank and in hand 19,641 25,745
1,318,853 916,804
CREDITORS
Amounts falling due within one year 7 1,267,400 918,659
NET CURRENT ASSETS/(LIABILITIES) 51,453 (1,855 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,180

13,623

CREDITORS
Amounts falling due after more than one
year

8

-

(6,310

)

PROVISIONS FOR LIABILITIES (2,057 ) (3,579 )
NET ASSETS 60,123 3,734

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 60,023 3,634
60,123 3,734

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2024 and were signed by:





A S Knight - Director


Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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

1. STATUTORY INFORMATION

Pinnacle Plumbing & Heating Supplies 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.

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 £.

Turnover
Turnover represents net invoiced sales from the supply of plumbing and heating equipment and parts and is measured at the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. Turnover is recognised as the goods are collected or dispatched.

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.
Plant and machinery etc - 25% 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.

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
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 trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Basic financial liabilities

Basic financial liabilities, including trade, group and other creditors and other borrowings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at 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.

Financial liabilities are derecognised when he company's contractual obligations expire or are discharge or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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.

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

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 6 (2022 - 4 ) .

4. AUDITORS' REMUNERATION
30.6.23 30.6.22
£ £
Fees payable to the company's auditors for the audit of the company's
financial statements

1,500

4,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 July 2022 28,576
Additions 3,050
At 30 June 2023 31,626
DEPRECIATION
At 1 July 2022 13,098
Charge for year 7,801
At 30 June 2023 20,899
NET BOOK VALUE
At 30 June 2023 10,727
At 30 June 2022 15,478

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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

5. 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
and 30 June 2023 9,700
DEPRECIATION
At 1 July 2022 4,850
Charge for year 2,425
At 30 June 2023 7,275
NET BOOK VALUE
At 30 June 2023 2,425
At 30 June 2022 4,850

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£ £
Trade debtors 741,426 438,181
Amounts owed by group undertakings - 2,775
Amounts owed by participating interests 100 -
Other debtors 11,925 27,540
753,451 468,496

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£ £
Hire purchase contracts 6,306 2,226
Trade creditors 192,995 175,021
Amounts owed to group undertakings 443,166 394,827
Tax 6,653 (10,483 )
Social security and other taxes 4,089 5,288
VAT 36,991 21,103
Other creditors 1,387 770
Invoice Financing 474,583 292,729
Pension contributions unpaid 913 -
Credit card control - 9,303
Accruals and deferred income 100,317 27,875
1,267,400 918,659

Pinnacle Plumbing & Heating Supplies
Limited (Registered number: 12025563)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£ £
Hire purchase contracts - 6,310

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£ £
Hire purchase contracts 6,306 8,536
Invoice financing 474,583 292,729
480,889 301,265

Arbuthnot Commercial Asset Based Lending Limited holds a Fixed Charge over the intellectual property and book debts against the name of the company; and Floating Charge over all property or undertaking of the company dated 6 April 2022.

The obligations under the finance leases are secured on the items to which the finance leases relate.

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

The Report of the Auditors was unqualified.

Mr Michael Forshaw (Senior Statutory Auditor)
for and on behalf of Haines Watts

11. ULTIMATE CONTROLLING PARTY

The company is a subsidiary undertaking of Pinnacle UK Group Limited, a company registered in England and Wales.

Pinnacle UK Group Limited is the immediate parent company of the Pinnacle Plumbing & Heating Supplies Limited.

For the year ended 30 June 2023, the parent of the smallest group for which consolidated accounts are drawn up of which the small entity is a member is Gipfel Electrical Holdings Limited. Copies of the group accounts are available from Unit 4 Turbine Road, Wirral, Merseyside, England, CH41 9BA.

The ultimate controlling party is Gipfel Electrical Holdings Limited.