Pinnacle Visualisation Ltd SC449973 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is business and domestic software development. Digita Accounts Production Advanced 6.30.9574.0 true true SC449973 2022-06-01 2023-05-31 SC449973 2023-05-31 SC449973 bus:Director1 1 2023-05-31 SC449973 bus:Director3 1 2023-05-31 SC449973 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC449973 core:ShareCapital 2023-05-31 SC449973 core:SharePremium 2023-05-31 SC449973 core:CurrentFinancialInstruments 2023-05-31 SC449973 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 SC449973 core:Non-currentFinancialInstruments 2023-05-31 SC449973 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 SC449973 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 SC449973 core:BetweenTwoFiveYears 2023-05-31 SC449973 core:WithinOneYear 2023-05-31 SC449973 core:FurnitureFittingsToolsEquipment 2023-05-31 SC449973 1 2023-05-31 SC449973 bus:SmallEntities 2022-06-01 2023-05-31 SC449973 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC449973 bus:FullAccounts 2022-06-01 2023-05-31 SC449973 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 SC449973 bus:RegisteredOffice 2022-06-01 2023-05-31 SC449973 bus:Director1 2022-06-01 2023-05-31 SC449973 bus:Director1 1 2022-06-01 2023-05-31 SC449973 bus:Director2 2022-06-01 2023-05-31 SC449973 bus:Director3 2022-06-01 2023-05-31 SC449973 bus:Director3 1 2022-06-01 2023-05-31 SC449973 bus:Director4 2022-06-01 2023-05-31 SC449973 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC449973 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-01 2023-05-31 SC449973 core:IntangibleAssetsOtherThanGoodwill 2022-06-01 2023-05-31 SC449973 core:ComputerEquipment 2022-06-01 2023-05-31 SC449973 core:FurnitureFittings 2022-06-01 2023-05-31 SC449973 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 SC449973 core:PlantMachinery 2022-06-01 2023-05-31 SC449973 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-06-01 2023-05-31 SC449973 1 2022-06-01 2023-05-31 SC449973 countries:Scotland 2022-06-01 2023-05-31 SC449973 2022-05-31 SC449973 bus:Director1 1 2022-05-31 SC449973 bus:Director3 1 2022-05-31 SC449973 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 SC449973 core:FurnitureFittingsToolsEquipment 2022-05-31 SC449973 2021-06-01 2022-05-31 SC449973 2022-05-31 SC449973 bus:Director1 1 2022-05-31 SC449973 bus:Director3 1 2022-05-31 SC449973 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC449973 core:ShareCapital 2022-05-31 SC449973 core:SharePremium 2022-05-31 SC449973 core:CurrentFinancialInstruments 2022-05-31 SC449973 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 SC449973 core:Non-currentFinancialInstruments 2022-05-31 SC449973 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 SC449973 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 SC449973 core:BetweenTwoFiveYears 2022-05-31 SC449973 core:WithinOneYear 2022-05-31 SC449973 core:FurnitureFittingsToolsEquipment 2022-05-31 SC449973 1 2022-05-31 SC449973 bus:Director1 1 2021-06-01 2022-05-31 SC449973 bus:Director3 1 2021-06-01 2022-05-31 SC449973 bus:Director1 1 2021-05-31 SC449973 bus:Director3 1 2021-05-31 iso4217:GBP xbrli:pure

Registration number: SC449973

Pinnacle Visualisation Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Pinnacle Visualisation Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Pinnacle Visualisation Ltd

Company Information

Directors

Miss L Steele

Mr T A Steele

Mr K Steele

Mrs A A Steele

Registered office

27 John Street
Aberdeen
AB25 1BT

Accountants

Mint Accounting Ltd
63 Dock Street
Dundee
DD1 3DU

 

Pinnacle Visualisation Ltd

(Registration number: SC449973)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

745

26,983

Tangible assets

5

4,700

7,060

 

5,445

34,043

Current assets

 

Debtors

6

183,097

249,557

Cash at bank and in hand

 

2

7,108

 

183,099

256,665

Creditors: Amounts falling due within one year

7

(178,459)

(228,565)

Net current assets

 

4,640

28,100

Total assets less current liabilities

 

10,085

62,143

Creditors: Amounts falling due after more than one year

7

(20,000)

(30,000)

Net (liabilities)/assets

 

(9,915)

32,143

Capital and reserves

 

Called up share capital

1,500

1,500

Share premium reserve

248,800

248,800

Retained earnings

(260,215)

(218,157)

Shareholders' (deficit)/funds

 

(9,915)

32,143

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Pinnacle Visualisation Ltd

(Registration number: SC449973)
Balance Sheet as at 31 May 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

.........................................
Miss L Steele
Director

.........................................
Mr T A Steele
Director

.........................................
Mr K Steele
Director

.........................................
Mrs A A Steele
Director

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
27 John Street
Aberdeen
AB25 1BT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised under the performance model as the grant does not impose specified future performance-related conditions on the receipient.

The company recognises grants when the grant is received.

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33.33% on cost

Computer equipment

33.33% on cost

Plant and machinery

33.33% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual Property

10 years on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 June 2022

265,478

265,478

At 31 May 2023

265,478

265,478

Amortisation

At 1 June 2022

238,495

238,495

Amortisation charge

26,238

26,238

At 31 May 2023

264,733

264,733

Carrying amount

At 31 May 2023

745

745

At 31 May 2022

26,983

26,983

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

22,241

22,241

Additions

1,200

1,200

Disposals

(712)

(712)

At 31 May 2023

22,729

22,729

Depreciation

At 1 June 2022

15,181

15,181

Charge for the year

3,560

3,560

Eliminated on disposal

(712)

(712)

At 31 May 2023

18,029

18,029

Carrying amount

At 31 May 2023

4,700

4,700

At 31 May 2022

7,060

7,060

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

117,863

143,921

Amounts owed by related parties

10

6,965

-

Prepayments

 

6,453

7,092

Other debtors

 

51,816

98,544

   

183,097

249,557

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

42,023

10,008

Trade creditors

 

424

481

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

-

1,485

Taxation and social security

 

97,442

173,820

Accruals and deferred income

 

24,570

27,271

Other creditors

 

14,000

15,500

 

178,459

228,565

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

20,000

30,000

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,000

30,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

32,023

8

42,023

10,008

Bank borrowings

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Bounce Back Loan Scheme is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 6 May 2026. The carrying amount at year end is £Nil (2022 - £40,000).

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

2,188

1,208

Later than one year and not later than five years

13,703

-

15,891

1,208

The amount of non-cancellable operating lease payments recognised as an expense during the year was £16,537 (2022 - £18,125).

10

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Miss L Steele

During the year the company provided the director with an interest free loan, which is unsecured, repayable on demand and shown under Other Debtors.

8,786

18,163

(22,968)

3,981

         
       

Mr K Steele

During the year the company provided the director with an interest free loan, which is unsecured, repayable on demand and shown under Other Debtors

14,108

1,077

(9,872)

5,313

         
       

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

Written off
£

At 31 May 2022
£

Miss L Steele

During the year the company provided the director with an interest free loan, which is unsecured, repayable on demand and shown under Other Debtors.

71,194

31,255

(1,285)

(92,378)

8,786

           
       

Mr K Steele

During the year the company provided the director with an interest free loan, which is unsecured, repayable on demand and shown under Other Debtors

122,109

53,310

(4,260)

(157,052)

14,108

           
       

 

Pinnacle Visualisation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

Summary of transactions with entities with joint control or significant interest

Pinnacle Consulting (Ellon) Ltd

(The directors of Pinnacle Visualisation Ltd and Pinnacle Consulting (Ellon) Ltd are the same.)

At the balance sheet date the amount due from Pinnacle Consulting (Ellon) Ltd was £6,965 (2022 £1.485 due to Pinnacle Consulting (Ellon) Ltd). This loan is provided interest free, is unsecured and is repayable on demand.