REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 30 June 2023 |
for |
Pinnacle Electrical Supplies Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 30 June 2023 |
for |
Pinnacle Electrical Supplies Ltd |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
Pinnacle Electrical Supplies Ltd |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Strategic Report |
for the Year Ended 30 June 2023 |
The director presents his strategic report for the year ended 30 June 2023. |
Principal activities |
The principal activity of the Company during the year was the distribution of electrical components and supplies. |
REVIEW OF BUSINESS |
Sales and gross margin for the 12-month period to June 2023 were broadly in line with the previous year. Overheads were higher than the prior year as the company invested in additional staff, in finance and sales particularly, to support its future growth plans. Notwithstanding the increase in overheads, and payment of the dividend cash generation was healthy enabling a £575k reduction in invoice finance indebtedness. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the Company's strategy are subject to a number of risks that are set out below: |
Trade receivables |
The company insures all trade receivables. Trading in excess of insured limits is approved at board level. |
Cost Price Fluctuations |
The company is exposed to fluctuation in cost prices from suppliers, often driven by exchange rate fluctuations and supply side bottle necks, as during the Covid pandemic. All participants in the UK electrical distribution sector are exposed to the same risks. Furthermore, prices to customers are set by a discount off the standard trade price. Customers, in general, understand that prices move in line with changes in the trade price of goods. |
Supplier failure |
As a distributor, the company is exposed to the failure or closure of an OEM supplier. The group has access to alternative suppliers for all its key product lines. |
Interest rates |
The company is exposed to changes in the UK Base Rate as all our banking facilities are based on a margin over the UK bank base rate. Notwithstanding interest rates at a cyclical high, interest cover for the 12 months to June 2023 was a healthy 5.5 times. |
Financial Liquidity |
The company may need access to short term funds to satisfy working capital requirements. The company maintains a committed invoice finance facility significantly in excess of planned requirements. |
Information Technology Systems |
Maintaining accurate product and customer records are critical to be able to process customer orders accurately and efficiently. The company uses third party software in all areas. IT risks, including cyber and ransom attacks are reviewed by the board with the help of an external IT consultant. IT security is continually monitored and upgraded including training for staff to eliminate, as far as possible, elementary security risks. |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Strategic Report |
for the Year Ended 30 June 2023 |
SECTION 172(1) STATEMENT |
The directors consider that they have acted in a manner that is most likely to promote the success of the group for the benefit of all shareholders, and in doing so, have had regard to all the stakeholders and matters set down in section 172 of the Companies Act 2006. |
They key stakeholders and method of engagement have been identified as follows: |
Shareholders - the company provides regular monthly reports to its shareholders along with the annual budget and year end audited results. |
Employees - effective two-way communication with our staff is a priority. |
Customers - understanding our customers and fulfilling their needs is a key differentiator for Pinnacle. |
Suppliers - our outbound service to our customers can never be better than our inbound supply. Building long-term mutually beneficial relationships with suppliers is a key component of our strategy. |
FUTURE DEVELOPMENTS |
We intend to develop and grow the business by |
- Continuing to focus on organic growth through increased product lines and acquiring new customers |
- Maintaining tight control over operating costs so that increases in sales drive an improvement in operating margins. |
- Using surplus cash generated to pay down debt. |
KEY PERFORMANCE INDICATORS ("KPIS") |
The following KPIs are used to monitor performance: |
- Sales and sales growth |
- % Gross profit : sales |
- % Operating profit : sales |
- Days working capital employed : 3 month average sales |
OUTLOOK |
The impact of high interest rates over an extended period, and likely to continue through 2024, suggests that the economy will continue to struggle in the year ahead. The construction sector is already showing signs of weakness with insolvencies on the increase. We have been successful in winning new customers which will be the key driver of organic growth along with our push into renewable energy products. |
ON BEHALF OF THE BOARD: |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Report of the Director |
for the Year Ended 30 June 2023 |
The director presents his report with the financial statements of the company for the year ended 30 June 2023. |
DIVIDENDS |
The director recommends a final dividend of £9,790 per share. No further dividend payments will be made until all bank loans have been repaid. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Pinnacle Electrical Supplies Ltd |
Opinion |
We have audited the financial statements of Pinnacle Electrical Supplies Ltd (the 'company') for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Pinnacle Electrical Supplies Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- | Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- | Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations; |
- | Challenging assumptions and judgements made by management in its significant accounting estimates; |
- | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. |
Our audit did not identify any significant matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Pinnacle Electrical Supplies Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Statement of Comprehensive Income |
for the Year Ended 30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
729,379 | 974,545 |
Other operating income |
OPERATING PROFIT | 4 |
Related party write off | 6 |
729,379 | 735,647 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Pinnacle Electrical Supplies Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
This company is a qualifying entity for the purposes of FRS 102, being a member of group where the parent of that group prepares publically available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
- | the requirements of Section 7 Statement of Cash Flows; |
- | the requirements of paragraph 33.7, in relation to disclosure of remuneration of key management personnel |
The financial statements of the company are consolidated in the financial statements of Gipfel Electrical Holdings Limited. These consolidated financial statements are available from the registered office, Unit 4 Turbine Road, Wirral, Merseyside, England, CH41 9BA. |
Significant judgements and estimates |
There are no significant judgements that have had a significant effect on amounts recognised in the financial statements. |
Turnover |
Turnover represents net invoiced sales from the supply of electrical equipment and parts and is measured at the fair value of consideration received or receivable, value added tax and other sales taxes. Turnover is recognised as the goods are provided. |
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. |
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 | - 25% on cost |
Fixtures and fittings | - 25% on cost |
Motor vehicles | - 20% to 25% on cost |
Computer equipment | - 25% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value. |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
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, group 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 Statement of Comprehensive Income, 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 Electrical Supplies Ltd (Registered number: 07681824) |
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 |
30.6.23 | 30.6.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.6.23 | 30.6.22 |
Office and warehouse |
30.6.23 | 30.6.22 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.06.23 | 30.06.22 |
£ | £ |
Depreciation - owned assets | 27,785 | 23,054 |
Depreciation - assets on hire purchase contracts | 13,093 | 10,893 |
Computer software amortisation | 3,338 | 3,340 |
Government grants | - | (22,102 | ) |
5. | AUDITORS' REMUNERATION |
30.6.23 | 30.6.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
8,000 |
8,000 |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | EXCEPTIONAL ITEMS |
30.6.23 | 30.6.22 |
£ | £ |
Related party write off | - | 350,000 |
Exceptional costs of £nil (2022: £350,000) relates to a loan write off with Pinnacle Commercial Property Limited. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.23 | 30.6.22 |
£ | £ |
Bank loan interest |
Invoice finance interest |
Hire purchase |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.23 | 30.6.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
restatement |
Deferred tax | 5,600 | 8,224 |
Total tax charge | 145,053 | 207,084 |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
9. | DIVIDENDS |
30.6.23 | 30.6.22 |
£ | £ |
Ordinary shares of 1 each |
Final |
10. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Amortisation for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
12. | STOCKS |
30.6.23 | 30.6.22 |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Accrued income |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Invoice Financing | 1,316,345 | 1,891,812 |
Accruals and deferred income |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
30.6.23 | 30.6.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.6.23 | 30.6.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
30.6.23 | 30.6.22 |
£ | £ |
Within one year |
Between one and five years |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.23 | 30.6.22 |
£ | £ |
Hire purchase contracts | 228,145 | 66,094 |
Invoice financing | 1,316,345 | 1,891,812 |
Hire purchase liabilities are secured against the assets to which they relate. 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. This covers all existing and future liabilities across the Pinnacle Group. |
19. | PROVISIONS FOR LIABILITIES |
30.6.23 | 30.6.22 |
£ | £ |
Deferred tax | 19,150 | 13,550 |
Deferred tax |
£ |
Balance at 1 July 2022 |
Provided during year |
Balance at 30 June 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company. |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2023 |
Retained earnings are the cumulative profit and loss, net of distribution to owners. |
Pinnacle Electrical Supplies Ltd (Registered number: 07681824) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
22. | PENSION COMMITMENTS |
A defined contribution pension scheme is operated by the company. The assets of the scheme are held separately from those of the company in an independently administered fund. At 30 June 2023 pension contributions of £3,666 (2022: £2,538) were payable and included within other creditors. |
23. | RELATED PARTY DISCLOSURES |
Included in debtors at the year end is an amount of £399,615 (2022: £394,827) owed from Pinnacle Plumbing & Heating Supplies Limited. Also included in debtors at the year end is an amount of £526,999 (2022: £1,064,661) owed from Gipfel Electrical Holdings Ltd. |
Included in creditors at the year end is an amount of £475,523 (2022: £263,213) owing to Pinnacle Electrical Supplies (Bolton) Limited. |
As the loans are repayable on demand no interest has been charged. |
24. | 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 Pinnacle Electrical Supplies Ltd |
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. |